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<ul class="summary-list"><li><keyword id="12153591" type="UNKNOWN" weightage="60" keywordseo="fedex" source="Orion">FedEx</keyword> tumbled as much as 9% Wednesday after the delivery company cuts its yearly outlook. </li><li>The view on fiscal 2022 adjusted earnings was cut to $18.25 to $19.50 a share from $18.90 to $19.90 a share. </li><li>FedEx expects to see "gradual improvement" in labor availability. </li></ul><a href="https://markets.businessinsider.com/stocks/fdx-stock">FedEx</a> stock tumbled to its lowest price in more than a year Wednesday after the delivery services company cut its yearly outlook as a labor shortage pushed costs higher.The company late Tuesday said it now expects annual earnings before certain adjustments of $18.25 to $19.50 a share. It previously expected $18.90 to $19.90 a share, with the reduced outlook coming after its fiscal first-quarter 2022 results were lower than it had anticipated in June. "Our results for the first quarter reflect higher operating costs we are incurring during this uncertain and challenging operating environment," Michael Lenz, FedEx's CFO, said in the earnings report. Investors swept FedEx stock down as much as 9.2% to $228.98, the lowest price since September 11, 2020, then pared the decline to 8.5%. Volume was heavy, with about 9.4 million shares traded compared with a daily average of about 2.3 million shares. Shares of rival <a href="https://markets.businessinsider.com/stocks/ups-stock">UPS</a> dropped 1.8%.FedEx said its first-quarter operating results were hurt by an increase in costs by about $450 million from a year earlier, stemming from a constrained labor market. The shortage led to higher wages and network inefficiencies, among other things. Fiscal first-quarter adjusted earnings of $4.37 a share were well below the estimate of $4.88 a share expected in a FactSet poll of analysts. Revenue rose by 14% to $22 billion, slightly ahead of the $21.9 billion consensus estimate.FedEx foresees "gradual improvement" in labor availability and its work on managing revenue which should help it moved toward earnings growth in fiscal 2022."We had moved well below the Street for F1Q in anticipation of rising labor costs, and the quarter did not disappoint, as Ground margins were well below our estimate, offset by better-than-expected Express and Freight results," said Bank of America analyst ​​Ken Hoexter in a note Wednesday. The bank had projected per-share earnings of $4.33. "We reiterate our Buy given the below peer valuation and improving rate environment which should counter rising costs," said BofA, which lowered its price target on the stock to $290 from $340.

FedEx tumbles to lowest in a year after cutting its yearly outlook as a labor shortage sends costs soaring

