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I’ll Have Another wins Preakness, shoots for Triple Crown in 3 weeks

tobuy — Sat, 19 May 2012 22:32:21 +0000

I’ll Have Another wins Preakness, shoots for Triple Crown in 3 weeks

CHICAGO (MarketWatch) — Kentucky Derby winner I’ll Have Another won the Preakness Stakes Saturday at Pimlico Race Course in Maryland, giving him a shot to become the first Triple Crown winner in 34 years. As in the Derby two weeks ago, I’ll Have Another ran down front-running Bodemeister to prevail by a head at the wire. Creative Cause finished third. I’ll Have Another was the second betting choice in the race at 3-1; Bodemeister went off at 8-5. There has not been a Triple Crown winner since Affirmed in 1978. Eleven horses have completed the Derby-Preakness double since then only to fall in the Belmont Stakes, the longest race in the series at 1 1/2 miles. Big Brown was the most recent to miss the feat in 2008. This year’s Belmont will be run Saturday June 9.

I’ll Have Another wins Preakness Stakes

tobuy — Sat, 19 May 2012 22:31:04 +0000

I’ll Have Another wins Preakness Stakes

NewsWatch: U.S. investors hang on Europe after bruising week

tobuy — Sat, 19 May 2012 21:00:12 +0000

NewsWatch: U.S. investors hang on Europe after bruising week

By MarketWatch

MARKETWATCH FRONT PAGE

After the worst week of the year for U.S. stocks, investors will be looking for signs of whether the U.S. economy can continue to recover in the face of ongoing uncertainty about Greece, Spain and global growth prospects.
See full story.

Facebook debut sets pace for tech IPOs to come

Facebook’s mixed public debut and its aftermath will have a strong influence over investor demand for the next wave of Internet- and technology-sector IPOs.
See full story.

Facebook debut sets pace for tech IPOs to come

Facebook’s mixed public debut and its aftermath will have a strong influence over investor demand for the next wave of Internet- and technology-sector IPOs.
See full story.

Facebook IPO fails to ‘pop’ in rough debut

Social network’s shares weaken near the end of its first trading session following its massive billion initial public offering, losing grip on the first-day pop.
See full story.

Facebook hacks its way to the Nasdaq

Images from arguably the biggest day in the social network’s brief history feature a “hackathon” in Silicon Valley, a newly multibillionaire 28-year-old CEO, the crowning of a new richest rock star — and a perhaps surprisingly drab debut performance from the new stock.
See full story.

MARKETWATCH COMMENTARY

There’s been a lot of hand-wringing about the debt this week. But the biggest problem we face is not deficits, but unemployment, writes Darrell Delamaide.
See full story.

MARKETWATCH PERSONAL FINANCE

When it comes to IRAs, timing is everything. Robert Powell looks at five rules that could derail your retirement-savings plans.

See full story.

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G-8 leaders: Recovery still facing obstacles

tobuy — Sat, 19 May 2012 19:38:26 +0000

G-8 leaders: Recovery still facing obstacles

By Andria Cheng, MarketWatch

President Obama speaks at Saturday’s G-8 meeting as Germany’s Angela Merkel, Britain’s David Cameron (rear) and Russia’s Dmitri Medvedev listen.

NEW YORK (MarketWatch) — President Barack Obama and other Group of Eight leaders said on Saturday while the global economic recovery shows signs of promise, significant headwinds persist.

With the economic crisis in the euro zone among the key point of discussions, the world leaders said they affirm their interest in Greece remaining in the Eurozone while respecting its commitments.

“We agree on the importance of a strong and cohesive euro zone for global stability and recovery,” the G-8 leaders said in a statement issued by the White House. “We commit to take all necessary steps to strengthen and reinvigorate our economies and combat financial stresses, recognizing that the right measures are not the same for each of us.”

Greece, which has received financial aid from its euro zone partners in exchange for severe budget cuts and other austerity measures, has been at the center of the euro zone crisis as its deepening recession threatened to compromise its ability to implement the measures it has promised in exchange for the financial aid.

That’s sparked a debate about whether Greece should keep its membership in the euro, with Greek officials reportedly saying Friday that Germany’s chancellor proposed that Athens hold a referendum on its membership in the euro, an assertion that Berlin has later denied.
See related story on Greece.

