Fisher Capital Management Scam Reviews » Blog Archive » Editorial: Greek Crisis Is A Warning To Europe, U.S.

http://www.investors.com/NewsAndAnalysis/Article/575566/201106161844/As-Greece-Goes-So-Goes-Europe.htm

Posted 06/16/2011 06:44 PM ET

Greek communists gather in Athens Thursday to rally against the government’s austerity measures. Prime Minister George Papandreou vowed to stay on… View Enlarged Image 

Financial Crisis: As heavily indebted Greece continues to implode, threatening to drag Europe down with it, Americans should remember one key fact: Repeated bailouts don’t work, only fiscal responsibility does.

Make no mistake: Greece’s wounds are self-inflicted. The socialist government of George Papandreou has been chronically unable to agree on badly needed cuts to push the country onto a sound fiscal path.

Now, Papandreou is fighting for his political life, trying to reshuffle his cabinet and win support for austerity reforms that will bring more European Union bailout money, even as he faces riots in the streets and demonstrations against his government’s austerity.

Problem is, Greece’s debt is unsustainable, yet the public — which voted an economically inept socialist government into office — seems to believe the welfare state gravy train never has to end. But it will. It must.

Greece owes close to $240 billion to European Union governments and banks that it can’t pay. Roughly half of that is owed to France and Germany, and right behind Greece are some much bigger debtors that really scare the Eurocrats. They include Ireland ($870 billion in debts), Italy ($1.4 trillion), Spain ($1.2 trillion) and Portugal ($290 billion).

This is why the EU has decided to throw good money after bad, doubling the size of its bailout fund from $1 trillion to more than $2 trillion. It fears political chaos, widespread bank failures and a collapse of the euro.

The bailout must be big enough, notes European Central Bank governor Nout Wellink, “to frighten the market and to convince the markets that governments are prepared to really defend, to the end of their days, Europe as it is and the monetary union.” That’s panic.

But what, really, are they defending? The Greek government’s right to spend far more than it takes in? Or the Greeks’ pathetic refusal to understand that other Europeans won’t pay for their welfare state?

Listen to the Podcast
Subscribe through iTunes

As the Financial Times noted, “Even if Greece successfully raised ($45 billion) from privatizations, met all its tight budgetary goals and grew in line with the optimistic official forecasts, its government debt would still equal about 150% of gross domestic product in 2014.”

Seen in that light, the bailout really isn’t about Greece’s economy at all. It’s about saving the EU from financial contagion and political chaos. Unfortunately,bailouts merely replace old debt with new. Studies show that cutting spending, not raising taxes, is the way to fix a nation’s finances and get its economy growing.

Time’s running out. At a minimum, the recent crisis means the EU’s cradle-to-grave welfare state is dead.

In its place, Europeans need to restore a sense of self-responsibility, hard work and market discipline, and pare back their demands from government.

As for the U.S., we can neither ignore this crisis nor gloat about it. If we don’t do the same, we’ll be next.

Fisher Capital Management Scam Reviews » Blog Archive »Imperial Tobacco issues Spanish profit warning

http://www.whatinvestment.co.uk/trading/share-dealing/uk-companies/1630083/imperial-tobacco-issues-spanish-profit-warning.thtml

FTSE 100, Imperial Tobacco

Related Articles

Aviva name RBS non-exec McFarlane as next chairman more >>
Market update (PM): Glencore falls despite strong Q1 resultsmore >>
FSA bans and fines trader £700,000 more >>
Tesco reveals sales growth in first quarter more >>
Market update (AM): Eurasian and Glencore fall in early trading more >>
HSBC sells Russian retail bank operations more >>

Imperial Tobacco (IMT.L) today warned profits from its Spanish division could drop by up to £110 million for the year ending 30 September 2011 compared to previous guidance.
The cigarette manufacturer said it was responding to price cuts from competitors in recent weeks, which have impacted all market participants in the Spanish market, and the company has moved to protect its market position.
Included in the £110 million cut in forecast, the company said £40 million of this represented a one-off non-recurring impact on the logistics division.
The company’s share price dipped last month when members of the Spanish media reported that its Altadis subsidiary was planning to cut the price of its blonde tobacco brands following an aggressive pricing move by rival Phillip Morris.
In a statement delivered to the London StockExchange, the company said it is continuing to monitor the position closely.
Despite today’s announcement, Imperial maintained that the overall group performance is unlikely to be materially impacted when the financial results are released on 30 September, saying they remain in line with the board’s expectations.
Throughout Western Europe, Imperial has a presence in most markets through its Davidoff, West, JPS and Golden Virginia brands.
As at 0845hrs, Imperial Tobacco was already trading down at 2,059, 1.25 per cent down on Friday’s close.
To receive more relevant articles like this one, why not sign up to our weekly newsletters, click here

