How Traders With Perfect Timing Can Make 360% Returns

How Traders With Perfect Timing Can Make 360% Returns

To have a shot at the global stock markets closest thing to a guaranteed windfall, youre going to need a really accurate clock.

Because with this trade, success has nothing to do with corporate fundamentals or technical patterns. Its all about timing, and fractions of a second can mean the difference between a 360 percent return or nothing at all.

They call the strategy hit stock in China. And its there, on the countrys most-active exchange in Shenzhen, that a unique mix of market rules and government intervention has turned newly-listed shares into huge winners for investors who place their bids at just the right moment.

In an otherwise lackluster year for Chinas equity market, the gains have helped fuel a technological arms race among local brokers eager to give their clients an advantage. Even after Shenzhens bourse tweaked its order system to level the playing field in June, enthusiasm for the hit stock trade shows little sign of letting up.

Its one of the few strategies thats consistently profitable, said Hao Hong, a strategist at Bocom International Holdings Co. in Hong Kong. Traders will try to find a way around the Shenzhen exchanges new settings.

To understand the strategy, it helps to start with how Chinese IPOs are priced before they begin trading. Unlike in the U.S. and Europe, where market forces play the deciding role, new offerings in China are subject to a regulatory ceiling on valuations. The cap was designed to protect individual investors, but has resulted in dramatically under-priced IPOs that surge once they hit the secondary market.

All of this years initial share sales in China have been valued at 23 times earnings or less, versus the median ratio of 68 for stocks in the Shenzhen Composite Index, according to data compiled by Bloomberg and China Finance Information Network. And every one of the 99 new listings in Shenzhen has climbed by the daily maximum on its trading debut.

Read more: A QuickTake on Chinas managed markets

The biggest returns go to those who invest at the initial offering stage. But in Chinas IPO lottery system, intense competition means the odds of actually winning an allocation are minuscule. Just 0.05 percent of orders were filled for the average Chinese IPO in 2016, according to CFIN.

For traders who come away empty-handed, the hit stock strategy offers a second chance.

The challenge is to buy before the mispricing disappears. In markets like the U.S. and Hong Kong, IPO discounts vanish quickly because theres no limit to how much shares can climb on the first trading day. Shake Shack Inc., for example, opened with a 124 percent gain in its New York debut last year, leaving little short-term upside for investors who bought in the secondary market.

In China, a 44 percent limit on first-day gains and a 10 percent cap thereafter ensures IPO discounts narrow over several sessions. That increases the chance of a seller unloading their position too soon, either because theyre uninformed or have urgent liquidity needs, according to Ken Chen, a Shanghai-based analyst at KGI Securities.

The key to buying those shares is getting your order to the bourse before anyone else.

Each morning during its opening auction, Shenzhen accepts bids that arrive at 9:15 a.m. or later. Under the old system, traders with computer systems located closest to the exchange had the advantage because it took less time for their orders to travel through fiber-optic cables to the bourses servers, according to a person familiar with the matter.

Brokerage Leaders

Under the system started in June, the Shenzhen exchange allows brokers to gauge their transmission time (or latency in the industry jargon) and place orders slightly before the opening auction begins, accepting those that arrive at 9:15 a.m. or later. That means a buyer from Beijing, 1,200 miles from Shenzhen, could theoretically beat a rival located right next to the exchange, the person said.

While its unclear whether the new system has substantially affected the chances of success on hit stock trades, exchange figures compiled by Bloomberg News show a changing mix of winners.

Before the system upgrade took effect, this years most active first-day buyer was a branch of Chinalin Securities in Shenzhen. Of the 29 IPOs that had begun trading through June 6, the broker was a top-five purchaser of six during their debut trading sessions.

Small Positions

After the change, the Chinalin branch ranked as a top-five buyer in just two of 70 IPOs. The new leaders are a Donghai Securities branch in Changzhou, about 730 miles from Shenzhen, and a Zheshang Securities branch in Shanghai. They both secured a top-five ranking in seven new listings, versus none under the old system.

Calls to the Chinalin and Donghai branches went unanswered. An employee at the Zheshang Shanghai branch, who declined to identify himself, said the office didnt notice a difference between the earlier and current systems, based on feedback from clients.