Heightened debt levels in countries from Greece to Spain amid sluggish economies have prompted their European partners to approve some financial package and introduce measures to prevent the collapse of any member economies that may threaten to ignite a domino effect to hurt economy in the whole region.

The G-8 statement was made after the global leaders began a day of back-to-back meetings at the presidential retreat of Camp David, Md.

Obama also said Saturday that the leaders of the G-8 major economies are making progress on addressing the euro zone crisis, according to media reports.

“All of us are absolutely committed to making sure that growth and stability and fiscal consolidation are part of an overall package to achieve the kind of prosperity for our citizens we all are looking for,” Obama said.

G-8 leaders arrive at Camp David

Leaders of eight of the world’s largest economies gather in Maryland for talks. Video: Reuters

British Prime Minister David Cameron, who spoke after an early-morning meeting with Obama, said, “Growth and austerity aren’t alternatives” in dealing with the euro-zone issues, adding fast actions need to be taken, the Financial Times reported, adding Obama said Friday that the euro-zone crisis is an issue of “extraordinary importance” to the world’s economy.

Obama is expected to press his counterparts, especially German Chancellor Angela Merkel, to focus less on budget cuts and other austerity measures and more on ways to lift economic growth in the euro zone, The Wall Street Journal reported.

The threat of Greece leaving the eurozone is creating worries about Europe’s economic stability and a potential return to global financial crisis, the Journal reported, adding there’s little Obama can do other than nudging European leaders toward a solution even though his re-election campaign would face a major blow if the European crisis spreads to the U.S.

The meeting began Friday night with Obama hosting a dinner at the Maryland compound, according to a White House pool report.

Obama, seated between French President Francois Hollande and Cameron, also raised topics including energy markets, Iran, Syria and North Korea.

Regarding the global oil markets, the G-8 said in a statement on Saturday that it’s monitoring the global oil market closely and “stand ready to call upon the International Energy Agency to take appropriate action to ensure that the market is fully and timely supplied.”

Europe’s week ahead

European leaders will look at the outcome of the G-8 summit at Camp David and parse euro-zone manufacturing data.

The weekend’s summit precedes a summit for European leaders next week. Many G-8 leaders also will leave for Chicago Saturday night to attend a meeting of North Atlantic Treaty Organization members, where Afghanistan will be the central focus of the two-day summit, the Journal reported.
See related terror plot story.

Next week, American negotiators also are expected to have a crucial round of talks with Iran over its nuclear program in Baghdad, the New York Times reported, adding senior Obama officials said the U.S. and five other major powers were prepared to give Iran inducements to suspend its efforts to enrich uranium closer to weapon grade.

Andria Cheng is a MarketWatch reporter based in New York.

3 NATO protesters accused of terror plot: report

tobuy — Sat, 19 May 2012 19:29:04 +0000

3 NATO protesters accused of terror plot: report

By Andria Cheng, MarketWatch

A protestor in a Guy Fawkes mask walks past a police officer during a demonstration ahead of the NATO meeting in Chicago.

NEW YORK (MarketWatch) — Ahead of a two-day NATO meeting beginning Sunday in Chicago, three men in their 20s were accused of making Molotov cocktails in planned attacks on President Barack Obama’s campaign headquarters, Chicago Mayor Rahm Emanuel’s home and other targets during the summit, the Associated Press reported Saturday.

Defense attorneys for the men, arrested Wednesday in a night raid at an apartment in Chicago’s South Side Bridgeport neighborhood, alleged it was a setup and the arrests were an attempt to scare thousands of protesters expected to gather Sunday to march 2 1/2 miles to the McCormick Place convention center where delegates will be meeting, the AP reported.

Among the protests planned for Saturday ahead of the NATO summit was a march on the home of Emanuel, the AP reported.

Emanuel was Obama’s chief of staff before returning to Chicago to win election as mayor in February 2011. Obama was a Chicago resident before he was elected president in 2008.

Delegates from about 60 countries are expected to gather for the summit to discuss NATO’s role in the war in Afghanistan and European missile defense, the AP reported.

The suspects, who arrived in Chicago late last month to participate in May Day protests, were being held on a $1.5 million bail each, AP reported.