Fisher Capital Management Scam Reviews » Blog Archive » iTunes hack goes global, new affected games identified

http://www.betanews.com/article/iTunes-hack-goes-global-new-affected-games-identified/1307564070

By Ed Oswald | Published THUR June 09, 2011

As coverage of the apparent hack of the iTunes Music Store expands, so have thereports from readers. The newest round of reports indicate that the issue is not limited to the US: Betanews has been able to identify victims in at least five foreign countries. Worse yet? It’s no longer just Sega’s Kingdom Conquestanymore: several other games have now been identified. Betanews first reported about the spreading hacks one week ago.

To date, reports have been received primarily from the US. However, since then reports have been received from Britain, Ireland, and Germany. Betanews has also been able to source reports through its investigation to New Zealand and Canada as well. Since the reports are not centered to one particular region per se, it’s likely this has become a worldwide problem for Apple.

Reader reports also have begun to become more diverse in the games they describe to be the source of their woes. In addition toKingdom Conquest, fraudulent transactions have been sourced to Storm8′s World War, and Kamagame’s Texas Poker. An investigation continues into whether or not other titles could be affected.

With Apple all but silent on the issue, it has been difficult to determine what may be the source of the problem. However, with the quantity of reports received now numbering over three dozen, a pattern has emerged: every game targeted is a free download, and the fraudulent charges are all due to in-app purchases.

For this reason, Betanews now has reason to believe that this particular hack affecting iTunes is likely sourced to an exploit existing in Apple’s in-app purchasing mechanism. It is the only similiarity between every report received.
While a majority of users reporting in as victims have had their iTunes credit balances drained, some also saw fraudulent charges to linked credit card and PayPal accounts. While an issue may exist there as well, it’s likely not the primary cause of the hack.
Repeated requests for comment from Apple have gone unanswered as of press time. Requests for comment from game developers affected were also not returned.
Betanews is still actively collecting reports. If you’ve been hacked, whether it’s Kingdom Conquest or not, we’d like to know. Send your reports to ed at edoswald dot com. We are also asking for your location (city and state is fine) for a future feature we’ll run showing visually 

Fisher Capital Management Scam Prevention News: 2G scam: ED invokes tough money laundering Act against Raja

The Enforcement Directorate will call former telecom minister A Raja for interrogation some time next week.

NEW DELHI: The Enforcement Directorate has initiated proceedings under the stringent Prevention of Money Laundering Act against former telecom minister A Raja and will call him for interrogation some time next week.
ED intends to begin the process of attaching properties found to be linked to proceeds of payoffs allegedly linked to the allocation of 2G spectrum licences in 2008 when Raja was minister, official sources said.

Fisher Capital Management Scam Prevention News: Shutdown-Averting Budget Deal Is Not Very Serious In Terms Of Deficit Reduction

Last week’s near shutdown of the government occurred because we were supposedly having an intensely “serious” discussion about reducing the federal deficit. But when you look at both the components of the deal that were agreed to, as well as some of the matters that were on the table, it’s hard to take these claims of seriousness very seriously.
As you already know, a lot of the eleventh hour debate concerned Planned Parenthood — an issue that related more to pure partisan antipathy than to a serious attempt to save taxpayers money. That’s not it, though. There’s a slew of things in the deal, or in the discussion of it, that just have nothing to do with cutting the deficit. In fact, there’s a fair amount of things that would actually add to the deficit.
Below are eight prime examples, including a note on whether they made it into the final agreement or not.
1. Budget Gimmicks Galore!
The $38 billion in cuts is already being reported as the largest single deficit reduction measure in history. But as the Associated Press reports today, both sides of the negotiating table indulged in a slew of budget tricks to arrive at that top line figure:

