STOCK MARKET WATCH, Tuesday September 25

[ozymandius]

Source: du

STOCK MARKET WATCH, Tuesday September 25, 2007

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 483 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2454 DAYS
WHERE'S OSAMA BIN-LADEN? 2166 DAYS
DAYS SINCE ENRON COLLAPSE = 2127
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 10
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54

---

U.S. FUTURES & MARKETS INDICATORS
NASDAQ FUTURES-----------------------------S&P FUTURES

---

AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90
Oil - $27.69/bbl
Gold - $266.70/oz.

AT THE CLOSING BELL ON September 24, 2007

Dow... 13,759.06 -61.13 (-0.44%)
Nasdaq... 2,667.95 -3.27 (-0.12%)
S&P 500... 1,517.73 -8.02 (-0.53%)
Gold future... 739.30 +0.40 (+0.05%)
30-Year Bond 4.88% -0.01 (-0.29%)
10-Yr Bond... 4.62% -0.01 (-0.17%)






GOLD, EURO, YEN, Loonie and Silver

---

PIEHOLE ALERT

Heads Up!
Preliminary info on appearances by Bush & Co. throughout the country. Details & links are added as they become available so check back. And if you know more, are organizing something, or would like to, contact [e-mail]

For information on protests and other actions Citizens For Legitimate Government

---

Read more: du

[ozymandius]

1. Market WrapUp

A Reversion to the Mean
BY ROB KIRBY

How many of you have heard the saying or explanation by a technical analyst that a given market movement was nothing more than, “a reversion to the mean?”

Let's examine just what that means, shall we:

Mean reversion is a tendency for a stochastic process to remain near, or tend to return over time to a long-run average value. For example, interest rates and implied volatilities tend to exhibit mean reversion. Exchange rates and stock prices tend not to. Stock market returns, however, do tend to exhibit mean reversion. Exhibit 1 provides an intuitive illustration of the difference between mean reverting and non-mean reverting behavior.

-chart-

One thing that Roman History has taught anyone who wants to pay attention – maintaining an empire with far flung standing armies in the field with a “DISENTIGRATING CURRENCY” (or one that is quickly turning into confetti) – is quite a trick.

If one simply google's ‘collapse of the Roman Empire and currency debasement’ – you will find copious amounts of background reading from credible sources explaining this fact.

While soldiers of most countries are patriots – history would suggest they perhaps lose a bit of their ‘fight’ if, and when they aren’t being compensated properly.

http://www.financialsense.com/Market/wrapup.htm

[Rydz777]

13. Bush = Romulus Augustus, the last emperor of the western Roman

Empire. Our little adventure in empire building seems to be coming to an end - a whimper or a bang remains to be seen.

[Hugin]

14. Is it too early to declare this the "Era of Hydrocarbon Despotism?"

http://en.wikipedia.org/wiki/Hydraulic_despotism

Hmm... It's nice to see the "Ayn Rand Right Wing Revisionists" haven't deleted this from the Wiki, yet.
But, it won't be long. :eyes:

http://en.wikipedia.org/wiki/Objectivism_%28Ayn_Rand%29

[antigop]

28. deleted -- posted in wrong spot - n/t

[ozymandius]

2. Today's Reports

10:00 AM Consumer Confidence Sep
Briefing Forecast 105.5
Market Expects 104.5
Prior 105.0

10:00 AM Existing Home Sales Aug
Briefing Forecast 5.60M
Market Expects 5.50M
Prior 5.75M

http://biz.yahoo.com/c/e.html

[ozymandius]

3. Oil prices fall further in Asian trading

SINGAPORE - Oil prices continued to drop Tuesday after the easing of concerns about supply disruption in the Gulf of Mexico, but analysts said expectations of tighter supplies ahead may limit the decline.

Light, sweet crude for November delivery fell 58 cents to $80.37 a barrel in Asian electronic trading on the New York Mercantile Exchange by midmorning in Singapore.

The decline was a continuation of the overnight trend that saw the contract fall 67 cents a barrel to settle at $80.95 a barrel, said David Moore, a commodity strategist with the Commonwealth Bank of Australia in Sydney.

-cut-

Some investors were trying to determine if oil futures' recent record-setting advance above $80 a barrel had run its course.

