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Vikram Pandit, Citigroup’s Chess Master: Has shunted Alberto Verme all the way off to Dubai.
Repo home tours: Should you jump in?
Auto Erotic: Dan Neil on the Bugatti Veyron.R…
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9 May, 2008| Economy | Comments (0) @ 12:33

52-Week Low Club (LNG, CCE, GEOY, HANS, IPAS, KNOT, TDSC, VLO)

Cheniere Energy, Inc. (AMEX: LNG) can thank its earnings or lack thereof today for its implosion. Shares were down well over 20% at last look around $5.78, while its 52-week trading range was $6.46 to $43.50. Coca-Cola Enterprises Inc. (NYSE: CCE) was down less than 1% at $21.48 in the last hour; prior 52-week range was $21.55 to $27.09. Who would have guessed that bottling Coke and other drinks would result in this. GeoEye, Inc. (NASDAQ: GEOY) suffering from geospatial imaging sector woes. While this was well above the 52-week lows, it has been more volatile than plastique in a…
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9 May, 2008| Economy | Comments (0) @ 12:29

AIG Slumps…If One Believes in Numbers

Beware of companies that find new ways to value assets while they’re sinking.
Where have we heard this story before? A company loses a bundle of money due to depressed values for its assets, and it says those valuations don’t really count.
That’s what has happened to A…
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9 May, 2008| Economy | Comments (0) @ 12:12

U.S. Economic Preview: May 12-16

Crude reality dampens investor enthusiasm….
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9 May, 2008| Economy | Comments (0) @ 12:00

Quote of the Day: On a Great Danger Approaching

Today’s quote is from a clever commenter in our W/H discussion last week:

“With the enemy’s approach to Moscow, the Moscovites’ view of their
situation did not grow more serious but on the contrary became even
more frivolous, as always happens with people who see a great danger
approaching.

At the approach of danger there are always two voices that
speak with equal power in the human soul: one very reasonably tells a
man to consider the nature of the danger and the means of escaping it;
the other, still more reasonably, says that it is too depressing and
painful to think of the danger, since it is not in man’s power to
foresee everything and avert the general course of events, and it is
therefore better to disregard what is painful till it comes, and to
think about what is pleasant.”…
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9 May, 2008| Economy | Comments (0) @ 12:00

Wide High-Yield Bond Spreads Are Likely to Persist

Although many aggregate measures of corporate credit worth are significantly stronger than respective their readings of the two previous credit cycle slumps, each broad metric appears to be softening….
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9 May, 2008| Economy | Comments (0) @ 11:56

The Bonus: Why Won’t Buffett Shut Up?

The Bonus: Why Won’t Buffett Shut Up?

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9 May, 2008| Economy | Comments (0) @ 11:52

Machine to explain the economy (1949)

Thanks to Don Lloyd for this link to an interesting story about a British machine that modeled the workings of the British economy:

A sensation when it was unveiled at the London School of Economics in 1949, the Phillips machine used hydraulics to model the workings of the British economy but now looks, at first glance, like the brainchild of a nutty professor. Where the Bank’s team of in-house economists are equipped with state-of- the-art digital computers, the profession’s first stab at modelling was very much a do-it-yourself affair with a whiff of the Heath Robinson about it.
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9 May, 2008| Economy | Comments (0) @ 11:47

Independent plug in for Community

I’m really taken with this gizmo designed to change the header for Community users. …
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9 May, 2008| Economy | Comments (0) @ 11:44

Economic Indicators May 12 - May 16

Forecasts and commentary for the week’s economic indicators which include the CPI, home construction, and industrial production….
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9 May, 2008| Economy | Comments (0) @ 11:36

State Gas Taxes

Rising frustration with gas prices has led two presidential candidates, Senators John McCain and Hillary Rodham Clinton, to promote proposals to suspend the federal gas tax from Memorial Day to Labor Day.
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9 May, 2008| Economy | Comments (0) @ 11:30

Washington DC Goes Gaga For ABC’s Money Honey

Bianna Golodryga is apparently Washington DC’s favorite “money honey.” The former CNBC reporter moved over to ABC last year. But her appearance at the White House Correspondents’ Association Dinner is garnering her a lot of attention. “She’s smoking,” a Bush administration official tells Paul Bedard, who writes the Washington Whispers gossip column for US News & World Report.