The details of the agreement reached late Friday night just ahead of a deadline for a partial government shutdown reveal a lot of one-time savings and cuts that officially “score” as cuts to pay for spending elsewhere, but often have little to no actual impact on the deficit.As a result of the legerdemain, Obama was able to reverse many of the cuts passed by House Republicans in February when the chamber approved a bill slashing this year’s budget by more than $60 billion. In doing so, the White House protected favorites like the Head Start early learning program, while maintaining the maximum Pell grant of $5,550 and funding for Obama’s “Race to the Top” initiative that provides grants to better-performing schools.
Instead, the cuts that actually will make it into law are far tamer, including cuts to earmarks, unspent census money, leftover federal construction funding, and $2.5 billion from the most recent renewal of highway programs that can’t be spent because of restrictions set by other legislation. Another $3.5 billion comes from unused spending authority from a program providing health care to children of lower-income families.

ADVERTISEMENT

[...]
About $10 billion of the cuts comes from targeting appropriations accounts previously used by lawmakers for so-called earmarks, those pet projects like highways, water projects, community development grants and new equipment for police and fire departments. Republicans had already engineered a ban on earmarks when taking back the House this year.
Republicans also claimed $5 billion in savings by capping payments from a fund awarding compensation to crime victims. Under an arcane bookkeeping rule — used for years by appropriators — placing a cap on spending from the Justice Department crime victims fund allows lawmakers to claim the entire contents of the fund as budget savings. The savings are awarded year after year.

Fisher Capital Management Scam Prevention News: Chester-based GB Group’s software praised for fraud prevention

SOFTWARE designed by Chester-based data management specialist GB Group has achieved a six-fold return on investment for a financial industries client.
LaSer UK, in Solihull, is jointly owned by French retail and investment bank BNP Paribas and retailer Galeries Lafayette and provides a range of credit and loyalty services.
It manages more than four million customers on behalf of more than 200 organisations and used GB’s URU programme to verify customer identities during the recruitment process.
After a successful trial LaSer has adopted URU at all three of its business areas – Creation Consumer Finance, Creation Financial Services and Sygma Bank UK – and Ian Frith, its fraud and underwriting manager, said: “For every pound spent with GB Group we’ve saved six through fraud prevention.”
He said URU is “a truly innovative verification tool, unlike anything else we viewed in the market, which also provided customers with a slick and simple sign-up experience.”

Fisher Capital Management Scam Prevention News: Card skim scams steal $170m

Australia has recently been targeted by skimmers from Romania, Southeast Asia and Sri Lanka

CREDIT and debit card fraud has tripled in just three years, with Australian consumers ripped off more than 657,000 times last year at a cost of $170 million.

The multi-million-dollar profits have attracted organised crime, with Australia recently targeted by crime groups from Romania, Southeast Asia and Sri Lanka.
These gangs are involved in large-scale card skimming, the Australian Crime Commission revealed in a report released today.
Organised crime groups have also moved into superannuation fraud, using stolen identities to access savings or unclaimed superannuation funds.
“Evidence has emerged of groups targeting superannuation holdings,” the report said.
One early-release scheme involving 121 clients netted crooked fund managers more than $685,000, which was moved out of Australia through low-value international funds transfers to the Philippines and Pacific Island nations.

Fisher Capital Management Scam Prevention News: Couple of clowns duped in super scam muddy waters for true victims

The clowns came out to play when the federal government shelled out $55 million in compensation for certain investors in Trio Capital.
The clowns include the former Wollongong financial planner Ross Tarrant, on the front page of a rival newspaper this week moaning about how DIY super investors should be paid compensation.
And that bloke Peter Johnston, the head of the Association of Independently Owned Financial Planners, was out there whingeing about the same thing.