Many analysts believe much of oil's recent run can be attributed to speculators buying and selling crude futures contracts with no intention of taking delivery. That speculative frenzy was heightened last week when the Federal Reserve cut interest rates. Falling interest rates have driven the dollar lower against other global currencies, which makes commodities priced in dollars cheaper for overseas investors.

http://news.yahoo.com/s/ap/oil_prices

[ozymandius]

4. Long strike could cost GM billions

DETROIT - If the United Auto Workers strike against General Motors Corp. lasts longer than a week or two, it could cost GM billions of dollars and stop the momentum the company was building with some of its new models, according to several industry analysts.

A strike of two weeks or less would not hurt GM's cash position and would actually improve its inventory situation, Lehman Brothers analyst Brian Johnson said Monday in a note to investors. But a longer strike would be harmful, causing GM to burn up $8.1 billion in the first month and $7.2 billion in the second month, assuming the company can't produce vehicles in Mexico or Canada, Johnson wrote.

Initially, the strike wouldn't have much impact on consumers because GM has so much inventory, the analysts say. The company had just under 950,000 vehicles in stock at the end of August, about 35,000 less than at the same time last year.

-cut-

It was unclear what would happen to vehicles that were en route to dealers. The Teamsters transportation union said its 10,000 automotive transport members would not cross UAW picket lines.

The strike will cost GM about 12,200 vehicles per day, according to the auto forecasting firm CSM Worldwide of Northville. If the walkout goes beyond 36 hours, CSM expects vehicle production in Canada to be affected because of a lack of U.S.-built engines and transmissions.

http://news.yahoo.com/s/ap/20070925/ap_on_bi_ge/auto_talks

[ozymandius]

5. American Home Mortgage faces inquiry

NEW YORK - American Home Mortgage Investment Corp. bounced property tax checks for some Maryland homeowners, local and state officials said Monday, and they have demanded an explanation from the bankrupt mortgage lender and servicer.

The Maryland Commissioner of Financial Regulation filed an inquiry with American Home Mortgage on Friday. Melville, N.Y.-based American Home Mortgage has five days to respond to the letter, said Joseph Rooney, the deputy commissioner for Maryland's financial regulator.

Officials in New York and Washington state are also looking into bounced checks there.

Mortgage servicers typically collect property tax payments each month with a borrower's mortgage payment. The property taxes are then placed in an escrow account and held until property tax bills are due. Because they are placed in an escrow account, funds should always be available to make the payments.

http://news.yahoo.com/s/ap/20070924/ap_on_bi_ge/american_home_regulatory

[ozymandius]

6. Investor confidence at 13-month low: UBS

NEW YORK (Reuters) - Investors' confidence in the U.S. economy fell in September for a fourth straight month to its lowest level in 13 months on continued concerns about the housing market and elevated energy costs, a survey showed on Monday.

The UBS/Gallup Index of Investor Optimism fell to 68 in September, down 5 points from 73 in August The study for the index was conducted prior to the Federal Reserve's rate cut on 18.

-cut-

Recent market turmoil has prompted more and more investors to review their personal holdings, with 34 percent re-evaluating their portfolios, said UBS.

Of those who have made a re-evaluation, 58 percent are holding more cash or cash equivalents, 43 percent have reduced their investments in complicated financial instruments such as mortgage-backed securities, and 20 percent have reduced their investments outside the United States.

http://news.yahoo.com/s/nm/20070924/bs_nm/usa_economy_gallup_dc

[Kolesar]

8. 13 months is not a long time. 13 years would be a problem. ... eom

[fasttense]

11. Yeah, like the 74 year low in US personal savings rate. n/t

[Kolesar]

32. Panic!

[ozymandius]

7. Futures fall as Lennar fuels housing worry

NEW YORK (Reuters) - Stock futures sagged to session lows on Tuesday after builder Lennar Corp (LEN.N) posted results that pointed to further worsening in the housing market just as investors awaited data on August existing homes sales.