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Philip Massie</div></div></div>The major stock averages finished the day little-changed while shares of Valeant Pharmaceuticals, the most high-profile holding of high-profile hedge fund manager Bill Ackman, fell 50% after a run of very disappointing earnings news. First, the scoreboard:<ul><li>Dow: 17,237.5, +8, (+0.05%)</li><li>S&amp;P 500: 2,014, -5, (-0.3%)</li><li>Nasdaq: 4,726, -23, (-0.5%)</li><li>WTI crude oil: $36.45, -2%</li></ul><h2>Bill Ackman's Terrible, Horrible, No, Good Very Bad Day</h2>The header sort of says it all. Bill Ackman, by our math, <a href="http://www.businessinsider.com/pershing-square-holdings-halted-2016-3">lost about $1 billion on Tuesday</a> as shares of Valeant Pharmaceuticals were cut in half after the <a href="http://www.businessinsider.com/r-valeant-cuts-2016-revenue-forecast-2016-3">company gave a disappointing earnings outlook</a> and <a href="http://www.businessinsider.com/valeant-q1-guidance-call-2016-3">basically did nothing</a> to reassure investors that the very messy last six months are close to being anything like fixed.Here are some of the gory details from Linette Lopez (emphasis mine):The way analysts talked to Pearson on Tuesday morning was the same way a parent talks to a teenager who just had the police called on his or her house party. It was the same way you talk to a dog that just chewed up the furniture. One analyst, David Maris of Wells Fargo, even asked Pearson if he would forgo his golden parachute if the board asked him to leave.Pearson sounded clueless. He said he didn't even know he had a golden parachute totaling about $200 million. He also said he didn't know when the company would release its annual report, giving April as his best guess. Valeant will be penalized if it isn't released by March 16.It was just one of many missteps on the call led by a man who once could do no wrong on Wall Street. Fudged numbers, estimate changes, issues with the company's new business model and partners - the analysts, usually so lenient with Valeant - caught it all.So this went badly!And it is almost unbelievable that a company worth roughly $20 billion in the morning would be worth half that at the close. But it happened. <a href="http://www.businessinsider.com/r-valeant-cuts-2016-revenue-forecast-2016-3">The stock chart is real</a>.The amazing thing, though, is that this is not a new problem. Certainly the stock falling 50% today is new, but consider that shares of Valeant <a href="http://www.businessinsider.com/valeant-shares-crash-october-21-2015-10">fell as much as 40% in one day</a> back in October. In the last six months, the stock is off 80%. There is so much to say here: on the hubris on management, on the company's major shareholders, on the pharmaceutical-industrial complex that more or less enabled the roll-up strategy the company propagated in the last several years. With Tuesday's collapse Valeant shares are now basically flat over the last five years. And while this is certainly a convenient time for value-based investors to look at Valeant and related parties and have the last laugh, we'll give The Motley Fool's Morgan Housel <a href="https://twitter.com/TMFHousel/status/709788580932145152">credit where credit</a> is due on nailing what seems to have really gone wrong here/ Housel <a href="https://twitter.com/TMFHousel/status/709788580932145152">tweeted Tuesday</a> that Facebook CEO Mark Zuckerberg has made clear he doesn't really care about the money. And now he has tens of billions. Valeant CEO Mike Pearson, in contrast, has made clear he measures success by value returned to and created for shareholders. And the project has gone up in flames. In entirely unrelated pharmaceutical news, <a href="http://www.businessinsider.com/pharmaceutical-company-stock-up-over-300-2016-3">shares of Celator Pharmaceuticals gained more than 300%</a>. <h2>US Economy</h2>It's a busy week for US economic data and Tuesday saw the week's largest data-dump. At 8:30 a.m. ET we got a <a href="http://www.businessinsider.com/empire-fed-manufacturing-march-2016-2016-3">manufacturing reading from the New York Fed</a> that came in better-than-expected, <a href="http://www.businessinsider.com/retail-sales-february-2016-2016-3">retail sales fell less than expected</a>, while the latest reading on <a href="http://www.businessinsider.com/producer-price-index-march-15-2016-3">producer prices fell 0.2%</a>, in-line with expectations. <a href="http://www.businessinsider.com/nahb-housing-market-index-march-2016-2016-3">Homebuilder confidence</a> came in slightly lower than expected, though this measure's March reading matched the level seen in February. On balance, well, it was all fine. Nothing major happening in the economy that we didn't know about already, basically. Retail sales were a slight disappointment but, again, this is a series that uses nominal dollars and so the 