Barclays confirms foreign exchange investigation

London-based banking giant Barclays has joined other global banks confirming that regulators have asked them for information in an investigation of possible manipulation of foreign exchange rates used to set trillions of dollars of investments.

While announcing third-quarter earnings Wednesday, Barclays said it was cooperating with the multi-national investigations, which "appear to involve multiple market participants in various countries."

Barclays said regulators and investigators told the bank the investigations' focus on on foreign currency traders includes "posslble attempts to manipulate certain benchmark currency exchange rates or engage in other activities that would benefit their trading positions."

The bank said it was conducting a separate internal review of its own foreign exchange trading "covering a several year period through August 2013."

The announcement followed similar confirmations Tuesday by UBS, Switzerland's largest bank, and German banking giant Deutsche Bank. Mythili Raman, head of the U.S. Department of Justice's criminal division also said Tuesday that federal prosecutors are investigating possible foreign exchange trading abuses.

Great Britain's Financial Conduct Authority, and Switzerland's Financial Market Supervisory Authority and Competition Commission are also investigating. Additionally, UBS' announcement said the U.S. Commodity Futures Trading Commission is probing the issue.

The official bank acknowledgements followed a Bloomberg News report in June that said some bank traders had shared information about their foreign exchange positions via instant messges, executed their own trades ahead of client orders and tried to manipulate the benchmark foreign exchange rates reported by WM/Reuters.

Those reported rates, considered the industry standard, determine what many pension funds and money managers pay for foreign exchange investments. The Bloomberg account cited five unidentified traders with knowledge of the suspected practic! es.

The foreign exchange investigations are the latest global probes into potential rigging of financial benchmarks that affect trillions of dollars in personal and business transactions. Regulators and law enforcement agencies to date have penalized four banks and a major inter-dealer broker for manipulation of the London Interbank Offered Rate.

Popularly referred to as Libor, that benchmark is used to set rates on mortgages and many types of loans, along with some financial derivatives.

The Only Number You Need to Time – and Beat – the Market

It certainly seems as though the political gamesmanship that rules Washington, D.C., also rules the markets. But this isn't really the case.

In fact, there's one single "magic" number that far outweighs everything else when it comes to long-term influence.

This number's predictive power has saved me from some of the steepest market drops of the century, and it's given me everything I need to position myself for maximum gains in bull markets.

And the best part is, it's widely available - access to it costs nothing.

It's how you use this simple number that counts...

Add This Link to Your "Favorites" Tab

Earnings season is the key to it all. That's when over half of all public companies report the revenue and earnings results for the previous three-month period.

Here's where the number comes in. You can track these earnings with a metric called the trailing 12-month earnings per share (EPS).

You can always find it right here, over at Barron's.

At a single glance, it tells you whether earnings are trending higher or lower. Staying ahead of that trend is the key to beating the markets.

The number, the current aggregate EPS of the S&P 500, is $90.95.

This metric is incredibly accurate, and historically speaking, when earnings increase in the aggregate, stocks tend to go up in the aggregate. Of course, you might see an individual stock sell off after it reports rising earnings, and conversely, you might see an individual stock rise on downbeat earnings. Yet, by and large, when corporate earnings are rising, stock values also rise. The reverse is also true: When earnings are in decline, stock prices also decline.

But when you have the aggregate EPS in hand, you can prepare for these declines.

Get Ahead of Bear Markets

This happens rarely, but when the aggregate measure of earnings on the S&P 500 declines for two consecutive quarters, the market is telling us to sell. This has only happened twice this century - so far - once in January 2001 and again in October 2007.

In 2007, earnings began to decline in the second quarter, as many companies - primarily financial - began booking losses due to the subprime loan crisis. By the end of October 2007, S&P 500 earnings had once again declined sharply because of the huge third-quarter losses booked by many of those same financial firms.

Given that the S&P 500 was trading near its all-time highs midway through 2007, it was easy to see that earnings were not keeping up with stock prices and that this situation was about to right itself via a sharp market correction. As we all know, that's precisely what happened in the fall of that year, after earnings showed they had declined for the second consecutive quarter.

Like an "all-clear" siren, the aggregate EPS will also tell you when the worst is over... and when it's time to go pick up shares.

When to Go Shopping

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This "two consecutive quarters" of directional earnings signal also works as a buy signal, particularly after a big downturn.

For example, two consecutive quarters of positive earnings on the S&P 500 in 2009 served as the green light I had been waiting for to get back into stocks after the 2007 meltdown. And that is precisely what happened in July 2009, after I saw that the S&P 500 had logged its second consecutive quarter of earnings growth.

I know this may seem relatively simple, but if you would have followed this "two consecutive quarters" metric, you would have been on the right side of the market during two of the largest market declines in this century.

This indicator got me out of U.S. stocks in October 2007, and I stayed that way until July 2009.

It saved me from the near-40% plunge in the U.S. stock market during the crisis years. The same indicator also kept me out of stocks between January of 2001 and July of 2002, avoiding the worst declines of the tech stock bust.

So, it really is as easy as this: When earnings decline for two quarters, that's your signal to exit stocks. And when earnings rebound for two quarters, it's time to get back in.

The Nobel Prize for Market Timing Goes to… Cliff?

According to the Efficient Market Hypothesis (EMH), the best - and perhaps only - way to outperform the market over time is simple:

First, claim that beating the market over time is virtually impossible. Then, take home $1.2 million for "proving" it.

That was Professor Eugene Fama's approach, anyway, after co-winning the Nobel Prize in economics.

Don't get me wrong. As a professional investor and portfolio manager, I believe Professor Fama's EMH has many valid ideas. But fundamentally, people like us (and Buffett, and Soros, and Rogers, and Lynch, and Einhorn, and Paulson, and Icahn, and Ackman) never swallow EMH whole.

Ironically, neither does Clifford Asness.

Why would one of Fama's brightest students decide to ditch EMH, and pick stocks and time the market instead?

Proving EMH "right" may be worth millions (to Fama). But proving it "wrong" is worth billions...

The First Step to Beating the Market

As you'll recall, the big news in finance academia last week was the awarding of the Nobel Prize in economics to University of Chicago professor Eugene Fama. The prestigious award was given to Fama for his work in so-called Efficient Market Hypothesis, or EMH. This is the concept that market participants rationally discount new information, nearly instantly, and that this makes it virtually impossible to "time the market" and/or outperform the broad stock market consistently over time.

We believe that the market is only partly efficient. That means you can time the market - and beat the market-if you know what to look for.

That was, in part, Cliff's conclusion, too...

Cliff was a colleague of mine at Goldman Sachs. And he was one of Professor Fama's brightest students and research assistants at the University of Chicago. While still a graduate student, he wrote a paper on the Efficient Market Hypothesis.

But, unlike Professor Fama, Cliff's research, done while writing the paper, brought him to the conclusion that it is, in fact, possible to outperform the market by a combination of superior stock picking and market timing.

And he was willing to put his money where his mouth was.

Cliff left academia and joined Goldman in its fast-growing hedge fund division. And he didn't disappoint.

He and his team consistently produced market-beating returns. In fact, Cliff was already a star at the company when I began working at Goldman's hedge fund division during the mid-1990s.

In 1998, Cliff left Goldman and launched his own hedge fund firm, AQR Capital Management, which continued to consistently outperform the market. Today, AQR is one of the most successful companies in the hedge fund industry, and Cliff has become a billionaire.

So, how did Cliff do it? How has he beaten the market - significantly - over time?

You Can Do It, Too...

The first step is to realize that markets are not always efficient.

One of the most obvious market inefficiencies is the fact that investors do not always behave rationally. This is especially true when the extremes of fear or greed dominate the market milieu.

For example, during times of panic dominated by fear, investors often engage in irrational selling. This is precisely what happened during Black Monday - the market crash of October 19, 1987 - when U.S. stocks sold off 23% without any meaningful change in market fundamentals.

Conversely, when greed dominates markets, investors often engage in irrational buying.

In 2000, during the height of the tech bubble, 3Com Corp. spun off its wholly owned Personal Digital Assistant (remember those?) division, Palm, via an IPO. Palm only accounted for 15% of 3Com's earnings at the time.

But, by the close of trading on its IPO date, Palm was worth nearly twice as much as 3Com - which still owned 95% of Palm - simply because Palm was in the white-hot telcotech sector.

These examples of irrational behavior are just two of many such decisions driven by extreme fear and extreme greed.

When the emotional pendulum swings toward either end of the fear and greed spectrum, when investors behave irrationally, is precisely when markets are inefficient.

The way to make money during these extreme times is to avoid getting caught up by the prevailing emotion, to act rationally, and go straight in the opposite direction.

Now that you know that market timing can be done, I'll return next week to tell you exactly how it's done. We'll look at details of how I personally time the markets, and exactly what we should be looking at to get the most accurate reading of market sentiments. And, most importantly, we'll look at some fantastic opportunities to test these new skills - and make a killing in the process.

In the meantime, here are some of the investable ideas we've looked at together over the last few weeks - all of which are worth considering at current levels...

These Income Stocks Are High Growth in Disguise
Classifying MLPs as "income" stocks is a big mistake. It's a costly one too...especially if it's growth you're after. Yes, the partnerships toss off tons of cash. The high-net-worth folks I work with can achieve, for example, $350,000 in cash payouts from investing $5 million in an MLP yielding 7%. But they're more like growth stocks in disguise...

