February 03, 2012

			Friday links: gold theology (Quote of the day Floyd Norris, “More than almost any other dispute in economics, gold often seems to be a matter of theology. “  (NYTimes)...)
			Friday 7atSeven: bull market stages (Here are seven (or so) links at 7AM Eastern.  We will see you later with the daily linkfest.  Good luck out there. Where are we...)
			Employment: Some good news, some bad news (Comparisons can be useful in determining where the economy is at any given point in time, and today's Employment Situation report from the U.S. Bureau of...)
			Private Payrolls Post A Surprisingly Strong Gain In January (Today's employment report from the U.S. Labor Department delivered a hefty blow against the idea that recession risk is high for the...)
			Senate OK?s bill barring Congress from insider trading - Nation - The Boston Globe
			Fed Watch: Good News on Employment (Tim Duy: Good News on Employment, by Tim Duy: With only a minimal drag from the government sector, the February employment report shined on the back of a solid gain...)
			Dean Baker: Strong Job Growth (With all the cheering about the jobs report this morning showing 243,000 jobs created last month and a fall in the unemployment rate to 8.3 percent, I thought it might be...)
			NBER EFG Research Meeting (I am here today: NBER EFG Research Meeting Nir Jaimovich and Guido Lorenzoni, Organizers February 3, 2012 Federal Reserve Bank of San Francisco PROGRAM 8:30 am Continental...)
			Paul Krugman: Romney Isn?t Concerned (Who does Romney care about?: Romney Isn?t Concerned, by Paul Krugman, Commentary, NY Times: ...Earlier this week, Mr. Romney told a startled CNN interviewer, ?I?m...)
			Fed Watch: How This Gets Even Uglier (Tim Duy: How This Gets Even Uglier, by Tim Duy: At this risk of beating a dead horse, I reiterate that I don't see how the European situation comes to a happy...)
			Links for 2012-02-03 (S.E.C. Is Avoiding Tough Sanctions for Large Banks - NYTimes.com I Still Don?t Get Why the ECB Hiked Rates - Rebecca Wilder Which Romney Is Romney? - Brad DeLong Sociology of...)
			Charles Nenner says long term cycle bottoms soon.
			When good (lefty) papers go bad.
			Macerich's CEO Discusses Q4 2011 Results - Earnings Call Transcript ( Macerich (MAC) Q4 2011 Earnings Call February 3, 2012 1:30 p.m. ET Executives Art Coppola - CEO and Chairman of the...)
			Why Apple Stock Floats Above Problems ( By Dana Blankenhorn: A market-average PE for a fast-growing company will cause a lot of seeming trouble to go away. Even with its recent run-up, Apple...)
			Method To The Zynga Madness ( By Paulo Santos:In the last 10 days, Zynga (ZNGA) managed to go from $8.53 to $13.34, for a full 56% return. Given how overvalued the stock seemed even before...)
			4 Ways To Have Fun In The Stock Market (Besides Making Money) ( By Arne Alsin:For many investors, investing in stocks and having fun just don't go together. Investing is serious stuff, after...)
			Friday ETF Roundup: XLY Surges On Jobs Report, VXX Tumbles On Market Strength ( By Jarred Cummans:Today was one of the best trading days in recent memory. The Dow rose 1.2%, hitting its...)
			7 Healthcare Stocks Undervalued By Earnings Growth And Cash Flows ( By Kapitall:Interested in finding stocks that may be trading below their fair value? If so, here are some ideas to get...)
			The Current State of Munis ( By Russ Koesterich: Complete Story » ...)
			Among Oil ETFs, CRUD Crushing Competition ( By Michael Johnston:For advisors utilizing ETFs in client portfolios, the details matter. Whether it be the difference in product structure,...)
			Walgreen Stock Continuing Collapse In ExpressScripts Fallout ( By Dana Blankenhorn: The last time I wrote about Walgreens (WAG), I was long Medco (MHS), which ExpressScripts (ESRX) was...)
			5 Crisis-Proof Stocks That Outperform The Market ( By Eric Parnell:This is the first of two articles following from my original post entitled Stock Outlook: Capturing Upside While Bracing For...)
			5 Unique Energy Stocks For Big Dividend Income ( By Dividend Kings:Energy prices can be extremely volatile and react to a great number of events such as natural disasters, the political unrest...)
			Jobs Don't Matter: Inflation Expectations Suggest Higher Highs To Come ( By...)
			5 Great Plays With Yields As High As 9.0% ( By Sol Palha:Investors would do well to pay attention to the following key metrics as they could prove to be very useful in the selection...)
