Feb 9, 2010

Daily Markets - Financial News And Opinions

Daily Markets

Daily Markets - Financial News And Opinions


Forex Trading: USDJPY Looking To Test The 100 Hour MA « Greg Michalowski »

Posted: 09 Feb 2010 12:15 PM PST

The USDJPY has wandered higher today and is running into the 100 hour moving average at the 89.74 level.  The highs for the day tested the levels but the price has not been able to push over the level.   The downside has trendline support at the 89.28 level. 
Shorter term support comes in at the 89.54 where the 100 and 200 bar MA on the 5 minute chart is currently … [visit site to read more]


Unisys Revenues Lower « Zacks Investment Research »

Posted: 09 Feb 2010 12:13 PM PST

Unisys Corporation (UIS) reported revenues of $1.21 billion in the fourth quarter of 2009, down 5% year over year. Foreign exchange rates had an approximately 5 percentage-point positive impact on revenue in the quarter.
Revenue in the United States declined 14% to $495 million. Revenue in international markets increased 1% to $715 million.
On a segment basis, revenue from the services segment declined 9% year over year. Customer orders in this segment showed mid-single-digit declines from … [visit site to read more]


The “Second Round Of Pain” « Daily Reckoning »

Posted: 09 Feb 2010 12:11 PM PST

If you've been thinking about reducing exposure to stocks, now might be a good time. And if you've been thinking about increasing your exposure to precious metals, now might be a good time.
According to Morgan Stanley economist Gerard Minack, the stock market is in for a correction after its 9-month "relief rally." In a note to clients Minack wrote, "We see the rise from March 2009 as a typical relief rally that follows major bear markets. Those relief rallies can occur regardless of … [visit site to read more]


Principal Financial Misses « Zacks Investment Research »

Posted: 09 Feb 2010 12:10 PM PST

Principal Financial Group's (PFG) fourth quarter earnings of $200.9 million or 62 cents a share missed the Zacks Consensus Estimate of 65 cents. The company had earned $179.0 million or 69 cents in the year-ago quarter.
The miss was driven by lower-than-expected revenue. Also, the reported quarter had more shares outstanding due to the company's common stock offering in May 2009.
Including the realized capital losses, Principal reported net income of $141.9 million or 44 cents a share in … [visit site to read more]


Synopsys To Acquire CoWare « Zacks Investment Research »

Posted: 09 Feb 2010 11:55 AM PST

Synopsys Inc. (SNPS) is on an acquisition spree. After the company's acquisition of VaST Systems Technology Corporation, Synopsys has now announced an agreement to acquire CoWare, Inc. 

The company expects this acquisition to augment Synopsys’ portfolio of design and verification products used in wireless, consumer and automotive design. CoWare is a global supplier of software and services for electronic systems design and will fit Synopsys's business model really well. 

The … [visit site to read more]


Copper Could Be Positioning Itself To Upstage Gold « Money Morning »

Posted: 09 Feb 2010 11:50 AM PST

The Statue of Liberty is one of the most recognizable American icons in the world.

And as she towers 305 feet above Ellis Island, what’s Lady Liberty wearing? Copper - 60,000 pounds of it.

Clearly, copper’s big in art. It’s also a key metal that keeps the world economy humming. Copper consumption has grown at an average annual rate of 4% since 1900. China and India - which some analysts describe as the combined market of “Chindia” - where one of every three human beings resides, needs … [visit site to read more]


Noble Raises Return To Investors « Zacks Investment Research »

Posted: 09 Feb 2010 11:40 AM PST

Following solid fourth quarter results, the Board of Directors of Switzerland-based Noble Corporation (NE) has approved a return of capital to shareholders. The company will return total 1.08 Swiss francs (CHF) per share − approximately US$1 − including a special one-time payout of 0.56 CHF (approximately 52 cents). Distribution to shareholders in the form of capital reduction is exempt from Swiss withholding tax, the company said.
 