Some broker branches with technological edges used to appear quite frequently on the top buyer lists of new shares, but we are seeing more diversified lists now, said Paul Yang, a 33-year-old private investor in Shanghai who traded shares at an investment firm for eight years before quitting to manage his own money.

This suggests less distinct advantages for some after the adoption of the new trading system, as well as a more fair and random ordering process, he said. But its unlikely to make the game entirely fair.

Representatives from the Shenzhen exchange and its counterpart in Shanghai declined to comment. Odds of success for hit stock trades in Shanghai have always been lower than those in Shenzhen, according to senior managers at Chinese brokerages who asked not to be named because the information isnt public.

The trades biggest drawback is that its difficult to execute in bulk. A dearth of sellers keeps volumes low, with the average first-day turnover for new offerings in Shenzhen this year totaling just 280,000 yuan ($40,500). Daily turnover averaged 37 million yuan over the first 10 days, versus 176 million yuan for the Shenzhen Composites median stock by market value.

But even small holdings are better than nothing in a year when the citys benchmark index is down 7.9 percent. For Shenzhen IPOs with at least a month of trading history, the average return to investors who purchased at the first limit-up price was 366 percent through Friday, according to data compiled by Bloomberg.

Of course, getting in that early is easier said than done.

I tried to buy new shares after the system upgrade but failed, Yang said. One day, I might be able to succeed.

With assistance by Amanda Wang, and Gary Gao

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Why there is more to Middle Eastern art than women and war

Why there is more to Middle Eastern art than women and war

(CNN)A couple of months ago, I invited a reputed art historian to speak at Art Dubai’s inaugural Modern Symposium, a series of talks that focus on 20th-century art produced by masters from Africa, the Middle East and South Asia.

I explained that the symposium, in part, responds to those who doubt the wealth, breadth and quality of modernism in this region. She laughed, knowing all too well the criticism that Middle East art practitioners face.


I’m so proud to work with an institution that has been a major catalyst in the local, regional and international conversations on art from the Middle East and beyond.
An international fair with roots in the Middle East, North Africa and South Asia, it has very much contributed to putting art from these regions onto the world map.
With us this year are many of those pioneers I’ve just mentioned, speaking at the Modern Symposium, representing galleries and institutions and flying the flag for the Middle East.

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Hedge Funds Stop Shorting Danish Cement Firm Hit by Trump Flurry

Hedge Funds Stop Shorting Danish Cement Firm Hit by Trump Flurry

FLSmidth & Co. A/S was among Europes most-shorted stocks last year. Now, hedge funds are abandoning their bets against the company as Donald Trumps surprise election win has investors bracing for a construction boom that could revive an industry battered by years of hardship.

Short interest in the Danish maker of mining equipment and cement production lines fell to 3.1 percent last week, according to Markit data. Thats down from 6 percent before Trump won the U.S. election, and marks the lowest level of short interest in FLSmidth since 2009.

As recently as September 2015, bets against FLSmidth represented about 23 percent of shares outstanding, making it the most shorted company in the Stoxx Europe 600 Index after Carillion plc, according to Markit. A revival in commodities prices that pre-dates Trumps win has helped buoy the industry.

Bets against FLSmidth have plunged, according to Markit

Theres been a shift in sentiment on FLSmidth after things have been very bad for a long time, Jacob Pedersen, chief of equity analysis at Sydbank A/S, said in a phone interview. The reduction in short-covering of the shares is tied to the share price gains and the better sentiment on the company.

Helped by higher prices for commodities, including copper, FLSmidths stock is up 21 percent this year, making it the biggest winner in the Danish benchmark index after cancer drug developer Genmab A/S. Its unfamiliar territory for FLSmidth, whose stock has declined over the past five calendar years.

The market has given FLSmidth, as well as many other shares, the benefit of the doubt with the election of Donald Trump, Pedersen said. The shares have gained a lot on the news, but it seems very speculative. It may well be that there will be more orders for FLSmidth with Trumps plans to invest in infrastructure, but at this stage we really dont know enough about what will happen in the U.S.

Trump has talked up his infrastructure investment plans, promising to spend as much as $1 trillion on roads, bridges and airports over the next decade. In his victory speech, the real estate mogul said he wants to make Americas infrastructure second to none.

For a QuickTake on how Trump might invest in infrastructure, click here

Hedge funds scaling back bets against FLSmidth this month include AKO Capital LLP and Greenlight Capital Inc., according to filings to the Danish Financial Supervisory Authority. Both funds declined to comment.