Six others who were also arrested Wednesday were released Friday without being charged, the news service reported.

Andria Cheng is a MarketWatch reporter based in New York.

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Chrysler recalls 87,000 Jeep Wranglers from 2010

tobuy — Sat, 19 May 2012 18:45:39 +0000

Chrysler recalls 87,000 Jeep Wranglers from 2010

By Andria Cheng, MarketWatch

NEW YORK (MarketWatch) — Chrysler Group is recalling about 67,900 Jeep Wranglers in the U.S. because of a risk of fires, the National Highway Traffic Safety Administration said on its Website.

About 6,000 other Jeeps also are being recalled in Canada, 1,500 in Mexico and about 11,000 in other countries for a total of about 87,000, the Associated Press reported Saturday, citing a company spokesman.

The recalls affect only 2010-model Wranglers with automatic transmissions. The transmission skid plate, which is close to the catalytic converter, can collect debris and can ignite without warning, NHTSA said on its site, which said Chrysler reported the recall on May 15.

Chrysler

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+1.90%

said it will replace the skid plate with a skid bar free of charge.

Chrysler knows of at least 14 complaints of fires caused by the problem with 2010 Wranglers, the AP reported, adding the company said it doesn’t know of any injuries.

AP reported that the NHTSA also checked Wranglers from the 2007 through 2012 model years and determined that only the 2010 models had the debris problem.

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: U.S.: OTCBB

Volume: 70,517

May 18, 2012 3:59p

Rev. per Employee

$423,217

Andria Cheng is a MarketWatch reporter based in New York.

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Chinese dissident leaves for U.S.: reports

tobuy — Sat, 19 May 2012 16:07:15 +0000

Chinese dissident leaves for U.S.: reports

By Andria Cheng, MarketWatch

Blind Chinese activist Chen Guangcheng, who left Beijing for the U.S. on Saturday.

NEW YORK (MarketWatch) — Chen Guangcheng, the blind Chinese dissident whose escape from 19 months of house arrest has tested Chinese-U.S. relations, has boarded a United Airlines flight for the U.S., according to media reports.

Chen, his wife and their two children left Beijing on Saturday for the flight to Newark airport, The Wall Street Journal reported.

Blind dissident leaves China

Chen Guangcheng leaves Beijing for New York. Video: Reuters

Chen is expected to attend New York University Law School on a fellowship through a deal announced May 4, the New York Times reported, adding American officials ”obliquely praised the Chinese government for its cooperation in resolving what had become a diplomatic headache for both sides.”

The 40-year-old Chen, a self-taught lawyer who became blind from a childhood illness, was once praised by Chinese state media for his advocacy for the disabled and disenfranchised, the Times reported.

The paper added he began to run into trouble with Chinese authorities in 2005 after organizing a class-action lawsuit representing thousands of women who were subject to forced abortions and sterilizations in his home province of Shandong.

Chen became a big test of Sino-American relations after scaling walls and evading dozens of guards watching him and his family during his house arrest for escape to the U.S. embassy in Beijing just as Secretary of State Hillary Clinton and other U.S. officials were about to arrive in Beijing for previously scheduled talks there, the Times reported.

Andria Cheng is a MarketWatch reporter based in New York.

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Market Pulse: Weekly report for 21-25 May 2012, Moses

tobuy — Sat, 19 May 2012 11:32:19 +0000

Market Pulse: Weekly report for 21-25 May 2012, Moses

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Market Pulse: Weekly report for 21-25 May 2012, Moses

Rupee hit an all-time intra-day low of 54.91 but managed to close sharply lower at 54.43: By Moses Harding, Head – ALCO and Economic & Market Research, IndusInd Bank.

By Moses Harding, Head – ALCO and Economic & Market Research, IndusInd Bank.

