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Tuesday, January 7, 2014

Claman On Call: Could your next car be a smartphone on wheels?

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Daily Market Update with Liz Claman

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Could your next car be a smartphone on wheels?

Claman on Call: FBN's David Asman with an after-hours web-exclusive on the markets, General Motors and Intel.

On Our Radar: News We're Following

Connected car coming to you?
What's next for Intel?
Apple's App Store Sales Top $10B in 2013
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This Disney Nail Art Will Leave You Speechless

It's amazing what people can do with some creativity and a little Disney magic.

oh man oh man oh man

16 Examples Of Disney Nail Art That Will Render You Speechless

You could go and get yourself a manicure. Or you could get a Minnie-cure. (Definitely go for the latter.)

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The Show That Changed The World

20 years ago, "The Real World: San Francisco" struck a chord with viewers all around the world.

the cast that made an impact

Looking Back At "The Real World: San Francisco," The Show That Changed The World

"The Real World" returns to San Francisco Wednesday. It's the place where 20 years ago, a season of the show changed everything. — by Kate Aurthur

Elsewhere in Entertainment

Nicolas Cage turns 50 today. In related news: You should own these 17 Nic Cage-inspired items.

Hugh Jackman has a mullet. Repeat: Hugh Jackman now has a mullet.

Leo DeCaprio went on "Ellen" and casually mentioned that he once survived a shark attack. Just your normal talk show conversation, really.

Alex Trebek rapped an entire category of "Jeopardy." Never change, Alex.

But Alex has nothing on this young fan. He got the chance to rap for Jay Z during a Jay Z show.

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The rise of activist investing

It appears that we are (still) in the golden age of the activist investor. Alexandra Stevenson reports that “it’s no longer an insult to be called an activist investor”. In fact, it’s en vogue. In 2013, there were 10 instances of an activist investor pushing a company to “break itself up or sell or exit businesses”, compared to just three in 2009, according to the WSJ.

2009 was the year that Ken Squire predicted activism was about to flourish. He wrote that in the post-crisis environment, “not only is shareholder activism likely to increase significantly, but the economic and political climate will make it much easier for activist investors to succeed”. Back then, it was about activists coming in to take advantage of market inefficiencies. But last August, Nelson Peltz pinned the rise in activism on efficient markets:

You know what term you don’t hear anymore? Arbitrage. The markets have gotten too efficient. Instead of trying to figure out what’s going to happen, we’re buying stock, and our goal is to get that company to do something that’s in the best interest of shareholders.

Meanwhile, Citi’s Peter Orszag says that assets under management at activist funds have grown by 50% in the past year, compared to 15% for other types of funds — possibly because, on the surface, activism works. Further, according to a Citi report he flags, activist funds have earned an annual return after fees of about 20% on average, compared to 8% for all hedge funds and 13% for the stock market since 2009. Orszag points to a study by Alon Brava, Wei Jiangc, and Hyunseob Kim, which finds that intervention by activist investors at manufacturing companies resulted in increased productivity, but a decrease in hours worked and stagnant wages. In other words, activism was good for the company but bad for the workers.

That doesn’t mean that companies, or their management teams, are eager for Carl Icahn to come knocking. Last year, when David Einhorn was poking around Apple trying to get it to return cash to investors, corporate lawyer Martin Lipton wrote that “academics’ self-selected stock market statistics are meaningless in evaluating the effects of short-termism”. Lipton said, without going into detail, that for decades he’s been advising corporations that have seen “the detrimental effects of pressure for short-term performance”.