A Safe "Specialty Fund" that Pays Up to $850 a Month
The long-term growth potential alone makes these shares worthwhile. But you'll also get a ton of cash - up to $850 a month, depending on how much you invest. That's what makes these "specialty funds" so special. They do the work, you get the money...

How to Give Yourself a 10% Pay Raise in 10 Minutes Flat
There's only one reliable way to make 10% or more a year... especially now, in a rising interest rate environment. Growth and income are inseparable. The three companies you'll see today are perfect examples of this. And "total return" has never been more important to seek. These shares will pay you 5% to 10% in cash.

Left Hand Milk Stout lives up to gold medal

Beer Man is a weekly profile of beers from across the country and around the world.

This week: Left Hand Milk Stout

Left Hand Brewing Co., Longmont, Colo.

www.lefthandbrewing.com

Count Left Hand Brewing Co. as one of the big winners in the recently concluded Great American Beer Festival, and for good reason.

The annual festival was held Oct. 10-12 in Denver, and once again showed the continuing growth and strength of the U.S. craft beer market.

The 4,809 entries from 745 breweries increased 12% from the 2012 event and included 230 first-time entrants. There were 49,000 public attendees who had the pleasure of drinking the great beers from around the country.

The list of winners can be found online here.

For those disappointed that their favorite brewery or brewpub did not show up on the list, it's important to know that not every brewery or brewpub in the country gets a chance to compete. Online registration is on a first-come, first-served basis and it was filled within an hour, so a good number of worthy breweries were not even able to take part.

Left Hand Brewing Co. of Longmont, Colo., and Firestone Walker Brewing Co. of Paso Robles, Calif., tied for the most gold medals with three each. The top breweries in the country in their size categories were Baker City Brewing Co., Baker City, Ore.; Devil's Backbone Brewing Co., Roseland, Va.; Firestone Walker Brewing Co.; and SandLot, Denver.

Left Hand won a gold medal in the Sweet Stout category for its Milk Stout and was certainly deserving. This year-round beer has a nice oily body and a slight sweet cream flavor that offsets the bitterness from the dark and roasted malts. A touch of oat adds to the creaminess of the 6% ABV beer.

The aroma and flavor is of chocolate, cocoa and vanilla, with the coffee aspects more in the background, as it should be for a milk or sweet stout. The carbonation is a bit less than typical for most beers, but appropriate for this style.

Left Hand beers ar! e available in about 27 states; its online Beer Finder link is here.

A follow-up to last week's column about Samuel Adams' Tetravis: While a couple of retailers in my area said their distributor would not be carrying it, other distributors say their allocations of it are on back order and encourage patience for those looking for the beer.

Michelle Diamandis, public relations supervisor for Boston Beer Co., maker of Samuel Adams beers, had this to say: "Tetravis will in fact be available nationwide and is currently rolling out to different areas of the country. It is definitely a bit scarce right now. We anticipate it will become more readily available in the next month or so."

——

Many beers are available only regionally. Check the brewer's website, which often contains information on product availability. Contact Todd Haefer at beerman@postcrescent.com. To read previous Beer Man columns Click here.

‘London whale’ costs JPMorgan $100 million more

JPMorgan Chase will pay a $100 million fine and admit to reckless conduct and market manipulation in connection with its 2012 "London whale" trading debacle, the Commodity Futures Trading Commission announced Wednesday.

With the latest fine, the bank's total penalties for the London whale case top $1 billion. Last month, JPMorgan agreed to pay $920 million to settle charges brought by the Federal Reserve, the Comptroller of the Currency, the Securities and Exchange Commission and Great Britain's Financial Conduct Authority.

That's on top of the losses the trading ultimately cost the bank — an estimated $6.2 billion.

In a statement, JPMorgan said it neither admitted nor denied the CFTC's legal conclusion that there was a violation.

"We are pleased to be able to put behind us another aspect of the (Chief Investment Office) trading matter by the resolution of the CFTC investigation," the bank said.

The scheme, as outlined by regulators, was as simple as the financial instruments it involved were complex.

The bank had sold short a basket of credit derivatives, betting on their value to fall. Each month, traders had to report their profits or losses for the month, and in February 2012 they faced huge losses on a bet that had reached $65 billion in value. To drive down the price of the derivatives, JPMorgan sold another $7 billion of the instruments short in one day, which reduced losses on the bank's existing bets by creating artificial selling pressure, regulators said.

"They were short protection, and they sold more protection,'' the commission said in its statement. "The Commission is now better armed than ever to protect the market from traders, like those here, who try to 'defend' their position by dumping a gargantuan, record-setting, volume of swaps virtually all at once, recklessly ignoring the obvious dangers to legitimate pricing forces."

Despite the newest London whale settlement, JPMorgan still faces a criminal investigation of the trading episode! by federal prosecutors. Two former JPMorgan employees involved in the London whale trades are also facing federal criminal charges and SEC civil charges.

JPMorgan, the nation's largest bank, is under intense scrutiny from multiple regulators for its conduct in a variety of matters before and since the 2008 financial crisis.

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Last week, the bank said it had set aside $23 billion in reserves to pay for settlements and litigation expenses. It is currently negotiating a settlement with the Justice Department over its handling of mortgage-backed securities that could reach a reported $11 billion. Including settlements already paid out, and others for which it has not yet established reserves, JPMorgan said its exposure to claims stemming from the financial crisis could top $36 billion.

The bank reported a $380 million loss for the third quarter after increasing those reserves by $9.2 billion.

America's Best-Selling Cars

While September sales were off slightly from last year, the U.S. auto industry is up more than 8% for the year. However, success relies heavily on the popularity of just a few models. Of the nearly 12 million units sold so far, this year's top 10 models alone have sold more than 2.9 million units. The Ford (NYSE: F) F-Series and GM’s (NYSE: GM) Chevrolet Silverado, the two top-selling models, are up more than 20%.

Car data site TrueCar.com provided 24/7 Wall St. with a list of the top-selling cars through the first nine months of the year. As has been the case for years, Ford's F-Series leads the way with well more than half a million units already sold this year. 24/7 Wall St. reviewed this year's 10 best-selling models.

Click here to see America’s best-selling cars

Not surprisingly, most of largest automakers have multiple cars among the top-sellers. Ford has three separate vehicles in the top 10, as does Honda (NYSE: HMC), while Toyota (NYSE: TM) has two. Nissan and General Motors — through Chevrolet — have one model each.

The top-selling cars this year remain basically unchanged compared to 2012. The one exception is the Ford Fusion, which moved from 11th in 2012 into the top 10, and it is already close to matching its 2012 totals. The Ford Focus fell from 10th to 13th.

Compared to two years ago, the list of the top cars has changed a bit more. Vehicles like the Hyundai Sonata have fallen well out of the top 10. At the same time, models like the Honda Civic and the Honda CR-V have seen substantial growth. In 2011, the Honda CR-V was the 12th best-selling car. Through the first nine months of this year, it is eighth.

In an interview with 24/7 Wall St., TrueCar senior analyst Jesse Toprak explained that the CR-V's improvement is indicative of a trend in the U.S. market. "We are seeing that the small SUV segment has been the fastest-growing category in the past three years." The CR-V has benefited from that growth.

Several of the top-selling cars have been the most popular for decades. The F-series, for example, has been the top-selling truck in the United States for more than 30 years. Toprak explained that this is in part because people tend to buy models based on their long-term brand familiarity and popularity. "The top 10 have one thing in common," he added. "They're no-brainers. They're all safe choices."

Brand loyalty — buyers opting to purchase the same model as they currently own — is also keeping these cars consistently popular. "The number one indicator of what you're going to buy next is what you own today,” Toprak explained. “Because these vehicles have been top sellers for decades, they have the built-in advantage to have more clients come back to them." He added that while less popular or new models must truly stand out to gain market share, these top models only need to avoid big problems to stay on top.

Based on U.S. model sales provided by TrueCar from January through September 2013, 24/7 Wall St. reviewed the best-selling cars of the year. TrueCar also provided 24/7 Wall St. with full-year model sales for both 2011 and 2012. We also reviewed base manufacturer's suggested retail price and car type from the manufacturer’s websites. All U.S. total car sales change figures are for cars and light trucks.

These are America’s best-selling cars of 2013.

Biogen Idec jumps; Intel, Ross Stores slide

NEW YORK (MarketWatch) — Shares of Biogen Idec Inc. leapt Friday on news about a multiple sclerosis drug, while Ross Stores Inc. shares tumbled on weak earnings.

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Simon Constable and Ryan Knutson discuss the growing possibility that cell phone usage will be permitted on flights. Also, is 'Made In America' a financially sound plan for companies?

$HLF Herbalife Ltd. (HLF)  shares rose 4.7% after activist investor William Ackman of Pershing Square Capital Management told Bloomberg that he has lost $400 million to $500 million on his short bet on Herbalife, which he has accused of being a pyramid scheme.

Gainers

Biogen Idec Inc. (BIIB)  shares jumped 13%, the biggest gainer on the S&P 500 (SPX) . The company said Friday it won 10 years of regulatory exclusivity for its multiple-sclerosis treatment Tecfidera after a division of the European Medicines Agency ruled that the drug's dimethyl fumarate is a new active substance.

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Foot Locker Inc. (FL)  shares rose 4.1%. The retailer said strong top-line sales growth pushed up per-share earnings to 70 cents a share in the third quarter. Adjusted profit was also up at 68 cents a share, beating analyst estimates of 66 cents, according to a FactSet survey.

