Fed uncertainty drives Wall Street to third straight drop

By Chuck Mikolajczak

NEW YORK (Reuters) - Stocks lost ground for a third consecutive session on Wednesday on growing uncertainty over when the Federal Reserve may start to wind down its stimulus, which has been a driving force behind the rally in equities this year.

Even after the benchmark S&P 500 index suffered its biggest decline since June 24 on Tuesday, the market was unable to bounce back following comments from a pair of Fed officials that gave little clarity to how soon the central bank might reduce its bond-buying program.

The S&P 500 broke below 1,694.06, its 14-day moving average, which had served as a support level. The broad market index is down 1.1 percent for the week, on track for the worst weekly performance since a drop of 2.1 percent during the week of June 21 after the Fed's last policy meeting.

However, the index is still up 18.6 percent this year after closing at a record high on Friday.

"People were concerned about the extent of the rally in the short term, and some people are talking about equities being too expensive relative to the underlying fundamentals," said Stephen Massocca, managing director at Wedbush Equity Management LLC in San Francisco.

"And of course, the big story, the next big piece of news, one would think, is the taper tantrum."

Federal Reserve Bank of Cleveland President Sandra Pianalto said on Wednesday that the central bank would be prepared to scale back asset purchases if the labor market remains on the stronger path followed since last fall.

The Dow Jones industrial average <.dji> fell 48.07 points or 0.31 percent, to end at 15,470.67. The S&P 500 <.spx> declined 6.46 points or 0.38 percent, to 1,690.91. The Nasdaq Composite <.ixic> dropped 11.761 points or 0.32 percent, to 3,654.009.

Volume was once again light, with about 5.49 billion shares traded on the New York Stock Exchange, the NYSE MKT and Nasdaq, far below the daily average of 6.35 billion. Volume on Monday was the lowest of the year for a full trading session.

Walt Disney Co was the Dow's worst performer. The stock fell 1.7 percent to $65.91 a day after the company projected a massive loss on its film "The Lone Ranger," though adjusted earnings slightly beat expectations.

First Solar Inc shares plunged 13.4 percent to $40.47 a day after the solar panel manufacturer reported results that missed expectations and cut its full-year outlook.

Ralph Lauren Corp shares fell 8.6 percent to $173.13 after the fashion retailer reported a lower profit and disappointing sales at its own stores.

The two stocks were the S&P 500's worst performers.

Equity markets have been closely tied to central bank policy, with many investors concerned that economic growth isn't robust enough to boost stocks without the Fed's help. Last week, the July payroll report was much weaker than expected.

Charles Evans, the president of the Federal Reserve Bank of Chicago, said on Tuesday that the Fed would probably scale back its bond-buying program later this year, perhaps beginning as early as next month, depending on economic data.

That echoed comments made earlier on Tuesday by Dennis Lockhart, the president of the Federal Reserve Bank of Atlanta, though he told Market News International that the Fed might continue its stimulus program if growth doesn't meet its targets.

Of the 434 companies in the S&P 500 that had reported earnings through Wednesday morning, Thomson Reuters data showed that 66.8 percent topped analysts' expectations, in line with the 67 percent beat rate over the past four quarters. On the revenue side, 54.1 percent have reported revenue above estimates, more than in the past four quarters, but below the 61 percent average since 2002.

Declining stocks outnumbered advancing ones on the NYSE by a ratio of about 7 to 3, while on the Nasdaq, about two stocks fell for every one that rose.

(Editing by Nick Zieminski and Jan Paschal)

Source: http://news.yahoo.com/stock-futures-fall-concern-over-scaling-back-fed-112634468.html

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Will the Bank of Japan have to ease further?

8 August 2013 | By Gary Jackson

Signs that Japan?s economic recovery is already starting to slow could force the Bank of Japan to embark on further monetary easing, according to analysis from Capital Economics.

At its recent monetary policy meeting, the BoJ refrained from implementing any additional easing over its existing asset purchase programme and the expansion of the monetary base, reflecting the view that it believes they are already starting to work.

However, signs have recently been seen that suggest Japan?s recovery could be faltering. Markit/JMMA Japan Manufacturing Purchasing Managers? Index showed the pace of factory activity slowed in July - the first drop seen after six months of consecutive increases.