0.1% headline decline in February's sales was impacted by a decline in the price of oil. The biggest jump in sales seen during the month came from building materials retailers. So that's good! In the producer price index the cost of medical services rose more than the prior month, indicating potential upside for the next PCE inflation reading. This measure, which is preferred by the Fed over the consumer price index (which we'll get on Wednesday morning), <a href="http://www.businessinsider.com/personal-income-and-spending-feb-26-2016-2">rose to 1.7% in January</a> and is quickly closing in on the Fed's 2% goal. <h2>Federal Reserve</h2>The Federal Reserve kicked off its two-day meeting on Tuesday which will culminate in Wednesday afternoon's policy announcement at 2:00 p.m. ET and a press conference from Fed Chair Janet Yellen at 2:30 p.m. ET. Expectations are for the Fed to keep interest rates pegged at 0.25%-0.50%. The more interesting part of the release will be the updated "dot plot" - which gives a "House view" of sorts on where Fed officials think interest rates will be at various points in the future - as well as new economic projections for GDP, unemployment, and inflation. Chair Yellen's press conference will also, of course, be closely tracked, particularly for any indications that the Chair sees inflation pressures building in way that the Fed will not choose to look past. For years inflation has run below the Fed's 2% target, but as we noted ticked higher in January and signs point to growing price increase in the economy. But will the Fed, as it did in 2014, view this increase as temporary? Or will the Fed begin, for the first time in the post-crisis era, see durable, robust price pressures make their way into the economy. And, if they believe "this time is different" on the inflation front, how will this shape the path of future policy? We'll have full coverage tomorrow. <a href="http://www.businessinsider.com/fomc-meeting-statement-preview-march-2016-3">To hold yourself over, read Akin Oyedele's full preview here</a>. <h2>Amazon</h2>Regular readers of this space know we love Amazon. And on Tuesday, analysts at <a href="http://www.businessinsider.com/amazon-planning-world-domination-2016-3">RBC Capital Markets covering freight transportation stocks wrote</a> about how firms and investors in their coverage area have taken notice of Amazon's move into the more boring logistics space. Not unlike the shockwaves seen through media stocks in recent months, the worries here are that investors in companies like, say FedEx or UPS, will start to get nervous about how Amazon will eventually impact operations even if the clear endgame isn't known. In fact, it will likely be even worse until the endgame is clear, regardless of who wins. Here's RBC (all emphasis mine):Amazon has been making waves across our coverage universe over the past few months by taking what appears to be a targeted and methodical approach to procuring and managing freight transportation capacity internally rather than outsourcing. These actions coupled with several peak shipping seasons of underwhelming service performance by FDX and UPS led to a great deal of concern among investors that Amazon is in the process of actively developing its own internally controlled supply chain capable of moving product across the globe all the way to a customer's doorstep.Our view is that this is partially true: Amazon is trying to build a global supply chain to reduce costs and create deeper customer relationships. Similarly, we believe Amazon is working to create a limited pickup and delivery operation to meet niche customer requirements and to keep the traditional parcel carriers "honest" with regards to pricing and service commitments. However, we do not think the company can yet build a full-scale pickup and delivery business capable of supplanting the likes of UPS, FDX and the USPS.At the core, we think the decisions Amazon is making today parallel those made by Walmart during the 1980s, as the company began to integrate itself more fully with its suppliers to aggressively reduce costs across all aspects of its business, especially the supply chain. This can accomplish two things: reduce costs in any way possible and ensure that customers receive goods in a timely manner year round.So, a lot to unpack here (<a href="http://www.businessinsider.com/amazon-planning-world-domination-2016-3">you can read my full thoughts on the matter here</a>), but the basic point is that more and more industries no longer look at Amazon at arm's length: they are knock at the door. Loudly. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/mythbusters-co-hosts-no-more-2016-3">Adam Savage reveals why he and 'MythBusters' cohost Jamie Hyneman won't be working together anymore</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="8yMjBqMTE64Z8GLc4yQx9nPkambvO6n4" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