The payments will be made in U.S. dollars and is … [visit site to read more]


Forex Trading: EURUSD Quieting Down As The Fireworks Of Midday Have The Market Shell Shocked « Greg Michalowski »

Posted: 09 Feb 2010 11:39 AM PST

The EURUSD went up and tested the 200 bar MA at the 1.3840 level and was trading  within 10 pips of the high when the German denial of the Greece debt bailout surfaced, forcing the price back lower in an instant.  The price plunged stopped at 1.3756.  Right below, stood the 38.2% retracement of the move down from the high at 1.4026 to the low at 1.3586 which came in at 1.3753.  From there the price has settled in between the two extremes - between the Goal Posts … [visit site to read more]


MWIV Targets UK, Raises Guidance « Zacks Investment Research »

Posted: 09 Feb 2010 11:25 AM PST

MWI Veterinary Supply (MWIV) is looking to expand its presence in the international market. Recently, the company acquired UK based Centaur Services Limited, an animal health products supplier, for approximately $47 million. Centaur, with a distribution center in Somerset, had revenues of GBP 140 million (approximately $220 million) in the full year, 2009.
 
Following the acquisition, MWIV raised its revenue guidance for 2010. The company expects revenues in the range of $1.14 billion - … [visit site to read more]


Switched Digital Video Thriving « Zacks Investment Research »

Posted: 09 Feb 2010 11:10 AM PST

Switched Digital Video (SDV) technology is likely to boom in the near future as more and more large cable MSOs (multi-service operators) in the U.S. are gradually moving towards overall services convergence. SDV technology distributes digital video content through cable network in a cost-effective manner so that additional uses can be made using the free bandwidth.

Cable MSOs are opting to deliver IP-based and cross-platform video services, and support more targeted advertising. … [visit site to read more]


Switched Digital Video Is Thriving « Zacks Investment Research »

Posted: 09 Feb 2010 11:10 AM PST

The Switched Digital Video (SDV) technology is likely to boom in near future as more and more large cable MSOs in the U.S. are gradually moving towards overall services convergence. SDV technology distributes digital video content through cable network in a cost-effective manner so that additional uses can be made using the free bandwidth. Cable MSOs are opting to deliver IP-based and cross-platform video services, and support more targeted advertising. Deployment of SDV will free up bandwidth … [visit site to read more]


Six Ways To Profit From The Rebound In Luxury Spending « Money Morning »

Posted: 09 Feb 2010 11:01 AM PST

If the rich truly have gotten richer during the current financial unpleasantness - as some pundits allege - members of the moneyed set have been smart enough to avoid flaunting their new wealth with a rash of high-end purchases.

Lately, however, this seems to be changing: The luxury markets led a January surge in the retail sector - a surge that could mean new opportunities for investors astute enough to grab for the golden ring.

When the economic downturn approached full speed in the … [visit site to read more]


Bubbles Greenspan And The Significance Of Dow 10,000 « Daily Reckoning »

Posted: 09 Feb 2010 11:00 AM PST

A moment of silence, please, for our fallen comrade, the Dow Jones Industrial Average…
Yes, it's true; the beleaguered index fell through 10,000 yesterday to finish the trading session below where it stood last November. But yesterday was not the first time the Dow ever fell below 10,000. In fact, it was the 28th time since March 29, 1999 – the Dow's very first close above 10,000.
When the Dow scaled 10,000 in March of 1999, the stock market had been rallying for several years already. … [visit site to read more]


Grow Your Investments With The Fertilizer Industry « Tony D’Altorio »

Posted: 09 Feb 2010 10:58 AM PST

Last year, the financial world had plenty to say about biotech mergers, and the Kraft-Cadbury deal took up its fair share of headlines into this year. But nobody has said much of anything about the recent merger and acquisition frenzy in the fertilizer industry.
The thing is, they should.
Companies already within the sector – including Agrium (AGU), CF Industries Holdings (CF) and Terra Industries (TRA) – began trying to expand their market share in 2009. And they're not the only … [visit site to read more]


Boeing Progressing On 747-8 « Zacks Investment Research »

Posted: 09 Feb 2010 10:55 AM PST

Boeing Company (BA) successfully completed the first test flight of its long-in-the-making 747-8 Freighter. The 747-8 Freighter is the new, high-capacity 747 that brings the benefits of low operating costs and best economics in any freighter to cargo operators. The 747-8 is powered by four General Electric Company's (GE) GEnx-2B engines. The airplane is 250 feet, 2 inches (76.3 m) long, which is 18 feet, 4 inches (5.6 m) longer than the 747-400 Freighter. The stretch provides customers … [visit site to read more]