?…
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9 May, 2008| Economy | Comments (0) @ 10:57

The Healthiest Part of the Financial-Services World

Bloomberg has a big article up on the slightly sleazy world of inter-dealer brokers. It’s a world I know a little about, since I used to have an inter-dealer broker as my roommate.
This chap was eminently qualified for the job: he had the gift of the gab, he could make friends with anybody, and, most importantly, he loved to party. In fact, he loved to party so much that he eventually got fired for failing to show up to the office in the morning one too many times.
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9 May, 2008| Economy | Comments (0) @ 10:54

Economists React: ‘Huge Support’ From Trade

Economists and others weigh in on the narrowing of the U.S. trade deficit, as a drop in imports outpaced a decline in exports.
The trade balance improved in March despite a sharp spike in oil prices. Non-oil imports fell much more substantially than exports declined. On a trend basis, imports have been slowing while exports continue to climb, boosted by the weak dollar. The trend changed in 2007 with exports now growing more strongly than imports. This has reduced the trade deficit from its record 2006 level. However, because imports are still more than 40% larger than exports and oil prices are continuing to climb, progress on narrowing the trade deficit has been slow and irregular. &…
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9 May, 2008| Economy | Comments (0) @ 10:52

Layoffs Watch ‘08: JPMorgan

Mark Petrinovic, JPM’s head of Latin American Credit, along with 4 MD’s and 1 ED, are said to have been laid off yesterday. Supposedly the cuts were “quite unexpected as it is unrelated to the Bear integration.” Which begs the question, would you rather be fired through no fault of your own, or for reasons that can be placed squarely on your drug use*? Personally, we’re inclined to go with the latter. If** I’m going to get fired, I’m going to do it on my own terms.
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9 May, 2008| Economy | Comments (0) @ 10:50

Friday links: absent edition

Abnormal Returns is going to be taking a short break from blogging. During an earlier break we wrote this post highlighting some additional linkfests worth your time. In the meantime, feel free to drop us a line …
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9 May, 2008| Economy | Comments (0) @ 10:48

Listen to the Children

(May 9, 2008 10:41 AM, by Bryan Caplan) Here’s a deeply important passage from my favorite survey of the time diary literature:One of Galinsky’s more surprising findings centered……
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9 May, 2008| Economy | Comments (0) @ 10:41

Energy Roundup: Oil’s Relentless Rally

The weak dollar and world events kept market sentiment decisively bullish this week….
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9 May, 2008| Economy | Comments (0) @ 10:30

Oil at a Ridiculous $125

When a trend cannot continue, it will stop, to paraphrase economist Herb Stein. But as long as it can continue, it will, and oil’s trend is continuing in trading. Crude prices blasted through the $125 level this morning and show little sign of topping out, even as Congressional proposals to try to ratchet down prices, one way or another, are bouncing all over the place.
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9 May, 2008| Economy | Comments (0) @ 10:30

Structured investments - ETF vs. ETN.

ETF and ETN are becoming more and more popular products for many investors. Sometimes it is used for investing before “real” stock trading. Both offer many advantages compare to mutual funds. Exchange traded funds or notes you can traded directly on exchange. It means you can buy or sell anytime for market price.ETF are still dominant with assets value $602 bln. ETN now accounts $6 bln but increasing rapidly during last year. We could see almost 200% growth in assets value from $2,1 bln to current $6 bln. ETF market grew by 26%….
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9 May, 2008| Economy | Comments (0) @ 10:24

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