Daily Markets - Financial News And Opinions

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• Wall Street’s “Code Of Silence”
• Technical Setups On Gold, Silver, Oil & Natural Gas ETF’s
• How Long Will Emerging Markets Continue To Prosper From U.S. Debt Ills?
• It Makes Sense
• Cartoon: Budget Deficit - Watch Those Assumptions…
• Is Court Ruling A Genetics Game Changer?
• CA, Inc. To Downsize By 8%
• The Longest Build In Inventories In Five Years Turns Crude To Its First Lost In Seven Days
• Staying Neutral On Lowe’s
• Macarthur Dumps BTU’s Raised Bid
• AutoNation Updates Guidance
• A Lesson About Manufacturing Jobs From Farming
• Laughing In The Face Of Financial Destruction
• Consumer Credit Contracting
• Court Ruling Shakes Net Neutrality
• Starwood, Hyatt To Expand In India
• Examining Stock Market Valuations: Brace For Turbulence
• Neutral On Shanghai Petrochemical
• Daily ETF Roundup: UNG Sinks, GDX Rises
• Merge To Offer Senior Notes
• Video: NYSE Closing Bell Market Monitor: BBI, FDO, XOM
• How To Protect Yourself – And Even Profit – If Foreign Creditors “Strike” U.S. Treasuries
• Equifax Sells Unit For $72.4M
• Video: Crude Slides On Inventory Boost
• Video: Despite 2nd Half Loss, General Motors Hopes To Become Public Again
• Detaining Americans In The Name Of Economic Recovery
• Fall In Prices Hurts Rio Tinto
• Dejour Ests Upped Post-Report
• AT&T Pouring $1B Into Network
• Q1 Earnings Season: Will The Lofty Earnings Expectations Be Met?
• EA Launches Tiger Woods Game
• Nasdaq Expands Its Internet Index
• Baxter Receives TachoSil Approval
• Springtime For Economics: Ignoring The Bubble Era Mistakes
• Russell Takes Step Towards ETF Outburst
• Video: 04/07 FX Options Report
• RRD Deal Attracts Hart-Scott-Rodino
• Global Business Sentiment Returns To Pre-Recession Levels
• Study: Institutional Investors Piling Into ETFs
• Video: Market Movers: FDO, CKR, FUN, KEY, DRI, AIB, LVS, EPD
• California Pension Plans Are In Big Trouble
• John Jagerson On “Leverage In The FX Options Market”, Part 1
• John Jagerson On “Leverage In The FX Options Market”, Part 2
• John Jagerson On “Leverage In The FX Options Market”, Part 3
• John Jagerson On “Leverage In The FX Options Market”, Part 4
• John Jagerson On “Leverage In The FX Options Market”, Part 5
• John Jagerson On “Leverage In The FX Options Market”, Part 6
• John Jagerson On “Leverage In The FX Options Market”, Part 7

Wall Street’s “Code Of Silence” Posted: 07 Apr 2010 06:01 PM PDT Shut up!!! Imagine being in a situation in which you knew you had to be quiet in order to advance your own personal career, rather than speaking up and blowing the whistle on irregularities and improprieties within your firm. This message is consistently relayed by many a whistleblower who has suffered from having tried to do the right thing. What is the result? Firms tout their virtuous values of integrity, respect, and excellence while effectively muzzling those who would blow the … [visit site to read more]

Technical Setups On Gold, Silver, Oil & Natural Gas ETF’s Posted: 07 Apr 2010 05:54 PM PDT April 7th 2010 This week has been playing out as expected with prices grinding their way higher and lots of sharp intraday sell offs and rallies which is indicative of a market getting toppy. Seems like the masses feel as though they are getting left behind which is why we are starting to see the panic buying in the market (new money buying at these lofty overbought prices). Each time there is a new intraday or daily high on the major indexes there is a renewed bullishness created as breakout … [visit site to read more]

How Long Will Emerging Markets Continue To Prosper From U.S. Debt Ills? Posted: 07 Apr 2010 05:01 PM PDT A surge in purchases of emerging market debt and a dip in buyers’ appetite for U.S. Treasury bonds has sparked speculation that developing nations have become the next safe haven for bond investors. But the more likely scenario is a reversal of capital flows that will sustain Treasury debt for a little while longer. Emerging market bonds have enjoyed the best first quarter on record as new issuance has surged and interest rate spreads over U.S. Treasuries have narrowed to their lowest since … [visit site to read more]