Currency market

Rupee hit an all-time intra-day low of 54.91 but managed to close sharply lower at 54.43. In the meanwhile USD Index met its first objective at 81.75 and reversed sharply to 81.02 driven by EUR/USD rally from 1.2640 to 1.28. This validates our stance that rupee weakness is driven by strong dollar against global currencies and it would need unwinding of dollar strength to provide relief to rupee while RBI’s actions could only limit excessive traction between USD Index and USD/INR. What next? We have discussed enough of macro issues (political, economic and monetary) and huge uncovered dollar liability exposures in the system; in the absence of adequate inflows into capital account and bearish outlook on the economy, the forward market is firmly into demand-driven mode. With all these strong headwinds, RBI could not prevent rupee from posting new all-time low above 54.30. Rupee bulls should wish and pray for USD Index losing steam at 81.75-82.50 to protect rupee at 55.25; if not, it will open up steady weakness into 57. Now immediate support to watch in USD Index is at 80.50 which could drive rupee into 54.10 and further extension into recent low at 79.50 would extend rupee gains into 53.50; lower end of set near term range of 53.50-55.50. For the week, let us watch 53.50-55.00 and keep close watch on USD Index (and EUR/USD) for directional guidance. The expectation is that of USD Index holding its strong ground above 80.50 to get the focus back into 81.75 during the course of the week. Given this expectation, USD/INR should form a base somewhere between 54.10-53.50. It may be prudent for importers to cover 1-3M imports at forward value below 54.50, gradually absorbing spot gains from 54.10 to 53.50. Exporters who sold 3M dollars at 55.00-55.20 can look to exit below 54.50 (net of “carry” for the time decay).

EUR/USD met the first objective at 1.2625 (low of 1.2640) but expected “correction” from there into 1.28-1.29 (high of 1.2794) was sharp and driven by strong buying in Euro crosses and “short squeeze” ahead of weekend. What next? The trend for the EUR/USD is bearish and this sharp 150 pip correction may not be seen as trend reversal; having fallen sharply from 1.3283 since 1st May 2012. There is no change in view of looking for test/break of strong support zone at 1.2625-1.2550 into 1.22-1.19 into the short term. The risk factor to this expectation is on EUR/USD break above strong resistance at 1.2850 which will then open up 1.3000; considered as low probability occurrence at this stage. For the week, let us watch 1.2625-1.2875 with bias into lower end, not ruling out extended weakness into 1.2550-1.2475. The strategy is to sell in two lots at 1.2825 and 1.2875 (with stop above 1.2900) for 1.2650-1.2625.

USD/JPY is firmly into its downtrend having posted a low of 78.97 despite strong 100 pip rally in EUR/JPY from 100.20. The risk of extended weakness in USD/JPY into 76.00-75.50 is opened up now for 100% reversal of its move from 75 to 85. For the week, let us watch 78.00-79.50 with bias into the lower end. The strategy is to stay short with stop above 79.50 for 78.10. EUR/JPY met its first objective at 100 (low of 100.17) on clear break below 102.50. Now, any cross inspired rally has to fail below 102 to retain its bearishness for extension into 97.00. For the week, let us watch 97-102 with bias into lower end. The strategy is to stay “short” with stop above 102 for 97.25.

Interest rate market

Money Market is tight and facing severe liquidity squeeze on aggressive dollar sales by RBI and release of cash through OMO is not sufficient. RBI cannot afford to release cash through B/S swaps (or sale of outright forward dollars) as lower premium will increase demand for dollars in the forward market. The bearish sentiment is reflected in the rate curve with 3-12M rate curve sharply up at 10%. The 3M rate has moved up from 9.25% to 10% despite 50 bps rate cut; this is serious concern of the stake holders and highlights lack of optimism into the future with limited bandwidth to deliver rate cut in the short term. The positive take-away is that of possible delivery of 50-75 bps CRR cut ahead of advance tax outflows in mid June. For the week, higher demand for funds into first week of new reporting fortnight would keep drawdown from LAF at over Rs.1.25 Trillion and overnight MIBOR at higher end of 8.15-8.40% range. 1Y Bond yield is expected to stay steady at 8.30-8.40% with good demand from Banks to cut duration of bond portfolio without much compromise on the yield. 1Y OIS rate is down to lower end of 7.95-8.10% short term range and would not prefer test/break of lower end with bias into 8.05-8.10%. For the week, let us watch 7.95-8.05%; suggest not to stay received below 7.95%; considered good hedge against call borrowing book and 1Y Bond investment portfolio.