Other economic indicators, such as the Japanese cabinet office?s economy watcher survey, which posted a decline in July, have suggested that the country?s recovery is slowing.

Japan unveiled aggressive easing earlier in 2013, including a doubling of the monetary base over two years through the aggressive purchase of long-term bonds, in a bid to spark inflation and aid economic growth.

However, Capital Economics says: ?With spare capacity still ample and wage growth tepid, underlying price pressures are likely to remain subdued and even the planned doubling of the monetary base may not be enough to raise inflation to 2 per cent on a sustainable basis.

?Further easing may still be required, even as the US Fed starts scaling back asset purchases.?

Recent data from EPFR Global shows investors pulled money from Japanese equity funds in the week ending?31 July over concerns that plans to hike sales taxes in the country could hold back growth. This brought Japanese funds??27-week inflow streak to a halt.

To receive more relevant articles like this one, why not sign up to our briefings and breaking alerts by clicking here and

Source: http://www.fundweb.co.uk/asia/will-the-bank-of-japan-have-to-ease-further/1075663.article

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Abercrombie causing fits for stuffy London tailors ?

19 hours ago

Matthew Lloyd / Getty Images, file

Well dressed demonstrators, organized by the satirical gentlemans publication Chap Magazine, protest outside the Abercrombie & Fitch store on Burlington Gardens about the company's plans to open a childrens clothing store on Savile Row on April 23, 2012 in London. The protesters claim that the chain store's presence would signal the demise of a street dedicated to the bespoke tailoring trade.

Tailors who have been making bespoke suits for Britain's upper crust -- from Lord Nelson to Winston Churchill -- for more than two centuries, are in a huff ... over an American chain store.

Plans by Abercrombie & Fitch to open a children's store on London's Savile Row have come under fire from local tailors determined to keep the historic street free of chain stores.

The U.S. fashion retailer had earmarked No. 3 Savile Row - a street which has given its name to bespoke, or hand-made tailoring ? as a possible site for its first children's store in Britain. But Mark Henderson, chairman of heritage tailor Gieves & Hawkes, told CNBC that an Abercrombie shop would be out-of-keeping with the rest of the street.

"Opening a kids store on Savile Row is a somewhat bizarre thing to do. It's a fairly narrow street, it's got its own atmosphere to it," said Henderson, who also heads lobbying group Savile Row Bespoke. "It's just fundamentally a mistake from Abercrombie - they don't get everything right."

Last year, Savile Row was the scene of a protest organized by The Chap magazine against Abercrombie's plans to move into No. 3. The famous street, located in London's pricey Mayfair district, is currently home to 12 bespoke tailoring businesses, who fear being pushed out if chain stores arrive.

(Read more: Abercrombie hiring of hot staff challenged in Europe)

John Hitchcock, managing director of bespoke tailor Anderson & Sheppard, said that if big names like Abercrombie moved to Savile Row, rents would likely rise.

? Andrew Winning / Reuters / Reuters, file

Head trouser cutter John Malone cuts cloth for a suit at bespoke Savile Row tailors Anderson & Sheppard on February 14, 2013. Savile Row tailors are fighting plans by Abercrombie & Fitch for a kid's store on the ritzy London street.

"One or two of the tailors are concerned it might put the rents up, and it will do, I suppose," he told CNBC. "There's only so much rent we can pay. Our costs are already high as we make every suit by hand ? unlike the big chains which don't make their products on the premises."

Tailors would be forced to move, he said and "it would be a shame. It's always been nice to have just tailors on the street because it means we're all in one place ? that's what Savile Row is: a collective."

Indeed, Savile Row has been the center for London's high-end tailors since the end of the 18th century. One of the early tailors there was Henry Poole, credited as the creator of the dinner jacket or tuxedo.

But oddly, the street's posh image was also challenged 45 years ago at the height of the "Swinging???? London" scene when the Beatles moved their business Apple Records into 3 Savile Row. The Beatles' final live performance, known as the "Rooftop Concert", was held on the roof of the building in 1969.

In a written statement, an Abercrombie spokesperson said: "We respect the [planning] process and are excited we are now moving forward with planning and construction of the store."

The chain already knows the area: its London flagship is located in Old Burlington Street, just one street away from Savile Row.