It Makes Sense Posted: 07 Apr 2010 04:09 PM PDT I’ve been somewhat perplexed by how well consumer spending has held up, at least on a relative basis, given that 1) “underemployment” is above 20 percent and the number of long-term employed is at a record; 2) income has not kept pace with consumption; and, 3) the housing industry is nowhere near a recovery (and the foreclosures just keep on coming). No doubt the government has played an important role in underpinning demand, especially through its emergency unemployment benefits programs and … [visit site to read more]

Cartoon: Budget Deficit - Watch Those Assumptions… Posted: 07 Apr 2010 04:01 PM PDT Source: Michael Ramirez, April 6, … [visit site to read more]

Is Court Ruling A Genetics Game Changer? Posted: 07 Apr 2010 04:00 PM PDT A judge in New York shook up the genetics world yesterday. In short, Myriad Genetics, a company that had a patent on the gene that predisposes breast cancer, was stripped of its monopoly on breast cancer gene testing. Ipso facto, there is now legal precedent that a company cannot hold a patent on identifying gene code. Over 20% of the human genome is already patented…so a lot of people stand to gain or lose a lot of money. This throws all gene patents into question. The ruling could affect … [visit site to read more]

CA, Inc. To Downsize By 8% Posted: 07 Apr 2010 03:58 PM PDT Information Technology and management software company CA Inc. (NASDAQ:CA) has announced the downsizing of its workforce by 8.0%. The headcount reduction is part of an aggressive restructuring plan, under which the company has already retrenched 3,100 employees over the past three years. The restructuring has been implemented with the objective of bringing down the cost structure, although management provided assurance that skilled professionals were being spared. With this restructuring plan in … [visit site to read more]

The Longest Build In Inventories In Five Years Turns Crude To Its First Lost In Seven Days Posted: 07 Apr 2010 03:49 PM PDT After forging a remarkable breakout to a 17-month high and subsequently extending the longest bull trend since the December/January rally, crude was would have to eventually trade speculative momentum for fundamental drive. This switch proved unfavorable for the commodity. The first decline in seven days Thursday was partially the response to breakout exhaustion; but it would further align itself to a disappointing round of fundamental data and more importantly to the consensus on risk appetite … [visit site to read more]

Staying Neutral On Lowe’s Posted: 07 Apr 2010 03:44 PM PDT We are maintaining our Neutral recommendation on Lowe's Companies, Inc. (NYSE:LOW), one of the largest home improvement retailers, with a target price of $26.00. Lowe's boasts a proven strategy of investing in stores to enhance customer-shopping experience by improving point-of-sale and directional signage, and adding more products. The company's sustained focus on Everyday Low Prices has helped it to grow its market share. The company is also actively managing its capital. Lowe's is … [visit site to read more]

Macarthur Dumps BTU’s Raised Bid Posted: 07 Apr 2010 03:27 PM PDT Macarthur Coal has rejected Peabody Energy Corporation's (NYSE:BTU) raised bid worth A$3.56 billion (US$3.3 billion). In an effort to abandon Macarthur's proposal to acquire Gloucester Coal Limited, in deal that would make Singapore-based Noble Group the largest shareholder in Macarthur, Peabody had raised its bid to $3.3 billion. Under Peabody’s revised non-binding proposal, Macarthur shareholders would receive a cash price of A$14.00 per share. This represents a 44% premium to A$9.70 per … [visit site to read more]

AutoNation Updates Guidance Posted: 07 Apr 2010 03:10 PM PDT AutoNation Inc. (NYSE:AN) has upgraded its earnings per share (EPS) guidance for the first quarter of 2010 ended March 31, 2010. The company now expects to earn 32 cents–35 cents per share, up from the previous estimate of 29 cents–32 cents announced last week. The compant reported EPS of 22 cents in the first quarter of 2009. While providing the previous estimate, AutoNation had revealed that it expected EPS to increase due to a gradual recovery in the industry. It also expects new vehicle … [visit site to read more]