These “PIIGS” Aren’t Flying… But Here’s An Investment That Will « Investment U »

Posted: 09 Feb 2010 10:44 AM PST

Tuesday, February 9, 2010: Issue #1193
Spending: Out of control… Budget deficits: Surging… Real estate: Sinking like a rock…
Welcome to America, right?
Well, yes. But no. I'm actually talking about the so-called "PIIGS" – Portugal, Ireland, Italy, Greece and Spain. Back in December, I headed to Baltimore to give an interview about the trouble facing these countries as a result of the issues I just mentioned.
The investment "call to action?" Play the debacle by betting on … [visit site to read more]


Atmel Beats Expectations « Zacks Investment Research »

Posted: 09 Feb 2010 10:40 AM PST

Atmel Corporation (ATML) reported revenues of $343.6 million in the fourth quarter of 2009, up 8% sequentially and up 3% year over year and beats management's expectations. The growth in revenues was driven primarily by improved demand from the industrial, communications, computing, and energy marketplaces.
 
Microcontroller revenues grew 16% sequentially to $139 million. 8- and 32-bit microcontrollers were both up 15% sequentially.
 
Touch sensing revenues were up strongly for … [visit site to read more]


Aeropostale Lifts Guidance « Zacks Investment Research »

Posted: 09 Feb 2010 10:22 AM PST

Aeropostale Inc. (ARO) – a specialty retailer of casual apparel and accessories, targeting children, young men and women – recently raised its fourth quarter 2009 earnings outlook.
 
The mall-based retailer now expects fourth-quarter earnings in the range of $1.41 to $1.42 per share, up from its previous view of $1.33 to $1.34, which reflects an increase of 40% to 41% from $1.01 posted in the fourth quarter of last year.
 
The better-than-expected results for the four-week … [visit site to read more]


Bailing Out A Welfare State: The California-Greece Debate « Daily Reckoning »

Posted: 09 Feb 2010 10:10 AM PST

Trichet to Greece: Drop Dead!
Obama to California: Uh…
Yesterday, stocks lost 103 points on the Dow. This looked like a confirmation to us. The stock market appears to have begun its next and final phase…
AP seemed to think so too:
"Stock investors see threats from all directions," said the headline.
We didn't bother to read the article. We already know the directions.
From the north, investors worry about falling consumer demand. Consumers are in a funk – they have more debt, less … [visit site to read more]


Video: Market Movers: KO, BGP, TWX, APD, GME « NYFP »

Posted: 09 Feb 2010 10:06 AM PST

The latest news and information on U.S. stocks that are moving the market. … [visit site to read more]


Label Expansion For AZN Drug « Zacks Investment Research »

Posted: 09 Feb 2010 10:05 AM PST

AstraZeneca (AZN) received approval from the US Food and Drug Administration (FDA) for expanded use of one of its key drugs, Crestor (rosuvastatin calcium). The drug can be used to treat patients with normal cholesterol levels but with increased risk of cardiovascular disease. Earlier, in December 2009, Crestor received a positive opinion from the Endocrinologic and Metabolic Drugs Advisory Committee (EMDAC). The committee voted 12-4 in favor of the drug after analyzing its benefits in some … [visit site to read more]


Video: Risk Appetite Rises On European Debt Assistance « NYFP »

Posted: 09 Feb 2010 10:02 AM PST

Higher-yielding currencies received a boost this following a slide in US wholesale inventories & growing specualition European officials will assist Greece with its debt situation. … [visit site to read more]


4 Reasons To Mind The Copper ETF Rally « Tom Lydon »

Posted: 09 Feb 2010 10:01 AM PST

Copper prices have hit their lowest point since Oct. 19, and are 20% below this year’s high price. Enter the bargain hunters, out buying everything from copper exchange traded notes (ETNs) to the physical metal.

Why is copper on such a tear?

