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5 charts of NYSE stocks roiled by ‘erroneous trades’

NYSE Euronext’s



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New York Stock Exchange and the Nasdaq Stock Market



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are investigating “potentially erroneous trades” that occurred in the first 45 minutes of Wednesday trading in 140 stocks. Market-maker Knight Capital 



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admitted a software problem was to blame, and it was advising clients to use other platforms.

Here’s a look at some of the early, high-volume spikes (or drop) in stocks that are part of the NYSE’s investigation. Plus, a bonus chart in Knight Capital, whose stock is down 20%.

RadioShack Corp.



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Panasonic Corp (6752.T)

Thomson Reuters is the world’s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.

NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.


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Cashtags: Twitter Makes $STOCK Clickable To Join # and @

Twitter has made stock quotes clickable, in a small update which could spell big problems for one start-up.

The social network has made stock quotes preceded by ‘$’ clickable on the site – for instance $FB for Facebook and $AAPL for Apple.

Users had already started using the convention before it was implemented. Its development follows that of hashtags (#) and @replies, both of which were in large part ‘invented’ by Twitter’s users.

Announcing the change on its site Twitter said:









Twitter

And the news was greeted with cheers (and a few jokes) by the site’s users, including Fake Mark Zuckerberg who said:









Not Mark Zuckerberg

Not everyone was happy with the new service however – including the founder of StockTwits, a site which uses similar ideas to run for its full-featured investments site.

Founder Howard Lindzon wrote on his blog:

It’s interesting that Twitter has hijacked our creation of $TICKER ie. $AAPL. It only took four years to ‘fill’ this hole, though a few months back they told me in a detailed email it was not a hole they wanted to fill.

You can hijack a plane but it does not mean you know how to fly it.

Twitter is about advertising dollars. They have $1 billion of venture money on the line. Lot’s of pressures I am not interested in.

Go check out $HIT or $WAG (walgreen’s) on Twitter search or thousands of other features around curation that we have thought about for 4 years and implemented.


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UBS Hit by Loss on Facebook IPO

The fallout over Facebook Inc.’s initial public offering escalated Tuesday as UBS AG went on the attack against Nasdaq OMX Group Inc., blaming the stock-exchange operator for trading flubs that erased a sizable chunk of its second-quarter profit.

The Swiss banking giant, in its earnings release on Tuesday, accused Nasdaq of “gross mishandling” of Facebook’s May 18 listing. It said it would begin legal proceedings to recoup all of its losses related to the problems, totaling $356 million. The figure dwarfs the $62 million Nasdaq has set aside to cover losses for brokers and investors due to its mishaps with …


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What Supervalu’s new CEO did in Canada

New Supervalu CEO Wayne Sales once had to fight the invasion of Wal-Mart and Home Depot onto his home turf when he ran Canadian Tire, a general merchandise retailer that also sells financial products. In his new role, he faces the herculean task of restoring same-store sales growth at long-suffering Supervalu



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, where Sales has been chairman since 2010.


Supervalu
Exterior of a location of the Supervalu-owned grocer Shaws.

Sales drew praise from stock analysts and the Canadian media for his 2000-2006 reign as CEO at Canadian Tire. Revenue climbed  60% to $8.3 billion, while profit more than doubled to $355 million. Gross margin steadily inched up to 8% from 6.4%. More importantly, Canadian Tire’s stock price tripled (Supervalu shares are down 85% since mid-2009).

The former college drop out from Lynchburg, Va. is credited with spearheading a big-box format at Canadian Tire when Wal-Mart pushed into country in the mid-1990s.

According to Canadian news reports, Sales, 62, is known for his gregarious personality. He would wander off during store tours to chat up customers and examine inventory. He’s obsessed with details, too. Apparently he could reel off stats on shelf-widths in particular stores. Sales is an avid fisherman who got his start in the retailing world unloading trucks and stocking shelves at Kmart in his hometown of Lynchburg, according to The Globe and Mail.

He stepped down at Canadian Tire in April 2006, opting not to renew his contract.