10Y Bond yield is in consolidation mode at 8.45-8.55%; OMOs driving the yield to 8.47% for sharp reversal from there to 8.54% ahead of Bond auction before close of week at 8.53%. It is obvious that RBI need to conduct its OMO on a regular basis to prevent weakness into 8.60-8.65% and beyond. So, Bond rally into 8.45-8.35% is subject to rupee staying under pressure for extended weakness into 56-57; else 8.65-8.75% comes into the radar. The stake holders will have close watch on core inflation and manufacturing data but the expectation on the way forward is that of release of liquidity through CRR cut (from current 4.75% to 3% through FY13). The next round of rate cut is not expected before July-September 2012. Let us stay with our short term range of 8.45-8.60% with extension limited to 8.35%-8.70%. 5Y OIS slipped below 7.40% (low of 7.39%) before close of week at 7.43%; Bond-swap spread is up from 100 bps to 110 bps. There are no strong cues to expect sustainability in 5Y OIS rate below 7.45-7.40% with risk of bounce back to 8.60-8.65% in due course. For the week, let us watch consolidation in 10Y Bond yield at 8.47-8.58% and 5Y OIS rate at 7.40-7.50% and test/break either-way not expected to sustain. The strategy is to play end-to-end by buying at 8.57-8.59% and selling at 8.48-8.46% with tight stop. It is not a good risk-reward to stay “received” in 5Y OIS below 7.40% (incurring 80-100 bps negative “carry”).

FX premium nicely held at strong support at 6.75% (3M) and 4.90% (12M) and reversed sharply for close of week at 7.05% and 5.3% respectively; the strategy to stay paid in 12M at 5.0-4.90% has worked well. Now, we will allow for test of immediate resistance at 7.25% (3M) at 5.40% (12M) and watch exchange rate play for next direction. Having said this, interest rate play will continue to exert upward pressure on move into lower end. For the week, let us watch consolidation in 3M at 6.90-7.40% and 12M at 5.0-5.40%. Hold on to “paid book” in 12M with trail stop at 5.0% for 5.60-5.70%. For others, look to initiate pay in 12M at 5.15-5.05% (with stop below 5%) for the set target. The high 3M rupee interest rate and demand for 3M dollars will not allow sustainability in 3M premium below 6.75%; not to miss this if seen for spike into/above 7.5%.

Equity market

It was volatile week in NIFTY; held well at the resistance/sell zone of 4950-4975 (high of 4957) for sharp reversal into set target at 4825-4775 (low of 4788); followed by sharp rally into 4908 before close of week at 4891. Over all, it’s back-and-forth move between set sell zone at 4925-4975 and buy zone at 4825-4775 with no strong momentum to provide range break-out. The weekly close above 4850 and below 4925 is neutral and mixed. In the meanwhile DJIA fell sharply from weekly high of 12818 into set objective at 12220-12200 (low of 12336) before close of week at 12369. What next? The trend is bearish; there are no strong positive cues from either domestic or external sector to get the market into bullish mode. The domestic factors continue to weigh heavily against equity assets and it would be extremely difficult for RBI to maintain its pro-growth monetary stance and deliver rate cuts. It is less said the better about domestic liquidity and cost of funds; money market is facing the brunt of heat from actions in FX market. There seems to be endless flow of negative news from the Euro zone. The economic data from the US is also not encouraging and the expectation of stimulus support is strong. In short, the strength of equity asset market is not based on strong fundamentals or optimism into the future but the extent of liquidity support from Central Banks and economic stimulus packages being rolled out by the Governments. This scenario is not good for equity market into short/medium term; at best it could set up good trading opportunity for fleet footed traders while strategic investors get into wait-and-watch mode and stay invested in debt/fixed income assets. The investors are clearly on “risk-off” mode and it is negative that shift into “risk-on” mode is short-lived. Now, it is important for DJIA to hold above strong support at 12220-12200 to arrest extended weakness in NIFTY below 4825-4775 support zone; else December 2011 low of 4531 will come into play tracking extended weakness in DJIA into 11875. For the week, let us watch consolidation at 4775-4950 and stay neutral on break-out direction which then can extend to 5075 or 4650, first entry point for strategic investors. MARKET PULSE is bearish till entry into 4650-4350 considered good to enter for strategic investors in three lots at 4650/4500/4350. The strategy for fleet-footed traders is to sell at 4950-4975 with tight stop; if stopped sell again at 5075-5100 (with stop above 5125). On the other side, buy at 4775-4750 with tight stop; if stopped buy again at 4650-4625 (with stop below 4600). Over all, short term trading range is at 4500-5000; test/break either-way will not sustain.