A Lesson About Manufacturing Jobs From Farming Posted: 07 Apr 2010 03:01 PM PDT There is a lot hand-wringing about the loss of manufacturing jobs. For example, a Google search for the term “loss of manufacturing jobs” shows 308,000 results. We have lost eight million factory jobs since 1979, and manufacturing employment is now at the lowest level since 1941. As a percent of the U.S. labor force, manufacturing jobs have fallen to only 8.92% of total jobs in 2010, which is about one-third of the 28% manufacturing share of all jobs as recently as the 1960s (see chart … [visit site to read more]

Laughing In The Face Of Financial Destruction Posted: 07 Apr 2010 03:00 PM PDT Sometimes, when things seem to have gotten their worst, I morosely think that things could not get any worse, and pretty soon I am thinking to myself "What in the hell are you thinking? Of course it will get worse! It will get worse because the stupid government is deficit-spending trillions of dollars, the Federal Reserve is creating massively more money to accommodate it, and, nightmarishly worse, the same, sad, stupid, suicidal scenario is being played out around the Whole Freaking World … [visit site to read more]

Consumer Credit Contracting Posted: 07 Apr 2010 02:51 PM PDT The U.S. consumer continues to try to improve his or her balance sheet. In February, consumer credit (not including real estate-backed loans, aka mortgages) fell by 11.5%, and has been down in 12 of the last 13 months. However the one exception to that was in January, and the amount of consumer credit for that month was revised upwards to an increase of 10.6 billion from the initial report of a $5.0 billion increase. For February, the decline is equal to an annualized decline rate of … [visit site to read more]

Court Ruling Shakes Net Neutrality Posted: 07 Apr 2010 02:50 PM PDT The Federal Communications Commission's ("FCC”) so-called "Net Neutrality” rule suffered a big blow as a federal appeals court ruled that the US regulator lacks the authority to impose such regulations. The US Appeals Court for the District of Columbia unanimously voted to rule out FCC's authority to dictate the way the incumbent cable and Internet Service Providers (ISPs) manage their networks. The court's decision will not only dwindle the prospect of Net Neutrality but may also … [visit site to read more]

Starwood, Hyatt To Expand In India Posted: 07 Apr 2010 02:36 PM PDT Hoteliers such as Starwood Hotels & Resorts Worldwide Inc. (NYSE:HOT) and Hyatt Hotels Corp. (H) intend to explore the growth potential in the Indian market. Starwood has announced yesterday that it is on track to expand its Indian portfolio. Currently, the company has 26 hotels in India. It intends to increase this portfolio 60% by 2013. Starwood is currently developing 15 hotels in India, of which 3 are scheduled to open this year. Besides Starwood, Hyatt also announced Tuesday its plan … [visit site to read more]

Examining Stock Market Valuations: Brace For Turbulence Posted: 07 Apr 2010 02:30 PM PDT "The last time that [America] had no government debt, you had a Scottish president. His name was Andrew Jackson. Not only did he pay off the national debt, he also abolished the central bank and tried to close down all the commercial banks." – CLSA Strategist (and Scotsman) Russell Napier, March 24 CFA Society speech I had the good fortune to attend a speech by Russell Napier last week. Napier is a stock market historian. But he's not just an ivory-tower academic; he operates on the … [visit site to read more]

Neutral On Shanghai Petrochemical Posted: 07 Apr 2010 02:20 PM PDT We are maintaining our Neutral recommendation on Sinopec Shanghai Petrochemical Company Limited (NYSE:SHI) with a target price of $42. Sinopec Shanghai, one of China's largest petrochemical companies, is poised to benefit from the country's continuous demand growth and its strategic positioning in a fast growing economy. We also like Sinopec Shanghai's unique vertically integrated business model, whereby the company can use its intermediate petrochemicals in manufacturing downstream … [visit site to read more]

Daily ETF Roundup: UNG Sinks, GDX Rises Posted: 07 Apr 2010 02:19 PM PDT Equity markets sank on Wednesday as concerns over the Greek economy weighed on investors. "We thought progress was being made and the steps were being taken to get this resolved. Now that might be off track," said Alan Lancz. Also Trading was relatively heavy as investors digested a Treasury auction that received strong demand. Agribusiness shares were among the biggest losers on the day as seed giant Monsanto sunk more than 1.5% after its quarterly profit fell below expectations. … [visit site to read more]