It was around that time hedge fund manager Bill Ackman of Pershing Square Management bought a stake in the company right. Ackman told Canadian news reporters that Canadian Tire was an undervalued company with “great management.”

At Supervalu, there’s plenty of work to do on the financial and perception front. BMO Capital Markets analyst Karen Short wrote Monday that Supervalu has “become so irrelevant with the consumer that recapturing permanent share will be impossible.”

In a press statement Monday, Sales said he planned to significantly cut operating costs and move quickly to lower Supervalu’s prices. In addition, Supervalu is still weighing its options, including the possible sale of all or parts of its grocery chain.

Supervalu shares rose 21 cents to $2.21 in afternoon trades Monday.

-Matt Andrejczak

Follow me on Twitter @MarketwatchMatt

Follow The Tell blog on Twitter @thetellblog


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China’s B Shares Tumble on Delisting Fears

SHANGHAI—China’s Class B shares, which are denominated in foreign currency and make up just a fraction of the country’s stock market, tumbled Monday because of worries about potential delistings as a small household-appliance maker faces such an exit under strict new rules aimed at weeding out poor performers.

The drop is “mainly due to ongoing concerns over the delisting rules that were introduced recently,” said Zhang Suoqing, an analyst at Shenzhen Zhongzheng Investment Consulting Co.

“Trading isn’t really active on the B-share market, so it’s more likely to see volatile and extreme movements when things happen,” Ms. Zhang added.

The …


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Author Jonah Lehrer Fabricated Dylan Quotes for Book

Jonah Lehrer’s nonfiction book “Imagine: How Creativity Works” is being pulled from retailers following the disclosure that the author fabricated quotes from Bob Dylan.

[image]Getty Images

Author Jonah Lehrer, shown in 2008: ‘I want to apologize.’

The book’s publisher, Houghton Mifflin Harcourt, provided a statement from Mr. Lehrer in which the author acknowledged having lied to journalist Michael Moynihan after Mr. Moynihan questioned the authenticity of some of Mr. Dylan’s quotes as they appeared in “Imagine.”

“Three weeks ago, I received an email from journalist Michael Moynihan asking about Bob Dylan quotes in my book ‘Imagine,’ ” said Mr. Lehrer in his statement. “The quotes in question either did not exist, were unintentional misquotations, or represented improper combinations of previously existing quotes. “But I told Mr. Moynihan that they were from archival interview footage provided to me by Dylan’s representatives. This was a lie spoken in a moment of panic. When Mr. Moynihan followed up, I continued to lie, and say things I should not have said.”

Efforts to reach Mr. Lehrer directly were unsuccessful.

Mr. Lehrer, whose book ranked No. 22 on the combined print and e-book New York Times nonfiction best-seller list dated Aug. 5, also said he has resigned as a staff reporter at the New Yorker magazine.

“I understand the gravity of my position,” said Mr. Lehrer in his statement. “I want to apologize to everyone I have let down, especially my editors and readers. I also owe a sincere apology to Mr. Moynihan.”

A person close to Mr. Dylan’s management organization said it had no record of any contact with Mr. Lehrer, or inquiries from the writer.

A spokeswoman for Barnes Noble Inc.,

the country’s largest bookstore chain, said Monday afternoon that the retailer is in the process of halting sales of the physical and digital editions. A spokeswoman for Amazon.com Inc.

said the online bookseller is also halting all sales.

A spokeswoman for Houghton Mifflin Harcourt, a unit of Houghton Mifflin Harcourt Publishing Co., said the digital books should be removed from all bookselling sites by the end of the day Monday. She said the publishing house has sold more than 200,000 copies of Mr. Lehrer’s book in digital and physical formats.

In a statement issued by the New Yorker, David Remnick, editor, said, “This is a terrifically sad situation, but, in the end, what is most important is the integrity of what we publish and what we stand for.”

Earlier this year, Mr. Lehrer was criticized for repurposing material he had originally written elsewhere. Jim Romenesko, a media writer, in June reported that a piece written by Mr. Lehrer and posted on the New Yorker site on June 12 bore similarity to a piece he wrote that appeared in The Wall Street Journal last Oct. 15.