The practice of short-selling means investors borrow stock and sell it, betting it will decline so they can make a profit when they repurchase it.

FLSmidth earlier this month reported third-quarter earnings that beat analyst estimates. The report was a turning point in the investment story, Andrew Wilson, an analyst at JPMorgan, said in a Nov. 14 note, raising his recommendation on the shares to overweight from neutral.

Even with a cautious view on both the mining cycle and the timing of any recovery in cement (Trump-driven or otherwise), the likely direction of news flow is positive, Wilson wrote. And, unlike some other names in the sector, the valuation has not overshot our view on a likely recovery.

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Didgeridoo is his voice: how Djalu Gurruwiwi embodies the sound of a continent

Didgeridoo is his voice: how Djalu Gurruwiwi embodies the sound of a continent

The Indigenous elder revered by some as Australias Dalai Lama is the spiritual keeper of the didgeridoo. A new exhibition honours his legacy and the immense significance of the Yolngu instrument that is helping to heal a divided country

The old man with straggly hair, long wispy grey beard and wraparound sunglasses sits at the back of the grandstand overlooking the verdant expanse of Alberton Oval the traditional base, if no longer the home ground, of the historic Port Adelaide Football Club.

He is Djalu Gurruwiwi: a Yolngu elder and lawman from north-east Arnhem Land, a songster, healer, virtuoso and master craftsman of the yidaki (didgeridoo), as well as the instruments spiritual keeper. From up here he surveys his Australian Rules team, smiles and nods in approval as his players go through their pre-season paces, calling for the ball and kicking and marking, on this humid morning.

In other Aboriginal nations and among non-Indigenous people, the instrument is known as the didgeridoo or didjeridu variants of the same word that probably has its etymology in English spoken by a European Australian. Yidaki is the Yolngu word and Djalu, the keeper of the instrument in north-east Arnhem Land, is widely regarded across Indigenous Australia as its custodian more broadly.

Djalu, who is aged somewhere in his 80s (Im 86 going on 96), usually rocks a Hawaiian shirt, or something similarly bright and elaborately patterned. But today hes wearing a Port Power hoody that signals a mutual adoption between him and the team.

Djalu likes their brand of footy all right. But his attraction to Port stems more simply from the lightning bolt on the team crest.

Its the lightning. The team is lightning and lightning is us, Djalu says enigmatically, as is his way.

His reference to baywara Yolngu for the power of lightning is itself an allusion to the atmospheric energy and wind enshrined in the yidaki, an instrument with its genesis in tens of thousands of years of north-east Arnhem Land history. In the hands of Djalu, and more recently his sons Larry and Vernon, the yidaki both tells and is the story of their land.

It summons the ancestral spirits and the stories of creationist animals that fashioned the earth, the sea and the sky and all the creatures, human and otherwise, stretching back some 60,000 years. It holds the histories of the clans, not the least the Galpu (Djalu) and Yunipingu (of his wife, Dhopiya) which remain central to thriving Yolngu culture.

And today they have come to Alberton to present yidaki to nine Indigenous Port Adelaide players and several club officials a testimony to Djalus determination, in his lifes twilight, to build bridges with other Aboriginal and Balanda (white, western) worlds.

Djalu Gurruwiwi (right) with his son Larry, who will eventually assume responsibility for taking the yidaki (didgeridoo) to the world. Photograph: Alex Robertson/South Australian Museum

Djalu is well known to audiences in the United States, Britain, continental Europe and Taiwan, where he has played to sold-out auditoriums. People from all over come to his modest house at Wallaby Beach, near the Northern Territory mining town of Nhulunbuy, to sit at his feet and sample his familys hospitality, always in the hope of being touched with his wisdom and insight.

If I shut my eyes I can see inside you, what you feel, he says.

Yet he is scarcely known in broader Australia. Which is why the South Australian Museum is now staging an exhibition, Yidaki Didjeridu and the Sound of Australia, in his honour.

The exhibition, which runs until 16 July, honours the immense cultural significance of the yidaki, the instrument of the Yolngu that has been adopted by First Peoples across Australia. Together with the clapsticks and the Indigenous voice in traditional song, its a haunting, distinctive, meditative sound that has not only come to characterise Australias Indigenous people but perhaps the continent itself.