STOCKS DO NOTHING, VALEANT CRASHES: Here's what you need to know

<div class="image-container float_right" style="width:400px"><div class="image"></div><a href="http://www.flickr.com/photos/greenflames09/143142177/">Flickr/greenflames09</a></div>For months now, the question has been when the <keyword id="6357440" type="ENTERTAINMENT" weightage="60" keywordseo="stock-market">stock market</keyword> rally that began in November would finally face a downward correction.
Now, everyone is starting to talk about market "internals" breaking down – various technical factors that are warning of a pullback.
In a note this morning, Miller Tabak Chief Technical Market Analyst Jonathan Krinsky says "the cracks in the market appear to be growing, with the small-caps and transports severely underperforming."
Doug Kass says the same thing today, pointing to "subsurface weakness" in the market.
Here are a few points Kass highlights in his note:
The Russell 2000 underperformed on Monday (-1.3%) and was down (-0.5%) on an up day on Tuesday.
The advance/decline line is eroding as the market's rise narrows.
Breadth disappointed – yesterday, NYSE decliners eclipsed advancing issues by over 200, excluding ETFs and fixed-income closed-end funds.
The number of new 52-week highs is narrowing.
The bank stocks/brokerages are lagging.
Transports trailed, down 1.5% and 1.2% on the first two days of the week, respectively -- check out the chart of FedEx (FDX).
Semis got schmeissed (-2.0% on Monday and -0.8% on Tuesday).
The cyclical index dropped by -0.7% on Tuesday, following a 1.2% decline on Monday -- check out the chart of Caterpillar (CAT).
The yield on the 10-year U.S. note remains low (1.86%) and is signaling slowing domestic economic growth -- speaking of the bond market, this week brought a continued disconnect between Treasury note and bond yields (lower by 3 to 4 basis points) compared to the market averages (slightly higher in price).
"It is an unusual market feature when defensive stocks are among the leading groups in a market moving to new highs," says Kass.
On the other hand, Phoenix Partners Group Chief Equities Strategist Michael Block doesn't think these signals are necessarily anything to worry about.
"As for the argument that defensives have led, my advice is to think about what quant factors might be leading those stocks higher here," says Block. "There are style, size, and fundamental factors there that are likely the cause... and it has nothing to do with them being hiding places."
Block points out that Russell 2000 outperformance is still trending up despite recent weakness, and that he considers these technical factors "an early warning sign and nothing to jump in against with both feet."

Underneath The Surface, People Are Seeing Signs That The Stock Market Is Breaking Down

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Andrew Burton/Getty ImagesA trader works on the floor of the New York Stock Exchange while Federal Reserve Chairwoman Janet Yellen explains why the Federal Reserve chose not raise interest rates on September 17, 2015 in New York, United States.</div></div></div>Dave Lutz, head of ETFs at JonesTrading, has an overview of today's markets.<ul><li><a href="http://www.businessinsider.com/fed-rates-balance-sheet-risks-yield-curve-invert-2017-9">Janet Yellen will be speaking about the Fed's recent meeting at 2:30 p.m. today.</a></li><li><a href="http://markets.businessinsider.com/indices">Global markets are mixed this morning.</a></li><li><a href="http://markets.businessinsider.com/commodities/oil-price?type=WTI">Oil is gaining as Hurricane Maria makes landfall in Puerto Rico</a></li></ul>Here's Lutz:Get the latest Bitcoin price<a href="http://markets.businessinsider.com/currencies/BTC-USD"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/sri-kumar-time-machine-fed-best-bet-big-rate-hike-2017-9">SRI-KUMAR: Absent a time machine, the Fed's best bet is to do a big rate hike now</a></h3> <div> </div> </div>

