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StreetInsider.com Insiders' Edge Newsletter 06-03-09

 
 StreetInsider.com - Insiders' Edge

Bernanke Gives Deficit Lip Service; Is a Day of Reckoning Coming

 

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In his speech to Congress today, Federal Reserve Chairman Ben Bernanke warned about the U.S.'s massive current and foretasted federal deficit, which is growing to an alarming percentage of GDP. Bernanke warned that unless the government demonstrates a strong commitment to fiscal sustainability in the longer term, "we will have neither financial stability nor healthy economic growth."

Bernanke confirmed what the market already knows - that the recent uptick in Treasury securities and fixed-rate mortgages is in part related to fears about large federal deficits.

The deficit rhetoric from Bernanke and others in the government follows a "shot across the bow" from the rating agencies, which recently moved the U.K.'s sovereign rating outlook to Negative, citing a debt burden that could approach 100% of GDP. Many, including the bond-king Bill Gross, view the U.S. and the U.K. as "relative twins." While the U.S.'s forecasted federal deficit is still at a low % of GDP, versus the U.K., it is expected to swell and get closer and closer to the 100% mark, which will nearly guarantee a downgrade. While the rating agencies have little credibility at this point, due to the credit meltdown, a AAA sovereign rating still carries some weight and a downgrade would have horrible consequences.

CONTINUE READING>>>>

StreetInsider.com's News You Should Know:

1. May ADP Employment Change: Down 532K, vs. Consensus -525K; April Revised Down to -545K

The ADP Employment report shows a 532,000 drop during the month of May, which compares to the consensus of -525,000, and a reading of -491,000 in April. CONTINUE READING>>>>

2. Highlights from Carol Bartz's Speech at BofA/ML Tech Conference (YHOO)

Speaking at the Bank of America and Merill Lynch U.S. Technology Conference currently being held in New York City, Yahoo!'s (Nasdaq: YHOO ) CEO, Carol Bartz, made some interesting comments related to the company's operations. CONTINUE READING>>>>

3. Icahn's Group Reportedly To Get 2 of The 4 Biogen Idec (BIIB) Board Seats

Icahn representative said it appears they have won 2 of the 4 board seats they were seeking at Biogen Idec (Nasdaq: BIIB ). CONTINUE READING>>>>

4. NetApp (NTAP) Agrees to Acquire Data Domain (DDUP) for $30/Share

NetApp (NASDAQ: NTAP) and Data Domain (NASDAQ: DDUP) today announced that they have entered into a revised acquisition agreement under which NetApp will acquire all of the outstanding shares of Data Domain common stock for $30 per share in cash and stock in a transaction valued at approximately $1.9B, net of Data Domain's cash. CONTINUE READING>>>>

5. Trading Radar for 6/4: Guess (GES), Ciena (CIEN), Teekay (TK), Vail Resorts (MTN), UTi Worldwide (UTIW) Report; Initial Claims, Productivity for Q1 Due

The Trading Radar highlights key earnings and economic announcements for tomorrow's trading session : CONTINUE READING>>>>

6. After-Hours Movers 6/3: CYBX, CMTL, PSS Higher; MATK, ADLR, HOTT Lower

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Rating To Watch - eBay (EBAY)

Collins Stewart upgrades eBay (Nasdaq: EBAY) to Buy. Price target $23. Collins analyst says, "Based on our detailed proprietary study, we believe that EBAY is now showing many signs of a turnaround in core Marketplace. Though EBAY still has a long way to go, the signs we have seen so far are extremely encouraging. MORE

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