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comScore Clarifies Its Google Click Comments (GOOG)

Google (NASDAQ: GOOG) is seeing a stock recovery after comScore (NASDAQ: SCOR) put out a clarification on its blog today. We received an email from comScore a short while ago confirming that link. Here is what you will want to key on first: “While we do not claim that these concerns are unwarranted, we believe a careful analysis of our search data does not lend them direct support. More specifically, the evidence suggests that the softness in Google’s paid click metrics is primarily a result of Google’s own quality initiatives that result in a reduction in the number of paid…
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29 February, 2008| Economy | Comments (0) @ 18:12

Moody’s Signals It Should Cut Ambac, But Isn’t Cutting It (ABK)

Moody’s is affirming the current ratings and capital ratios at Ambac Financial Group, Inc. (NYSE: ABK), although there is not a downgrade being issued. Moody’s has noted that Ambac’s capital is currently under its “Aaa” target level and it would review the capital plans as the situation develops. If the company gets the bailout, it should get to sneak its “Aaa” rating. We have noted before, as have many others, that this is a mere dance right now that is nothing short of a game to avoid a sudden financial collapse. It’s almost like the Treasury hiring out counterfeiters to…
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29 February, 2008| Economy | Comments (0) @ 18:02

Secondary Sources: Tough Rules, EU and Globalization

A roundup of economic news from around the Web.

Tough Rules: Writing for Bloomberg, Michael R. Sesit says the subprime crisis has highlighted the need for tougher rules. “It’s tempting just to let banks stew in the consequences of their own folly. But they are too integral a part of the global economy. And letting some fail — assuming that’s what would happen — would further damage growth. A better remedy might be to more tightly regulate derivatives markets and limit the use of leverage. Governments regulate the safety and efficiency of drugs, automobiles and airplanes. Why not financial instruments? To paraphrase French statesman Georges Clemenceau’s comment about war and generals, economies and financial markets are too important to be left to financiers.”
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29 February, 2008| Economy | Comments (0) @ 18:00

Friday links: major financial instability

Strong commodities and a weak dollar are front page news today. (WSJ.com, ibid)
Money has been gushing into currency ETFs. (…
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29 February, 2008| Economy | Comments (0) @ 17:10

Well, I’m Back

In the immortal words of hobbit and world-traveler Sam Gamgee , “Well, I’m back”. After having spent way too long this week getting this site back in working order, it’s now there. Sort of. A bunch of features are missing, most noticeably my individual page entries are absent. Not sure why, but I’m working on it.
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29 February, 2008| Economy | Comments (0) @ 17:10

International Brands Management SPAC IPO Changes Terms (IBL.U, IBL)

International Brands Management Group, a SPAC, or special purpose acquisition company, has amended its IPO again. It is set to trade under the ticker “IBL.U” on the American Stock Exchange. The company now plans to offer 10 million units compared to the previous 15 million units at $10 a piece. The filing was originally submitted on November 21, 2007. International Brands Management Group plans to target businesses in the consumer-oriented sector in the U.S. or internationally and the lead underwriter is listed as Pali Capital. Others noted are Maxim Group, Morgan Joseph, and HCFP/Brenner Securities. With so many SPACs still…
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29 February, 2008| Economy | Comments (0) @ 17:10

Market Wrap: Perfect Storm Raises Investor Anxiety

Fears about this week’s dataflow were realized….
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29 February, 2008| Economy | Comments (0) @ 17:00

Top U.S. Charts

Andrew Gledhill reviews the week in the U.S. economy….
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29 February, 2008| Economy | Comments (0) @ 17:00

Are Equities Attractive?

Brad DeLong thinks that stocks look attractive over the long run, and has written a paper to that effect:

As of this writing the annual earnings yield on the value-weighted S&P composite index is 5.53%. This is a wedge of 3.22% per year when compared to the annual yield on 10-year Treasury inflation-protected bonds of 2.31%. The existence of the equity return premium in the past offered long-horizon investors a chance to make very large returns in return for bearing little risk. It appears likely that the current configuration of market prices offers a similar opportunity to long-horizon investors today.
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29 February, 2008| Economy | Comments (0) @ 16:53

Premarket: AIG, Dell Elicit Grimaces

Shares of American International Group and Dell both lost ground in trading before the bell, dampening investor enthusiasm after both companies reported disappointing results. Shares of insurer AIG were down 4.9% …
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29 February, 2008| Economy | Comments (0) @ 16:52

SPAC IPO Competition To Heat Up: AMEX vs. NASDAQ (NDAQ, NYX)

It looks like the American Stock Exchange, and ultimately the New York Stock Exchange (NYSE: NYX) after the two merge, is going to get some competition for all of the IPO’s in Special Purpose Acquisition Companies (SPAC’s) and Blank Check companies. Recently, The Nasdaq Stock Market (NASDAQ: NDAQ) submitted a proposal to the SEC to get in on the SPAC IPO market. Right now, the American Stock Exchange has been the go-to vehicle for SPAC’s that has allowed these blank check acquisition vehicles to list in the United States. It’s hard to conceive any reasons that the SEC or any…
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29 February, 2008| Economy | Comments (0) @ 16:48

Consumer Sentiment Dies

Consumer sentiment hit a 16-year low this month. According to Reuters “The Reuters/University of Michigan Surveys of Consumers said its main index of consumer sentiment fell to a 16-year low of 70.8.” With the market down 200 points, no one seemed to be surprised. Douglas A. McIntyre
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29 February, 2008| Economy | Comments (0) admin @ 16:42

Latin America: Weekly Market Review

Markets did not escape global contagion. The only winner was Argentina….
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29 February, 2008| Economy | Comments (0) @ 16:30

When The Rising Cost Of Oil Hits A Little Too Close To (Steve Cohen’s) Home

The unadulterated euphoria you-know-who experiences while mainlining cream filled gold sponge cakes every day at 3 is about to be compromised.

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29 February, 2008| Economy | Comments (0) @ 16:27

Natural Born Presidents

One of the sillier parts of our Constitution is that only natural born citizens can become president. The New York Times reports that this could raise questions for John McCain, who was born in the Panama Canal Zone (McCain’s father and grandfather were Admirals).
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29 February, 2008| Economy | Comments (0) @ 16:07

Energy Roundup: Oil Hitting Records, but for How Long?

The slumping dollar, not supply and demand, is fueling crude prices….
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29 February, 2008| Economy | Comments (0) @ 16:00

CNBC just doesn’t get Ambac and MBIA!

CNBC just doesn’t get Ambac and MBIA!

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29 February, 2008| Economy | Comments (0) admin @ 15:56

China Watch: CTrip.com’s Soars

China Watch: CTrip.com’s Soars

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29 February, 2008| Economy | Comments (0) @ 15:56

Municipal Default Alert: Vallejo, California

Do municipal bonds really never default? The Californian town of Vallejo seems to have gotten very close. Portfolio’s Liz Gunnison filled me in on the details of the city’s bonds, from Bond Buyer:

The city government and its related enterprises had about $201.1 million of
outstanding bonds and certificates of participation as of June 30, according
to the city’s most recent comprehensive annual financial report.
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29 February, 2008| Economy | Comments (0) @ 15:54

California Housing Market

I have some bad news for California homeowners. The median price of a home in the San Fernando Valley has fallen 25%, from $655,000 to $500,000. The good news is that the median value is $500,000….
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29 February, 2008| Economy | Comments (0) @ 15:47

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