Abercrombie's stores are known for their dimly-lit shop floors and loud music, and the chain has already proposed a number of changes to No. 3 Savile Row, which has protected status because of its historic origins. However, the local council, Westminster City Council, rejected a number of proposals from Abercrombie in March, ruling that the store could not have blacked-out windows, strip-lighting in the windows, or a flagpole.

(Read more: Bulls Shop at Abercrombie & Fitch)

Alastair Moss, the council's chairman of planning, welcomed the decision. "Some of their proposals were utterly unacceptable," he said at the time. "The conditions will ensure the special character of the world-renowned Savile Row will be preserved."

The council has also clashed with Abercrombie over plans to host a launch event for the children's store, arguing that loud music could upset Savile Row traders and shoppers, and may cause disturbance to nearby residents.

Westminster City Council told CNBC on Tuesday that it had heard nothing from Abercrombie since March, when the planning inquiry concluded.

Joseph Morgan, director of Savile Row tailor Chittleborough & Morgan, said it would be nice if the street could be preserved as the home of bespoke tailoring.

(Read more: Teen angst: Retailers fight for relevance)

"The street is known for providing quality and bespoke clothes to the world," he told CNBC. "Ready-to-wear chains want to say they're in Savile Row to boost their profile - but it won't work unless they're providing bespoke suits."

Morgan, however, did say that traditional tailors could reap some benefits from having Abercrombie as a neighbor.

"It would bring a new, young atmosphere to the street," he said. "And might open-up bespoke tailoring to a younger audience."

?By CNBC's Katrina Bishop. Follow her on Twitter @KatrinaBishop

? 2013 CNBC LLC. All Rights Reserved

Source: http://feeds.nbcnews.com/c/35002/f/663286/s/2facab18/sc/7/l/0L0Snbcnews0N0Cbusiness0Cabercrombie0Ecausing0Efits0Estuffy0Elondon0Etailors0E6C10A865417/story01.htm

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The New Google Nexus 7: Better than Ever?and Powered by a Snapdragon Processor

Like many of you, we are excited about today's announcement of the latest Google Nexus 7 tablet. It?s a powerful, highly capable device and clearly an important one for Google since it?s the first product to ship with Android 4.3 (Jelly Bean MR2). So we?re especially proud to say that Google has once again chosen a Qualcomm? Snapdragon? processor to power their device.

This latest version of the Nexus 7?is powered by a 1.5 GHz Snapdragon S4 Pro mobile processor.?And the folks at Google have done an excellent job of taking full advantage of the many strengths the Snapdragon S4 Pro has to offer.

Combined with the 2GB of RAM Google has packed into the new Nexus 7, the Snapdragon S4 Pro processor is designed to help everything run faster and smoother. Then add what Google is calling the world?s highest resolution 7? display (1920x1200 HD) and you?ve got everything you need, including plenty of processing power, for a world-class Full HD mobile video playback experience.

The Nexus 7 has leading 3D graphics capabilities as well, including the latest 3D effects and rendering efficiencies; the Android OS now includes support for OpenGL ES 3.0, which can further utilize the OpenGL ES 3.0 support of the Adreno 320 GPU integrated in Snapdragon S4 Pro. This gives users the smooth, sharp gaming experience they expect and gives developers access to one of the most advanced and efficient graphics programming interfaces available. Nexus 7 users can easily discover plenty of great 3D games using the brand-new Google Play Games app.

Google has also taken advantage of the proprietary security features that are also an integrated part of Snapdragon processors. They chose to utilize our Snapdragon StudioAccess? technology along with modular DRM as part of their content protection solution in the Nexus 7.

Superior processing power, HD video capabilities, advanced 3D graphics and trustworthy Qualcomm enhanced security are just a few of the strengths of Snapdragon S4 Pro processors that Google has taken advantage of in the Nexus 7. Pick up a new Nexus 7 yourself and experience the many innovations Google has packed into the device, including those made possible by the Snapdragon S4 Pro.

To find out what other Google devices, like the Nexus 4, are powered by Snapdragon processors, take a look at our smartphone device finder and tablet device finder on our Snapdragon site.

