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Barton Biggs
Barton Biggs

Barton Biggs, known for his independent thinking, calling the technology bubble during the late 1990's and calling the recession that followed, passed away at the age of 79, after a short illness. Biggs spent nearly four decades at Morgan Stanley, holding title of 'chief global strategist' and founded the bank's Morgan Stanley Investment Management unit in 1975. Biggs was most recently with the hedge-fund operator that he co-founded, Traxis Partners - a multi-billion dollar hedge fund based in Greenwich, CT. Biggs became one of the best-known prognosticators of market trends around the world.

The New York Federal Reserve Bank said Monday that the Empire State manufacturing index rebounded slightly to 7.4 in July. In June, the index fell sharply to 2.3 from 17.1 during May. Many economists said the June decline probably overstated the weakness in the factory sector in New York. A key sub-index for new orders fell below zero in July, for the first time since last November 2011. Prices paid index declined to its lowest level since mid-2009.

The Commerce Department reported Monday that U.S. retail sales fell by a seasonally adjusted 0.5% during June to mark the third straight decline. The decline is the first time it has happened since midway through the last recession in 2008. Retail sales fell 0.4% excluding autos. Gasoline stations reported the biggest drop, down 1.8%. Over the past 12 months, retail sales have risen 3.5% however; they have fallen every month of the second quarter. Sales in May were unchanged at a 0.2% decline. Sales in April were revised down to a 0.5% drop from -0.2%.

The New York Fed said Monday that equity contribution of $5 billion as well as interest to the Maiden Lane III assets, has been fully repaid by American International Group (AIG). As part of the Fed bailout of AIG in 2008, Maiden Lane III was created and consisted of collateralized debt obligations of AIG counterparties. The New York Fed's $24 billion loan had already been repaid and from here on in, the New York Fed will get two-thirds of profits generated by future sales of Maiden Lane III assets

Federal Reserve Chairman Ben Bernanke this week is expected to stop short of giving markets a timetable of further easing, he will 'express a degree of concern' about the economy and a 'level of commitment' to bring down the unemployment rate that will suggest the Fed is likely to start a new asset purchase program sometime this year. A potential message from Bernanke will be that the Fed is “prepared to take further easing action as appropriate, but will give no indication that such action is imminent.” Fed boss can clarify that the Federal Open Market Committee issued 'an almost explicit easing bias' in June. On Tuesday Bernanke will testify before the Senate Banking Committee at 10:00am ET followed by appearing before the House Financial Services panel on Wednesday. Bernanke will be speaking for the full FOMC so he will have to stay true to the discussions of June 19-20. Fed officials have expressed concern that fiscal restraint is a headwind that will hold back the pace of economic expansion over the next 18 months. The Fed said in minutes from the June 19-20 FOMC meeting that the outlook for fiscal policy is one of the major factors underlying elevated uncertainty about economic outcomes. Unless Congress acts, substantial spending cuts and tax increases are scheduled to go into effect at the beginning of 2013, referred to as the “fiscal cliff.”

Alnylam Pharmaceuticals, Inc. (ALNY) shares ended the trading session higher by 53% after announcing the drug showed promise in an early clinical trial. The Cambridge, Massachusetts-based Pharmaceutical firm said that its experimental drug for TTR-mediated amyloidosis reduced levels of the protein that causes the disease by as much as 94% in 17 healthy volunteers. The treatment targets the mutated gene, TTR, which causes a harmful accumulation of the protein in the heart, nervous system and gastrointestinal tract. Alnylam has started the second of three phases of clinical trials usually needed for regulatory approval and will treat 20 patients. The Pharmaceutical firm plans to start the third and final stage of trials in 2013, with about 120 patients, Chief Executive Officer John Maraganore said in a telephone interview. Alnylam easily blew by 52 week high to end the session shy of the $20 per share mark.
 

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July 16, 2012


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