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Raj Rajaratnam Felon

Discussion in 'Forex Daily News & Outlook' started by MTnews, May 11, 2011.

  1. MTnews

    MTnews Content Contributor

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    Daily Market Commentary for May 11, 2011

    Billionaire founder of hedge-fund firm Galleon Group LLC, Raj
    Rajaratnam, was found guilty of 14 counts of conspiracy and securities fraud today, handing the U.S. government a big victory in a multi-year investigation into insider trading. (read more at Millennium-Traders.Com)
    http://www.millennium-traders.com/news/newscommentary.aspx

    Count 1. Conspiracy to commit securities fraud involving insider information about companies including: Advanced Micro Devices, Goldman Sachs and Marvell Technology Group.

    Count 2. Conspiracy to commit securities fraud involving an alleged insider-trading scheme between Rajaratnam and Roomy Khan.

    Count 3. Conspiracy to commit securities fraud involving an alleged insider-trading scheme between Rajaratnam and former Intel Corp. executive Rajiv Goel.

    Count 4. Conspiracy to commit securities fraud involving an alleged insider-trading scheme between Rajaratnam and former McKinsey & Co. senior partner Anil Kumar.

    Count 5. Conspiracy to commit securities fraud involving an alleged insider-trading scheme between Rajaratnam and Danielle Chiesi of Bear Stearns hedge fund New Castle Partners.
    Count 6. Securities fraud involving Galleon trading of Clearwire Corp. shares on March 24, 2008.

    Count 7. Securities fraud involving trading of Galleon Clearwire shares on March 25, 2008.

    Count 8. Securities fraud involving Galleon trading of Akamai shares on July 25, 2008.

    Count 9. Securities fraud involving Galleon trading of Akamai shares on July 29, 2008.

    Count 10. Securities fraud involving Galleon trading of Akamai shares on July 30, 2008.

    Count 11. Securities fraud involving Rajaratnam trading of PeopleSupport shares on July 28, 2008.

    Count 12. Securities fraud involving Rajaratnam trading of PeopleSupport shares on Oct. 7, 2008.

    Count 13. Securities fraud involving Galleon transactions in securities of ATI Technologies in 2006.

    Count 14. Securities fraud involving Galleon transactions in securities of Intel in about April 2007.

    Rovi Corporation (NasdaqGS: ROVI) bolted higher from the opening bell where it held onto nice gains, into the early afternoon trading session. Shares were higher by over 8 points and up 18%. The California-based company lifted full-year profit guidance to $2.25-$2.55 per share from previous guidance of $2.20-$2.50 a share. Company also issued bullish guidance which received cheers from analysts.
    ProShares Ultra Silver (NYSEArca: AGQ) got slammed again today with shared down over 36 points by mid afternoon and hosted a loss of 16%. Active day traders continue to play the stock heavily, to the short selling side, throughout the trading session.
    Macy's Inc. (NYSE: M) reported Q1 net profit surged more than fivefold, helped by expense control and a strategy to tailor store offerings to individual market demands. By early afternoon, shares were up almost 2 points and higher by 7%.
    Yahoo! Inc. (NasdaqGS: YHOO) shares were hit today, down over a point and lower by 8% mid day. In its 10-Q filing with the Securities & Exchange Commission yesterday, Yahoo! said part of Alibaba Group Ltd., the China-based e-commerce venture in which Yahoo! holds a 43% stake, is being split off into a separate property.


    Economic data released today:

    Trade Balance: Mar Exports $172.67B, +4.6%; Imports $220.85B, +4.9%; February Trade Bal Revised To Deficit $45.44B From Deficit $45.76B; U.S. March Trade Deficit $48.18B; Consensus Deficit $47.5B

    Crude Oil Inventories as reported by DOE: U.S. Crude Oil Stockpiles +3.781 Million Barrels At 370.327 Million Barrels; U.S. Crude Oil Stockpiles +3.781 Million Barrels In Week; Seen +1.2 Million Barrels; U.S. Gasoline Stockpiles +1.275 Million Barrels At 205.817 Million Barrels; U.S. Gasoline Stockpiles +1.275 Million Barrels In Week; Seen -0.7 Million Barrels; U.S. Distillate Stockpiles -0.843 Million Barrels At 144.289 Million Barrels; U.S. Distillate Stockpiles -0.843 Million Barrels In Week; Seen Unchanged; U.S. Refineries Ran At 81.7% capacity Vs 82.8% capacity Week Ago; U.S. Refineries Ran At capacity 81.7%; Seen 83.20% capacity

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    Thanks for reading
    Millennium-Traders.Com
    http://www.millennium-traders.com
     

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