Commodity market

It was volatile week for Gold; fell sharply from 1585 to 1527 and back again to 1597 before close of week at 1591. Over all, the strategy to stay “short” for 1525 worked well but sharp rally from there into higher end of set weekly range of 1520-1620 was surprise. It is obvious that move into 1525 attracted huge “short covering” to capture the 14% fall (from 1790) since first week of March 2012 and development of Greece exit out of the Euro zone generated relief rally in Gold. The strong rally in USD in recent times brought the shift to Gold as alternate to USD. What next? Given the extended rally in USD and very low sovereign yields, there is investor appetite for Gold on expectation of QE3 linked rally. We also anticipated a sharp reversal and identified 1495-1480 as the buy zone to catch this rally. It is now possible that the rally has begun targeting the strong resistance zone of 1625-1640 while support at 1560 stays firm. For the week, let us watch consolidation at 1560-1640 not ruling out 100% retracement of recent fall from 1671-1527. The strategy is to stay cautious buyer on dips into 1560-1535 (with stop below 1525) for 1655-1670.

NYMEX Crude maintained its downtrend from weekly high of 95.83 to 90.93 before close of week at 91.48; strategy to stay “short” for this move worked well. What next? The “gloom” in the global economy and sharp rally in USD Index has brought the market into bearish trend; 17% reversal since 1st March 2012 high of 110.55 will significantly cut (excess) liquidity driven inflationary pressures on the global economy and provide comfort to maintain loose monetary policy to spur growth. Unfortunately, India lost its advantage with 25% depreciation in rupee from below 44 to 55 since July 2011 and 12% fall from 48.60 since February 2012. For the week, let us watch 83-93 with bias into lower end. The strategy is to hold “shorts” with trail stop above 93 for 83.50. For others, look to sell at 94-96 with tight stop. There are no strong cues to look for reversal of current bearish trend above 95 with short term target at 75 (and BRENT Crude around 90).

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Rashtriya Ispat Nigam files IPO papers with SEBI

tobuy — Sat, 19 May 2012 05:51:38 +0000

Rashtriya Ispat Nigam files IPO papers with SEBI

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Rashtriya Ispat Nigam files IPO papers with SEBI

State-owned Rashtriya Ispat Nigam may be the first initial public offer (IPO) that would be launched by the government in financial year 2012-13. The company has filed draft red herring prospectus (DRHP) with SEBI for its IPO of 48.898 crore equity shares (a dilution of 10% stake by the government) on May 18.

State-owned Rashtriya Ispat Nigam (RINL) may be the first initial public offer (IPO) that would be launched by the government in financial year 2012-13. The company has filed draft red herring prospectus (DRHP) with SEBI for its IPO of 48.898 crore equity shares (a dilution of 10% stake by the government) on May 18.

A discount upto 5% on the offer price would be offered to retail investors and employees of the company, according to the DRHP.

India’s second largest government owned steel company (Source: Steelworld, Jun. 2011 newsletter) has original liquid steel production capacity of 3 mtpa, which would be expanded to 6.3 mtpa by the financial year 2013.

Company’s 96.7% of sales for the nine months period ended on December 31, 2011 accounted by Indian consumers, out of which 52.4% was in South India. During the same period, it recorded consolidated profit after tax of Rs 500.53 crore on total income of Rs 9,408.71 crore.

The public offer is a part of divestment programme for FY13 (that is Rs 30,000 crore), so the entire money would be received by government.

In the earlier year ended 2011-12, the government could not achieve the target. It had raised only Rs 14,000 crore (Rs 12,776 crore via ONGC and Rs 1145 crore via PFC ) as against target of Rs 40,000 crore due to weak market conditions.

Recently in an interview to CNBC-TV18, Mohammed Halem Khan, divestment secretary said the government would focus on IPOs considering the market situation.