Brent Sammons

Senior Manager, Marketing, Qualcomm Mobile & Computing

Source: http://feedproxy.google.com/~r/qualcomm/blog/~3/W9EDbwGvLXI/new-google-nexus-7-better-ever-and-powered-snapdragon-processor

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IBM announces open development alliance with Google around Power server chip

In a highly noteworthy move which will make IBM's key server hardware and firmware available under license to other companies, IBM has recently announced a Power server chip-centric open development alliance - called the OpenPower alliance - with Google.

The OpenPower alliance worked out by IBM and Google will also include graphics chips developer Nvidia; infiniband switch provider Mellanox Technologies; and Taiwanese server and motherboard manufacturer Tyan Computer Corp.

With the main objective of the OpenPower alliance being the delivery of the first, open server alternatives to the x86 architecture, sources from IBM have revealed that the alliance's chief strategy will be to extend IBM's hardware future against hyperscale cloud data centers.

Since the strategy of the OpenPower alliance is in step with the present trend of data centre operators designing their own hardware instead of purchasing commodity hardware, the participants in the alliance apparently have plans to create an open, development ecosystem which will build customized cloud servers and hardware.

In addition, with the alliance also planning to build advanced server, networking, storage and GPU-acceleration technology, Steve Mills - SVP of IBM Software & Systems - said the alliance's founding members represent the next generation in data centre innovation.

Highlighting the `collaborative development' model of the alliance, Mills said that the combination of IBM talents and assets around the Power architecture can substantially speed up the rate of innovation all across the industry.

?

Source: http://topnews.us/content/256227-ibm-announces-open-development-alliance-google-around-power-server-chip

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In search of NCAA president Mark Emmert?s autograph: A window to hypocrisy

(Credit: Scott Halleran/Getty Images)

Mark Emmert oversees an organization that has lied so much, to so many, so often, that finding ?truth in his modern-day plantation known as the NCAA is like finding the proverbial needle in a haystack.

Or to be more precise, finding something ? anything ? autographed by Mark Emmert on eBay. Or Google. Or Craigslist. Or ? anywhere.

Johnny Manziel? Some 94-items for auction popped right up on eBay. In less than a half-second, 3,400-plus items came up on Google. Jadaeveon Clowney?s name returned similar results.

We?ll get to the search for Emmert?s autograph in a bit, but first some perspective.

Emmert made $1.7 million last year. His organization?s revenues pushed $10 billion.

And yet Manziel signing his own name for a five-figure sum is considered, ?improper benefits??

Texas A&M University commissioned a study last January attempting to put a dollar figure on exactly what Manziel?s worth was to the university. The study estimated $37 million ? a sum that most certainly now has eclipsed $40 million if not considerably more.

Yet at every press conference, every official NCAA event, the NCAA mandates that players are referred to as, ?student-athletes,? rather than the more accurate, ?Cash Cows.?

Emmert and the NCAA have felt the pressure of being exposed, but their asinine response has been to do little more than ignore decades of exploiting individuals? likenesses and hope no one noticed. They have dropped an association with E.A. Sports in lieu of the Ed O?Bannon lawsuit and killed the search-engine at shopncaasports.com, which ESPN analyst Jay Bilas exposed and returned items for sale on a, ?Manziel? search among others.

The vast majority of football fans viewing this Manziel episode clearly believe variations of the same theme: Manziel?s only crime was taking a stand on the good side of a bad rule.

Yet it?s Manziel that?s being called a dummy? It?s Manziel that?s a cheater?

We?ve been looking at this the wrong way all along. Dumb is the rule. Dumb are the hypocritical flesh-eating serpents like Emmert who consider it cheating when a multi-million dollar personality makes relative pocket-change on his fame.

Dumb is calling it cheating. Not a single competitive advantage was had by Manziel when he reportedly sat down and signed a name ? his name ? for profit.

Had Manziel been embroiled in academic fraud, then that would be cheating. Had he been recruited with gifts and incentives, that?s cheating.

What he did was against the rules, but that didn?t make it wrong.

Wrong would be searching for the autograph of a flesh-eating serpent that makes $1.7 million a year stealing young men?s Piggy Banks and coming up empty. Zero. Not a single item is for sale autographed by Mark Emmert.

Now that?s cheating.

Source: http://houston.cbslocal.com/2013/08/07/in-search-of-ncaa-president-mark-emmerts-autograph-a-window-to-hypocrisy/

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