Time Warner Cable Inc. (TWC)   shares jumped 10%. The Wall Street Journal reported late Thursday that Charter Communications Inc. (CHTR)  was preparing to make a bid for the cable operator. Charter was said to be in talks with at least four banks to line up financing to buy Time Warner, which has a $35 billion market capitalization. Shares of Charter Communications rallied 6.1%.

Vince Holding Corp. (VNCE)  shares leapt 43.3% to end at $28.66 in the company's first day of trading. The designer clothing label priced its initial public offering at $20 a share.

Getty Images Enlarge Image A shopper carries a bag from a Ross clothing store in San Francisco. Decliners

Ross Stores (ROST)  shares slid 5.7%, the biggest decliner on the S&P 500. The retailer said late Thursday that sales hit $2.40 billion in the third quarter, missing analyst expectations of $2.43 billion. The company also raised its full-year earnings guidance by less than analysts had expected.

Shares of Intel Corp. (INTC)  dropped 5.4%. The chip giant reported a flat outlook for sales next year, missing expectations of 1.4% growth, according to a MarketWatch poll.

Shares of Abercrombie & Fitch Co. (ANF)  declined 2.3%. The teen apparel retailer said Thursday it swung to a loss in the third quarter as it battles falling sales.

Fresh Market Inc. (TFM)  shares plunged nearly 19%. The specialty grocer on Thursday cut its full-year guidance, now expecting per-share earnings in the range of $1.42 to $1.47. Fresh Market's third-quarter profit edged up to $11.1 million, or 23 cents, from $10.9 million, or 23 cents, in the year-ago period.

5 Best Biotech Stocks To Watch For 2014

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This week, the overall grades of 16 Oil and Gas stocks are lower, according to the Portfolio Grader database. Each of these rates a “D” (“sell”) or “F” overall (“strong sell”).

5 Best Biotech Stocks To Watch For 2014: Organovo Holdings Inc (ONVO)

Organovo Holdings, Inc. (Organovo), formerly Real Estate Restoration & Rental, Inc., incorporated in 2007, is a development-stage company. The Company has developed and is commercializing a platform technology for the generation of three-dimensional (3D) human tissues that can be employed in drug discovery and development, biological research, and as therapeutic implants for the treatment of damaged or degenerating tissues and organs. On December 28, 2011, Real Estate Restoration and Rental, Inc.�� (RERR) entered into an Agreement and Plan of Merger, pursuant to which RERR merged with its, wholly owned subsidiary, Organovo (Merger Sub). On February 8, 2012, the Company merged with and into Organovo Acquisition Corp. (Acquisition Corp.), a wholly owned subsidiary of Organovo, with the Company surviving the merger as a wholly owned subsidiary of Organovo Holdings (the Merger). As a result of the Merger, Organovo acquired the business of Organovo, Inc.

The Company has collaborative research agreements with Pfizer, Inc. (Pfizer) and United Therapeutic Corporation (Unither). As of March 31, 2012, it has five federal grants, including Small Business Innovation Research grants and developed the NovoGen MMX Bioprinter (its first-generation 3D bioprinter). The Company is engaged in the development of specific 3D human tissues to aid Pfizer in discovery of therapies in two areas of interest. In addition, in October 2011, it entered into a research agreement with Unither to establish and conduct a research program to discover treatments for pulmonary hypertension using its NovoGen MMX Bioprinter technology. Additionally, under the research agreement with Unither, the Company granted Unither an option to acquire from the Company a worldwide, royalty-bearing license in certain intellectual property created under the research agreement solely for use in the treatment or prevention of pulmonary hypertension and all other lung diseases.

The Company�� NovoGen MMX Bioprinter is an automate! d device that enables the fabrication of three-dimensional (3D) living tissues comprised of mammalian cells. A custom graphic user interface (GUI) facilitates the 3D design and execution of scripts that direct precision movement of the dispensing heads to deposit cellular building blocks (bio-ink) or supporting hydrogel. The Company is using a third party manufacturer, Invetech Pty., of Melbourne, Australia, to manufacture its NovoGen MMX Bioprinter. Its bioprinting technology and surrounding intellectual property and commercial rights serve as a platform for product generation across multiple markets that employ cell- and tissue-based products and services.

The Company competes with Organogenesis, Advanced BioHealing, Tengion, Genzyme, HumaCyte and Cytograft Tissue Engineering.

Advisors' Opinion:

• [By James E. Brumley]

  It's certainly not the way I would have likes for things to shake out with Organovo Holdings Inc. (NYSEMKT:ONVO), but I'm not going to complain - it's pointed in the right direction. More important, for anybody who's been wanting into an ONVO trade but wasn't sure where the right entry spot was, today's move is it, with just one little caveat.

• [By Rick Munarriz]

  Organovo Holdings (NYSEMKT: ONVO  ) was one of last week's biggest winners, soaring 55% after making the leap to the more prolific NYSE MKT exchange.

5 Best Biotech Stocks To Watch For 2014: Cubist Pharmaceuticals Inc.(CBST)

Cubist Pharmaceuticals, Inc., a biopharmaceutical company, focuses on the research, development, and commercialization of pharmaceutical products that address unmet medical needs in the acute care environment. The company markets CUBICIN (daptomycin for injection), a once-daily, bactericidal, intravenous, antibiotic with activity against gram-positive organisms, including methicillin-resistant staphylococcus aureus. Its clinical development product pipeline consists of CXA-201, which is in the phase III clinical trial for patients with complicated urinary tract infections; and in phase II clinical trial for patients with complicated abdominal infections. The company is also developing CXA-201 for the treatment of hospital acquired pneumonia. In addition, its product under development comprises CB-183,315, an oral, bactericidal lipopeptide with in vitro bactericidal activity against C. difficile, for the treatment of clostridium difficile-associated diarrhea (CDAD). Further , the company?s pre-clinical programs include therapies to treat various bacterial infections and agents to treat acute pain. Additionally, it promotes MERREM I.V. (meropenem for injection), a carbapenem class intravenous antibiotic, in the United States under a commercial services agreement with AstraZeneca Pharmaceuticals, LP; and DIFICID as the treatment for CDAD in adults under the co-promotion agreement with Optimer Pharmaceuticals, Inc. The company also has collaborations with Forma Therapeutics, Inc. to discover and develop antibacterial compounds; an agreement with the Broad Institute to transform natural products discovery; a collaboration with Hydra Biosciences, Inc., to develop ion channel drugs; and a collaboration agreement with Alnylam Pharmaceuticals, Inc., for the development and commercialization of Alnylam's RNAi therapeutics as a therapy for the treatment of respiratory syncytial virus. The company was founded in 1992 and is headquartered in Lexington, Mas sachusetts.

Advisors' Opinion:

• [By Jake Keator]

  Shares of Cubist Pharmaceuticals (NASDAQ: CBST  ) exploded upward on Friday, finishing up over 9%. The company reported strong second-quarter results Thursday, beating average analyst estimates for both revenue and EPS. Total net revenues were $258.8 million, up 12.2% over Q2 2012, while non-GAAP diluted EPS was $0.42. Average analyst estimates were $254.73 million for revenue and EPS of $0.38.

Best Value Companies To Buy Right Now: Dendreon Corporation(DNDN)

Dendreon Corporation, a biotechnology company, engages in the discovery, development, and commercialization of therapeutics to enhance cancer treatment options for patients. The company offers active cellular immunotherapy and small molecule product candidates to treat various cancers. Its product candidates comprise Provenge (sipuleucel-T), an active cellular immunotherapy for the treatment of metastatic, castrate-resistant prostate cancer; DN24-02, an investigational active immunotherapy for the treatment of patients with bladder, breast, ovarian, and other solid tumors expressing HER2/neu; and TRPM8, a small molecule agonist to transient receptor potential ion channel, for multiple cancers. The company also has a range of products in preclinical studies, which include Carcinoembryonic antigen for the treatment of lung, colon, and breast cancer; and Carbonic AnhydraseIX for the treatment of kidney cancer. Dendreon Corporation was founded in 1992 and is headquartered in S eattle, Washington.

Advisors' Opinion:

• [By James Brumley]

  Dendreon (DNDN) stock opened slightly higher this morning, despite the fact that Dendreon earnings for Q3 rolled in even worse than expected.

  Product revenue for DNDN — which is to say revenue from its only product, prostate-cancer drug Provenge — fell to $68 million, down 13% from the $77.9 million generated in the same quarter a year earlier. Plus, the pros had projected DNDN sales would be $76.7 million for the quarter.

• [By Brian Pacampara]

  What: Shares of drug developer Dendreon (NASDAQ: DNDN  ) climbed as high as 10% today after the European Medicines Agency endorsed its prostate cancer treatment Provenge. �

5 Best Biotech Stocks To Watch For 2014: Amarantus Bioscience Holdings Inc (AMBS)

Amarantus BioScience Holdings, Inc., formerly Amarantus BioSciences, Inc., incorporated on March 22, 2013, is focuses on developing intellectual property and proprietary technology in order to develop drug candidates and diagnostic blood tests to diagnose and treat human diseases. The Company owns the intellectual property rights to a therapeutic protein known as Mesencephalic-Astrocyte-derived Neurotrophic Factor (MANF), owns the intellectual property rights to biomarkers related to oncology and neurodegeneration named BC-SeraPro and NuroPro respectively, has a license to an Alzheimer�� disease blood test named LymPro, and owns a number of proprietary cell lines called PhenoGuard. MANF was the first therapeutic protein discovered from a PhenoGuard Cell Line. In December 2012, the Company acquired neurodegenerative diagnostic portfolio from Power3 Medical Products. On March 22, 2013, the Company was merged with into Amarantus Bioscience Inc.