Merge To Offer Senior Notes Posted: 07 Apr 2010 02:07 PM PDT Merge Healthcare Incorporated (NASDAQ:MRGE) has decided to offer $200 million of senior secured notes due 2015. The amount raised will be used to fund a portion of the proposed acquisition of AMICAS, Inc. (NASDAQ:AMCS). Merge is set to acquire AMICAS for $6.05 per share in cash aggregating $248 million. The acquisition is expected to be completed in the second quarter of 2010. Merge took a number of initiatives in the past few months to arrange funding for the AMICAS acquisition. A few days ago, the … [visit site to read more]

Video: NYSE Closing Bell Market Monitor: BBI, FDO, XOM Posted: 07 Apr 2010 02:05 PM PDT The latest in news, commentary, and information on what’s moving the US equities markets. Watch this broadcast LIVE at 4:00 pm EST daily @ “http://www.nyx.com/marketmonitor” … [visit site to read more]

How To Protect Yourself – And Even Profit – If Foreign Creditors “Strike” U.S. Treasuries Posted: 07 Apr 2010 02:01 PM PDT The odds are good that China won’t dump its holdings of U.S. Treasuries anytime soon. But by substantially reducing its purchases of U.S. debt - or halting them completely in the form of a buyers’ strike - the Red Dragon could absolutely shatter the myth that it is the U.S. Federal Reserve that controls U.S. interest rates. And that could also crater the bond market in the process. According to the U.S. Treasury Department’s Bureau of Public Debt, the U.S. national debt stood at $ … [visit site to read more]

Equifax Sells Unit For $72.4M Posted: 07 Apr 2010 01:53 PM PDT Credit information services ompany Equifax Inc. (NYSE:EFX) has recently made an announcement that it will be selling the APPRO loan origination software unit of Equifax Enabling Technologies LLC to an Italian credit reporting firm CRIF Corp for $72.4 million in cash. The acquisition is expected to close by the end of April, although a significant impact on its earnings is not expected in fiscal year 2010. The company is planning to use the proceeds for general corporate purposes and to fund its … [visit site to read more]

Video: Crude Slides On Inventory Boost Posted: 07 Apr 2010 01:50 PM PDT Front month crude prices were on the downside this session following a larger-than-expected rise in inventories for last week. … [visit site to read more]

Video: Despite 2nd Half Loss, General Motors Hopes To Become Public Again Posted: 07 Apr 2010 01:50 PM PDT General Motors postes a $4.3-billion loss for the nearly six-month period following its emergence from bankruptcy. … [visit site to read more]

Detaining Americans In The Name Of Economic Recovery Posted: 07 Apr 2010 01:45 PM PDT Monday was Tomb Sweeping Day here in Taiwan, a national holiday. Without a tomb of his own to sweep, your Aussie editor took advantage of the long weekend and flew to Borneo for a scheduled visa run. The island is a quick, 3-hour flight south from Taipei and, with the expansion of budget airline routes around the region, one can get down there for about $150 return. Not bad. We landed in Kota Kinabalu, a quaint little town on the west coast with a smattering of tropical islands just a short … [visit site to read more]

Fall In Prices Hurts Rio Tinto Posted: 07 Apr 2010 01:37 PM PDT Recently, Rio Tinto (NYSE:RTP) announced full-year 2009 results. Net earnings during the period were $4,872 million, 33% up from $3,676 million reported in 2008. The increase was due to the huge amount of net impairment charges deducted in 2008. Earnings per ADR of $3.01 in 2009 were up from $2.86 in the previous year. Underlying earnings, i.e. earnings excluding the impairment charges, gains from asset disposal, and other items, were down 39% to $6,298 million from $10,303 million in 2008. On a … [visit site to read more]

Dejour Ests Upped Post-Report Posted: 07 Apr 2010 01:21 PM PDT DEJ: Release of annual report; new Zacks estimates, target price Dejour Enterprises (DEJ) on March 31, 2010 released its annual report with results dating from December 31, 2010. On an adjusted basis, Dejour showed a loss per share of CAD 0.11 for the year (compared to our most recent forecast of a loss of CAD 0.08 per share) and CAD 0.03 for the fourth quarter (compared to our forecast loss of CAD 0.02 per share). The company's CAD 12.8 million net loss for the year was substantially … [visit site to read more]

