Fed Relaxes Restrictions for J.P. Morgan-Bear Deal

The latest evidence of the Federal Reserve breaking from its usual practices to support the sale of Bear Stearns to J.P. Morgan Chase: The central bank has agreed to temporarily relax certain restrictions on transactions between banks and their affiliates and ease regulatory capital requirements to facilitate the proposed takeover.
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  4 Abril, 2008| Economy | Comments (0) @ 23:55

Foreign Central Banks Stick With Dollar

Foreign central banks aren’t dumping dollars, according to new research by Win Thin, senior currency strategist at Brown Brothers Harriman.
He notes that the Federal Reserve’s custodial holdings for foreign official accounts, which primarily represent holdings from Asian central banks, have risen $145 billion since the end of last year. He estimates that Asian foreign reserves at the end of the first quarter totaled $211 billion, and based on fourth-quarter ratios, approximately $128 billion of those reserves should be going into dollars. The discrepancy can be explained because the figures are rough estimates, but it doesn’t indicate a drop in holdings from foreign sources.
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  4 Abril, 2008| Economy | Comments (0) @ 23:39

Top Ten Most Searched Stocks on TheStreet.com

addslashes(Top Ten Most Searched Stocks on TheStreet.com

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  4 Abril, 2008| Economy | Comments (0) admin @ 23:28

Write-Offs: 04.04.08

$$$ A Bearish JPMorgan [DealZone]

$$$ “Just got one too many emails from weird weird weird people who mistakenly believe TIM is associated with The Timothy Plan. Let me set the record straight: hell no!” [Tim Sykes]

$$$ W…
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  4 Abril, 2008| Economy | Comments (0) @ 23:05

Ten Years, for What?

Sunday will mark the 10-year anniversary of the announcement of the historic merger between Travelers Group and Citicorp, which formed Citigroup Inc. A decade later, Citigroup’s stock trades at a lower price per share and the company has a smaller market capitalization.
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  4 Abril, 2008| Economy | Comments (0) @ 22:57

Blogonomics: Valleywag Pay Slashed

Jordan Golson can’t be happy: Nick Denton has cut the amount of money he gets per thousand pageviews to $6.50 from $9.75. That’s a 33% pay cut, on a per-pageview basis. What about on an absolute basis?
Well, the pageview rate is set on the basis of the previous quarter’s pageviews. Total Q4 p…
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  4 Abril, 2008| Economy | Comments (0) @ 22:56

Jobs Y Survey

Unemployed? Consider rectifying that with BlackRock (as an analyst), DE Shaw (as something vague but in Bermuda!) or recently downgraded G…
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  4 Abril, 2008| Economy | Comments (0) @ 22:48

Fed Loosens Capital Rules for JPM

Up to $220 billion of Bear Stearns assets can be excluded from J.P.Morgan’s risk-weighted assets.
Up to $400 billion of Bear Stearns assets can be excluded from the denominator of the tier 1 leverage capital ratio.
JPMC also has requested that the Board provide JPMC with relief from the Board’s risk-based and leverage capital guidelines for bank holding companies….
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  4 Abril, 2008| Economy | Comments (0) @ 22:48

The Real Story: April 4, 2008

The Real Story: April 4, 2008

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  4 Abril, 2008| Economy | Comments (0) admin @ 22:22

Jim Cramer’s Stop Trading Buy FWLT and CME

Jim Cramer told viewers of CNBC’s “Stop Trading!” to buy Foster Wheeler (FWLT). Cramer likes FWLT for their coal business and the firms’ strong backlog. Cramer mentioned he likes ABB (ABB) as well, but the company has too much nuclear and nobody in the U.S. wants to build nuclear plants. Speculation is swirling around Wall Street that 50% of commodities trading is due to speculation. Cramer said this makes him want to buy CME Group …
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  4 Abril, 2008| Economy | Comments (0) @ 22:17

Will Alcoa Kick Off a Surprise Quarter?