Here's a super-quick guide to what traders are talking about right now

<div class="image-container float_right" style="width:480px"><div class="image">REUTERS/Shannon Stapleton<keyword id="154791" type="POSITION" weightage="60" keywordseo="Hedge-fund-manager">Hedge fund manager</keyword> William Ackman of Pershing Square Capital Management smiles during an interview in New York September 27, 2010. </div></div>Yesterday the rumor was that <keyword id="1150206" type="PERSON" weightage="60" keywordseo="Bill-Ackman">Bill Ackman</keyword>, activist hedge fund manager extraordinaire, is raising money to buy a significant stake in a major American company, and that company is <keyword id="42744" type="COMPANY" weightage="60" keywordseo="FedEx">FedEx</keyword>.
Pershing Square, Ackman's fund, had no comment. <a href="http://www.businessinsider.com/bill-ackman-massive-bet-fedex-2013-7#ixzz2YePIMbDV">But the stock shot up 6% anyway</a> as some argued the company fit all of Ackman's critera — a company that is "simple, predictable, and free-cash-flow -generative and enjoys high barriers to entry."
He also said that it "substantially lower multiple of earnings than its most comparable competitor."
In a note this morning, RBC analyst John Barnes said basically... ummm no, FedEx ain't it. 
He has an underperform rating on the stock — one that is sure to change if Pershing does indeed buy a stake in the company — and says that it doesn't actually fit Ackman's critera because it lacks high customer switching costs and significant pricing power.
From Barnes' note:
...we believe FDX falls short on the more salient criteria, namely high customer switching costs and significant pricing power. In our view, FDX does not truly benefit from either of these advantages. We think the point regarding one principle line of business is debatable. While it's true that the lion's share of FDX's revenue and earnings are derived from package delivery, the company does so through several distinct networks, which we believe would be very difficult to integrate from both an operational and cost standpoint. As a final note, we highlight that a $3B investment would give Pershing Square a 9% stake in the company at current market prices. Chairman and CEO Fred Smith has a 6.2% stake in the company, so we believe Pershing Square would likely have to fight a proxy battle in order to get management to take a new course of action. We believe such a proxy battle would be risky at this point since FDX is still in the early stages of an aggressive series of turnaround initiatives.
Proxy battle? Who has time for that? Additionally:
...this is a binary event and in the event that FDX is not the target, we believe the stock will likely sell off aggressively...FDX is struggling with a bloated Express infrastructure and cost structure, an under-utilized aircraft fleet and dealing with the trade down from air service to ground service, further exacerbating the under utilization of the Express network. Further, we believe that if an activist shareholder, whether it be Pershing Square or another one, is in fact interested in FDX, it is doing so because it believes it can seat a management team that can deliver better results quicker and more materially than management's current cost reduction and network rationalization efforts. If FDX was performing well and trading at a multiple that is in-line or higher than its closest competitor, an activist shareholder probably wouldn’t be interested.
If that convinced you, it's time to start looking around again. For what it's worth, the stock is down very slightly today, <a href="http://finance.yahoo.com/echarts?s=FDX+Interactive#symbol=fdx;range=1d;compare=;indicator=volume;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=undefined;">about 0.08%.</a>
Either way, we'll all find out which stock it is by July 18th. Ackman wants investors to commit at least $1 million (of a total of $1 billion) by July 17th.
Until then let your speculations run WILD — and let us know if you have any bright ideas.