He had informed that Nuclear Power Corporation and RINL IPO may see the light of the day soon. Also, pending follow-on-offer (FPOs) of BHEL , SAIL , OIL , Neyveli Lignite , NALCO , HZL , BALCO and Hindustan Copper may get hit the market in FY13. Khan also hinted at a 10% divestment plan in SAIL.

UBS Securities India Private Limited and Deutsche Equities (India) Private Limited are the book running lead manager to the issue. Karvy Computershare Private Limited is the registrar.

How this newly minted Chelsea fan is getting ready to face Bayern Munich

tobuy — Sat, 19 May 2012 05:10:39 +0000

How this newly minted Chelsea fan is getting ready to face Bayern Munich

By Shawn Langlois, MarketWatch

LONDON (MarketWatch) — The Champions League final, one of the world’s biggest sporting events, kicks off Saturday night in Germany, with hundreds of millions of viewers primed to watch Chelsea battle Bayern Munich.

Six months ago, I couldn’t tell you the difference between this match and rugby’s Six Nations Championship. Or, for that matter, the Grand National horse race.

Stamford Bridge football stadium in London, home ground of the football club Chelsea.

See, while growing up, I had always harbored a deep, festering disdain for soccer, though I appreciated its existence.

As long as the guys who were too lame to play real sports occupied the bottom of the athletic hierarchy, water polo players and swimmers like me weren’t the scourge of the high-school sports scene in northern California.

Season tickets to the San Jose Earthquakes in the George Best era didn’t really help, either. I just had fun catching the balls that the players would kick into the stands at halftime. I had no use for them, of course, and was often tempted to throw them back on the field, like a Giants fan catching a Dodger home run. Keep your stupid ball, Belfast Boy.

Over the years, my stance only hardened. Every time some hippy wearing a braided necklace and a Brazil jersey stopped kicking around his hacky sack long enough to tell me “football” was the most popular sport in the world, I’d tell him to move to the rest of the world, then. The United States of Anything But Soccer is no place for the likes of you.

When it was time for my two daughters to play youth soccer, I shed a prideful tear as they picked daisies instead of wedging into the amorphous scrum. They, innately, knew better than to waste time on a silly game.

The coach would urge them to pay attention. I had hoped they’d stay on their bellies making wishes and blowing dandelions in a show of defiance. Like father, like daughters.

Don’t get me wrong, I’m generally open-minded. You’re free to enjoy soccer, just as I’m free to rue your existence and curse your family.

Then a funny thing happened. I moved to southwest London in January, three Tube stops east of Stamford Bridge, in the heart of Chelsea territory.

An expat’s about-face

I’m not that obnoxious American at the bar; I was fully willing to live like the locals for a couple of years. If that meant backing my neighborhood “football” team, well, as a big sports fan, I’d swallow my decades of pent-up angst and try my best.

So, one day, in the spirit of a cross-continent embrace, I cracked open a London Pride, grilled up a banger and nestled in the man cave for my first-ever European football match. It was a biggie, too, and I’d vowed to watch every minute.

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Chelsea vs. Manchester United. Hey, I had heard of these teams. Five minutes later, I would have switched to C-Span or the Oxygen Network if I could have found them on Sky. Even “EastEnders,” had I known about it.

To be fair, it wasn’t completely the dull game’s fault: I was a bit distracted, with the Super Bowl coming up next. Either way, I gave up on soccer for a while after that — though I’d continue to read the sports pages and keep up to date on the soap opera that was Chelsea’s Premier League season, which included the ouster of a coach.

The players rolled over on him. As a longtime Oakland Raiders fan, I could relate to a bunch of head-case superstars and a lame-duck coach. The snark with which the British tabloids covered the saga made for great copy.

Gradually, I was lured in, becoming more than a disinterested bystander.

Only later would I find out that picking the so-called Blues as my team was akin to moving to America and cheering the Yankees or those even more obnoxious Cowboys. Some love them, but far more hate them.

The sport sunk its teeth into me a few weeks later. The neighborhood buzzed with life when Chelsea faced Italy’s Napoli in the Champions League’s round of 16. Chelsea lost the first leg down in Naples and seemingly didn’t have much of a chance in the second. The season was on the brink of turning into a complete failure. All the money pouring out of their Russian billionaire owner’s pockets couldn’t stop the train wreck.

Then March 14 came along.

The day I officially became a fan.