Dow fell 36, decliners ahead of advancers better than 2-1 & NAZ was off 14. The MLP index tumbled 5+ to the 453s & the REIT index was off 2+ to 285. Junk bond funds fell & Treasuries were also weak. Oil was flattish & gold climbed for the 2nd
time in 3 sessions on signs of increased physical purchases.
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
Photo: Yahoo
Greece's prime minister urged European leaders to shift economic policies toward generating growth, as the country's bailout monitors complained it was making "slow progress" on key long-term reforms. Antonis Samaras warned its recession was hurting gov efforts to reduce debt. It was "worsening problems that we must solve and complicating reforms which we must complete," he said. But Samaras, who held talks with Italian Premier Enrico Letta, said a Greek recovery would not be possible unless the EU emerges from recession. "Greece, Italy and all of Europe are in need of policies that combine reforms and deficit reduction with growth," Samaras said. "Of course we cannot have growth while Europe is retreating into recession." In a report just released, the EU recommended disbursement of a €2.5B rescue loan payment to Greece in the next couple of days. And the IMF separately said it has approved release of €1.7B under the same program. But the European Commission also said Greece was still lagging behind in its effort to reform public administration, its business rules, power utilities, & its generally slow justice system. "Greece continues to make overall, albeit often slow, progress ... with several important actions being delayed," the report said. It warned the outlook for this year & next remains highly uncertain. The budget deficit is expected to exceed the official target by 1.75-2 percentage points of annual GDP in 2015 & 2016. To make up for the shortfall this year & next, Greece has agreed to implement a new tax on luxury products, raise court fees for lawsuits, impose a docking fee for leisure boats & further cut military spending.
Greece pleads for Europe to adopt growth policies Associated Press
Simon Property, the largest US mall owner, reported an increase in Q2 funds from operations & raised its FFO forecast for the year as it redevelops centers domestically & expands overseas. FFO per share, which gauges a property company’s ability to generate cash, rose to $2.11 from $1.89, a year earlier, beating the estimate of $2.07. The company is renovating its existing malls & building new outlet shopping centers to boost growth. Last month it agreed to buy a buy a stake in McArthurGlen Group, Europe's biggest outlet-center operator, for €435M ($578M). Revenue increased 4.1% from a year earlier to $1.2B. Occupancies at the US properties climbed to 95.1% from 94.2% & the base minimum rent in Q2 was $41.41 a square foot, up from $39.99. The company raised its estimate of FFO per share for the year to $8.60-$8.70 a share, up from an Apr forecast of $8.50-$8.60 a share. That compares with the average estimate of $8.69. The stock fell 1.49.
Simon Property Raises 2013 Forecast as Second-Quarter FFO Jumps
Photo: Bloomberg
Intel, a Dow stock, said the decline in the traditional PC market will persist as consumers shift to tablets & other mobile devices. “What you’re seeing is a transition of the classic PC market into these kinds of things,” CFO Stacy Smith said. “If you think about the PC as being a classic computer that you might have used two or three years ago, I think that device declines.” The chipmaker now has chips that are designed to power tablets, smartphones, laptops that convert into tablets, & thin notebook computers, giving it a chance to make up for slumping PC sales & regain ground it has lost to competitors in those new markets, Smith said. INTC execs who had said tablets were “consumption devices” that would be bought in addition to PCs, not as replacements to traditional desktops and laptops, are now saying the company’s growth depends on low-power chips for portable devices. Global PC shipments fell 10.9% in Q2 to 76M, the 5th consecutive quarterly drop, market researcher Gartner said. Sales slid from a year earlier in all regions, including a 1.4% drop in the US. The PC-chip group, its largest division, had Q2 sales of $8.1B, down 7.5% from a year earlier. The company was unable to compensate for that drop with an increase of less than 1% in server-chip sales, to $2.74B. The chipmaker’s market share in smartphones is “close to zero today,” & “you would measure our share in tablets as being some low number,” Smith said. The company is aiming to change that by gearing its manufacturing more to producing chips that don’t quickly drain batteries, he said. “We’re targeting those designs and really focused on that with the full might of the company and the full power of our manufacturing engine,” he said. “Intel doesn’t enter into markets to have small amounts of share.” The stock slipped pennies.