Advertisement: Story continues below

Really, who are these jokers? How anyone could quote them with a straight face is beyond me. They have zero credibility on the issue of Trio Capital. The fact they are presenting themselves as part of the solution is staggering; they were part of the problem. Worse, they are muddying the waters for DIY super investors who have what appear to be genuine claims for compensation.
A quick recap: Trio Capital, a fund manager in Albury, was seized by regulators in December 2009. It has now been revealed to have been operating a big fraud in two particular hedge funds it managed: Astarra Strategic and ARP Growth.
On Wednesday the Assistant Treasurer, Bill Shorten, said government compensation would cover 5000 members of super funds overseen by the Australian Prudential Regulation Authority with money in Astarra Strategic. All up, they will be paid $55 million.
But 295 self-managed super fund investors in Astarra Strategic and 70 investors in ARP Growth were essentially told to nick off. Collectively, along with some direct investors who are not being compensated, these investors lost up to $120 million.
Now, this should be a big warning bell for the self-managed super investors that account for $420 billion in Australia’s booming $1.3 trillion superannuation industry.
It’s a bell these pages have been ringing for a while. As we wrote here last April, people being ushered into DIY super should receive documents with large red letters on the front reading: ”You could lose the lot.”
My position is not a Ross Tarrant-style pitch for broad-based compensation for DIY super fund investors. For example, I wouldn’t include him in any compensation scheme.
Additionally, there are good reasons for the government’s current position to let people in DIY super look after themselves. The current setting, as played out in Trio Capital, is that government compensation looks after mainstream investors in funds regulated by the Australian Prudential Regulation Authority.

Fisher Capital Management Scam Prevention News: Exploring a Stock Investing Secret

Because the book was published only Tuesday, we’re still reading it and should publish a full review as early as next week.
From Greenblatt’s interview with Morningstar, however, we already have a pretty good idea of what the book is about and what the motivation is behind it.
The “big secret” is value-weighted indexing.
Most indices, like the S&P 500 and Russell 3000, are weighted by market cap. That means that for every dollar you invest in them, the largest-cap stocks get more pennies then the smaller-cap stocks.
For example, if you invest $100 in a S&P 500 index fund (SPDR S&P 500 ETF(SPY_) is a popular one), about $3.48 is invested in ExxonMobil(XOM_), the largest-cap stock in the index, while about $2.52 is invested in Apple(AAPL_), the second largest, and so on.
Greenblatt believes that weighting the indices by value parameters, such as the operating earnings yield and return on tangible capital used by MFI, produces better stock investingresults.
In the Morningstar interview, he says that market-cap weighting removes about 2% of annual returns as opposed to equal weighting (where money is spread evenly among all stocks in an index).
A quick Google search will net you dozens of studies corroborating that fact, and it makes intuitive sense as well: Very large-cap stocks have more limited growth avenues and are more appropriately priced in general.
But the real upside is by placing bigger bets on firms in the index that rank higher by value parameters. Greenblatt contends that this adds 4%-6% of return a year over market-cap weighting over the long term. Furthermore, back-testing shows that this method is not any riskier or volatile than a market cap weighted solution.
To implement this system for investors, Greenblatt and his partners at Formula Investing have created “managed indexed” mutual funds. The U.S.-based ones use a universe of the 1,400 largest U.S.-listed stocks. Formula Investing U.S. Value A (FVVAX) chooses 800 to 1,000 of these, and the Formula Investing U.S. Value Select A (FNSAX) selects 75 to 120 of them. Both funds base their selections using MFI parameters and rebalance themselves frequently. There are also international variants of these two funds, choosing stocks in 26 countries outside of the U.S.

Fisher Capital Management Scam Prevention News: Cyber criminals target owners of smartphones

Unsocial Networks: Fraudsters are using sites such as Facebook to lure victims
Smartphones and social networking coupled with illicit money transfer are making it easy for fraudsters to exploit members of the public. Figures released last week point to a growing £400m-a-year problem as naive and vulnerable individuals are being lured into cyber crime involving money transfers.

