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Time To Go Long Subprime? Bear Stearns Shorts It For $1 Billion

Bear Stearns has more than $1 billion of short positions on subprime, up $400 million from the end of November, Bloomberg reports. Of course, since Bear Stearns got the subprime trade so wildly wrong last year, people are already wondering if this might be a signal that it is time to go long subrime.

Over at The Big Picture, Barry Ritzholz writes, “While I do not expect us to be done with the subprime slime yet, I do get a ‘Is this a bottom indicator?’ sense from Bear on this.”
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8 February, 2008| Economy | Comments (0) @ 20:32

Fast Money

Word On The StreetWall Street finished higher for the first time this week as value investors bought stocks after three straight days of losses. The Dow finished up 46 points and the Nasdaq closed up 14 points. Pete Najarian explained that volatility remains in the stock market. Jeff Macke says buy the airlines they have bottomed. Carter Worth, Chief Market Strategist for Oppenheimer says Google Inc. …
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8 February, 2008| Economy | Comments (0) @ 20:20

Dell Dumping AMD? (DELL, AMD, INTC)

The Wall Street Journal has reported that Dell Inc. (NASDAQ: DELL) has decided to stop offering processors from Advanced Micro Devices (NYSE: AMD) in most of its PC’s. The computers offered on the Internet site will not have AMD processors, although the AMD processors will be available for orders that are taken over the phone or that are sold in stores. When you consider how much of Dell’s past operation is actually web-sales, this has to be a blow for AMD and you have to wonder if that is going to make AMD be able to live up to its…
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8 February, 2008| Economy | Comments (0) @ 20:15

Blog Roll — Playing to Win

Dean Reese, writing on the Trading Goddess blog, writes up thoughts on whether one is “playing to win,” or “playing not to lose.” “This market is tough. The daily range of the S&P is wide and volatile. This is not a market for the weak at heart,” he writes. “It is not the time to be a hero, many have lost their collective shirt by believing they had it pegged.” (Hat tip to …
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8 February, 2008| Economy | Comments (0) @ 19:55

Unfair Humor for the Greater Good

(February 8, 2008 11:50 AM, by Bryan Caplan) Greater Good: The Science of a Meaningful Life features a truly funny joint review of my The Myth of the……
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8 February, 2008| Economy | Comments (0) @ 19:50

Delusional And Destitute HF Manager Throws Huge Party In His Honor

Former* hedge fund manager John Devaney, pictured here with the yacht he had to sell several months back when United Capital Markets lost a boatload (heh) of money, threw a lavish party at the Venetian in Vegas this week for a bunch of finance guys in town for the 5th annual conference of the American Securitization Forum. No expense was spared, and JD even managed to get the Blue Man Group to perform, which was no easy feat, considering Tobias Fünke’s jam-packed schedule. Now I know what you’re thinking—isn’t it sort of crazy for a guy who had to not only sell his yacht but his helicopter, waterfront mansion in Miami and ski lodge in Aspen, as well, to spend the last of his life’s savings feting himself for being a huge loser**? Yeah, it’s kind of nuts. But it’s also indicative of what Devaney has become, which is Tim Sykes.
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8 February, 2008| Economy | Comments (0) @ 19:31

Calling All Technical Analysts

Is this a good chart?

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8 February, 2008| Economy | Comments (0) @ 19:21

Finally a Way to Play Vietnam

addslashes(Finally a Way to Play Vietnam

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8 February, 2008| Economy | Comments (0) admin @ 19:17

Exxon Mobil Plays Hardball With Venezuela

Did you have any idea that the bonds of PDVSA, the Venezuelan state oil company, are trading at just 65.7 cents on the dollar? I didn’t, but are now, partly because of an injunction that Exxon Mobil has managed to get in three international courts, freezing as much as $12 billion of PDVSA’s assets.
The size of the asset freeze seems enormous, relative to the size of the dispute between the two oil companies:
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8 February, 2008| Economy | Comments (0) @ 18:54

Overdosing on Your Company’s Stock

Small businesses often give company stock to employees, through employee stock-ownership plans, 401(k) matching contributions or as stock options. But while stock can be an effective motivator, it comes with perils as well, as my recent article, “Manufacturer Pushes Stock Diversification” points out.
The problem: If a company’s stock performs well, employees tend to hold on to it and end up with a retirement nest egg overloaded in employer stock. They are extra vulnerable, then, to a downturn at their company and could face the possibility of losing a big piece of their retirement savings and their job at the same time.
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8 February, 2008| Economy | Comments (0) @ 18:54

Gold Prices Pinch Couture Jewelry

addslashes(Gold Prices Pinch Couture Jewelry

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8 February, 2008| Economy | Comments (0) admin @ 18:49