Shares of Alcoa Inc. rose a surprising 5.8% Thursday, and headed into Monday’s earnings release, trading in the options market reflected more optimism in an environment when the economic outlook is anything but certain.
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  4 Abril, 2008| Economy | Comments (0) @ 22:04

Microsoft Could Walk Away From Yahoo!, Or Drop Offer (YHOO, MSFT)

The heat between Microsoft (NASDAQ: MSFT) wanting to acquire Yahoo! (NASDAQ: YHOO) may be cooling. Or it may just be a negotiating tool to show Jerry Yang that he’s up the creek with no paddle if Microsoft just quits its offer. The talk is now all over after-hours that Microsoft may be reevaluating its buyout offer for the #2 search player. This is after the companies met earlier this week to no avail. The report is being tied to Dow Jones Newswire although this started coming out all over that this might want to still be considered as hearsay. Microsoft…
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  4 Abril, 2008| Economy | Comments (0) @ 21:50

Treasury Sees Stimulus Package Boosting Jobs, Avoids Recession Talk

The Treasury Department, following a report showing a decline of 80,000 in nonfarm payrolls in March and a jump in the unemployment rate to 5.1%, said the recently enacted economic-stimulus bill could create up to 600,000 jobs by the end of the fourth quarter, with gains most likely to show up in health care and other service sectors.
?The jobs that you have the most growth in ? sort of on the upside actually tend to be the ones that were growing the fastest coming in,? Treasury Assistant Secretary …
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  4 Abril, 2008| Economy | Comments (0) @ 21:43

Sacrilege

I don’t know who’s behind Zacks.com, but the “ratings agency” just released its list of “Stocks to Sell Now” and I’m having a difficult time believing the place isn’t run by burlap loincloth clad godless heathens. Or Canadians. Z’s picks (to dump)? None other than the holy trinity: sex (Playboy Enterprises: PLA), money (Goldman Sachs: GS), lactose (Cheesecake Factory: CAKE).

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  4 Abril, 2008| Economy | Comments (0) @ 21:42

Non-Disclosure Cat Fight

Take a piece by New Republic blogger Marty Peretz…

The Wall Street Journal has a soft spot for Joseph “Jay” W. Brown the once — and once again CEO of MBIA, the world’s largest bond insurer and insurer of much dubious paper at unreliable values. I’ve posted on The Spine about his company several times, and particularly about how it and another company (AMBAC, on its way to the graveyard where Enron now is buried) cooperated with the three ratings agencies (Moody’s, S & P, Fitch) to dish out truly false AAA grades.
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  4 Abril, 2008| Economy | Comments (0) @ 21:10

The 52-Week Low Club (FHN)(DMAN)(MESA)(RVBD)

First Horizon Natl (FHN) Analyst cuts regional bank stocks. Down to $13.67. from 52-week high of $41.46. Demandtec (DMAN) Issues poor outlook for the year. Sells off to $6.65 from 52-week high of $20.55. Mesa Air Group (MESA) Airlines sell off on high fuel costs. Drops to $1.35 from 52-week high of $8.02. Riverbed Technology (RVBD) Poor Q1 outlook. Down to $12.71 from 52-week high of $52.81. Douglas A. McIntyre
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  4 Abril, 2008| Economy | Comments (0) @ 20:58

Ford’s Cost of Flying

Tim Hanrahan has this report on Ford Motor’s proxy.
How do you get people to move to a job in Detroit? Provide them with outstanding airplane perks!
Last year in MarketBeat we reported on the airplane usage…
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  4 Abril, 2008| Economy | Comments (0) @ 20:44

When a Buyout Writer Goes Bad

Is it too much to ask that financial writers understand basic financial concepts before they launch into a rant or two about the ills of leveraged buyouts?

Apparently, if the passage below is to be believed to come from a “financial writer.”

It didn’t help that another recent change in accounting rules required Freescale to reflect on its books the difference between the value of the company’s physical assets and the buyout firms’ purchase price. That took a big bite out of profits: In April, 2007, it posted a $539 million first-quarter loss, after booking a $212 million gain a year earlier. In town hall meetings with employees and conference calls with investors, Mayer explained away the paper losses, assuring everyone that operating earnings were in the black and cash was plentiful enough to cover Freescale’s interest payments.
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  4 Abril, 2008| Economy | Comments (0) @ 20:41

Coach Ready to Bulge, Gap Flat

Coach Ready to Bulge, Gap Flat

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  4 Abril, 2008| Economy | Comments (0) @ 20:18

Jeff Koons Datapoint of the Day

The most expensive sculpture sold by a living at auction was Jeff Koons’s Hanging Heart, which sold for $23.6 million last year. It was also the most expensive artwork sold by a living artist at auction. The most expensive sculpture ever sold at auction was the Guennol lioness, which s…
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  4 Abril, 2008| Economy | Comments (0) @ 20:07

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