AT&T Pouring $1B Into Network Posted: 07 Apr 2010 01:07 PM PDT AT&T (NYSE:T) plans to spend lavishly in 2010 to boost its business network infrastructure globally and expand services for small businesses in the US. The telecom major announced on April 6, 2010 that it will spend $1 billion in the current year on such initiatives. This takes AT&T's overall business-centric investments on network and services to more than $4 billion since the project's inception in 2006. The carrier's premium services are currently available to more than 3.5 … [visit site to read more]

Q1 Earnings Season: Will The Lofty Earnings Expectations Be Met? Posted: 07 Apr 2010 01:01 PM PDT The Q1 earnings reporting season is upon us and expectations, based on the stock market’s recent behavior, are lofty. While gallivanting through South America, let’s turn to David Rosenberg, chief economist and strategist of Gluskin Sheff & Associates, for a few comments on valuation levels. “The earnings outlook is bright and even our regressions suggest that we will get 15% EPS growth in 2010 (the consensus is at 36%), which is completely normal for the type of nominal GDP … [visit site to read more]

EA Launches Tiger Woods Game Posted: 07 Apr 2010 12:52 PM PDT Electronic Arts Inc. (NASDAQ:ERTS) released a new online game named Tiger Woods PGA TOUR 11, providing an enhanced golf video game experience via a web browser to on-the-go golf enthusiasts. Tiger Woods PGA TOUR Online has high resolution 3D graphics capabilities, but requires no game installation, disc and additional peripherals. The company said that the monthly or yearly membership fees range from $9.99 to $59.99 for North America. Consumers who purchase the annual membership will receive … [visit site to read more]

Nasdaq Expands Its Internet Index Posted: 07 Apr 2010 12:36 PM PDT On Tuesday, Nasdaq OMX Inc. (NASDAQ:NDAQ) announced the launch its options trading on its Nasdaq Internet Index (QNET) platform on Mar 24, through Nasdaq OMX PHLX. Susquehanna Securities, which already provides liquidity in several PHLX index options, is the specialist for this new product as well. QNET is designed to track the performance of the largest and most liquid U.S. companies engaged in internet-based businesses that are listed on the Nasdaq Stock Exchange, the New York Stock Exchange … [visit site to read more]

Baxter Receives TachoSil Approval Posted: 07 Apr 2010 12:20 PM PDT Baxter International Inc. (NYSE:BAX) and Nycomed recently received the U.S. Food and Drug Administration (FDA) approval of TachoSil, an absorbable fibrin sealant patch that can be used in addition to hemostasis to stop bleeding during cardiovascular surgeries. Baxter expects to launch the product in the U.S. in the second half of 2010. TachoSil is the first and only adjunctive hemostatic agent of its kind that is available in the U.S. TachoSil combines a collagen patch with a coating of human … [visit site to read more]

Springtime For Economics: Ignoring The Bubble Era Mistakes Posted: 07 Apr 2010 12:19 PM PDT It's springtime. The temperature is 85 degrees here in Washington. New York is approaching record-breaking temperatures. Global warming is back in business. The flowers are out. Cherry blossoms are thick on the ground. The grass is yearning for the mower. Heck, everything is back in business. To hear the media tell it, you'd think jobs were picking up…consumer spending too…manufacturing – everything. Everyone thinks the recovery is as pullulating as April. Obama says we've 'turned … [visit site to read more]

Russell Takes Step Towards ETF Outburst Posted: 07 Apr 2010 12:14 PM PDT The crowd gathering around the periphery of the ETF industry continues to expand, and some big names are joining the group. Russell, known in the ETF space as the index provider behind some of the largest exchange-traded products, recently detailed plans for 11 of its own ETFs in a filing with the SEC, including: Russell Global 1000 ETF Russell Global 1000 Growth ETF Russell Global 1000 Value ETF Russell Global 2000 ETF Russell Global 2000 Growth ETF Russell Global 2000 Value ETF Russell … [visit site to read more]

Video: 04/07 FX Options Report Posted: 07 Apr 2010 12:09 PM PDT The EUR extended losses against the USD, falling to 11 month lows. Concerns over Greece’s fiscal problems continued to pressure the 16-nation currency. … [visit site to read more]