			The Clorox's CEO Discusses Q2 2012 Results - Earnings Call Transcript ( The Clorox (CLX) Q2 2012 Earnings Call February 03, 2012 1:30 pm ET Executives Steve Austenfeld - Former Vice...)
			5 Metals Stocks Performing Well And Worth A Look ( By Kinetic Investments: By Bert Wilkison Below is a list of five NYSE-exchange traded metals mining, manufacturing and distributing...)
			4 Undervalued Takeover Targets For Consideration ( By Rougemont: Many corporations have huge amounts of cash sitting on the balance sheet, and that money is earning close to nothing in this low...)
			Kellogg Fueling Top-Line Growth Ahead ( By Dutch Trader: Kellogg (K) is the worldwide leading manufacturer and marketer of ready-to-eat cereals and the second largest biscuits maker in the US....)
			New IPO Filings And What's On The Horizon ( By IPO Candy:The New Year crawled in with the pricing of Renewable Energy below the filing range, and traded down from there. Things picked up with...)
			Earnings Preview: Cisco Reports Fiscal Q2 Results Wednesday ( By Robert Weinstein:Cisco Systems, Inc. (CSCO) is expected to report earnings for last fiscal quarter after the closing bell on...)
			Dr. Reddy's Laboratories' CEO Discusses Q3 2012 Results - Earnings Call Transcript ( Dr. Reddy's Laboratories (RDY) Q3 2012 Earnings Call February 03, 2012 8:00 am ET Executives Kedar...)
			5 Attractive Companies With Little Debt ( By Pey Shadzi:When I was in college, I worked three jobs while jugging 18 units at San Diego State University and doing my best to maintain a long...)
			Domtar's CEO Discusses Q4 2011 Results - Earnings Call Transcript ( Domtar Corporation (UFS) Q4 2011 Earnings Conference Call February 3, 2012 11:00 AM EST Executives Pascal Bossé ? VP,...)
			Today In Commodities: Upbeat Expectations ( By Matthew Bradbard: With a positive jobs number and things heating up in Iran, Crude is back on the move, advancing 1.5% today. We may see a bounce...)
			7 Defensive Stocks Insiders Recently Bought ( By Insider Monkey: During the past few years, the financial markets have been crashed by one crisis after another. In order to stimulate the...)
			3 Hot Picks On The Way Up ( By James Stocklasar Thomas Jr.:Investors need to "live in the moment," but that's not always easy to do. Nevertheless, three stocks from various sectors are on my...)
			Friday Options Briefs: F, GM, MAS, GILD ( By Interactive Brokers: Ford Motor Co. (F) ? The better-than-expected jobs number out this morning revved up investor appetite for automobile stocks,...)
			A Protective Investment In Pitney Bowes ( By PowerOptions:Pitney Bowes (PBI) has been providing postage-related products since the early 1900s, but the horse they've been riding on is starting...)
			Caterpillar Still Has Room To Run After Early 2012 Rally ( By Ray Merola:Caterpillar, Inc. (CAT) trades at about $110 a share after a 22 percent pop thus far in 2012. Is this stock washed out,...)
			Germany's Dilemma And The Future Of The Eurozone: Part 2 ( << Return to Part I 5. German national character. To invoke culture in a discussion of economic or political policy...)
			Downward Revisions At Arch Coal, Peabody Won't Deter Growth ( By Takeover Analyst:For investors looking to benefit from a recovery and a shift back into the industrial economy, coal producers...)
			Long Cable
			Close Cable trade
			The Chinese fapioa, or reverse tip (In China a fapioa ? the official receipt used for expense claims has a resale face value of 2 ? 10% of face value ? leaving one behind in a restaurant or taxi is the...)
			Assorted links (1. Markets in everything bride price decomposition the culture that is Nigeria. 2. David Cronenberg interview. 3. How exactly do we know, from the photo, that she is on the political...)
			A fragment to ponder (The RGDP growth rate has been 1.6% in the 4 quarters since late 2010, which is below everyone?s estimate of trend growth (except perhaps Tyler Cowen… There is much more at...)
			The new jobs report (All good news, 243k up but lots more information in the numbers, try @JustinWolfers or @BetseyStevenson for details and interpretation.  The “big loser” here?: Old...)
			Thomas Sargent on federal bailouts (In 1789, the political price for our federal constitution included a bailout of the 13 indebted states. But it was by refusing to bail out the states a second time...)