The Company also owns an inventory of 88 cell lines that Amarantus refers to as PhenoGuard Cell Lines. MANF is a protein that corrects protein misfolding. The Company�� MANF product development effort is centered on a therapy for Parkinson�� disease.

Advisors' Opinion:

• [By Bryan Murphy]

  Two weeks ago I penned some bullish thoughts on Amarantus BioScience, Inc. (OTC:AMBS). In simplest terms, I liked the way the stock had spent some time in consolidation mode, and looked like was testing the upper boundary of that zone - I figured a breakout from AMBS was imminent. So I waited... and waited.... and waited. Nothing. A week and a half later, I let the stock fall off my mental radar. As it turns out, I should have been a little more patient. Amarantus BioScience finally did the deed yesterday, and is following through today.

• [By Bryan Murphy]

  I've taken bullish swings on - and been wrong to do so - Amarantus BioScience, Inc. (OTC:AMBS) before. My most recent bullish call on the budding biotech name was in April... a rally that fizzled shortly after I said it was just getting started. Somehow though, I find myself coming back to AMBS as a breakout candidate. This time, however, it's for a slightly different reason.

5 Best Biotech Stocks To Watch For 2014: StemCells Inc (STEM.W)

StemCells, Inc. (StemCells), incorporated in August 1988, is engaged in the research, development, and commercialization of stem cell therapeutics and related tools and technologies for academia and industry. The Company is focused on developing and commercializing stem and progenitor cells as the basis for therapeutics and therapies, and cells and related tools and technologies to enable stem cell-based research and drug discovery and development. The Company�� primary research and development efforts are focused on identifying and developing stem and progenitor cells as potential therapeutic agents. The Company has two therapeutic product development programs, including its CNS Program, which is developing applications for HuCNS-SC cells, its human neural stem cell product candidate, and its Liver Program, which is characterizing the Company�� human liver cells as a therapeutic product.

CNS Program

The Company in its CNS Program, is in clinical development with its HuCNS-SC cells for a range of disorders of the central nervous system. The CNS includes the brain, spinal cord and eye. In February 2012, the Company had completed a Phase I clinical trial in Pelizeaus-Merzbacher Disease (PMD), a fatal myelination disorder in the brain.

The Company�� CNS Program is focused on developing clinical applications, in which transplanting HuCNS-SC cells protect or restore organ function of the patient before such function is irreversibly damaged or lost due to disease progression. The Company�� initial target indications are PMD, and more generally, diseases in which deficient myelination plays a central role, such as cerebral palsy or multiple sclerosis; spinal cord injury, disorders in which retinal degeneration plays a central role, such as age-related macular degeneration or retinitis pigmentosa. The Company�� product candidate, HuCNS-SC cells, is a purified and expanded composition of normal hum an neural stem cells. Its HuCNS-SC cells can be directly tr! a! nsplanted.

Liver Program

Liver stem or progenitor cells offer an alternative treatment for liver diseases. A liver cellular therapy or cell-based therapeutic provide or support liver function in patients with liver disease. The Company held a portfolio of issued and allowed patents in the liver field, which cover the isolation and use of both hLEC cells and the isolated subset, as well as the composition of the cells themselves.

The Company�� range of cell culture products, which are sold under the SC Proven brand, includes iSTEM, GS1-R, GS2-M, RHB-A, RHB-Basal, NDiff N2, and NDiff N2B27. Its iSTEM is a serum-free, feeder-free medium that maintains mouse embryonic stem cells in their pluripotent ground state by using selective small molecule inhibitors to block the pathways, which induce differentiation. RHB-A is a defined, serum-free culture medium for the selective culture of human and mouse neural stem cells and their maintenanc e and expansion as adherent cell populations. RHB-Basal is a defined, serum-free basal medium. When supplemented with specific growth factors, this media is formulated for the propagation and differentiation of adherent neural stem cells. RHB-Basal can also be tailored to specific-cell type requirements by the addition of customer preferred supplements.

The Company�� NDiff N2 is a defined serum-free scell culture supplement for the derivation, maintenance, expansion and/or differentiation of human and mouse embryonic stem (ES) cells and tissue-derived neural stem cells supplement. Its NDiff N2-AF is a serum-free and animal component-free version of NDiff N2. Its NDiff N2B27 is a defined, serum-free medium for the differentiation of mouse embryonic stem cells to neural cell types. NDiff N27-AF is a serum-free and animal component-free version of NDiff N27. Its GS1-R is a serum-free media formulation shown to enable the derivation and long-term maintenance of tr ue, germline competent rat embryonic stem cells without! the ! ad! dition ! of cytokines or growth factors. Its GS2-M is a defined, serum- and feeder-free medium for the derivation and long-term maintenance of true, germline competent mouse iPS cells.

The Company also markets a number of antibody reagents for use in cell detection, isolation and characterization. These reagents are also under the SC Proven brand and it includes STEM24, STEM101, STEM121 and STEM123. Its STEM24 is a human antibody that recognizes human CD24, also known as heat stable antigen (HSA), a glycoprotein expressed on the surface of many human cell types, including immature human hematopoietic cells, peripheral blood lymphocytes, erythrocytes and many human carcinomas. Its CD24 is also a marker of human neural differentiation. Its STEM101 is a human-specific mouse antibody that recognizes the Ku80 protein found in human nuclei. Its STEM121 is a human-specific mouse antibody that recognizes a cytoplasmic protein of human cells. Its STEM123 is a human-specific mouse antibody that recognizes human glial fibrillary acidic protein (GFAP).

The Company�� Other products marketed under SC Proven include total cell genomic DNA (gDNA), RNA and protein lysate reagents purified from homogenous stem cell populations for intra-comparative studies, such as Epigenetic fingerprinting, Southern, Western and Northern blots, PCR, RT-PCR and microarrays. This range of purified stem cell line lysates includes mouse embryonic stem (ES) cells propagated in SC Proven 2i inhibitor-based GS2-M media and mouse ES cell-derived and fetal tissue-derived neural stem (NS) cells propagated in SC Proven RHB-A media.

Can Nokia Continue to Outperform?

With shares of Nokia (NYSE:NOK) trading around $7, is NOK an OUTPERFORM, WAIT AND SEE, or STAY AWAY? Let's analyze the stock with the relevant sections of our CHEAT SHEET investing framework:

T = Trends for a Stock’s Movement

Nokia operates as a mobile communications company worldwide. It designs and develops mobile products and services; provides digital map information and related location-based content and services for mobile navigation devices, automotive navigation systems and Internet-based mapping applications; and provides mobile- and fixed-network infrastructure, communications, and networks service platforms, as well as professional services and business solutions to operators and service providers. Nokia operates in three segments: Devices & Services, HERE, and Nokia Siemens Networks.

Nokia shareholders are expected to approve the $4.7 billion acquisition of the company's smartphone unit by Microsoft Corp. (NASDAQ:MSFT) at a shareholder meeting today. Reuters reports that some shareholders are upset over the sale of a part of Nokia that's a Finnish icon, but the financial benefits Nokia will get from Microsoft will likely outweigh that concern. The deal is expected to close in the first quarter of 2014.

T = Technicals on the Stock Chart Are Strong

Nokia stock has seen been trending higher in the last several months. The stock is currently trading near highs for the year and looks ready to continue. Analyzing the price trend and its strength can be done using key simple moving averages. What are the key moving averages? The 50-day (pink), 100-day (blue), and 200-day (yellow) simple moving averages. As seen in the daily price chart below, Nokia is trading above its rising key averages, which signal neutral to bullish price action in the near-term.

(Source: Thinkorswim)

Taking a look at the implied volatility (red) and implied volatility skew levels of Nokia options may help determine if investors are bullish, neutral, or bearish.

	Implied Volatility (IV)	30-Day IV Percentile	90-Day IV Percentile
Nokia Options	42.87%	3%	0%

What does this mean? This means that investors or traders are buying a very small amount of call and put options contracts as compared to the last 30 and 90 trading days.

	Put IV Skew	Call IV Skew
December Options	Hot Gold Companies To Own In Right Now Flat	Average
January Options	Flat	Average

As of today, there is an average demand from call buyers or sellers and low demand by put buyers or high demand by put sellers, all neutral to bullish over the next two months. To summarize, investors are buying a very small amount of call and put option contracts and are leaning neutral to bullish over the next two months.

On the next page, let’s take a look at the earnings and revenue growth rates and the conclusion.

E = Earnings Are Mixed Quarter-Over-Quarter

Rising stock prices are often strongly correlated with rising earnings and revenue growth rates. Also, the last four quarterly earnings announcement reactions help gauge investor sentiment on Nokia’s stock. What do the last four quarterly earnings and revenue growth (Y-O-Y) figures for Nokia look like and more importantly, how did the markets like these numbers?

	2013 Q3	2013 Q2	20133 Q1	2012 Q4
Earnings Growth (Y-O-Y)	-91.96%	100.00%	13.64%	-87.10%
Revenue Growth (Y-O-Y)	-18.31%	-40.38%	-23.40%	-20.68%
Earnings Reaction	10.37%	-0.24%	-12.93%	-8.92%

Nokia has seen mixed earnings and decreasing revenue figures over the last four quarters. From these numbers, the markets have expected more from Nokia’s recent earnings announcements.