The New Yorker subsequently appended an editor’s note to Mr. Lehrer’s piece that reads: “The introductory paragraphs of this post appeared in similar form in an October 2011 column by Jonah Lehrer for The Wall Street Journal. We regret the duplication of material.” Mr. Romenesko later wrote that the editor notes appeared on “five of Jonah Lehrer’s posts.”

Mr. Lehrer contributed a biweekly column to The Wall Street Journal between Oct. 2, 2010 to June 8, 2012. The Journal said in a statement, “We are currently reviewing Mr. Lehrer’s work for the Journal.”

Mr. Moynihan, the journalist who brought up the subject with Mr. Lehrer, is a regular contributor to Tablet magazine, an online magazine about Jewish politics, news and culture, said Bari Weiss, who edits the news and politics section at Tablet.

“I wanted to see what he was about,” said Mr. Moynihan. “I got his book. And Dylan is an interest of mine. Some of the quotes sounded off, and it didn’t seem well sourced, so I started looking into it.”

Mr. Moynihan said he first got in touch with Mr. Lehrer on July 7. “He could have had a good explanation,” Mr. Moynihan said. “We did a long bout of emailing back and forth, and this is where we ended up.”

—Ethan Smith contributed to this article.

Write to Jeffrey A. Trachtenberg at jeffrey.trachtenberg@wsj.com


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NYSE jumps into broadcast-data game


By Matt Jarzemsky

–NYSE introduces data feed products to television and Internet broadcasters

–Feeds stream data on trades from NYSE exchanges for flat monthly fees

–New offering puts NYSE into competition with Nasdaq and consolidated tape data, both of which offer proprietary data to broadcasters

The New York Stock Exchange has begun offering streams of stock prices to television and Internet companies, the Big Board’s latest effort to bolster its market-data business as trading revenue slips.

The service will supply data about trades conducted on its exchanges that can be used for scrolling tickers on channels such as Comcast Corp.’s (CMCSA) CNBC and for use by websites. NYSE Euronext


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will offer data on trades from the NYSE for $40,000 a month, the NYSE Arca exchange for $20,000 a month, and the NYSE MKT exchange for $5,000 a month. The effort brings the NYSE into closer competition with the so-called consolidated tape–the widely used record of stock quotes and prices that is jointly operated by NYSE, Nasdaq OMX Group


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and other exchanges–and with Nasdaq itself, which sells comparable data to television and Internet broadcasters.

“This is a request we’ve gotten from clients, that we find another way to distribute our market data,” said Mary Ellen Donlevy, managing director for global market data with NYSE Euronext. “We’re seeing an expansion in digital media.”

CNBC will subscribe to the new offering and plans to start using it Aug. 1, a spokeswoman for the cable channel said.

The NYSE requested permission to start offering the data in a Securities Exchange Commission filing earlier this month.

The New York Stock Exchange’s move to put its data on small screens comes as a slump in trading revenue weighs on NYSE Euronext. Stock trading and listings, which account for the largest share of the company’s revenue, fell 17% to $602 million in the quarter ended March 31. Analysts expect NYSE Euronext to report an 18% year-over-year drop in second-quarter earnings per share on Friday, according to Thomson Reuters.

Rival Nasdaq last Wednesday reported that its second-quarter profit rose as data sales and broker services offset declining income from equities trading.

“The exchanges are essentially under siege,” said Paul Rowady, senior analyst at TABB Group, a capital-markets advisory firm. “The competition from all the liquidity venues has gotten so fierce that it’s only via data and technology that they’re generating any real growth.”

The New York Stock Exchange currently charges nonbroadcast subscribers, such as traders, $1,500 a month for the data service, along with other small fees.

Its $40,000 monthly fee for broadcasters represents a different approach from that of the Consolidated Tape Association, an industry group overseeing the dissemination of stock-trading information. That group charges per viewer, with a maximum monthly fee of $125,000, for a feed of trades from the New York Stock Exchange. It has different rates for feeds of stock prices listed on other exchanges.