Lennar's report of a wider-than-expected quarterly loss hit a market already made jittery by home improvement chain Lowe's Cos. Inc.'s (LOW.N) profit warning and day two of the United Auto Workers union strike against General Motors Corp (GM.N).

http://news.yahoo.com/s/nm/20070925/bs_nm/markets_stocks_dc

[Roland99]

12. Target cuts September same-store sales forecast

Target cuts September same-store sales forecast
http://www.marketwatch.com/news/story/target-cuts-september-same-store-forecast/story.aspx?guid=%7BF8311AD1%2D91B1%2D409C%2D9234%2D941C56A6678B%7D

Target Corp. on Monday cut its forecast for September sales at stores open more than a year, citing weaker-than-expected traffic, a move that sent shares tumbling nearly 5% in after-hours action.

Target said after the close that it now expects same-store sales to rise 1.5% to 2.5% for the month, down from its previous forecast of 4% to 6%. In a recorded message, the Minneapolis-based discount retailer also said sales in the northeast were particularly weak.

Target shares ended the day down $1.35, or 2.1%, to $64.30. After the close, shares fell another $2.57, or 4%, to $61.73 in after-hours trading.

The company routinely offers a mid-month update on same-store sales. The period covered under the forecast runs from Sept. 2 to Oct. 6. Final results are to be posted Oct. 11.

[ozymandius]

9. Oil and mining groups drag FTSE lower

London equity markets fell on Tuesday as mining and oil groups retreated.

Oil stock fell in response to a fall in crude prices on commodity exchanges, although BP, down 2.8 per cent to 573p, was further hit by a report in the Financial Times that third-quarter results, due next Tuesday, would be "dreadful".

BP has been hit by well-publicised problems including a squeeze on refining margins, falling US natural gas prices, and damage to a North Sea oil pipeline.

According to the report, Tony Hayward, BP chief executive, is set to announce a streamling of the company's organisation next month.

http://news.yahoo.com/s/ft/20070925/bs_ft/fto092520070614395035

[ozymandius]

10. BP shares hit ahead of ‘dreadful’ results

Tony Hayward, BP’s new chief executive, has prepared staff for a far-reaching shake-up of the oil company as he delivered a blunt warning that third-quarter revenues would be “dreadful”.

Mr Hayward told a staff meeting in Houston he would be announcing a streamlining of the company’s organisation next month, the Financial Times has learnt. He said that BP’s financial performance was at its lowest since the crisis of 1992-93.

The remarks were made to a “town hall” meeting and summarised by a BP manager in a note circulated to colleagues under the heading “BP Confidential”.

In early London trading on Tuesday BP shares were 12½p or 2.1 per cent lower at 577p.

Mr Hayward’s prediction of a “dreadful” third quarter comes as analysts prepare for downbeat results in spite of record high oil prices. BP has been suffering from well-publicised problems including a squeeze on refining margins and falling US natural gas prices, as well as operational hold-ups such as damage to a North Sea gas pipeline.

http://www.ft.com/cms/s/0/0cf8ebbc-6ad7-11dc-9410-0000779fd2ac.html

[antigop]

15. Thought you guys might want to watch the video I posted on The Great American Giveaway

How the trade deficit is allowing foreign governments to purchase US assets.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x57380

<edit to add> Is your outrage meter on overload?

[KoKo]

20. Thanks...

One has to wonder how this will work out.

[JNelson6563]

16. Bad news is good news.

Looks like opposite day at the casino today.

Making sure I make my 15,000th post here in the fabulous Stock Watch Thread.

Cheers to you Marketeers! :toast:

Julie

[Tiberius]

17. Black is white, up is down

Yup, it's pretty odd. But the best that I can think of is that 1) the bad news was already priced in; 2) bad news increases the odds of the Fed cutting *again*; or 3) the PPT is at work today trying to keep the ship afloat, if you believe that sort of thing.

[Hugin]

18. I feel pretty good...

Chocolate Rations are at an all time high!

(Corrected for seasonal variance and after energy and food prices are removed.)