P = Excellent Relative Performance Versus Peers and Sector

How has Nokia stock done relative to its peers, Apple (NASDAQ:AAPL), Blackberry (NASDAQ:BBRY), Ericsson (NASDAQ:ERIC), and sector?

	Nokia	Apple	Blackberry	Ericsson	Sector
Year-to-Date Return	98.10%	-2.29%	-48.40%	22.87%	18.57%

Nokia has been a relative performance leader, year-to-date.

Conclusion

Nokia develops and delivers communications products to consumers and companies worldwide. An event that is set to used to unveil new products is generating positive buzz for the company. The company’s shareholders are expected to approve the $4.7 billion acquisition of the company's smartphone unit by Microsoft Corp. The stock has moved higher in recent months and is currently trading near highs for the year. Over the last four quarters, earnings have been mixed while revenues have been decreasing which has left investors to expect more from the company. Relative to its peers and sector, Nokia has been a year-to-date performance leader. Look for Nokia to continue to OUTPERFORM.

Investors can't stop kicking themselves

Investors in the biggest large-cap mutual funds have been their own worst enemies since the financial crisis.

In other news, grass is green.

Investors are notoriously bad market timers, and over the past five years, it has cost them a chance at actually beating the market.

Heading into the financial crisis, investors in the 10 biggest large-cap mutual funds had the best chance of outperforming the S&P 500 over the next five years, provided that they actually stayed invested the whole time. Of course, hindsight is 20/20, and none of them could have known it at the time, so it shouldn't come as a surprise that most didn't stick it out.

Over the five-year period ended Aug. 31, which includes the collapse of Lehman Brothers Holdings Inc. in 2008, the S&P 500's 42% free fall to the bear market's bottom and its subsequent 130% rally, five of the 10 biggest large-cap-stock funds posted better annualized returns than the benchmark.

Just 37% of all large-cap-stock funds can boast the same, according to Lipper Inc.

Fidelity Contrafund (FCNTX), the third-largest fund as of August 2008, has a five-year annualized return of 7.94%, beating the S&P 500's 7.32% return over the same period.

The American Funds Washington Mutual Investor Fund (AWSHX), fourth-largest, the Vanguard Windsor Fund II (VWNFX), eight-largest, the Vanguard Primecap Fund (VPMCX), ninth-largest, and the T. Rowe Price Growth Stock Fund (PRGFX), 10th-largest, each beat the index's 7.32% return, as well.

The average investor in those funds probably isn't bragging about the funds' return at any cocktail parties, though.

The average investor return, which takes into account buying and selling behavior, for all but one of the funds was much lower because investors were busy selling, according to Morningstar Inc.

The average investor return for Fidelity Contrafund over the five-year period was just 6.16%, more than 100 basis points lower than its actual return, according to Morningstar.

The average investor returns for the American Funds Washington Mutual Investor Fund, the Vanguard Windsor Fund II and the Vanguard Primecap Fund each were less than 6%.

Only investors in the T. Rowe Price Growth Fund enjoyed the full market cycle's outperformance. The average investor return over the past five y! ears in the fund was 8.85%, beating the fund's 8.63% return.

The investor returns underscore that patience is one of the most important qualities that financial advisers must have when using actively managed funds.

Finding a good manager, with a repeatable process, that doesn't charge outrageous fees is only half the challenge when using actively managed mutual funds. Sticking with a manager through down years may even be the biggest challenge.

After all, five years from now, it may be funds such as the American Funds Growth Fund of America (AGTHX) or the American Funds Investment Co. of America Fund (AIVSX) that are sporting the best 10-year annualized returns, even though both have underperformed these past five years.

Microsoft Unveils New Tablet Lineup (MSFT)

Microsoft (MSFT) announced that it will be adding two new tablets to its popular “Surface” line.

The Surface 2 and Surface Pro 2 will be the latest additions to Microsoft’s product line as the firm looks to strengthen its footprint in the tablet world that has long been dominated by Apple (AAPL). The new tablets will feature a number of hefty upgrades like improved performance, increased battery life, better camera and screen resolution and a dual kickstand that allows for two unique positions.

Pre-orders for the two new devices will go live tomorrow morning and the tablet will be available in 22 countries.

Microsoft shares were down 5 cents, or 0.15%, at Monday’s close. The stock is up over 22% this year.

My Four Favorite Research Sites

For those traders or investors who are looking for stocks or ETFs to buy, the wealth of free information on the Internet is quite astounding. It can also be quite intimidating, so I thought I might review four of my favorite sites and how you might use them in your research.

Though my focus is on the technical, I don't discount the fundamentals, and therefore, one predominantly fundamental site is included in my list. The initial slides were generated on Tuesday afternoon after the announcement was made that US Airways Group, Inc., (LCC) and American Airlines (AAMRQ) reached a settlement allowing their $17 billion dollar merger to go through.

My research path often starts out at www.finviz.com, and the graphic below is a partial screen shot of the home page.  This can give you a quick view of the day's market action. On the top, there is a ten minute intraday chart of the Dow Industrials, Nasdaq Composite, and S&P 500 (not included). (Editor's Note; Sections of the entire Web page had to be used so that they would fit appropriately within the article.)

Click to Enlarge

Below the Dow chart (#1) is the combined advance/decline data from the NYSE, AMEX, and Nasdaq. It shows that 34.9% of the issues were advancing, while 58.9% were declining. Next to it (#2) is the combined new high and new low data for the same exchanges.

The front page also includes another valuable way to measure the market's health, that is, the number of stocks above their 50-day MAs. This is a data set for the S&P 500 that I often feature in the Week Ahead columns.

I pointed out in October (see chart), as well as late June, the number had turned up from levels often associated with market bottoms. In both instances, these changes coincided with positive signals from other technical studies, indicating that the stock market was bottoming.

The site also does a good job of screening stocks and separating them into lists, and examples are listed below the chart. They have the Top Gainers, (point a), as VNDA leads the pack for the day, up 95.29%. The links are dynamic and will take you to the entire list, which gives you a candle chart and fundamental data on each stock.

Next are the stocks that are making New Highs (point b) and also those that are considered Overbought (point c). These stocks are ones that have had "extreme price moves in the past two weeks," based on their 14-period RSI.

I generally start my analysis with the next list of filtered stocks, those with Unusual Volume (point d). This link will take you to several pages of stocks, starting with the one which has the most volume. On Tuesday, this was US Airways Group, Inc., (LCC), as 37 million shares were traded.

Click to Enlarge

I further filter the "Unusual Volume" stocks by the average volume, (circled in blue), and use the descending order, as shown in this link. I do this since I am really only interested in stocks that trade at least 300K shares per day. Unusual Volume is just one of the choices available from the Signal pull down menu.

The candle chart of US Airways Group, Inc., (LCC) is shown on the left side of the page, with a news ticker underneath. Their software draws trend lines, and based on these different chart formations, they are also filtered into groups on the home page.

 

Click to Enlarge

Top 5 Stocks To Own For 2014

On the right side of the page is a three column list of fundamental data, (only two are shown). They provide information like the capitalization, dividend, insider ownership, % of the float that is short, as well as the average volume. The 52-Week range is also provided. Of course, you can also run scans, or filters, based on the fundamental as well as technical data to develop your own lists.

On Tuesday, the third stock on the list was JetBlue Airways Corp (JBLU), which is listed in Finviz as a Regional Airlines. Even though the merger news made Tuesday a bit different, my next step is to look at a chart of the industry group.

Click to Enlarge

On each page you will see a header called Groups (outlined in red). This will look at the performance over different periods of the sectors, industry groups, all US listed stocks or stocks grouped by capitalization. For this example, I want to look at the industry group (point 1), and then bar chart (point 2).

This will give you an alphabetical list of all the industry groups.  I have cut out the Major Airlines chart from this list. The group broke out of its trading range, lines a and b, in October, and is acting very strong.

Since this is clearly a market leading sector, I can click on the chart of the Major Airlines group and get a list of all the stocks in this Industry group (point 1). I generally then filter these by those which have an average volume of 300K or greater (point 2).

This gives me a list of stocks by performance, but if I choose charts (point 3), I get the candle charts of the five stocks (see below) that meet the criteria, all on one page. This allows me to quickly examine them to see if any look interesting. Generally, I look for those that are basing, or those that have had what appear to be normal corrections after a sizable rally.

Click to Enlarge

In this case, I then look at the Regional Airlines group and notice that JetBlue Airways Corp (JBLU) had just overcome major resistance from the April and October highs. It was one of the more interesting charts, along with Allegiant Travel Company, LLC (ALGT).

Once I have found a stock to look at, I want to see how it is performing versus the overall market. One of the easiest ways to approximate my relative performance analysis is with stockcharts.com, which is a site that I have written about in the past.

Selecting Free Charts on the home page takes you to various lists of subgroups of stocks and ETFs. One that I use frequently is the CandleGlance: S&P Sector ETFs, as it has the nine Sector Select ETFs that I comment on regularly, as well as, the S&P 500.  They give you the option of looking at two months, which is the default setting. You may also choose six months, one year, or a P&F chart.

Financial Wellness Slips in Q3

Despite making some progress in their financial situations over the past couple of years, employees still aren’t on track and they know it.

The third-quarter Trends in Employee Financial Issues report found that financial wellness has dropped as workers become “more aware of their financial shortcomings.”