Bargain Hunting. As copper prices have evened out to lower levels, the case for demand in China seems to stick. Michael Taylor and Pratima Desai for Reuters reports that a frenzied selloff across equities and commodities because of sovereign default … [visit site to read more]


Money Supply Data Reveals “New Major Dip” Ahead « Daily Reckoning »

Posted: 09 Feb 2010 09:56 AM PST

Trillions of dollars have been spent on US stimulus, and like all activities — the good, the bad, and the extremely dubious — it must eventually, necessarily come to an end. This is true if for no other reason than it's simply too expensive to support. Heck, even the Brits have ended their version of quantitative easing… and so now Bernanke is reviewing US options for doing the same.
An article in Barron's today suggests the stimulus has been a good thing, and points to the fact that … [visit site to read more]


Cousins Properties’ FFO Plummets « Zacks Investment Research »

Posted: 09 Feb 2010 09:50 AM PST

Cousins Properties Inc. (CUZ), a real estate investment trust (REIT), reported dismal fourth quarter 2009 results, with FFO (fund from operations) of $7.3 million or 7 cents per share, compared to $10.2 million or 20 cents per share in the year-earlier quarter. Fund from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
 
The year-over-year decrease in FFO was primarily … [visit site to read more]


American Capital Earnings Surge « Zacks Investment Research »

Posted: 09 Feb 2010 09:34 AM PST

American Capital Agency Corp. (AGNC), a real estate investment trust (REIT) that focuses on investments in mortgage pass-through securities and collateralized mortgage obligations (CMOs), reported strong fourth quarter 2009 results despite challenging market conditions.



The company reported earnings of $1.79 per share during the quarter, compared to 73 cents in the year-earlier quarter, with an annualized return on equity of 30.3%. For full year 2009, American Capital reported … [visit site to read more]


Forex Trading: GBPUSD Breaks Above 100 Hour MA. EURUSD Tests 200 Hour MA « Greg Michalowski »

Posted: 09 Feb 2010 09:26 AM PST

EURUSD

The EURUSD has 200 hour MA at the 1.3841 level. A break clears the way for a move to 1.3858 and then 1.3965.

GBPUSD

GBPUSD  has support at 1.5710 where 100 hour MA is found and resistance at 1.5737 where 38.2% is found. Longer term, a break higher could see the price move toward the 1.5864 level where the 200 hour MA is found (green line in the hourly chart above).  Looking at the daily chart, the 38.2% retracement of the last move down which comes in at … [visit site to read more]


BioMarin Planning To Expand « Zacks Investment Research »

Posted: 09 Feb 2010 09:18 AM PST

BioMarin Pharmaceutical Inc. (BMRN) announced recently that it will purchase the privately-held drug discovery and early stage development company LEAD Therapeutics. LEAD is developing LT-673, an orally available poly (ADP-ribose) polymerase (PARP) inhibitor for treating patients suffering from rare, genetically defined cancers. The stock purchase agreement requires BioMarin to make an upfront payment of $18 million to the shareholders of the private company. 

The acquisition would add … [visit site to read more]


Dell To Acquire Exanet « Zacks Investment Research »

Posted: 09 Feb 2010 09:03 AM PST

World's third largest computer maker Dell Inc. (DELL) has initiated the process to acquire the assets of an Israeli storage company for a consideration of $12 million, a month after the company went into receivership. The final settlement is yet to be completed and Dell is currently negotiating in an Israeli court to buy Exanet Ltd.'s intellectual property. 

We believe that the acquisition of Exanet creates a win-win situation, as Exanet was unable to pay off its debt of $70 … [visit site to read more]


Forex Trading: GBPUSD Moves Higher In Sympathy With Bailout Talk « Greg Michalowski »

Posted: 09 Feb 2010 09:01 AM PST

The 1.5689 level is the 38.2% retracement level of the 2009 high to low range. The 1.5706 level is the low from October 2009. The market should find resistance against these levels. However, of more significance may be the break of the range that has put a strangle on the GBPUSD for the last two days. The highover that period should now be support at the 1.5658 … [visit site to read more]


Initiating Spherix: Outperform « Zacks Investment Research »

Posted: 09 Feb 2010 08:51 AM PST

We are initiating coverage of Spherix, Inc. (SPEX) with an Outperform rating and price target of $3.50 per share. We are optimistic about D-tagatose, a functional sweetener and a naturally occurring L-epimer of D-Fructose currently under phase III development for the treatment of type 2 diabetes.
D-tagatose, or Naturlose as it is branded, was originally developed as a natural sugar-substitute (sweetener) for food and OTC product applications. The molecule has a similar taste and texture to … [visit site to read more]


CFSG Wins $92M Contract « Zacks Investment Research »

Posted: 09 Feb 2010 08:48 AM PST

China Fire & Security Group Inc. (CFSG) has signed a total solution contract with Wuhan Iron and Steel Corp. (WISCO) for the Fire Protection Retrofitting Project. WISCO is one of the top three iron and steel companies in China and receives strong government support in accordance with the Iron & Steel Revitalization Scheme. 