The exhibition is testimony to Djalus skill as an ambassador between Yolngu, other Aboriginal and Torres Strait Islander peoples and the western Balanda.

Stephen Goldsmith, an elder of the Kaurna custodians of the Adelaide plains, says: For Aboriginal people, not just Yolngu, Djalu is our diplomat, our ambassador. We all talk about the Dalai Lama; his role is to embrace all people, to lead with generosity, to enrich our shared understanding of ourselves and each other. Djalu is like that he is a spiritual leader. Yidaki is his voice.

Goldsmith says that as a boy and a young man the sound of the yidaki awoke in him a yearning that bordered on an inadequacy for his inability to play an instrument that was not, traditionally, part of Kaurna culture. He started on a vacuum cleaner pipe, then on bamboo and graduated to the real deal.

It [learning to play yidaki] was a key to finding myself becoming a bit stronger as an Aboriginal man, he says.

Im 86 going on 96, says Djalu Gurruwiwi. Photograph: Alex Robertson/South Australian Museum

While Dhopiya paints the names of Ports nine Indigenous players more than any other AFL club on the yidakis to be gifted to the club, another Kaurna man, Karl Winda Telfer, arrives at Alberton with an old, old instrument covered in cloth.

He gingerly unwraps the yidaki and gives it to Djalu. The old man runs his hands over its smooth exterior, and pats it, as if it were human. Its the yidaki that Djalus brother, who died a few years back, left in Kaurna country with Telfer, who he taught to play.

Telfer explains: Ive just been looking after this yidaki. Now Im giving it back, so that it will go back home where it came from, to north-east Arnhem Land, you know … old man [Djalus brother] teaches me. He gave me permission to play. It shows an ongoing connection between us and the Yolngu … It closes the circle. Im happy now. Im relieved.

Due to their relative isolation, the Yolngu were among the last Indigenous people of the continent to be harmed by invasion and colonisation as the pastoral and mining frontier spread north and west. But they were always outward-looking, establishing commercial and familial ties with the Macassan trepang fishermen of Sulawesi long before first British contact.

After first contact, in the early 20th century, the Yolngu were feared as warriors who fiercely protected their ancestral lands from invaders not least the Japanese who came in, uninvited, to take the trepang after the Macassan traders were effectively outlawed by government. Djalus father, the warrior Monyu, first fought the Japanese fishermen (some of whom were also covertly mapping the northern Australian coast), and he later joined the Northern Territory special reconnaissance unit during the Pacific war.

The story of the Japanese before and after the war when Djalu met in peace with fishermen and pearlers from Japan are all in the Yolngu songlines that cross the rich, red earth of Arnhem Land and go out into the sea, beyond the island, Milingimbi, where Djalu was born and another, Raragala, now deserted, where he grew up.

If I shut my eyes I can see inside you, what you feel. Photograph: Alex Robertson/South Australian Museum

As he ages Djalu becomes more difficult to understand, due in part to an old facial injury and, perhaps, a spell cast by an enemy due to his one-time role as a tribal enforcer (the stories about Djalu seem as endless as the songlines). Sorting the real from the mythical or imagined is not easy for Balanda.

Which is why it has taken years for the young London-based Australian film-maker, Ben Strunin, to make a biopic of Djalu. Titled Westwind (that which Djalus yidaki harnesses) and backed by Film Victoria, Screen Territory and Screen Australia, the movie is due for release later this year.

Strunin, who has toured Europe with Djalu, says the old man deserves all the recognition of our most celebrated music stars his work is helping to heal the divide in this country and beyond. He transforms people wherever he goes. Its a blessing to be in his presence.

Yidaki: exhibition honouring Djalu Gurruwiwi and the didgeridoo opens in Adelaide. Source: Peter Drew

Three thousand people jammed into the South Australian Museum forecourt on North Terrace to watch Djalu and the Barra Band featuring sons Larry and Vernon play. Djalu was unwell before the performance. Larry placed the yidaki against his head and chest, and sounded it. (Its party of a healing ceremony Djalu has shared with countless Balanda, including myself, over the years.)

Djalu performed. But he was later briefly hospitalised.

He is becoming frail; his sons and his grandson, Kevin will eventually assume his legacy and assume responsibility, themselves, for taking the yidaki to the world.

Yidaki its been my whole life, Djalu says. A good life.