Those shortcomings include saving for retirement. More than 40% of employees said they weren’t sure they’d be able to achieve future financial goals, up from 34% in the third quarter of 2012. The economy is troubling them, too. Forty-three percent said they were worried about the effect the economy would have on their financial future.

Overall wellness fell from 5.2, where it held steady for the first half of the year, to 4.9. A score between 3 and 4.9 indicates employees “may be sabotaging” themselves due to poor financial behaviors and lack of basic information. The percentage of workers who say their stress is overwhelming or very high increased to 19% from 13% last year.

Older workers were especially likely to be stressed. Eighty-four percent of workers 45 and older reported some level of stress, the report found. One explanation is that workers in that age bracket may be facing several realities that put significant strain on their finances: paying for education for children, caring for elderly parents, continuing to save for retirement or meeting growing health care expenses.

However, increased stress has led to more engagement for some employees. Almost 40% of workers say they’ve used a retirement calculator, and 90% are contributing to their workplace plan.

“We believe employees are experiencing a reality check about their financial situations,” Liz Davidson, founder and CEO of Financial Finesse, said in a statement. “Obviously the recession and sluggish economy have provided a major wake-up call, but now we’re seeing more employees delving deeper into their finances — in particular, running a retirement plan projection, learning more about investing, how to minimize their taxes, and even key details like the interest rates they are paying on their credit cards.”

Financial Finesse noted that early adopters of workplace financial wellness plans tend to use the services regularly and identified significant improvement. Following the Great Recession, 31% of respondents said they were confident their assets were allocated correctly. When asked more recently, 53% said they were confident. In their first meeting, 44% of employees said they maximize all available federal tax credits and deductions, compared with 63% today; 45% had taken a risk assessment, compared with 64% today; and 41% understood tax implications of their investments and retirement accounts, compared with 57% today.

Although the percentage of workers who know they’re on track to meet their retirement goals didn’t increase by the same degree, there have been improvements. Following the recession just 18% of employees said they were on track. Today, 31% said they knew they would meet their goals. Furthermore, Financial Finesse identified a “second wave” of wellness tool users. The percentage of first-time users has increased steadily from the end of 2011 to the second quarter; it’s holding steady at 90%.

Financial Finesse anticipates seeing a similar increase in stress as employees who take wellness assessments for the first time become aware of where they are falling behind, but noted that a little stress is OK for workers if it leads to behavioral change. “The critical factor is that now that the second wave has this information, they need to make the type of dramatic improvements in behavior that we have seen from the early adopters,” according to the report. “At the same time, the early adopters will have to continue to adapt to an ever-changing financial landscape.”

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Check out Financial Wellness Paves New Career Track for Advisors on ThinkAdvisor.

Surprise! Lehman Brothers is still big

Even though Lehman Brothers went bankrupt five years ago, there are still employees working in New York and elsewhere to unwind assets.

NEW YORK (CNNMoney) Five years after its implosion, Lehman Brothers, once the world's fourth largest bank, is still a giant corporation with roughly 300 employees working full-time in offices all over the world.

Most of its remaining employees work out of two floors of the Time-Life building not far from the bank's former headquarters in midtown Manhattan.

Lehman will eventually cease to exist. A bankruptcy court opted to liquidate Lehman Brothers.

But that unwinding is expected to take at least several more years. Lehman has more than $30 billion to recover, and several multi-billion dollar legal fights left over how much creditors will recoup from the remaining assets of Lehman's main U.S. operations.

Affiliates of other international units of Lehman are separately unwinding their stakes, making the overall headcount even higher.

The largest debt holders will only get back a fraction of what they're owed. Still, they have recovered much more than many, including Lehman, had expected.

Shortly after Lehman declared bankruptcy, Barclays (BCS) paid $1.3 billion for most of the firm's North American operations, its Times Square headquarters, and about 9,000 employees. Nomura Holdings (NMR) paid roughly $200 million for Lehman's operations in Asia.

And that was just the beginning. Lawyers and bankers for the Lehman estate estimate that creditors will receive roughly $80 billion back against $309 billion in debts as of March 2013. Creditors have already received $47.2 billion in payments.

  How I bounced back after Lehman collapsed

The rising real estate market has helped Lehman lately. Earlier this year, the estate sold its stake in apartment building operator Archstone for $6.5 billion. The valuation was still a far cry from the $22 billion price tag that Archstone was valued at in 2007, but much higher than estimates since the credit crisis.

Lehman has more than $8 billion in real estate left.

It will continue to fight battles in court that could lead to higher recoveries for creditors. Among the big battles, Lehman is still fighting a multi! -billion lawsuit against JPMorgan Chase (JPM, Fortune 500) saying that its investment bank forced the company into a rapid fire bankruptcy filing because of its collateral calls.

Lehman's bankruptcy caused pain for its employees and shareholders, but five years later, many players in the saga have found ways to score big payouts.

Some hedge funds, including John Paulson's, have scored big by purchasing Lehman's debt immediately after the bankruptcy filing.

Investment bankers and lawyers have already been well compensated for recovering funds for creditors too. Since 2008, bankers and lawyers working on the bankruptcy have earned $2.2 billion.

Top Medical Stocks To Buy Right Now

Netflix (NASDAQ: NFLX  ) has been getting tons of ink and kudos lately for its original streaming programming ��the Americanized version of the British dramatic series House of Cards and the rebirth of the much loved but too-little-watched comedy Arrested Development.

However, for my money, the real draw in Netflix's must-stream-TV lineup is a gritty police procedural import from France with the English title of Spiral (original title: Engrenages). There is something in this French language series (with English subtitles) that will remind American viewers of Law and Order, CSI, and, best of all, The Wire.

For Law and Order fans, the relationship between the Paris cops and the French judiciary is as arcane as it is fascinating. After asking various friends and family members in the legal profession if they could explain the workings of the French system of justice, I was still no closer to understanding. Yet that mystery has its own charms.

If one is enthralled by the glorified gore of CSI, there's plenty of gore in Spiral, but sans la gloire. In the first episode of the first season, a strategically placed clipboard finally placed by the medical examiner over a mutilated female victim's nether regions caused me to utter a sigh of relief. And I'm not a prude. Really.

Top Medical Stocks To Buy Right Now: Zynex Inc (ZYXI)

Zynex, Inc. operates under three primary business segments: Zynex Medical, Zynex NeuroDiagnostics and Zynex Monitoring Solutions. Zynex Medical engineers, manufactures, markets and sells its design of electrotherapy medical devices used for pain management and rehabilitation. Zynex Medical�� product lines are cleared by the United States Food and Drug Administration (FDA) and sold worldwide. Zynex NeuroDiagnostics, sells the Company's NeuroMove device designed to help stroke and spinal cord injury patients and is seeking opportunities into markets for electromyogram (EMG), electroencephalogram (EEG), sleep pattern, auditory and nerve conductivity neurological diagnosis devices through product development and acquisitions. As of January 30, 2012, Zynex Monitoring Solutions was in the development-stage and was established to develop and market medical devices for non-invasive cardiac monitoring. In February 2012, the Company announced the creation of a European wholly owned subsidiary in Denmark. In June 2012, the Company acquired ZYNEX.com Internet domain.

The Company�� products include TruWave TENS, ValuTENS II, IF8100 Interferential Current, E-Wave Muscle Stimulator, NeuroMove NM900, PGS-123 Pulsed-Galvanic Stimulator, NuTrac Pelvator, Knapp Knee Brace and ValuTENS III. TruWave TENS is used for management and symptomatic relief of chronic intractable pain, post-traumatic and post-surgical Pain. ValuTENS II is used for the indications of chronic and acute pain symptoms and post-operative pain. IF8100 Interferential Current is used for symptomatic relief of chronic intractable pain, post-traumatic and post-surgical pain. E-Wave Muscle Stimulator is used for muscle re-education, prevention or retardation of disuse atrophy, increasing local blood circulation, maintaining or increasing range of motion and relaxation of muscle spasms. NeuroMove NM900 is used for stroke rehab by muscle re-education, relaxation of muscle spasms, prevention of retardation of disuse atrophy, increase local blo! od circulation, muscle re-education and maintaining range of motion. PGS-123 Pulsed-Galvanic Stimulator is used for muscle re-education, prevention of retardation of disuse atrophy, increase local blood circulation, maintain or increase range of motion and relaxation of muscle spasms. NuTrac Pelvator - Pelvic Floor Stimulator provides electrical stimulation and neuromuscular re-education for the purpose of rehabilitation of weak pelvic floor muscles for the treatment of stress, urge and mix urinary incontinence in women. ValuTENS III is used for chronic and acute pain symptoms and post-operative pain. Knapp Knee Brace is used for the indications of MCL and LCL Sprains, pre and post-op care of meniscus injuries, mild to moderate ACL and PCL Sprains and general knee instability.

Top Medical Stocks To Buy Right Now: Scancell Holdings PLC (SCLP.L)

Scancell Holdings PLC is a United Kingdom-based company. The Company�� principal activity of the consists of the discovery and development of monoclonal antibodies and vaccines for the treatment of cancer. In April 2012, the Company completed recruitment to the Phase 1 clinical trial of SCIBI. In May 2012, the Company commenced recruitment and treatment of the first patient in the second part of it Phase 1/2 clinical trial of SCIBI. The Phase 2 part of the trial is conducted in five United Kingdom centers in Nottingham, Manchester, Newcastle, Leeds, and Southampton. On August 15, 2012, the Company announced the development of a platform technology, Moditope.

