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22Mar2016 Market Close: Little Movement In USA Markets

Written by Gary

Some describe today's USA markets as "directionless" - the end result is that there was marginal change on most indicators and indicies. Could be due to Brussels terrorist attack, Easter week vacation, or Spring Fever.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines that did not move the markets.

Maserati looks to automate some aspects of driving in new Levante

NEW YORK (Reuters) - Fiat Chrysler's premium Maserati brand is developing a semi-automated driving system for its new Levante utility vehicle that also will likely find its way into the company's Ghibli and Quattroporte sedans in the next two years, Chief Executive Harald Wester said in an interview on Tuesday.

Janus' Gross says Valeant based on leverage, financial engineering

NEW YORK (Reuters) - The business model of Valeant Pharmaceuticals International Inc , target of a securities investigation and under scrutiny for its pricing and accounting practices, "was based on leverage and financial engineering," fund manager Bill Gross of Janus Capital Group Inc said Tuesday.

Healthcare leads Wall St. recovery after Brussels blasts

(Reuters) - Wall Street recouped early losses on Tuesday, helped by a rise in healthcare stocks, even as travel-related shares remained under pressure following the Brussels attacks.

Amazon sues former employee over new job at Target

(Reuters) - Amazon.com Inc has sued a former executive hired by Target Corp as its chief supply chain and logistics officer to prevent him from revealing trade secrets.

Yahoo to suspend Daily Fantasy Sports in New York

(Reuters) - Yahoo Inc will suspend offering paid Daily Fantasy Sports contests in New York from Wednesday, a Yahoo spokesman said on Tuesday.

Kentucky attorney general sues Volkswagen over diesel emissions

(Reuters) - The U.S. state of Kentucky filed suit against Volkswagen AG and its luxury units Tuesday over the German automaker's excess diesel emissions scandal.

General Motors unveils updated Buick Encore SUV in U.S

NEW YORK (Reuters) - General Motors Co on Tuesday unveiled a refreshed Buick Encore small sport-utility vehicle ahead of the New York International Auto Show as sales of larger U.S. vehicles soar amid low gasoline prices.

Stocks rebound, safe-haven assets ease after Brussels attacks

NEW York (Reuters) - Global equity markets reversed losses while safe-haven gold and government bonds pulled back from higher levels on Tuesday in the wake of attacks on the airport and a rush-hour metro train in Brussels.

Bangladesh central bank weighs lawsuit against NY Fed over cyber heist

DHAKA (Reuters) - Bangladesh's central bank has hired a lawyer in the United States for a potential lawsuit against the New York Federal Reserve after unknown hackers stole $81 million from its account with the U.S. bank, an internal report said.

Why Trump Is Right On Trade Agreements

Submitted by Thad Beversdorf via FirstRebuttal.com,

Free trade is a great concept, as are free markets and freedom. The problem is none of these things exist in practice because they don't provide sufficient advantages to the ruling class. The Fed and HFT systems now dominate global markets, western nations systematically overthrow any (freely elected) foreign government that doesn't bow down to them and free trade agreements are put in place to ensure investors maximize profits no matter what the costs to society. Let's focus on this last one.

You see rarely do nations turn away capital investment inflows. And so trade agreements are not created to allow for the free flow of capital as is generally touted. That is perhaps the biggest fallacy in the public's perception of 'free' trade agreements. If a US company wants to build a factory in Vietnam and employ 200 workers there they will be welcomed with open arms. So then if these trade agreements are not meant to allow the free flow of capital what is their purpose?

It's very simple. In microeconomic terms, it boils down to risk/reward. That is, all investments will generate some expected cash flow but will face some risks of realizing those cash flows. One way to improve return on investment is to lower costs, everything else equal. So if I can reduce my costs yet maintain my revenue and risk structures then I am better off. Corporations realized that one very easy way to reduce costs is to move labour to undeveloped nations where labour costs are only 5% to 10% of those in developed nations. That means I can greatly improve my returns to investors if I go ahead and move my operat ...

Professional Protestor Inc.

"Freedom" fighter?

Source: Investors.com

Globus Medical's Inside Job

Submitted by Boyd Roddy of the Southern Investigative Reporting Foundation

Last February spinal orthopedic device maker Globus Medical purchased Branch Medical Group, a key supplier and contract manufacturing operation based just three miles away from its Audubon, Pa. headquarters.