Yidaki Didjeridu and the Sound of Australia is open at South Australian Museum until 16 July

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SXSW gets political: All eyes on Trump

SXSW gets political: All eyes on Trump

Austin, Texas (CNN)President Donald Trump’s name is on everyone’s lips at the 2017 SXSW festival, with performers, experts, advocates and festival-goers weighing in on the 45th president.

While it is not overtly partisan, SXSW has historically drawn a generally progressive group of musicians, artists, writers, experts, filmmakers and activists, including Trump’s latest entertainer foe rapper Snoop Dogg, who performed Wednesday night and is set to join artists to advocate for criminal justice reform in a panel Saturday.
“It’s hard to take your eye off of the Trump train. I think the conference organizers recognize that this year, more than any other year, the conversation will sway toward the political, despite what they would like to happen,” Austin Chronicle reporter Chase Hoffberger, who covered SXSW in the past, told CNN.
    “(SXSW) is not designed to be a liberal thing, but the messaging is often liberal,” Hoffberger added. “Mostly because the industries that are involved are de facto liberal industries.”

    Travel ban rocks SXSW

    Controversy over Trump’s new ravel ban rocked the festival even before it began, prompting SXSW organizers to release a statement opposing the executive order, which bans nationals of several Muslim-majority countries from entering the US, as well as temporarily restricting refugee entry.
    “With the announcement of President Trump’s latest travel ban, SXSW would like to reaffirm its public opposition to these executive orders and provide ongoing support to the artists traveling from foreign countries to our event,” festival organizers said in a March 7 statement.
    The festival then announced a special March 17 showcase featuring “performances by artists from the diaspora of the nations (affected) by the White House’s travel ban.”
    “When Trump tries 2 ban you but you get invited to @sxsw,” Faarrow, a band made up of two Somali-Canadian sisters, tweeted last week.
    The White House did not respond to several requests for comment on this story.
    Controversy over Trump’s executive order resurfaced again this week after several foreign artists said they were blocked from entering the country by US Customs and Border Protection officials.
    The list includes London drummer Yussef Kamaal, members of the UK’s United Vibrations, the lead singer of Danish band Rainbrother, Italian band Soviet Soviet and three members of Massive Scar Era, an Egyptian-Canadian band, who spoke out in an interview with Billboard about their interaction with border officials. Several of these artists are Muslim.
    “He said that he knows that I’ve done everything legally, and that I’m not lying, but he’s still not going to let me in,” vocalist Cherine Amr said, referring to a border official. “He said that people are using the festival to protest but I told him we are not going there to protest.”
    “Our leadsinger Bjarke has been denied access to the US via the usual tunnel. BUT we’re still playing @sxsw. Trump isn’t gonna win this one,” Rainbrother tweeted over the weekend.
    “We will NOT be playing @sxsw. We got hit by the #ExecutiveOrder If you wanna show solidarity RT … #MuslimBan #BLM” United Vibrations tweeted Monday.
    In the past, bands have entered the country on a B-1 visitor visa, which which is issued for tourists but restricts them from any paid work in the US.
    Messages left with CBP were not returned.
    SXSW does not pay performers, but customs officials released a statement Monday announcing that artists must apply for a P-1 visa instead, which is usually used by athletes entering the US temporarily to perform individually or as a group at an internationally recognized performance.
    Jonathan Ginsberg, an attorney for SXSW, said the festival is working with US organizations “in an effort to ensure that both the State Department and CBP continue to treat (performances) as a valid activity in B or visa waiver status.”
    “Commenting on the Customs and Borders comment! Are we an international recognized group?!?!?!??!?!?! NO!!!!!!!” Egyptian heavy metal band Massive Scar Era tweeted Monday.
    Some SXSW performers are internationally recognized, but one of the purposes of the festival is to support new, lesser-known artists with little-to-no experience in the national or international spotlight.
    Questions over the festival’s stance on the ban came along with controversy over what appeared to be a deportation clause applicable to international artists in the festival’s artist performance agreement.
    New York punk band Told Slant shared the language on Twitter and threatened to boycott the event, along with other bands.
    Organizers eliminated the language, which previously stated that the festival could “notify the appropriate U.S. immigration authorities” if they “or their representatives have acted in ways that adversely affect the viability of their official SXSW showcase.”
    “I’m happy that sxsw agreed to make changes to their contract so that it no longer threatens deportation as a means of controlling artists,” Felix of Told Slant tweeted.
    “We will remove the option of notifying immigration authorities in situations where a foreign artist might ‘adversely affect the viability of Artist’s official showcase,'” organizers said in a statement released on the festival’s website.
    “Safety is a primary concern for SXSW, and we report any safety issues to local authorities. It is not SXSW’s duty or authority to escalate a matter beyond local authorities,” they continued.