Best Small Cap Stocks To Own For 2014: Myriad Genetics Inc (MYGN.O)

Myriad Genetics, Inc. (Myriad) is a molecular diagnostic company. The Company is focused on developing and marketing predictive medicine, personalized medicine and prognostic medicine tests. It performs all of its molecular diagnostic testing and analysis in its own reference laboratories. These technologies include the cornerstone technologies of biomarker discovery, high-throughput deoxyribo nucleuc acid (DNA) sequencing, ribo nucleic acid (RNA) expression and multiplex protein analysis. The Company uses this information to guide the development of new molecular diagnostic tests that are designed to assess an individual's risk for developing disease later in life (predictive medicine), identify a patient's likelihood of responding to drug therapy and guide a patient's dosing to ensure optimal treatment (personalized medicine), or assess a patient's risk of disease progression and disease recurrence (prognostic medicine).

As of June 30, 2012, the Company h ad launched nine commercial molecular diagnostic tests. The Company markets these tests through its own approximate 385-person sales force in the United States. The Company also markets its BRACAnalysis, COLARIS, and COLARIS AP tests through its own European sales force and have entered into marketing collaborations with other organizations in selected Latin American, European and Asian countries. The Company also generates revenue by providing companion diagnostic services to the pharmaceutical, and biotechnology industries and medical research institutions utilizing its multiplexed immunoassay technology.

Molecular Diagnostic Tests

The Company's molecular diagnostic tests are designed to analyze genes, their mutations, expression levels and proteins to assess an individual's risk for developing disease later in life, determine a patient's likelihood of responding to a particular drug, assess a patient's risk of disease progression and disease recu rrence and measure a patient's exposure to drug therapy to! e! nsure optimal dosing and reduced drug toxicity. The Company's BRACAnalysis test is a analysis of the BRCA1 and BRCA2 genes for assessing a woman's risk of developing hereditary breast and ovarian cancer. BRACAnalysis accounted for 81.7% of the Company's total revenue during the fiscal year ended June 30, 2012. Its The Company's COLARIS test is an analysis of the MLH1, MSH2, MSH6 and PMS2 genes for assessing a person's risk of developing colorectal cancer or uterine cancer.

The Company's COLARIS AP test detects mutations in the APC and MYH genes, which cause a colon polyp-forming syndrome known as Familial Adenomatous Polyposis (FAP), a more common variation of the syndrome known as attenuated FAP, and the MYH-associated polyposis signature (MAP). The Company's MELARIS test analyzes mutations in the p16 gene to determine genetic susceptibility to malignant melanoma. The Company's OnDose test is a nanoparticle immunoassay that is designed to assist oncologists in optimizing 5-FU (fluorouracil) anti-cancer drug therapy in colon cancer patients on an individualized basis. The Company's PANEXIA test is a comprehensive analysis of the PALB2 and BRCA2 genes for assessing a person's risk of developing pancreatic cancer later in life. The Company's PREZEON test is an immunohistochemistry test that analyzes the PTEN gene and assesses loss of PTEN function in many cancer types.

The Company's Prolaris test is a 46-gene molecular diagnostic assay that assesses whether a patient is likely to have a slow growing, indolent form of prostate cancer that can be safely monitored through active surveillance, or a more aggressive form of the disease that would warrant aggressive intervention, such as a radical prostatectomy or radiation therapy. The Company's TheraGuide 5-FU test analyzes mutations in the DPYD gene and variations in the TYMS gene to assess patient risk of toxicity to 5-FU (fluorouracil) anti-cancer drug therapy.

< p>Companion Diagnostic Services and Other Revenue

! Throug! h Myriad RBM Inc., the Company provides biomarker discovery and companion diagnostic services to the pharmaceutical, biotechnology, and medical researches industries utilizing its multiplexed immunoassay technology. The Company's technology enables the Company to screen large sets of clinical samples from both diseased and non-diseased populations against the Company's menu of biomarkers. The Company's companion diagnostic services consist of Multi-Analyte Profile (MAP), Multiplexed Immunoassay Kits and TruCulture.

The Company has compiled a library of over 550 individual human and rodent immunoassays for use in its multi-analyte profile (MAP) testing services. The Company has also developed RodentMAP, a panel for use in pre-clinical animal studies and OncologyMAP, which measures cancer-related proteins to assists researchers accelerate the pace of discovery, validation and translation of cancer biomarkers for early detection, patient stratification and therapeu tic monitoring. The Company has developed multiplexed immunoassay kits that enable its customers to leverage its technology services with their in-house capabilities. The Company's internally developed multiplexed immunoassay kits include all of the components necessary for a customer to perform a test on their own Luminex instrument. TruCulture is a simple, self-contained whole blood culture that can be deployed to clinical sites around the world for acquiring cell culture data without specialized facilities or training.

Top Medical Stocks To Buy Right Now: Oncolytics Biotech Inc (ONCY)

Oncolytics Biotech Inc. (Oncolytics), incorporated on April 2, 1998, is a development-stage company. The Company is focused on its research and development of REOLYSIN, which is its cancer therapeutic. REOLYSIN is developed from the reovirus. This virus has been demonstrated in tumour cells bearing an activated Ras pathway. Oncolytics is directing a clinical trial program with the focus of developing REOLYSIN as a human cancer therapeutic. The clinical program includes clinical trials, which it sponsors directly along with Third Party Clinical Trials. Third Party Clinical Trials are clinical trials that are being sponsored by other institutions. As of December 31, 2011, the United States National Cancer Institute (NCI), the University of Leeds and the Cancer Therapy & Research Center at the University of Texas Health Center in San Antonio (CTRC) were sponsoring part of its clinical trial program.

The Company�� clinical trial program has included human trials using REOLYSIN alone, and in combination with radiation and chemotherapy, and delivered via local administration and/or intravenous administration. Oncolytics uses contract toll manufacturers to produce REOLYSIN. On December 31, 2011, the Company had two wholly owned subsidiaries, Oncolytics Biotech (Barbados) Inc. (OBB) and Valens Pharma Ltd. Oncolytics Biotech (US) Inc. and Oncolytics Biotech (U.K.) are wholly owned subsidiaries of OBB.

Advisors' Opinion:

• [By Sean Williams]

  With this in mind, I feel it'd be prudent of biotech-savvy investors to give Oncolytics Biotech (NASDAQ: ONCY  ) a closer look.

  The big risks
  I'm quite aware that there are a lot factors that'd raise a red flag with Oncolytics. Similar to Affymax, you could say that Oncolytics has put all of its eggs in one basket with its lead experimental drug, reolysin. According to Oncolytics' website, including its U.K., Canadian, and U.S. studies, reolysin as either a monotherapy or combination therapy is the basis for all 31 clinical trials! Obviously, if reolysin proves ineffective or unsafe, Oncolytics is going to be a world of hurt.

• [By Maxx Chatsko]

  T-VEC is not your traditional biologic drug. It is actually a bioengineered form of the herpes virus that, once injected into cancerous tumors, replicates, and produces an immune-stimulating protein that puts a bulls eye on cancer cells throughout the body. Despite its promise and intriguing mechanism of action, T-VEC is not in further development at Amgen. However, Oncolytics (NASDAQ: ONCY  ) has shown promising results for its bioengineered form of reovirus called Reolysin. Initial phase 3 results showed that 86% of patients taking the drug had reduced tumor mass or growth after six weeks of treatment. �

Top Medical Stocks To Buy Right Now: Hemispherx Biopharma Inc (HEB)

Hemispherx Biopharma, Inc. (Hemispherx) is a specialty pharmaceutical company engaged in the clinical development of new drugs therapies based on natural immune system enhancing technologies for the treatment of viral and immune based chronic disorders. Hemispherx focuses on two core pharmaceutical technology platforms Ampligen and Alferon N Injection.The commercial focus for Ampligen includes application as a treatment for Chronic Fatigue Syndrome (CFS) and as an influenza vaccine enhancer (adjuvant) for both therapeutic and preventative vaccine development. Alferon N Injection is a United States Food and Drug Administration (FDA) approved product with an indication for refractory or recurring genital warts. Alferon LDO (Low Dose Oral) is a formulation under development targeting influenza. It has three subsidiaries BioPro Corp., BioAegean Corp., and Core BioTech Corp. The Company's foreign subsidiary is Hemispherx Biopharma Europe N.V./S.A.

Ampligen

Ampligen is an experimental drug, which is undergoing clinical development for the treatment of Myalgic Encephalomyelitis/Chronic Fatigue Syndrome (ME/CFS). Over 1,000 patients have participated in the Ampligen clinical trials representing the administration of more than 90,000 doses of this drug. The Company is also engaged in ongoing, experimental studies assessing the efficacy of Ampligen against influenza viruses.

Alferon N Injection

Alferon N Injection is the registered trademark for the Company's injectable formulation of natural alpha interferon. Interferons are a group of proteins produced and secreted by cells to combat diseases. The Company's natural alpha interferon is produced from human white blood cells. Alferon N Injection [Interferon alfa-n3 (human leukocyte derived)] is a highly purified, natural-source, glycosylated, multi-species alpha interferon product.

Alferon LDO (Low Dose Oral)

Alferon LDO [Low Dose Oral Interferon Alfa-n3 (Human Leukocyte Derived)]! is an experimental low-dose, oral liquid formulation of Natural Alpha Interferon and like Alferon N Injection should not cause antibody formation, which is a problem with recombinant interferon. It is an experimental immunotherapeutic that works by stimulating an immune cascade response in the cells of the mouth and throat, enabling it to bolster systemic immune response through the entire body by absorption through the oral mucosa.