[Hugin]

19. Congrats on the 15 grand J!

:party:

[AnneD]

21. Morning Marketeers....

:donut: and lurkers. I am watching DC more than WS today. You might remember me telling you in Feb that I was in DC. I was lobbying for the S-Chips bill. I work every day with uninsured children, and they desperately need health insurance to grow up healthy. It is a problem were a small amount of money at the beginning of the problem can yield big savings down the road. I can give many examples but the two that I told our reps was the one where I sent a kind to the hospital with what I knew to be an infection in his leg. Luckily he had Medicaid and was seen. He had cellulites (severe infection) that was starting to spread to the bone (an xray, a shot of Abx, some oral Abx and a few follow up visits). It was caught in time but without treatment, the child would have lost his leg. We think it started with a mosquito bite that became infected. I had another child with one of the worst ear infections I ever saw. Because this child had been enrolled in the new chips program-the infection was treated, tubes put in and her hearing preserved. Now that was well worth it. Preventing life long handicaps for a few dollars.
If you have a spare minute today, please e-mail your rep in favour of this bill. Oh, by the way, this was the time that John Cornyn and his aids stood us up at a SCHEDULED meeting....asshats:mad:

Now, if we could just get more School Nurses....:think:

Happy hunting and watch out for the bears.

[Hugin]

22. I'm all for investing in our future, AnneD!

:hangover:

And that's what every cent spent on our children really is, an investment in the future.

:thumbsup:

[Roland99]

25. But cluster bombs make ya go "ooooo....ahhhhh" (if you're a freeper)

[AnneD]

27. But if we don't take care of the kids now...

we'll be cluster fucked in the future.

I've never understood this fascination with blowing up things. If you have several million -and spend it on research, you get cool new stuff. If you spend it say a tank you get tires and a turret (several mill won't buy much). But say if you got an entire tank, one IED and there goes you money and all you got to show for it is 4 dead soldiers. Some return on investment.

[Roland99]

31. Ah, but that defense contractor that made the bomb just made its execs some $$$

Screw the kids.





:sarcasm:

[Roland99]

23. Existing-home sales fall to 5-year low; Inventories of unsold single-family homes highest in18 years

http://www.marketwatch.com/news/story/us-existing-home-sales-fall-five-year/story.aspx?guid=%7BC02E6F86%2D2D23%2D4D45%2DA83D%2DBF973D6432B9%7D

[Roland99]

24. 11:46am - Lackluster day at the Dow

Dow 13,741.83 -17.23
Nasdaq 2,669.67 +1.72
S&P 500 1,512.90 -4.83
10 YR 4.58% -0.04
Oil $79.46 $-1.49
Gold $736.00 $-3.30

[TrogL]

26. Loonie Watch

Highlights

Current:



30-day and 90-day vs.greenback:



30-day vs. Euro, Yen, UK Pound and Swiss Franc




Currency Comparison: http://members.shaw.ca/trogl/looniewatch.html

Detailed analysis: http://quotes.ino.com/exchanges/?r=CME_CD

Up-to-the-minute graph: http://quotes.ino.com/chart/?s=CME_CD.Y%24%24&v=s&w=5&t=l&a=1

Historical values http://www.x-rates.com/d/USD/CAD/data30.html

2007-08-24 Friday, August 24 0.950119 USD
2007-08-27 Monday, August 27 0.951022 USD
2007-08-28 Tuesday, August 28 0.941974 USD
2007-08-29 Wednesday, August 29 0.944109 USD
2007-08-30 Thursday, August 30 0.946342 USD
2007-08-31 Friday, August 31 0.94697 USD
2007-09-03 Monday, September 3 0.94697 USD
2007-09-04 Tuesday, September 4 0.953016 USD
2007-09-05 Wednesday, September 5 0.951656 USD
2007-09-06 Thursday, September 6 0.949307 USD
2007-09-07 Friday, September 7 0.948227 USD
2007-09-10 Monday, September 10 0.949487 USD
2007-09-11 Tuesday, September 11 0.958773 USD
2007-09-12 Wednesday, September 12 0.964134 USD
2007-09-13 Thursday, September 13 0.968617 USD
2007-09-14 Friday, September 14 0.971628 USD
2007-09-17 Monday, September 17 0.970214 USD
2007-09-18 Tuesday, September 18 0.977135 USD
2007-09-19 Wednesday, September 19 0.985513 USD
2007-09-20 Thursday, September 20 0.998901 USD
2007-09-21 Friday, September 21 0.999201 USD
2007-09-24 Monday, September 24 0.998901 USD

Current values

http://quotes.ino.com/exchanges/?r=CME_CD)