Fedspeak Highlights: Yellen on Growth Risks

Janet Yellen, president of the Federal Reserve Bank of San Francisco, became the first Fed official since last month’s aggressive cuts to stress downside risks to growth over inflation concerns. In remarks to financial analysts in Honolulu Thursday night, Ms. Yellen said housing declines, financial-market turmoil and a softening employment picture could constrain consumer spending in the coming year. She called recent increases in inflation “disappointing” but expects core inflation — excluding food and energy prices — to moderate. It’s “most probable” that the economy would experience sliggish growth, but escape recession, in coming quarters, she said. Excerpts:…
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8 February, 2008| Economy | Comments (0) @ 18:48

Why The Europeans Are Scared Of Monoline Downgrades

Yesterday we heard two discordant voices on the possibility of the monolines getting downgraded. Jamie Dimon, the chief executive of JPMorgan Chase, said that he does not think downgrades of the insurers would be “a big deal.” Deutsche Bank chief Josef Ackerman, however, described the potential downgrades as …
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8 February, 2008| Economy | Comments (0) @ 18:29

Investors Need More ‘Truthiness’

Although I don’t keep score about others, I do know that the more you talk about the market and the more you do, the worse you sound and likely do. I am guilty of that myself at times. I have long wondered how the Cramer show would do in a VOLATILE range bound market, not either a bull or a bear.
Sounds like not too well based on FLY’s ‘Super Asshat Award’
I…
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8 February, 2008| Economy | Comments (0) @ 18:28

Department of Strained Metaphors

The goal of monetary is famously described as taking away the punchbowl once the party gets started. Dallas Fed president Richard Fisher explains his dissenting vote:

In the current financial-market turmoil, credit markets have been cutting back on lending to important segments of the nation’s economy. As a result, “instead of taking the punchbowl away, the Fed is now faced with the task of replenishing the punch,” Dallas Fed president Richard Fisher said Thursday.

M…
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8 February, 2008| Economy | Comments (0) @ 18:26

Making Money Off Subprime Declines

Many investors lost money in the subprime meltdown, but not all of them. Scott Patterson profiles one hedge-fund manager who made a prescient bet that the decline was on the way.
Nearly everyone has heard of John Paulson, the hedge-fund manger who made and estimated $3 billion or $4 billion in 2007 by wagering on a big drop in the housing market…
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8 February, 2008| Economy | Comments (0) @ 18:19

IPO WITHDRAWAL: Light Sciences Oncology (LSON)

Light Sciences Oncology Inc. withdrew its IPO filing Friday, citing “unfavorable market conditions.” It originally filed IPO paperwork in April 24, 2006. It was approved for listing on NASDAQ with ticker symbol “LSON,” and it had planned to offer over 5 million shares at $14 to $16 each. Light Sciences Oncology develops innovative technology that treats solid tumors with its light-activated Light Infusion Therapy (Litx). The technology could potentially treat cancer as a chronic disease because it has the capability to be used repeatedly throughout a patient’s life. Clinical testing for patients with metastatic colorectal cancer and hepatoma are in…
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8 February, 2008| Economy | Comments (0) @ 18:13

Here Come The SAC Resumes

Unusual perks: Goldman Sachs covers sex changes [Fortune]

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8 February, 2008| Economy | Comments (0) @ 17:46

Reading: The Subprime Investigation

Amir Efrati, Susan Pulliam, Kara Scannell and Craig Karmin team up to report on the expanding probe into subprime lending. “The Justice Department’s U.S. attorney’s office in Manhattan, based near Wall Street, has notified the Securities and Exchange Commission that it wants to see information the agency is gathering in its investigation of Merrill Lynch & Co., according to people familiar with the matter,” they …
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8 February, 2008| Economy | Comments (0) @ 17:43

Today in Biotech Stocks (ALNY, ARIA, CEPH, CYPB, GTCB, ITMN)

Below are some of the news items affecting shares of biotech stocks: Alnylam Pharmaceuticals Inc. (NASDAQ: ALNY) is enjoying upgrades after a positive earnings release Thursday. The company’s partnership with Swiss drug maker Roche on RNA-interference drugs drove its fourth quarter profit. RNA-interface drugs work by turning off genes that cause illnesses. The prospect of more deals and partnerships in the future is driving up the stock, up over 7% at mid-day to $32.61. The 52 week range is $14.87 to $37.35. Ariad Pharmaceuticals Inc. (NASDAQ: ARIA) down almost 6% at mid-day despite improved financial results and positive guidance. The…
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8 February, 2008| Economy | Comments (0) @ 17:32

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