The Company competes with Pfizer, GlaxoSmithKline, Merck, AstraZeneca, Baxter International, Fletcher/CSI, AVANT Immunotherapeutics, AVI BioPharma and Genta.

Top Medical Stocks To Buy Right Now: Pharmacyclics Inc (PCYC)

Pharmacyclics, Inc., incorporated on April 19, 1991, is a clinical-stage biopharmaceutical company focused on developing and commercializing small-molecule drugs for the treatment of cancer and immune mediated diseases. The Company's clinical development and product candidates are small-molecule enzyme inhibitors designed to target biochemical pathways involved in human diseases. As of June 30, 2011, it had three drug candidates under clinical development and a number of preclinical lead molecules. This includes an inhibitor of Bruton�� tyrosine kinase (Btk) (PCI-32765) in Phase II studies in hematologic malignancies; a Btk inhibitor lead optimization program targeting autoimmune indications, an inhibitor of Factor VIIa (PCI-27483) in a Phase II clinical trial in pancreatic cancer, and a histone deacetylase (HDAC) inhibitor (PCI-24781) in Phase I and II clinical trials in solid tumors and hematological malignancies as of June 30, 2012.

As of June 30, 2012, the Company developed ibrutinib, which has demonstrated clinical activity and tolerability in Phase I and Phase II clinical trials in a variety of B-cell malignancies, including chronic lymphocytic leukemia (CLL) and a number of non-Hodgkin�� lymphoma (NHL) subtypes. CLL, mantle cell lymphoma (MCL), follicular lymphoma (FL), diffuse B-cell lymphoma (DLBCL) and multiple myeloma (MM) are specific indications of its current or planned Phase Ib/II and Phase III development program. had development programs for B-cell malignancies and autoimmune diseases. For malignant indications it has developed PCI-32765, which has demonstrated clinical activity and tolerability in Phase I and Phase II clinical trials in a range of B-cell malignancies, including chronic lymphocytic leukemia (CLL) and a number of non-Hodgkin�� lymphoma (NHL) subtypes. CLL, mantle cell lymphoma (MCL), follicular lymphoma (FL), diffuse large B cell lymphoma (DLBCL) and multiple myeloma (MM) are specific indications of its Phase II development. It has developed an assay! to measure occupancy of Btk in PBMCs using a cell-permeable fluorescently-labeled derivative of PCI-32765.

Factor VII is an enzyme that becomes activated (FVIIa) by binding to the cell surface protein tissue factor (TF), a protein found in the body that helps to trigger the process of blood clotting in response to injury. TF is over expressed in many cancers including gastric, breast, colon, lung, prostate, ovarian and pancreatic cancers. In these tumors, the FVIIa/TF complex induces intracellular signaling pathways by activating protease activated receptor 2 (PAR-2), another cell-surface protein. This in turn increases the expression of interleukin-8 (IL-8), a protein produced by white blood cells and other immune cells in response to pathogenic stimulation, and vascular endothelial growth factor (VEGF), a signal protein produced by cells that stimulate the growth of blood vessels. Both proteins play an important role in tumor growth and metastases as well as angiogenesis (growth of new blood vessels). FVIIa/TF complex also initiates the coagulation (a process by which blood forms clots) processes implicated in the high incidence of thromboembolic (the process by which the blood clots within a blood vessel) complications seen in patients with TF-expressing cancers. Thromboembolic events are a cause of death in patients with cancer and anticoagulant treatment has been shown to improve survival in a variety of cancers (Klerk et al. JCO. 2005).

PCI-27483 Factor VIIa Inhibitor

The Company�� Factor VIIa inhibitor PCI-27483 is a first-in-human small molecule inhibitor that selectively targets FVIIa. As an inhibitor of FVIIa, PCI-27483 has two potential mechanisms of action: inhibition of intracellular signaling involved in tumor growth and metastases and inhibition of early coagulation processes associated with thromboembolism.

Factor VIIa PCI-27483 Clinical Development Update

A multicenter Phase I/II of PCI-27483 in patients with locally a! dvanced o! r metastatic pancreatic cancer that are either receiving or are planned to receive gemcitabine therapy has completed enrollment. The Phase II portion of the study randomized patients to receive either gemcitabine alone or gemcitabine plus PCI-27483 (1.2 mg/kg twice daily). The objectives are to assess the safety of FVIIa Inhibitor PCI-27483 at pharmacologically active dose levels, to assess potential inhibition of tumor progression and to obtain initial information of the effects on the incidence of thromboembolic events. Due to a paradigm shift away from the use of gemcitabine alone for the treatment of pancreatic cancer, enrolling patients in this randomized study has been challenging. PCYC is evaluating other alternatives for development of this agent.

A multicenter Phase I/II of PCI-27483 in patients with locally advanced or metastatic pancreatic cancer that are either receiving or are planned to receive gemcitabine therapy has completed enrollment. The Phase II portion of the study randomized patients to receive either gemcitabine alone or gemcitabine plus PCI-27483 (1.2 mg/kg twice daily). PCI-27483 is covered by United States patents and patent applications and counterpart patents and patent applications in fourteen ex-United States territories, including Europe, Canada, Mexico, Japan, China, India, South Korea, Australia and Brazil.

Advisors' Opinion:

• [By Sean Williams]

  We've witnessed first-hand what a crapshoot the space can be. Four years ago,�Pharmacyclics (NASDAQ: PCYC  ) looked like just another biotechnology company that was going to waste away into nothing with its share price trading for less than $1. In the years since, it's forged nearly a $1 billion licensing partnership with Johnson & Johnson (NYSE: JNJ  ) for its relapsed/refractory mantle cell lymphoma and chronic lymphocytic leukemia drug hopeful, Ibrutinib, and delivered some of the strongest overall response rates ever witnessed in trials for these two diseases. Shares of Pharmacyclics closed yesterday above $80 per share.

The World's 29 Too Big To Fail Banks, JPM At The Top

The updated list of the world's too big to fail banks is out today and JPMorgan Chase JPMorgan Chase along with HSBC are at the top.

The Financial Stability Board amends the list each year after examining banks to decide which ones pose a threat to the global economy if they were  to fail.

Those on the list must hold more capital to absorb potential losses, and therefore protect taxpayers from bailouts.

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This year JPM and HSBC top the list which means they must each hold an extra 2.5% of capital on top of the an additional 7% that will be required down the road.

There are 29 banks total on this year's list compared to 28 last year. Each falls into one of five capital buffer groups ranging from 1% to 3.5%. The top group, which requires bank to hold 3.5%, is empty this year.

Citigroup Citigroup and Deutche Bank were in the 2.5% category last year but the FSB dropped the two banks down a notch to the 2% slot.

Amazon starts Sunday delivery with US Postal Se…

Amazon.com unveiled a new partnership with the U.S. Postal Service to deliver online orders from the world's largest Internet retailer on Sunday for the first time.

The service started this weekend in the Los Angeles and New York metropolitan areas and Amazon plans to expand it to a large portion of the U.S. population in 2014, including Dallas, Houston, New Orleans and Phoenix.

Amazon is not charging extra for the new service, so members of the company's popular Prime service will be able to buy products on Friday and get them by Sunday for free. The service also applies to non-Prime members, who can get free five to eight-day shipping on orders of at least $35 (up from $25 previously).

Amazon has been spending billions of dollars building new warehouses around the world so it can deliver products more quickly. The company hopes that adding Sunday as a delivery option will generate more sales.

"The three big pieces of growth for us are selection, lower prices and speed," said Dave Clark, vice president of worldwide operations and customer service. "Adding an additional day is all about delivery speed. An Amazon customer can order a backpack and a Kindle for their child and be packing it up on Sunday for school on Monday."

The deal is also a welcome new source of revenue for the financially struggling U.S. Postal Service, which has been trying tap into the growth of online shopping.

A package waits to be sorted for shipment at the Friendship Station post office in Washington, DC Monday, December 15, 2003. The 20016 zip code post office is traditionally one of the busiest in the DC area. December 15 is statistically one of the busiest days for package drop off at the USPS. (Photo by Brendan Smialowski/Getty Images) ORIG FILE ID: 2812698(Photo! : Brendan Smialowski Getty Images)

"It will certainly help. The fastest growing segment is the package business," Postmaster General Patrick Donahoe said. "The future of package delivery is a seven-day-a-week schedule. We've got the capacity to do it."

The postal service expects to deliver 420 million packages this holiday season, a 12% increase over last year, but it is in a precarious financial condition. The organization lost $15.9 billion in its last fiscal year and expects a loss of $6 billion this year.

In September, the postal service said it would seek to raise the price of a First-Class stamp from 46 cents to 49 cents. That price hike, which would kick in Jan. 26, and increases for postcards and international mail would generate $2 billion in revenue, it said.

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Amazon is increasingly delivering its own packages, through new services such as AmazonFresh, its online grocery business. The company will also start delivering packages itself in some parts of London in coming weeks, Clark said.

However, the company still needs carriers such as USPS, United Parcel Service and FedEx to help it cover the so-called last mile to most people's doorsteps. And the USPS is the only delivery service that reaches every address in the nation – 152 million homes, businesses and post office boxes.

"We are leveraging our technology and infrastructure to get packages to USPS so they can create an incremental day of package delivery," Clark said. "This helps them and it helps our service too."