Market Open High Low Last Change Pct Time
CD.Y$$ Cash 0.9965 0.9993 0.9965 0.9989 +0.0004 +0.04% 13:01
CD.Z07 Dec 2007 0.9989 1.0010 0.9983 0.9998 +0.0001 +0.01% 12:49
CD.H08 Mar 2008 0.9860 0.9860 0.9860 1.0001 -0.0004 -0.04% set 15:07
CD.M08 Jun 2008 0.9495 0.9495 1.0004 0.0000 0.00% set 15:07
CD.U08 Sep 2008 1.0000 1.0012 1.0000 1.0007 +0.0006 +0.06% set 15:07
CD.Z08 Dec 2008 0.9530 0.9530 0.9530 1.0004 0.0000 0.00% set 15:07
CD.H09 Mar 2009 0.9998 0.9998 0.9998 0.9998 +0.0001 +0.01% set 15:07


Other combinations: (this will be a table too)

AU.Z07 AUSTRALIAN $/US$ Dec (NYBOT) 0.8643 +0.00024
HY.Z07 CANADIAN $/JAPANESE YEN Dec (NYBOT) 113.715 -0.525
GB.Z07 EURO/BRITISH POUND Dec (NYBOT) 0.70300 +0.00355
EP.Z07 EURO/CANADIAN $ Dec (NYBOT) 1.41120 +0.00205
EJ.Z07 EURO/JAPANESE YEN Sep (NYBOT) 160.400 -0.005
EU.Z07 EURO/US$ (LARGE) Sep (NYBOT) 1.41125 +0.00070


Blather (from http://quotes.ino.com/exchanges/?r=CME_CD)

The December Canadian Dollar was lower overnight as it consolidates some of this month's rally. At the same time, stochastics and the RSI are overbought, diverging and are neutral to bearish hinting that a short-term top might be in or is near. Closes below the 10-day moving average crossing at .9849 would confirm that a short-term top has been posted. Overnight action sets the stage for a steady to lower opening in early-day session trading.


Analysis

The bot's wrong. It's calling for a top. I'm not.

I'm sticking to my guns that we're not overbought - there's no end in sight. The trader bots think it's a brave new world.

[antigop]

29. Check this out...does this seem a little strange...State St ends traditional pensions

Edited on Tue Sep-25-07 06:22 PM by antigop
http://www.reuters.com/article/marketsNews/idUKN2432387620070924?rpc=44

>>
State Street Corp (STT.N: Quote, Profile, Research), the world's largest institutional money manager, said on Monday it is ending the traditional pensions it offers to about 15,000 U.S. employees, joining a growing list of firms making workers responsible for their retirement savings.
...
State Street declined to spell out the financial impact of the move. "It is not a cost-saving initiative," said Carolyn Cichon, a spokeswoman for the firm.
>>

This move is effective Jan. 1. Other companies typically give more warning than this, don't they (although not required to by law).

But "It is not a cost-saving initiative".....then what is it?

<edit> fixed spelling

[DemReadingDU]

30. Hmm, I would have thought instead of ending traditional plan

State Street could have opted to convert to the cash-balance type of pension plan. Very strange to totally end the pension plan altogether.

So if an employee (not yet retired) already has a pension plan in place, what happens to it?

[antigop]

33. Well, I'm not sure they are really "ending" the plan

When you end a defined benefit plan, there are excise taxes the company has to pay, and my understanding is that they are quite steep -- which is why companies don't terminate -- they freeze the plan, or, as you indicated, switch to cash balance.

The timing seems a little strange....and why exactly are they doing it, if it's not a cost savings?

[antigop]

34. In answer to your question about employees not yet retired...

They should still have a vested interest and whatever their vested amount is, they should still get it. I think companies find an insurance company to pay out the annuities.

[Kolesar]

35. There should be a "pension fund" that is 80% to 90% funded already

That is what they disburse when they force the employees to a "cash balance plan".

[antigop]

36. Maybe they are ending it for new employees? That's what some companies have done. n.t

[DemReadingDU]

39. That's what I was thinking

Freezing pension for current employees, and not offering to new employees.