The tape association distributes the fees it collects to its participants, which include U.S. stock-trading venues operated by NYSE Euronext, Nasdaq, BATS Global Markets and others. The association compiles trade and quote data from all 13 U.S. stock exchanges, offering a more complete view of the market than the services from NYSE or Nasdaq, which only include trades executed on their respective venues.

Nasdaq launched its own data feed, which tracks trades on its exchange, in 2008, and charges both television and Internet broadcasters per viewer, with fees capped at $50,000 a month.

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

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An Obama quote taken out of context, yet again

“Barack Obama on the Economy”

— headline in a Romney campaign ad, followed by President Obama speaking:

“We tried our plan — and it worked. That’s the difference. That’s the choice in this election. That’s why I’m running for a second term.”

Another day, another out-of-context quote?

Readers should be very wary of television ads showing a snippet of the opposing candidate speaking. There is often too much context missing.

Both campaigns have crossed the foul line in this regard (remember Mitt Romney supposedly saying he liked to fire people?) but this is the second week in a row we have had to examine how the Romney campaign is using one of the president’s quotes. Let’s take a look.

The Facts

There is a dead giveaway here that something is missing: Why would Obama be bragging that his plan “worked” when the unemployment rate is still above 8 percent? That doesn’t sound like smart politics.

The reason for Obama’s statement becomes clear when the preceding sentences are read. (The section used in the ad is in bold type.) Remember that he is speaking to fellow Democrats at a fundraising event.

I’m running because I believe you can’t reduce the deficit — which is a serious problem, we’ve got to deal with it — but we can’t reduce it without asking folks like me who have been incredibly blessed to give up the tax cuts that we’ve been getting for a decade. I’ll cut out government spending that’s not working, that we can’t afford, but I’m also going to ask anybody making over $250,000 a year to go back to the tax rates they were paying under Bill Clinton, back when our economy created 23 million new jobs, the biggest budget surplus in history and everybody did well. Just like we’ve tried their plan, we tried our plan — and it worked. That’s the difference. That’s the choice in this election. That’s why I’m running for a second term.

In other words, in an inelegant way, Obama is trying to compare Democratic philosophy (raise taxes on the wealthy — “our plan”) with Republican philosophy (don’t raise any taxes — “their plan”). He also appears to be trying to hitch his presidency to the economic success of the Clinton years. He can rightly argue that he’s never had a chance to do what Bill Clinton did — raise taxes on the wealthy — because Republicans have blocked his efforts.

But as we have repeatedly said, it is rather silly to think the economy can be divided into such neat presidential-term chunks.

Some would argue that some of the seeds for the disastrous economy at the end of George W. Bush’s term were planted during Clinton’s presidency (breaking down the walls between commercial and investment banks, for instance). Clinton also benefited from some luck — a surge in stock prices for technology companies in the mid-1980s. The bubble later burst, but not before significantly boosting federal revenue (and eliminating the deficit) with taxes on capital gains.

Thus, as an argument, Obama is really pushing the envelope in suggesting that the boom times of the Clinton era are directly attributable to Clinton’s tax increases. (We have already dinged Obama for suggesting in this passage that tax rates will be the same as under Clinton, since that’s not right.)

Still . . . the Romney ad starts off by claiming that Obama is talking about today’s economy. And then the ad is filled with comments from ordinary Americans about how they are suffering today.

Romney senior advisor Eric Fehrnstrom strongly defends the use of the clip. “Obama can’t have it both ways on this. He’s either running on the Clinton record, which is completely superior to his own,” he said. “Or Obama’s running on his record, which is a failure and why his campaign is now in the awkward position of saying the president was not referring to his own plans when he made the ‘it worked’ statement.”

The Pinocchio Test

It may well be disingenuous of Obama to wrap his policies in the mantle of Bill Clinton, but he was talking to a roomful of Democrats. We also make some allowances for awkward language uttered off the cuff, especially if it appears to be a one-time statement. (The Romney campaign did not supply any other examples of Obama claiming his economic plan worked.)