ANALYST: There's No Way Bill Ackman Is Targeting FedEx

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Thomson ReutersTraders work on the floor of the NYSE</div></div></div>Dave Lutz, the head of Exchange Traded Funds at JonesTrading, has an overview of what is going on in markets on Wednesday:<ul><li>Stock futures are little changed as the holiday-related drop in trading volume continues this week. The Dow could try again today to hit 20,000. </li><li>Crude oil is higher after data from the American Petroleum Institute showed a bigger than expected drop in weekly inventories. The Department of Energy will release its numbers today. Other than that, the data calendar is quiet, with existing home sales for November out at 10 a.m. ET. </li></ul>Here's Lutz:Good Morning, and Happy Winter Solstice! US Futures are mixed, with Industrials moving closer to that 20,000 mark, while those Transports getting held back by #1 weight FDX. EU Stocks selling off from 2016 peaks with Euro Banks among the worst performers thanks to the periphery - Monte (BMPS) was smoked for 18% earlier today before the Italian Senate OK'd a debt buying plan and it rebounded, but Spain's IBEX is getting hit for 1% as Spanish Banks Lose EU Case Over Mortgage Interest Repayments. London is outperforming as Miners rebound, but volumes everywhere are abysmal - Most exchanges trading 30-40% light to trends. In Asia, Shanghai rose 1.1% and Hong Kong 40bp - Aussie climbed 40bp to 2016 peaks, led by basic resources, while the Nikkei lost small as the Yen gathered upward Mojo. EM Asia all got beat lower. Today is the Last day of ECB Bond Buying in 2016, but German Bunds still find themselves well-bid, with their 10YY hitting 24bp in the overnight. US Treasuries are a touch softer, with multiple bounces from 2.55%. The DXY is retreating from 14year highs - Euro squeezing back thru 1.04, Ten catching a bid - Swedish Krona bouncing as Riksbank extended its bond-buying, while the Kiwi$ rallying on higher dairy prices and Aussie$ rebounds from the recent whack as Ore and Steel stabilized overnight, helping Gold and Copper pop slightly. A Bigger drop in Crude Inventories has WTI up small this AM as we await DOE numbers later, While Natty is rebounding 2.5% from the recent drubbing.Quiet ahead of us today, with EU Consumer Confidence and US Existing Home Sales for Nov at 10 - DOE Inventories hit at 10:30, API data showed Crude Inventories dropped 4.14mm (Street looking for -2.5M), With Cushing building 600k (Street wanted build of 315k). Gasoline dropped 2mm (Street wanted build of 1.5M). At 2:30 today, VIX Contracts Roll. Earnings from MY, BBBRY and RHT hit after the close. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/fed-federal-reserve-raised-rates-janet-yellen-explain-why-2016-12">Watch Yellen explain why the Federal Reserve decides to raise rates</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="9iN245ODE6FzNRBdC0_U12Pgj2-fdpNL" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Thomson ReutersTraders work on the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York</div></div></div>Via Dave Lutz, head of ETFs at JonesTrading, here's a super-quick guide to what traders are talking about right now:Good Morning! US Futures are adding 50bp, as Earnings propels the index (FDX and ADBE) - While BOJ kept rates and asset purchases unchanged, Fins and Insurers in Japan loved the lack of NIRP and Steepening Curve - With the Nikkei climbing 1,9% and TOPIX Banks almost 7%. A wide sea of green over in Europe, as the DAX climbs 1.3% as Financials enjoy their best day in over 2months (but DB can barely hold a bid) - Energy companies are jumping on Oil's jump higher overnight, Telecom jumps 2.4% and Tech 1.5%. FTSE is lagging a bit, as Staples, Industrials and HC all offset gains by the Miners. In Asia, Shanghai added 30bp, Aussie rose 70bp on the back of commodity companies, while Japan leaps almost 2% ahead of a holiday tomorrow. EM Asia all closed strong. Ahead of the Fed today (Headlines and "Dot Plot" at 2, Presser at 2:30) - Fed Funds show a 22% chance of a hike today as attention focuses on December. Global Yields are relatively flat, despite a whipsaw in JGB's on the BOJ headers, but both US and German Yields are flat to yesterday's close. The DXY is off small, losing ground to the Euro and A$, while the Yen has strengthened due to lack of additional stimulus. Metals are mixed, with Silver and Platinum climbing 1%+, while Copper and Zinc Dive red. WTI up 2% as API last night showed a massive draw, while Gasoline has recovered 3% of yesterday's smackdown. Softs are mixed. At 9am we get the Conference Board China August Leading Economic Index, followed by the Bank of England Bond-Buying Operation Results at 9:50. 10:30 brings DOE data for Crude (API last night showed a DRAW of 7.5MM, against expectations of a 3.3MM BUILD forecast) - then attention turns to Washington for the 2pm FOMC Rate Decision and the "Dot Plot" headlines hitting right when the House Oversight committee hearing on EpiPen prices (MYL) kicks off - followed by the 2:30 Yellen Presser. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/elizabeth-warren-rips-wells-fargo-ceo-scandal-john-stumpf-2016-9">Watch Elizabeth Warren rip Wells Fargo CEO: 'You should resign'</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="o5aGcwNjE6BmkYOvr2712l2cma2m8hQP" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Here's a super-quick guide to what traders are talking about

Is the huge rally stalling out?
Dan Greenhaus at BTIG observes:
 We’re increasingly turning our focus towards earnings although first we must get through next week’s central bank meetings and nonfarm payroll report in the U.S. FDX is acting terribly after its report (down 11% since the 15th) and ORCL is down another 3.25% since falling nearly 10% after reporting. What was a relentless march higher for equities has clearly hit a rough patch and to repeat, while we expect higher prices, the near term could be tough as this rally just appears tired.
We're just talking about a few weak stocks and a handful of days of going nowhere. Tired is probably a good way to put it.
And it's not just stocks.
The rally in the Nikkei and the down move in the Japanese <keyword id="76265" type="PERSON" weightage="60" keywordseo="yen">yen</keyword> had been big parts of the story, but the yen decline has stalled out.
Here's a look at dollar vs. yen. It looked like the dollar was zooming straight to 100 against the yen, but it's weakened a bit, as the yen has strengthened.
<table class="image-container" width="200"><tr><td><div class="image"></div><a href="http://finviz.com/forex_charts.ashx?t=USDJPY&amp;tf=d1">FinViz</a></td></tr></table>
This is not a big worrisome development or anything, just a note that some big recent trends have halted outside of the S&amp;P 500, as well.