Matt Levine argues these anti-activist arguments are self-serving, coming from the people who get paid to represent the management teams threatened by activist investors. Nevertheless, to fend off the activists, the banks seem to be advising clients to start doing what activists might want them to do -- before the activists even show up. In the end, Levine says, “that seems like another positive result of shareholder activism”. -- Shane Ferro

On to today’s links:

Takedowns
The most hyped startup of 2013 is incredibly boring - Sam Biddle

Long Reads
What the Greyhound bus at 100 means to America - Gary Belsky

EU Mess
Surprise disinflation in Europe has the ECB worried about possible deflation - Reuters

Primary Sources
Supporting documents for deferred prosecution agreement: U.S. V. JPMorgan Chase Bank, N.A. - DOJ

The Fed
Just how divided is the Fed these days? - Tim Duy

UGH
Puerto Rico is experiencing a historic exodus as its residents flee its economy - WSJ

Rebuttals
These 5 allegedly crazy and Communist ideas are neither silly, nor Soviet - Josh Barro
Five conservative reforms millennials should be fighting for - Dylan Matthews

The Internet
The first celebrity to jump into cryptocurrency is Joe Weisenthal - Business Insider

Big Brother Inc.
How Ireland became with world's data privacy protector - Leo Mirani

Wonks
Getting married makes female economists poorer and male economists richer - Lydia DePillis

Yikes
Does upward mobility have adverse effects on health? -  NYT Opinionator

Alpha
"Balls interfere with brains", or, don't short Treasuries because someone on TV said you should - Noah Smith

Inequities
Good news and bad news about global inequality - John Cassidy

Follow Counterparties on Twitter. And, of course, there are many more links at Counterparties.

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Business Today: JPMorgan to pay over $2 billion to settle Madoff case

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01/7/2014
Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between
JPMorgan to pay over $2 billion to settle Madoff case
NEW YORK (Reuters) - JPMorgan Chase & Co will pay more than $2 billion of penalties to settle charges by U.S. federal authorities that it failed to report suspicious activity involving Bernard Madoff's Ponzi scheme.
Firming U.S. economy seen supporting jobs market in December
WASHINGTON (Reuters) - A strengthening U.S. economy likely encouraged employers to maintain a strong pace of hiring in December, further supporting the Federal Reserve's decision last month to start curtailing its massive monetary stimulus.
Wall St. gains; S&P's 1st positive day in 2014
NEW YORK (Reuters) - U.S. stocks advanced on Tuesday, as equities rebounded after a three-day losing streak to give the S&P 500 its first positive session of 2014.
Goldman, JPMorgan and peers must rethink pay to meet EU cap
LONDON (Reuters) - Investment bankers working in London for many top U.S. and European groups face a major overhaul of their pay structure, as their recent bonuses have far exceeded new EU rules which will curb payouts to be made this time next year.
U.S. outlook too uncertain for M&A rush: Airbus exec
WASHINGTON (Reuters) - Uncertainty about U.S. budget levels is limiting the prospects for increased merger and acquisition activity in the defense industry, Sean O'Keefe, chief executive officer of the U.S. operations of Europe's Airbus, said on Tuesday.
Trial of SAC's Martoma begins with questions for potential jurors
NEW YORK (Reuters) - Jury selection began on Tuesday in the trial of Mathew Martoma, a former portfolio manager at Steven A. Cohen's SAC Capital Advisors hedge fund, who is accused of engaging in the most lucrative insider trading scheme in U.S. history.
Ex-UBS bank executive pleads not guilty in tax fraud case
MIAMI (Reuters) - A former high-ranking UBS banker charged with helping Americans dodge taxes through secret Swiss bank accounts pleaded not guilty to tax fraud conspiracy on Tuesday in federal court in Florida.
Weak imports drive U.S. trade deficit to four-year lows
WASHINGTON (Reuters) - The U.S. trade deficit fell to its lowest level in four years in November as exports hit a record high and weak oil prices held down the import bill, the latest evidence of strengthening economic fundamentals.
Exclusive: SpiceJet orders 40 Boeing jets worth $4 billion: sources
DUBAI/PARIS (Reuters) - Indian budget airline SpiceJet has agreed to buy about 40 Boeing 737 jets worth over $4 billion at list prices, industry sources said, a move that could help the loss-making carrier as it seeks new investors.
Ex-Goldman VP Tourre denied a new trial in SEC case
NEW YORK (Reuters) - Fabrice Tourre, a former Goldman Sachs Group Inc vice president who was found liable for defrauding investors over a failed mortgage transaction, has failed to persuade a federal judge to dismiss the case or give him a new trial.
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Economic News
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Fed's Williams expects steady, measured cuts to bond buys
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