    Activism is a big theme

    Discussions and debates about Trump and his policies echoed this week in lecture halls, meeting rooms, concert venues and street corners, making the President, who was not invited to speak at the festival, an omnipresent force.
    “This year, the fact that everyone is talking exclusively about world order and Donald Trump, it stands to reason that that’s what the conference will have a bit more of a focus on (that),” Hoffberger said.
    While politics have always had a place at SXSW, this year, the national surge in activism has made its way into panel discussions represented in various festival verticals — technology, film, music and interactives.
    Panels focused on activism in the age of Trump include the following: “Civil Discourse in the Age of a Twitterer-In-Chief,” “From Meme to Protest: What’s Next for Online Activism,” “All the Rage: Female Activism and Altruistic Design,” “For Games to Evolve They Need to Get Political,” “How Elections Change Next Gen Cause Engagement” and “Power & Perils of Digital Activism Meet Up.”
    Tech experts and advocates participated in various Trump-focused panels, including, “Tech Under Trump,” “Tech Advocates and Trump: Best Strategies So Far,” “How Will Trump Steer Car and Transportation Tech?”, “Tech Activism: More Than a Hashtag,” “Trump, China, and Trade Wars: Tech in the Trenches?” and “Head Fakes and Pivots: Trump Punk Sillicon Valley.”
    In the latter, author Baratunde Thurston addressed how the tech industry failed to predict Trump’s win and what lessons could be learned from it.
    The format of the festival also creates room for political discussions and according to Hoffberger, the overlapping of the various verticals on the schedule this year has created more opportunities for politics-based conversations.
    “The festival itself is very kind of do your own thing and put it out there for people to respond to,” the Austin Chronicle’s music editor Raoul Hernandez said. “It’s so big that (organizers) know that they can’t control the party. The genie is out of the bottle.”

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    Disneys Moana Tops Thanksgiving Holiday Box Office

    Disneys Moana Tops Thanksgiving Holiday Box Office

    Walt Disney Co.s animated musical film Moana grossed $55.5 million in its first weekend, the third-best Thanksgiving box-office debut since 1982.

    With songs from Hamilton creator Lin-Manuel Miranda, Moana outperformed three other new releases in U.S. and Canadian theaters, ComScore Inc. said in an e-mailed statement Sunday. The movie missed the $72.5 million estimate of analysts at

    The Burbank, California-based studio had already won seven of the top eight highest Thanksgiving opening three-day weekends, adjusted for inflation, thanks to movies like Toy Story and Frozen. In 2013, Frozen set the record with $67.4 million, according to Toy Story 2 in 1999 had sales of $57.4 million.

    The success of Moana tightens Disneys grip on the box office ahead of the release of another Star Wars film in December. The tale of a Pacific Islander girl won almost universal acclaim: 97 percent of critics gave it positive reviews, according to When a South Pacific islands resources and population begin to dwindle, the teenage princess defies her fathers orders and sets sail in search of help from the demigod Maui, voiced by Dwayne Johnson. The movie cost an estimated $150 million to produce, not including marketing expenses, according to

    Of the other new releases, Paramount Pictures Allied fared best. The film placed fourth and collected $13 million, trailing Box Office Mojos forecast of $18 million over the three-day weekend. Marion Cotillard and Brad Pitt star as spies who fall in love during World War II, but their relationship is thrown into doubt over suspicions that one is a double agent.

    Broad Green and Miramaxs $26 million comedy Bad Santa 2 placed seventh and took in $6.1 million. BoxOfficePro had the debut pegged at $6.75 million. 20th Century Foxs romantic drama Rules Dont Apply, featuring Warren Beatty, placed 12th with $1.6 million against a forecast of $4.5 million from Hollywood Stock Exchange.

    For the five-day holiday period that started Wednesday, Moana generated $81.1 million, second-best behind the $93.6 million generated by Frozen, ComScore said.

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