These losses make up 10 per cent of last year’s overall British fraud figure of £4bn. This covers losses to consumers targeted using social networking sites such as MySpace, Facebook and Twitter. It includes mass-marketing fraud such as online ticketing and rental as well as advanced fee frauds.
“As social networks grow in popularity, there is a risk that they become increasingly targeted for fraudulent activities,” says Toby Jones, a spokesman for MySpace.
In broad terms, fraud has increased by 25 per cent over the past five years, according to the not-for-profit organisation Cifas. In 2010, 217,385 frauds were reported to the National Fraud Database by Cifas members.
In online banking, fraud increased 14 per cent, or £60m, last year, according to the National Fraud Authority.
The Office of Fair Trading has revealed that 39 per cent of people losing money to a scam in the past year did so through advance fees or money transfer, with 7 per cent losing more than £4,000. The consumer direct division of the regulator said this topped the list of complaints about scams and it receives more than 1,000 complaints about them each year. Further down the list are prize draws and sweepstakes, ticketing and foreign lotteries.
Money transfer operators such as Western Union, Money Gram and Hifx became regulated by the Financial Services Authority in November 2009 and since then consumers have been able to complain about them to the Financial Ombudsman Service (FOS). They are a valued service used by a growing economic migrant population, more than 35,000 of whom travel from outside the EU and are given visas to work in the UK each year, according to the Home Office. Many of these workers do not have bank accounts and problems can arise with money not reaching the specified destination or the incorrect exchange rate being applied.
Complaints about money transfer operators have remained low against the background of banks and building societies. The FOS received 508 complaints about transfers carried out between banks or building societies in 2010 and 635 in 2009. It is currently upholding 43 per cent of these complaints. “During the 2010 calendar year, about 60 complaints were referred to us. This was up from 10 complaints received in 2009 – although obviously we were only able to look at complaints that arose after November 2009,” says FOS spokeswoman Emma Parker. “We upheld in favour of consumers around 47 per cent of these complaints in 2010.”
Overseas workers are statistically less likely to complain when something goes wrong financially, while, anecdotally, unregulated back-street money transfers exist. John Bownas, a spokesman for Croydon Council, says its trading standards division had stopped £100,000 worth of dodgy money-transfer activity in the past year alone. “That is fairly typical and we would advise our residents to get in touch with us as quickly as possible if they feel they have been a victim of fraud,” he says. “The first port of call for most people should be Consumer Direct, which will pass you to the correct authority for your area.”
It is a problem that is likely to grow. Companies such as Nokia are offering mobile transfers to a much wider array of destinations. Earlier this month, the handset maker rolled out a new service with Bank of India, where more than 800 million people have a mobile but more than half the 1.2 billion population do not have a bank account. Even in Britain it is fast becoming commonplace to shop, pay utility bills and top up prepaid cards using only a mobile phone.
New research from credit reference agency Equifax has shown nearly 70 per cent of smartphone users aged between 22 and 25 do not use passwords on their phones, and two-thirds of this age group use their phones regularly to access online banking. In addition, more than half of second-hand phones hold sensitive personal information which could become linked with fraud. In an experiment carried out last month by ID theft insurer CPP, 247 pieces of personal data including debit card PINs and bank account details had been left on second-hand smartphones they bought.
Janet Davis, 52, from London, sent £850 via Western Union money transfer to enter a competition to win £70,000 she thought was organised by the Royal National Institute for the Deaf. However, it was a scam; the Facebook message claiming to be from the charity was a fake. But worse was to follow for Ms Davis when the fraudsters using information she divulged hacked into her Facebook account.
“I started to get texts from friends – I had about 30 in just one day,” she says. “They’d all had messages from someone who must have hacked my Facebook account. Whoever was pretending to be me was trying to persuade even more people to give them money. I sent out a message to tell people to block me and I set up a new account, but I haven’t been able to bring myself to use it again just yet.” Ms Davis also had two people impersonating FedEx employees call at her house to ask for more money to cover what they described as “tax and insurance”.

Fisher Capital Management Scam Prevention News: Online Crime’s New Frontiers

Las Vegas, Nevada (NAPSI) – More than ever, Americans are using new gadgets for entertainment, to communicate with friends and family and to perform their jobs. Thanks to technological advances, streaming movies, downloading music and e-mailing can be done with the tap of a finger.
Two of the most popular technology trends over the last couple of years are the ever-increasing use of mobile devices, like smartphones and tablet computers, and social networks. Together, the improvements have allowed people to broadcast information and interact with their friends and family, anywhere and anytime.
Unfortunately, while new devices and new ways of connecting have made getting online much easier, they’re also providing cybercriminals with new, creepy ways of targeting victims. As more people use their “smart” devices to access the Internet and stay up-to-date with their social networks, online thieves have more opportunities to steal personal information, which can then be used or traded for their financial gain.
Norton by Symantec, the makers of Norton Internet Security, recently released its 16^thInternet Security Threat Report. Among the top findings, the report revealed that mobile devices and social networks are among the hot new targets for crooks looking to make a quick buck.
One of the latest scams involves cybercriminals taking popular smartphone applications (or “apps”) and creating “poisoned” versions. The versions may look like the originals but after unsuspecting users have downloaded them, a number of things can happen—potentially damaging or dangerous software may be installed onto your phone, unnecessary personal information may be requested or the application (and the cybercriminals controlling it) may be able to see and even control all your mobile phone activity.
“Many people aren’t even aware that these kinds of mobile threats exist,” said Adam Palmer, Norton’s Lead Cybersecurity Adviser. “Taking precautions can be as simple as using a mobile security application and sticking to legitimate app marketplaces.”
On social networks, once a cybercriminal has access to someone’s account, he or she can post links to other websites on the victim’s profile. These links will show up on the news feeds of the victim’s family and friends and lead them to infected sites with viruses and other nasty items. The popularity of using shortened links also works in the scammer’s favor, since people aren’t able to easily tell if the link connects to a “bad” site. According to the Symantec report, of the total number of dangerous links found on social networking sites, 66 percent of them were hiding in shortened links.
Whether you are on a mobile phone, social network or just surfing the Web at home, it’s important to remember that cybercrooks are constantly stepping up both the complexity of their attacks and the ways they target victims.
Here are some tips you can follow to protect yourself:
• Use security software on your computer and your mobile phone.
• Be cautious when clicking on links in e-mails, instant messages and social networking sites—even when coming from trusted sources, like friends and family.
• Limit the amount of personal information you make publicly available on the Internet (especially via social networks), as it may be collected by cybercriminals and used to scam you.