The Market May Have Hit A Ditch

FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
<a href="http://smeadcap.com/smead-strategies/smead-blog/entries/2013/04/03/the-road-to-omaha-valuation-matters-dearly/?utm_source=April+3%2C+2013&amp;utm_campaign=April+3%2C+2013+Missive&amp;utm_medium=email">Cheap Stocks Outperform The Stock Market Over Time</a> (Smead Capital) 
Buying cheap stocks at the start of the year is a good investment strategy, according to Smead Capital. 
"To those investors who agree that valuation matters dearly, we believe there are two choices. The first choice is to buy all 100 of the lowest quintile stocks. The other choice is to have some qualitative screens to find individual securities off of this undistinguished list. Almost every company on the list has warts and/or some newsworthy problem either from exterior circumstances or through self-affliction."
<div class="image-container" style="width:580px"><div class="image"></div><a href="http://smeadcap.com/smead-strategies/smead-blog/entries/2013/04/03/the-road-to-omaha-valuation-matters-dearly/?utm_source=April+3%2C+2013&amp;utm_campaign=April+3%2C+2013+Missive&amp;utm_medium=email">Smead Capital</a></div> 
<a href="http://advisorperspectives.com/commentaries/ag_040313.php"> Successful Investors Need To Possess Six Key Traits</a> (Advisor Perspectives) 
Kendall Anderson of Anderson Griggs Investments, drawing on former NYU professor Doug Bellemore writes that for investors to be successful, they need to possess six key traits. 
1. Patience - Investors need to identify and purchase cheap stocks and wait for five to eight years. 2. Courage - The investor should have the courage to ignore those who disagree with him/her. 3. Intelligence and common sense. 4. Emotional stability - To not be overwhelmed by emotions on Wall Street and to be able to carve out the facts. 5. Hard work - Do meticulous research. 6."Willingness to sacrifice the investment protection of diversification."
<a href="http://www.reuters.com/article/2013/04/03/morganstanley-advisers-idUSL2N0CP0XM20130403">Two Advisors Leave Morgan Stanley For Prospera</a> (Reuters)
Stephen Shipley and John Rubottom have left Morgan Stanley Wealth Management to join independent Prospera Financial Services. The duo managed $121 million in assets. Morgan Stanley "has lost at least 68 veteran advisers who managed more than $10 billion at the firm," according to Reuters.<a href="http://www.businessinsider.com/stock-market-internals-breaking-down-2013-4"> </a>
<a href="http://www.businessinsider.com/stock-market-internals-breaking-down-2013-4">We Are Seeing Cracks In The Stock Market</a> (Business Insider)
Stock markets ended the first quarter on a high. But some experts say if you look below the surface, you're already beginning to see cracks. Here are some key signs from Doug Kass: 1. "The Russell 2000 underperformed on Monday (-1.3%) and was down (-0.5%) on an up day on Tuesday." 2. "The advance/decline line is eroding as the market's rise narrows." 3. "The number of new 52-week highs is narrowing." 4. "Transports trailed, down 1.5% and 1.2% on the first two days of the week, respectively -- check out the chart of FedEx (FDX)."
Kass goes on to point out that it is unusual when defensive stocks lead the market during new highs.
<a href="http://www.businessinsider.com/art-cashin-the-bitcoin-bubble-2013-4">We Are Witnessing The Tulip Bubble In Real-Time</a> (Art Cashin)
UBS' Art Cashin thinks the Bitcoin craze is like the Dutch tulip bubble of the 17th century. "It is rare that we get to see a bubble-like phenomenon trade tick for tick in real time. Usually it's kind of regional aggregate pricing like real estate reports. But, all that may be changing – before our very eyes – quite literally. The bubble du jour may be something called a 'Bitcoin'."
Aggressive bidding for Bitcoins has caused prices to double to over $100 in two weeks. "Last night trading turned a bit whacky and the Bitcoin spiked above 145 before plunging in a few trades back to $126," wrote Cashin. "Just what the world needs – a "safe" currency."

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