The total value of the contract is estimated at approximately $92 million. According to the contract, CFSG will complete the overall retrofitting project of … [visit site to read more]


Stop Deficit Spending. Save The Credit Rating. « Daily Reckoning »

Posted: 09 Feb 2010 08:39 AM PST

Front and center this morning, the non-dollar currencies have seen some healing… Not much, but some… But these mini-rallies are on tenterhooks, folks; they can be reversed in a New York Minute… And, now that I look back at the screens, that's exactly what's happening! UGH! These turn-arounds are beginning to give me a rash!
The euro (EUR), which used to be a Big Dog, full of pep and energy, continues to look like an old blue tick hound, that likes to lay around in the shade… My … [visit site to read more]


Forex Trading: Eurozone Source On Wires Regarding Greece. EURUSD Moves Sharply Higher « Greg Michalowski »

Posted: 09 Feb 2010 08:35 AM PST

Eurozone officials have agreed in principal to help the Greece according to a senior German coalition source. The most likely source of help would be bi-lateral help.
The support would be given on the back of clear budget cutting … [visit site to read more]


Positive Results On Amgen Drug « Zacks Investment Research »

Posted: 09 Feb 2010 08:33 AM PST

Amgen Inc. (AMGN) received a boost recently when the company announced positive results from a pivotal head-to-head phase III study that was conducted with Amgen's main pipeline candidate, denosumab. The study compared denosumab with Novartis' (NVS) Zometa in the treatment of bone metastases in 1,901 patients with advanced prostate cancer. 

Amgen announced that denosumab met the primary and secondary endpoints of the study. Denosumab demonstrated superiority over Zometa in … [visit site to read more]


Video: “Still Optimistic But Traders Worry Me” « NYFP »

Posted: 09 Feb 2010 08:21 AM PST

Despite the Dow’s recent slide, today has seen an early market rebound. According to floor trader David Henderson, this is a reason for continued optimism but one must contiue to watch traders, which makes him worry. … [visit site to read more]


Forex Trading: AUDUSD Moving Toward Support At The 100 Hour MA « Greg Michalowski »

Posted: 09 Feb 2010 08:21 AM PST

The currently level comes in at … [visit site to read more]


Andersons Beats Estimates « Zacks Investment Research »

Posted: 09 Feb 2010 08:18 AM PST

The Andersons, Inc. (ANDE) reported fourth-quarter earnings of 88 cents per share, well above the Zacks Consensus Estimate of 42 cents and a significant improvement compared to a net loss of $1.84 per share in the fourth quarter of 2008. The company's Grain and Ethanol group posted a strong growth in the reported quarter. 

Moreover, the prior-year quarter was affected by a significant lower of cost or market adjustments as a result of sharp declines in nutrient prices. Revenues … [visit site to read more]


Electronic Arts’ Net Falls « Zacks Investment Research »

Posted: 09 Feb 2010 08:03 AM PST

Electronic Arts Inc. (ERTS) reported third-quarter of 2010 results with a steep fall in net earnings and revenue due to weakness in its EA business, dismal holiday sales for the overall packaged goods sector in Europe and product mix shifts to lower-margin distribution business in North America . 

Despite higher cost controls, delay in launching new titles, a difficult packaged goods software business, lower restructuring benefit and the negative impact of foreign exchange led to … [visit site to read more]


Video: NYSE Opening Bell Market Monitor: KO, PHM « NYFP »

Posted: 09 Feb 2010 08:01 AM PST

The latest in news, commentary, and information on what’s moving the US equities markets. … [visit site to read more]


Forex Trading: GBPUSD Moves Back To Midpoint Of The Two Day Trading Range « Greg Michalowski »