Fisher Capital Management Scam Prevention News: Android Hits 350K Daily Activations, But Overspending Looms Over Google

Android is outselling everybody, but the investors are disgruntled
It was a tale of mixed news for search and smartphones giant Google Inc. (GOOG) with yesterday’s earnings report.  The company reported its Q1 2011 calendar quarter earnings [press release] and while there’s cause for optimism, investors seemed to almost unanimously feel that the bad outweighed the good.
I. The Good News — Great Growth
The good news was that Google continues to beat analyst earnings expectations.  It recorded first quarter revenue of $8.58B USD, well above the average analyst prediction.  That represents a terrific 27 percent year-to-year growth.
Video ads on YouTube appear to be at last increasing revenue and paid ad-clicks over all recorded a nice 18 percent raise.
And in the conference call on the earnings, Google’s Jeff Huber reported that the company’s smart phone OS, Android, continues on its prodigious growth pace.  The OS is now recording 350K activations per day.  Not long ago it was a big deal when Android hit 100K activations per day (May 2010) and 200K activations a day (September 2010).
To top off the good news, Android users now have 3 billion apps installed on their smart phones, a testament to the success of Google’s Android Marketplace, which today has over 200,000 apps.
II. The Bad News — Leadership Concerns, Rampant Spending
But the “bad” news, as far as investors were concerned, was Google’s elevated spending pace.  One big spending spot was the workforce.  Google went on a spending spree, growing its workforce 28 percent.
And Google also gave all its employees a raise last year.
This year, it says it will hire 6,000 more employees (it hired 2,000 in Q1 2011) and raise pay, on average, another 10 percent.
The company also spent a lot of money giving its various departments more funding.  It also picked up its pace of acquisitions, something that’s expected to continue as the company tries to fortify its social networking, music, and mobile businesses.
Investors are also concerned about new CEO Larry Page,who assumed the post on April 4.  While lauded as a visionary who likely will slash bureaucracy, some wonder if he will offer the same quality of communication that 10-year veteran Eric Schmidt — someone viewed as more of a businessman — offered.
III. Investor Reaction
The company’s investors were off put that Mr. Page only came on the earnings call for a few minutes and failed to deliver a detailed roadmap of his plans for the company.  In an interviewwith Reuters, Jim Tierney, chief investment officer of asset manager WP Stewart, an investment house that holds a significant number of Google shares, states, “My sincere hope is that over time he (Page) enunciates the strategy much more clearly.”
BGC Partners analyst Colin Gillis, another major investor expressed more concern about the company’s spending habits than its communication.  He remarked, “You got expenses growing faster than revenue and some people were caught by surprise by the willingness of the company to spend. But Larry Page has signaled pretty clearly that he is going to be driving up expenses. If the expenses are targeted and result in future revenue streams, then good for Larry. If not, that results in an undisciplined spending approach.”
Google Chief Financial Officer Patrick Pichette tried to quell spending complaints assuring investors that his company was still taking a very “disciplined” approach and that every spending proposal would be “scrubbed and scrutinized.”
Investors seemed unconvinced, though and share prices dipped over 5 percent during the day’s trading.