RRD Deal Attracts Hart-Scott-Rodino Posted: 07 Apr 2010 12:08 PM PDT R.R. Donnelley & Sons Company (NYSE:RRD) announced that it has voluntarily withdrawn its application from the Federal Trade Commission (FTC) to provide the compsny with increased time to examine their review of its $481 million acquisition of Bowne & Co. (NYSE:BNE) under the Hart-Scott-Rodino Act.   R.R. Donnelley has withdrawn its Notification and Report Form effective April 9, 2010 and will refile it on April 12, 2010, when the 30-day waiting period recommences. Donnelly said that it … [visit site to read more]

Global Business Sentiment Returns To Pre-Recession Levels Posted: 07 Apr 2010 12:01 PM PDT Reports over the past few days have added to the belief that the economic recovery was gaining strength across the globe. Interestingly, the latest Survey of Business Confidence of the World by Moody’s Economy.com concluded that “global business sentiment improved a bit more in early April and is now as strong as it has been since summer 2007 just before the Great Recession began”. What came as a surprise is that “expectations about the economy’s performance were as strong as they have … [visit site to read more]

Study: Institutional Investors Piling Into ETFs Posted: 07 Apr 2010 11:28 AM PDT While ETFs have been rapidly outpacing mutual funds for share of the retail investor market (see Study: Half Of Mutual Funds Gone By 2015, Replaced By ETFs), they have seen slower to catch on among institutional investors. However, this trend is beginning to change as institutions find that ETFs can help achieve a variety of goals that many other investment vehicles simply cannot provide. A recent survey from Greenwich Associates that polled 70 investment firms (including 27 money managers and … [visit site to read more]

Video: Market Movers: FDO, CKR, FUN, KEY, DRI, AIB, LVS, EPD Posted: 07 Apr 2010 10:36 AM PDT The latest news and information on U.S. stocks that are moving the market. … [visit site to read more]

California Pension Plans Are In Big Trouble Posted: 07 Apr 2010 09:57 AM PDT Which is the bigger story: That an independent study just discovered California's public pension systems are short half a trillion dollars…or that no one cares? A study commissioned by Arnold Schwarzenegger announced yesterday that just the three largest CA pension funds, which will "benefit" over 2.6 million public employees, are underfunded by $425 billion. CalPERS, the public employee fund, makes up $239 billion of that unfunded debt by itself – way, way more than the fund's own … [visit site to read more]

John Jagerson On “Leverage In The FX Options Market”, Part 1 Posted: 07 Apr 2010 07:36 AM PDT Join John Jagerson, founder and contributor to LearningMarkets.com, as he explores the concept of leverage in the FX Options market versus the OTC FX market. … [visit site to read more]

John Jagerson On “Leverage In The FX Options Market”, Part 2 Posted: 07 Apr 2010 07:35 AM PDT Join John Jagerson, founder and contributor to LearningMarkets.com, as he explores the concept of leverage in the FX Options market versus the OTC FX market. … [visit site to read more]

John Jagerson On “Leverage In The FX Options Market”, Part 3 Posted: 07 Apr 2010 07:34 AM PDT Join John Jagerson, founder and contributor to LearningMarkets.com, as he explores the concept of leverage in the FX Options market versus the OTC FX market. … [visit site to read more]

John Jagerson On “Leverage In The FX Options Market”, Part 4 Posted: 07 Apr 2010 07:33 AM PDT Join John Jagerson, founder and contributor to LearningMarkets.com, as he explores the concept of leverage in the FX Options market versus the OTC FX market. … [visit site to read more]

John Jagerson On “Leverage In The FX Options Market”, Part 5 Posted: 07 Apr 2010 07:32 AM PDT Join John Jagerson, founder and contributor to LearningMarkets.com, as he explores the concept of leverage in the FX Options market versus the OTC FX market. … [visit site to read more]

John Jagerson On “Leverage In The FX Options Market”, Part 6 Posted: 07 Apr 2010 07:31 AM PDT Join John Jagerson, founder and contributor to LearningMarkets.com, as he explores the concept of leverage in the FX Options market versus the OTC FX market. … [visit site to read more]

John Jagerson On “Leverage In The FX Options Market”, Part 7 Posted: 07 Apr 2010 07:30 AM PDT Join John Jagerson, founder and contributor to LearningMarkets.com, as he explores the concept of leverage in the FX Options market versus the OTC FX market. … [visit site to read more]

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