In any case, the Romney campaign clearly ripped these words out of context, leaving them untethered from their original meaning — in order to score political points in a highly misleading way. Obama was not talking about today’s economy, but about different philosophies of taxation.

Four Pinocchios

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Plaintree Systems Inc. Releases Fiscal 2012 Results

OTTAWA, Ontario–(BUSINESS WIRE)–

Plaintree Systems Inc. (Plaintree, traded on CNSX under the symbol NPT).

Fiscal 2012 Results

Plaintree announced today that it has released its audited financial
statements and related management discussion and analysis for the year
ended March 31, 2012.

During fiscal 2012, Plaintree realized revenues of $12,640,541 compared
to $11,040,555 in fiscal 2011 and net loss of $(631,833), compared to a
net income of $313,295 in fiscal 2011. Basic and diluted loss per share
was $(0.16) and $(0.09) in fiscals 2012 and 2011 respectively.

A bad debt account of $233,092 and inventory write-downs of $273,359 are
included in the losses of fiscal 2012.

“Throughout the world-wide economic downturn that affected us in 2010,
we have continued to invest heavily in the Plaintree operations,” said
David Watson, CEO. “In the past two years, we have invested over four
million dollars in our new plant and state of the art equipment. Add to
this our recent acquisition of Summit Aerospace USA Inc. located in the
USA and it is easy to see our commitment to the future.”

For more information on these results, please refer to Plaintree’s
annual 2012 financial statements together with the related Management’s
Discussion and Analysis report, copies of which can be obtained from the
Company’s website at www.plaintree.com
and/or under Plaintree’s name at www.sedar.com.

About Plaintree Systems

Plaintree has two diversified product lines consisting of
Specialty Structures and Electronics.

The Specialty Structures Division includes the former Triodetic Group
with over 40 years of experience, is a design/build manufacturer of
steel, aluminum and stainless steel specialty structures such as
commercial domes, free form structures, barrel vaults, space frames and
industrial dome coverings, and the newly formed Arnprior Fire Trucks
Corp., a manufacturer of high end fire and emergency vehicles.

The Electronics Division includes the legacy Hypernetics, Summit
Aerospace USA Inc. and Plaintree free space optics (FSO) businesses.

Plaintree’s FSO systems transmit data at high speeds using beams of
light instead of traditional radio frequency which can suffer from
congestion. Hypernetics was established in 1972 and is a manufacturer of
avionic components for various applications including aircraft antiskid
braking, aircraft instrument indicators, solenoids, high purity valves
and permanent magnet alternators. Summit Aerospace USA Inc. provides
high precision machining to the aerospace and defense markets. Our
facility includes 5 axis CNC precision machining of complex castings and
large ring parts such as turbine and assembly shrouds as well as
assembly pressure seals. Summit will support requirements from
concept, prototype and throughout production.

Plaintree’s shares are traded under the symbol “NPT”. Shareholders and
Investors can access Company information on CNSX’s website and receive
full Company disclosure monthly. For more information on Plaintree or to
receive stock quotes, complete with trading summaries, bid size and ask
price, brokerage house participation, insider reports, news releases,
disclosure information, and CNSX and SEDAR filings, visit the CNSX
website at www.cnq.ca
or the Company’s website at www.plaintree.com.

Plaintree is publicly traded in Canada on the CNSX (NPT) with 12,925,253
common shares and 18,325 class A preferred shares outstanding.

This press release may include statements that are forward-looking
and based on current expectations.
The actual results of the
company may differ materially from current expectations.
The
business of the company is subject to many risks and uncertainties,
including changes in markets for the company’s products, delays in
product development and introduction to manufacturing and intense
competition.
For a more detailed discussion of the risks and
uncertainties related to the company’s business, please refer to
documents filed by the company with the Canadian regulatory authorities,
including the annual report of the Company for the fiscal year ended
March 31, 2012 and related management discussion and analysis.

Canadian National Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news
release.


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