			How is immigration different in 2012? (Loyal MR reader V has a request: 1. Engage with the arguments by Sailer and his ilk that Mexican immigration is different than the waves of the 1920?s, 1880?s,...)
			Prepare for NFP
			Construction Employment, Duration of Unemployment, Unemployment by Education and Diffusion Indexes
			ISM Non-Manufacturing Index indicates faster expansion in January
			Employment Summary, Part Time Workers, and Unemployed over 26 Weeks
			Graphs: Unemployment Rate, Participation Rate, Jobs added
			January Employment Report: 243,000 Jobs, 8.3% Unemployment Rate
			Mortgage Rates fall to record low
			Lawler: Home Builder Results for Last Quarter
			Succinct Summation Of Week?s Events (02/03/12) (Succinct summation of week#8217;s events: Positives: 1) Jan Payroll gains show big upside surprise of 243k, about 100k more than expected, unemployment...)
			NYAG Sues MERS, BAC, JPM, WFC (A.G. SCHNEIDERMAN ANNOUNCES MAJOR LAWSUIT AGAINST NATION?S LARGEST BANKS FOR DECEPTIVE #38; FRAUDULENT USE OF ELECTRONIC MORTGAGE REGISTRY Complaint Charges Use Of MERS...)
			IPOs: From Netscape To Facebook (In case you were unaware, IPOs are terrible investments #8212; at least most of the time. The lottery ticket dreams keeps hope alive that this next one is going to be a...)
			In response to Floyd Norris? defense of the virtues of unitary executives managing capitalism (Mr. Norris: It so happens our friend, Thane Rosenbaum, interviewed Larry Summers last night at the 92nd...)
			Tearing Apart January 2012 NFP data (Despite the cries of the permabears and Rick Santelli, this was unequivocally a strong NFP report. The headline numbers were 243,000 net jobs, as unemployment...)
			10 Friday AM Reads (Here#8217;s a look at what I was reading before I started taking apart the BLS NFP data (more on that later): ? Senate Votes To Ban Its Members From Insider Trading? Kind Of (TPM) ?...)
			Payroll data a great surprise, do we really need more QE? (The US economy added a net 243k jobs in Jan, 257k of which was in the private sector and both are well above expectations of 140k and 160k...)
			NFP: Outliers Are Where Investing Risks Lay (Today we find out just how seasonal those 200,000 new jobs were in December 2011. Consensus is for employment to grow by 140,000 #8212; about par with...)
			Is It True: The Dangers of the Double-Dip (As Super Bowl fans gather around the TV and the chip bowl, some will probably be guilty of double-dipping those chips. In this latest #8220;Is It True#8221;...)
			Jellyfish Population Blooms? (Anecdotal evidence of enormous Jellyfish population blooms are raising questions: Are we seeing the population suddenly boom? From Futurity, we learn that these...)
			Samwick Media Watch
			The UCLA Fly-Out
			Daniel Libby visits King Island, 1867 (Construction of the trans-Atlantic telegraph cable pushed the limits of 19th Century technology. In the 1860s construction was begun on an alternative telegraph...)
			King Island and the Russian Fur Traders, 1822 (When westerners began to visit the Bering Strait, they were touching the jugular of a thriving trade in furs between America and Asia. Furs from central...)
			Solar Tsunami: Nature?s EMP Attack (Forecasters are see an increase in solar storms over the next few years. Power Magazine explains the devastation that a powerful solar storm would wreak on our...)
			My Two Favorite Graphs From Coming Apart, by Bryan Caplan (I have a predictably optimistic take on Charles Murray's Coming Apart.  But these two graphs did indeed shock me.  The first...)
			My PSST op-ed, by Arnold Kling (in the WSJ European edition. Unfortunately, the patterns of specialization and trade that had emerged five years ago were not sustainable. Many jobs in home...)
			The Case for More Skilled Immigrants, by Arnold Kling (Nick Schulz makes it. According to recent estimates, the stock of human capital is over $750 trillion.6 According to a research report from JP...)
			Concerns with the CBO, by Arnold Kling (The Wall Street Journal reports The inquiries of the Congressional Budget Office, which haven't been made public, concern the CBO's analyses of some of...)
			How Deserving Are the Poor?: My Opening Statement, by Bryan Caplan (Thanks to everyone who attended last night's debate, and especially to Karl Smith for being such a good sport.  In the near...)
			Rena Henderson on the Komen Controversy, by David Henderson (If you've followed the news on the Susan G. Komen for the Cure controversy lately, you know that it has been getting a lot of flak. The...)