The BMG deal was announced on the same day Globus released fourth quarter and 2014 earnings and little attention was paid to what looked like another instance of a high-profile, larger company merging with a small, privately-held one.

But with a $52.9 million all cash price tag, the purchase of BMG was not so small for Globus, which had just reported $474 million in sales for the prior year. Moreover, it was no ordinary deal: in the bloodless language of business law the BMG purchase was known as a related party transaction. On paper, as referenced in several annual reports, the families of Globus' top three executives owned 49% of BMG and management enthusiastically proclaimed a good opportunity to take control of the production process. In reality, however, a stroke of the pen allowed those same Globus executives to legally transfer $25.9 million in shareholder cash to themselves.

(It should be noted that while the majority of related party dealings--where the company conducts business with insiders like board members and senior executives--are often as benign as employing an executive's son or daughter, they have also been at the center of numerous instances of self-dealing and abuse.)

"Western Tuesday" Begins: Republicans Bet The House On Utah To Stop Trump

Tuesday was supposed to be all about Arizona and Utah where voters will soon make their choice for the Republican and Democratic presidential nominees.

Polls in the two states as well as Democratic caucuses in Idaho will of course be overshadowed by this morning's terrorist attacks in Brussels, but this evening's electoral drama will still be watched closely as the outcome in Utah will be key to determining whether Trump has a chance at reaching the 1,237 delegates he needs to avoid a contested convention in July.

œThe most significant question looming over Tuesday's contests is whether Ted Cruz can exceed 50 percent of the vote in Utah, The New York Times writes. œIf so, he would take all 40 of the state's delegates and mitigate Donald J. Trump's expected victory in Arizona, a state that allocates all 58 of its delegates to the top vote-getter.

If Cruz falls short, that's bad news for the œstop-Trump crowd. In the event the senator can't top the 50% threshold, the delegates will be awarded proportionally. The worry for Cruz is that John Kasich may just ride his Ohio momentum into Utah and capture enough of the vote to keep the Texas senator from walking away with all 40 delegates. In order to share the haul, a candidate must get at least 15%. The nightmare scenario for Cruz would be for Kasich to keep him under 50% and for Trump to breach the 15% mark. So watch for that.

(Cruz waits to speak on Saturday at a rally in Draper)

œA vote for John Kasich is a vote for Donald Trump," Mitt Romney warned on Monday. As

Stocks Slip After Brussels Explosions

U.S. stocks pared losses Tuesday, but travel-related shares slid after terror attacks killed dozens in Brussels.

Amazon and Biotech Are Ruining the Year for the Nasdaq

The stock-market rally has left the Nasdaq behind. More than half of its decline so far this year can be attributed to 10 companies of the composite's roughly 2,600 components.

Valeant Losses Could Hit Retirement Plans at More Than 50 Companies

More than 50 companies have offered Sequoia Fund, whose largest holding is Valeant, as an investment option in their employee savings plans. The fund's performance has been dented by a 70% slide in the drugmaker's stock this year.

Brussels Attacks Tear At The Fabric Of The European Union

from STRATFOR

The March 22 terrorist attacks in Brussels come as the European Union is still reeling from the November Paris attacks and scrambling to solve the migrant crisis. More important, they come as nationalist forces are challenging key principles of the Continental bloc, including the free movement of labor and the Schengen Agreement, which eliminated border controls among several member states. The atmosphere of fear and suspicion that is sure to follow will only worsen these social, political and economic crises.

The Wall Street Journal: FDA fights abuse of painkillers by setting new labeling requirements

The Food and Drug Administration set new safety labeling requirements or immediate-release opioid painkillers in an effort to reduce abuse, misuse, addiction and death.

The Tell: How Apple, Microsoft are benefiting from tightening IT budgets

As expected growth in corporate budgets shrinks, capital investment priorities are sharpening with an increased focus on network security and cloud adoption, and that's good news for some tech companies while bad news for others.

Market Snapshot: U.S. stocks weighed by drop in consumer-staples, financials

U.S. stocks gave up meager gains Tuesday in late afternoon trade as a decline in financial and consumer-staples shares weighed on the main benchmarks.

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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