Intel CFO Says Chipmaker Needs Mobile Product Wins
While Dow pulled back, it is only 45 below its record reached last week. Another way to look at it is that it has been just treading water for more than a week. It's up more than 2.4K this year, an astonishing gain considering the US economy growth has been drab. Official growth data will be released on Wed, maybe that will disturb the bulls. Tomorrow the FOMC debates how to handle QE3 going forward.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
| CLU13.NYM | ...Crude Oil Sep 13 | ....104.60 |  ...0.10 | (0.1%) |
Treasury yields:
U.S. 3-month |
0.02% | |
U.S. 2-year |
0.31% | |
U.S. 10-year |
2.58% |
Photo: Yahoo
Greece's prime minister urged European leaders to shift economic policies toward generating growth, as the country's bailout monitors complained it was making "slow progress" on key long-term reforms. Antonis Samaras warned its recession was hurting gov efforts to reduce debt. It was "worsening problems that we must solve and complicating reforms which we must complete," he said. But Samaras, who held talks with Italian Premier Enrico Letta, said a Greek recovery would not be possible unless the EU emerges from recession. "Greece, Italy and all of Europe are in need of policies that combine reforms and deficit reduction with growth," Samaras said. "Of course we cannot have growth while Europe is retreating into recession." In a report just released, the EU recommended disbursement of a €2.5B rescue loan payment to Greece in the next couple of days. And the IMF separately said it has approved release of €1.7B under the same program. But the European Commission also said Greece was still lagging behind in its effort to reform public administration, its business rules, power utilities, & its generally slow justice system. "Greece continues to make overall, albeit often slow, progress ... with several important actions being delayed," the report said. It warned the outlook for this year & next remains highly uncertain. The budget deficit is expected to exceed the official target by 1.75-2 percentage points of annual GDP in 2015 & 2016. To make up for the shortfall this year & next, Greece has agreed to implement a new tax on luxury products, raise court fees for lawsuits, impose a docking fee for leisure boats & further cut military spending.
Greece pleads for Europe to adopt growth policies Associated Press
Simon Property, the largest US mall owner, reported an increase in Q2 funds from operations & raised its FFO forecast for the year as it redevelops centers domestically & expands overseas. FFO per share, which gauges a property company’s ability to generate cash, rose to $2.11 from $1.89, a year earlier, beating the estimate of $2.07. The company is renovating its existing malls & building new outlet shopping centers to boost growth. Last month it agreed to buy a buy a stake in McArthurGlen Group, Europe's biggest outlet-center operator, for €435M ($578M). Revenue increased 4.1% from a year earlier to $1.2B. Occupancies at the US properties climbed to 95.1% from 94.2% & the base minimum rent in Q2 was $41.41 a square foot, up from $39.99. The company raised its estimate of FFO per share for the year to $8.60-$8.70 a share, up from an Apr forecast of $8.50-$8.60 a share. That compares with the average estimate of $8.69. The stock fell 1.49.
Simon Property Raises 2013 Forecast as Second-Quarter FFO Jumps
Simon Property (SPG)
Photo: Bloomberg
Intel, a Dow stock, said the decline in the traditional PC market will persist as consumers shift to tablets & other mobile devices. “What you’re seeing is a transition of the classic PC market into these kinds of things,” CFO Stacy Smith said. “If you think about the PC as being a classic computer that you might have used two or three years ago, I think that device declines.” The chipmaker now has chips that are designed to power tablets, smartphones, laptops that convert into tablets, & thin notebook computers, giving it a chance to make up for slumping PC sales & regain ground it has lost to competitors in those new markets, Smith said. INTC execs who had said tablets were “consumption devices” that would be bought in addition to PCs, not as replacements to traditional desktops and laptops, are now saying the company’s growth depends on low-power chips for portable devices. Global PC shipments fell 10.9% in Q2 to 76M, the 5th consecutive quarterly drop, market researcher Gartner said. Sales slid from a year earlier in all regions, including a 1.4% drop in the US. The PC-chip group, its largest division, had Q2 sales of $8.1B, down 7.5% from a year earlier. The company was unable to compensate for that drop with an increase of less than 1% in server-chip sales, to $2.74B. The chipmaker’s market share in smartphones is “close to zero today,” & “you would measure our share in tablets as being some low number,” Smith said. The company is aiming to change that by gearing its manufacturing more to producing chips that don’t quickly drain batteries, he said. “We’re targeting those designs and really focused on that with the full might of the company and the full power of our manufacturing engine,” he said. “Intel doesn’t enter into markets to have small amounts of share.” The stock slipped pennies.
Intel CFO Says Chipmaker Needs Mobile Product Wins
Intel (INTC)
While Dow pulled back, it is only 45 below its record reached last week. Another way to look at it is that it has been just treading water for more than a week. It's up more than 2.4K this year, an astonishing gain considering the US economy growth has been drab. Official growth data will be released on Wed, maybe that will disturb the bulls. Tomorrow the FOMC debates how to handle QE3 going forward.
Dow Jones Industrials
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Here’s that link:
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