[antigop]

37. OK, is my tinfoil hat going haywire or something?

http://biz.yahoo.com/ap/070909/risky_mortgages_investors.html?.v=3

>>
State Street Corp.'s Advisors' SSgA Yield Plus has lost 9.5 percent of its value so far this year. State Street declined to comment Friday. The company also declined to deny or confirm a report in the Boston Globe last month, which quoted a letter to State Street clients alerting them to a 42 percent decline this year in the State Street Limited Duration Bond Fund for institutional investors.
>>

And now they announce they are ending traditional employee pensions (see above post)? Was the pension change in the works for some time or is this something they recently decided to do?

[DemReadingDU]

38. certainly interesting

My sister worked for State Street several years ago. It might be a few days, but I will check with her to see if she has heard anything.

[antigop]

40. OK, it looks like State Street is freezing its plan....

http://www.pionline.com/apps/pbcs.dll/article?AID=/20070925/DAILY/70925018

>>
State Street Corp., Boston, will freeze its defined benefit plan starting Jan. 1, while enhancing contributions to its 401(k) plan, said spokeswoman Carolyn Cichon.
>>

But the questions remain:
1) was this change in the works or was it something they recently decided to do?

2) If it's not a cost-saving, then what is it?

The only thing I can think of with regard to #2, is that by freezing the plan before the end of the year, they may not have to put as much into the pension fund by the end of the year. Kind of a "contribution avoidance" instead of a "cost-savings initiative"?

[ozymandius]

41. time to call it a day

Dow 13,778.65 Up 19.59 (0.14%)
Nasdaq 2,683.45 Up 15.50 (0.58%)
S&P 500 1,517.21 Down 0.52 (0.03%)
10-Yr Bond 4.614% Down 0.01
NYSE Volume 3,146,368,000
Nasdaq Volume 1,911,127,000

4:20 pm : Concerns about a consumer spending slowdown permeated the market on Tuesday following disappointing earnings/sales updates from several companies with a high profile in the consumer discretionary sector (-1.2%). Still, the broader market ended the day relatively flat.

The companies of note included home improvement retailer Lowe's (LOW 28.51, -2.04), which tempered its full-year EPS outlook, value-based retailer Target (TGT 61.35, -2.95), which cut its September same-store sales growth forecast to 1.5% to 2.5% from 4.0% to 6.0% citing weak traffic, and homebuilder Lennar (LEN 23.22, -0.96), which reported a third quarter loss of $3.25 per share versus the consensus estimate for a loss of $0.55 per share.

Lennar added that it will be cutting more staff in the fourth quarter and that recent rate cuts from the Fed won't be a panacea for housing conditions as they now exist. On a related note, the National Association of Realtors reported that existing home sales in August fell 4.3% to an annualized rate of 5.50 million units. That was in line with the consensus estimate and a further reminder of the ongoing weakness in the housing market.

The confluence of these developments, combined with the lingering weakness in General Motors (GM 34.42, -0.32) following the UAW strike and a report of a dip in the September consumer confidence index to 99.8 from 105.6 in August, kept the discretionary sector underwater all day. One bright note is that the sector finished off its lows, but that finish belies what was an otherwise weak outing.

Another drag on the broader market was the energy sector (-0.9%). It got clipped along with oil prices, which dropped 1.8% to $79.50 per barrel. The decline was attributed to profit-taking from an overbought condition and a lessening of near-term supply concerns after a weekend storm passed through the Gulf of Mexico without incident.

Strength in the technology sector (+1.0%) acted as an effective offset that limited the broader market's losses. Once again, participants were favoring large-cap issues like Apple (AAPL 153.18, +4.90), Research In Motion (RIMM 96.82, +2.32), Microsoft (MSFT 29.56, +0.48) and Cisco (CSCO 32.44, +0.56) given their favorable growth outlook.

The Nasdaq 100 ended the session up 1.0%.

Outside of the technology and consumer discretionary sectors, there weren't any other 1.0% movers. The financial sector (-0.3%), though, was a notable laggard as concerns about the economic environment and broad-based weakness in the REIT stocks weighed on its performance.DJ30 +19.59 NASDAQ +15.50 SP500 -0.52 NASDAQ Dec/Adv/Vol 1664/1321/1.90 bln NYSE Dec/Adv/Vol 1934/1334/1.33 bln