Posted: 09 Feb 2010 07:58 AM PST

The GBPUSD has moved down to the midpoint of the two day range as the pair continues its up and down consolidation.  The 100 and 200 bar MA on the 5 minute chart are converged at the 1.5604 level and these levels are also being tested.  A break lower should target the low of the range.  Needless to say, a breakout is still eyed.  The longer the market non-trends the better the chance for a break. 
This last fall is being attributed to a Fitch comment on … [visit site to read more]


The Sovereign Debt Crisis Is A Perfect Storm For Gold « Jordan Roy-Byrne »

Posted: 09 Feb 2010 07:50 AM PST

Needless to say, Thursday was nothing short of an orgasmic day for Gold bears and Dollar bulls. The precious metals complex crumbled along with the Euro, while the greenback was higher. In fact, it was such a bad day that Gold officially lost its safe-haven status, according to CNBC[1]. This was also noted by Elliot Wave[2] and The Business Insider[3]. All proclaimed that Gold was no safe haven.

In today’s world, how can you blame them? With the resurgence of day trading and most … [visit site to read more]


Infineon Swings To Profit « Zacks Investment Research »

Posted: 09 Feb 2010 07:48 AM PST

Infineon Technologies AG (IFNNY) reported that net income from continuing operations increased almost 5 times compared to the last quarter's levels to €66 million ($97.5 million) or €0.067 per share (10 cents per share). Revenues for the first quarter came in at €941 million, a significant increase of 10% compared to the prior quarter, and of 27% year-over-year. Excluding acquisitions and divestitures, revenues at constant currencies increased 12% on a quarter-over-quarter and 34% … [visit site to read more]


Video: Coca-Cola Pours Out 4Q Profit « NYFP »

Posted: 09 Feb 2010 07:46 AM PST

The Coca-Cola Company announced Tuesday that it posted a significant 4Q profit led by a surge in global beverage sales. … [visit site to read more]


Video: Another Mixed Session In Asia « NYFP »

Posted: 09 Feb 2010 07:46 AM PST

Them ajor Asian/Pacific markets traded mixed this session following big gains in both the Hang Seng & Sensex. … [visit site to read more]


Three International Bond ETFs For Europe’s Bounceback « Michael Johnston »

Posted: 09 Feb 2010 07:37 AM PST

Investors have historically embraced international diversification in their portfolios as a way to smooth out volatility and reduce overall risk. But the last two years have shown that the benefits of such diversification aren't what they once were. A meltdown that began in the U.S. mortgage market quickly spread throughout the world, sparking countless complaints about how Wall Street's greed and excessive risk taking set off a chain of events that sent stock markets plummeting and … [visit site to read more]


Forex Trading: USDCHF Tracking The 100 Bar MA Today On The 5 Minute. Below 100 Hour MA « Greg Michalowski »

Posted: 09 Feb 2010 07:35 AM PST

The USDCHF has stepped lower today using the 100 bar MA on the 5 minute chart as a level to sell against (see blue line in the chart above).  The current level comes in at the 1.0684 level and this level will be watched - especially since the price has had a higher high off the low for the day at the 1.0655 level (last lows found buyers at 1.0662).
Keeping the pairs bias down is also the 100 hour MA.  The last step down took the pair below this moving average level at the 1.0679 … [visit site to read more]


Terremark Loss Exceeds Estimates « Zacks Investment Research »

Posted: 09 Feb 2010 07:34 AM PST

Terremark Worldwide (TMRK), a leading global provider of IT infrastructure solutions, announced results for the third quarter of fiscal 2010 with a loss per share of 13 cents exceeding the Zacks Consensus Estimate of loss of 8 cents. Net loss of $8.3 million for the quarter, however, represents an improvement from a net loss of $8.9 million reported a year ago, boosted by higher sales.
 
Revenue & EBITDA
 
Consolidated revenue increased 13% year-over-year to $74.3 million, in … [visit site to read more]


BJ Services Slips « Zacks Investment Research »

Posted: 09 Feb 2010 07:18 AM PST

BJ Services Company (BJS) reported its fiscal first quarter (ended December 31, 2009) loss of 3 cents per share, compared to the Zacks Consensus Estimate of a profit of 5 cents and year-earlier quarter earnings of 56 cents. Revenue for the quarter decreased 34% year-over-year and increased 6% sequentially to $931.5 million.
 
BJ Services missed the quarter badly despite an increased service activity and a stable to slightly improved pressure pumping pricing environment in North American … [visit site to read more]


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