While Google generally weaved, bobbed, and successfully skirted the issue on its conference call tonight, the main data point behind Google’s weaker than expected results is shown in the following graph: …
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$$$ Jeffrey Epstein in Real Life [Daily Intel]
$$$ Adventures in Diligence II: The Paper Cut [Going Private]
$$$ Are Walruses Efficient? [LoSC]
$$$ M…
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There’s that old joke about the new CEO of a company given three letters from his predecessor, told to use each one in numbered order, when crises occur (the original version of this involves the Russian premier, but still). MBIA officials, judging by today’s conference call, are on the second letter — t…
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Singapore dollar also trades at ten-year high during the morning session.…
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Annelena Lobb reports on a trio of researchers who have found that when it comes to informing markets about accounting issues, less is more.
When a company reveals accounting errors in a press release, presentation matters, concludes new research from Texas A&M University’s Mays Business School.
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An association of big-company chief executives asked Congress to evaluate the $5 billion it spends on assisting displaced workers and to create a new program that would provide incentives for continuing employee education for all workers.
The Business Roundtable created the America21 plan to ease the anxiety workers are facing in an increasingly global market. Unlike many existing programs, it would apply to workers who still are employed as well as those that have lost their jobs.
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It’s a new month tomorrow, and it’s a Friday, which means it’s payrolls day. Sudeep Reddy has a good preview of what the jobs report might bring; forecasts range from a decrease of 125,000 (thank you Mish) to an increase of 125,000 (Goldman Sachs, revising up their estimate substantially in light of yesterday’s A…
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(January 31, 2008 02:20 PM, by Bryan Caplan) Arnold has just read my favorite novel. Here’s my reaction to his reaction:What I like is the "in your face"……
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The inquiry into what the banks knew about the structured credit products they built from mortgages has begun to show signs of moral panic and paranoia. Already we’re seeing the typical result: really bad, radical ideas being put forth as sensible, or even obvious reforms.
Take the proposal coming from some securities industry specialists to make public the due-diligence reports provided to banks by independent diligence specialist. “We need to…improve the due-diligence process by standardizing it and by disclosing” the results to ratings agencies and investors, s…
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addslashes(Top 10 Most Searched Stocks on TheStreet.com, January 31
Conflicting signals from labor-market surveys are throwing forecasters for a loop. Friday’s Labor Department report on January employment was supposed to show another weak month. Then ADP’s data on private-sector employment yesterday …
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The Journal’s Greg Ip discussed how the Federal Reserve under Ben Bernanke communicates in a speech to the Money Marketeers of New York University on Jan. 16. Ip said: “Much of what we?ve experienced has little to do with Bernanke per se or even communications, but the stage of the economy. I also think the communications problems that have occurred reflect long-standing tensions within the Fed. But it?s probably also true that some of Bernanke?s style has muddied the Fed?s message in the last five months.”
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Motorola’s (NYSE: MOT) shares were halted. Then the company announced what many on Wall St. had expected. Its board will look at whether not the company should exit the cell phone business. The firm’s share of global handset sales has dropped from about 22% to 12% in two years. Rivals Nokia (NYSE: NOK), Samsung, and Sony Ericsson have systematically stripped MOT of its customers. Samsung and Sony Ericsson would be likely buyers. Earlier in the month, 24/7 Wall St. noted that Motorola might not make it through the year intact. Now it looks like that prediction may come true soon….
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Something’s amiss at UBS. Though the bank was set to pass out bonuses made entirely out of craptastic stock (down 35 percent for the year) and marshmallows today, employees are acting surprisingly calm, almost…too calm. One in wealth management tells us “we’re doing alright…it’s not a bloodbath” and the word from banking and trading is “it’s not the end of the world.” Is it possible that despite blowing a ton of money on worthless (but pretty!) ice sculptures for t…
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Don’t like what the stock market is doing? Wait a few minutes. The Dow Jones Industrial Average was lately up 111 points, after losing nearly 200 points at one point earlier in the day.
Such swings have become commonplace in this period of increased volatility. Through the first six months of 2007, the Dow, on average, t…
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The news that the police have seized French rogue trader Jerome Kerviel’s personal computer reminds us of a important rule of criminal behavior: don’t have anything incriminating on your home computer. We’re not just talking about a spreadsheet detailing your phony hedges. Anything that is even embarrassing to you or your friends and family can—and probably will—be used against you by the authorities. Legal culpability or admissibility is no guarantee of safety. Emails about an illicit affair? That’ll end up in the papers. Awkward conversations about a drunken weekend? You’ll be hearing about that on the evening news. Huge collection of music downloads? You’re not only a rogue trader, you’re a copyright pirate. That’ll make the news. The point is to drive the accused to confess, by almost any means necessary.
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Aaron Naparstek has details of the Traffic Congestion Mitigation Commission recommendation with respect to NYC’s congestion charge. It differs from the original Bloomberg proposal in a number of respects, and I have to say I like it: it’s much simpler, for starters, charging cars only when they enter a zone south of 60th Street rather than trying to keep track of all cars once they enter the zone.
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Google’s results are out, and it looks like we have a species of miss from the search/advertising kingpin. Keeping in mind that the company doesn’t give guidance, per se, net revenues, while up 17% in the quarter, were $3.39-billion, below the $3.45-billion analyst consensus. At the same time, earnings came in at $4.43 a share, a penny below the $4.44 consensus. The stock is off 9% in the afterhours, dropping $40. …
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The rule that all business failures become criminal matters is bearing out in the subprime mess. Yesterday we learned of an FBI probe. (Gary Weiss expertly dissects it over on Portfolio.) This morning we learned that New York Attorney General Andrew Cuomo’s office is considering employing the ancient and dreaded Martin Act against Wall Street.
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