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Richard Dwyer
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Mr. Dwyer is a Silicon Valley, California lawyer who was former Associate Editor of the Stanford Law Review (1988-1989), with a A.B. in Economics from Stanford University (1986). He follows technology, gambling and emerging markets. Visit: Keeping It Free (http://keepingitfree.blogspot.com/)... More
My company:
Richard E. A. Dwyer, APC
My blog:
Keeping It Free
My book:
GamblersAdvisory.Com's Guide On How To Bet On Boxing eBook
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  • June 24th Update On California Budget Crisis
    The situation in California continues to deteriorate.  The state remains more than $19 billion in debt and still does not have a budget for its new fiscal year which starts on July 1, 2010.  Here are the latest developments:

    • Governor Threatens to Cut Salaries:  Frustrated by the budget stalemate, Governor Arnold Schwarzenegger is threatening to slash the pay of state workers to the federal minimum wage of $7.25 an hour starting July 1, 2010 for as long as the State does not have a budget.  At present the Courts are on his side as the Governor obtained a judicial ruling last year that permits him to do so.  The State Controller is appealing the ruling, which remains the law of the State.  The Governor is further threatening to reinstate  work furloughs for state workers.  Pursuant to the furlough program, state workers have already missed 46 work days since February 2009.  By memo dated June 23, 2010, the Governor has reserved the right to reinstate the furloughs "if necessary to address a fiscal and cash crisis."

    • Four Unions Have Reached Deals:  In the last week, four unions representing 23,000 of the 170,000 state workers have reached new agreements with the Governor.  Each agreement specifically provides that the State may not reduce the unions' workers pay to minimum wage if the negotiated agreements are ratified by union members.  The agreements require the unions to increase their share of pension contributions.

    • Assembly Speaker Wants To Boycott Budget Talks:  The Los Angeles Times has obtained a confidential memorandum authored by Assembly Speaker John Perez that urges fellow Democrats to "hold firm and not engage in any negotiation until the governor shows signs of reciprocation."  The memo notes that "to date, there has been no productive engagement on budget talks with the governor." Perez is proposing that the State impose a new "oil severance tax" to help close the budget gap.  The Democrats do not have enough votes to pass the Budget without GOP support.  The GOP opposes any new taxes, as does the Governor.  The impasse remains contentious.
    •  


    Disclosure: The author lives in California
    Jun 25 12:25 AM | Link | Comment!
  • Is The Apple iPad Already Passe?
    The Apple iPad - scheduled to be released on April 3rd - might already be yesterday's news.  The 9.7 inch screen iPad will carry a hefty $ 500 price tag and does not support Adobe Flash, software that enriches the multimedia experience.

    Marvel (NASDAQ:MRVL) is expected to release a competitor at a much lower price point -- a startling $100 -- with a bigger 10.1 inch screen that supports Adobe Flash.  The product is tentatively called the "iWonder."  It operates on Google's Android open source system.  It could be a game changer.

    The iWonder has a color display and is WiFi compatible, enabling the user to surf the net for web based applications and email.   As the device uses Android, it is likely that it will interact nicely with Google's online offerings (e.g., Gmail, YouTube, etc.).

    Its use of an open source system will further make it difficult for HP and Microsoft's coming  "Slate" tablet to compete.  The Slate uses the more expensive Microsoft Windows 7 operating system, which will likely result in a higher price.

    Keep an eye on this tablet race.  And expect prices to fall quickly. 

    Disclosure: Long AAPL, Long GOOG
    Mar 29 3:50 PM | Link | Comment!
  • Macau News - Great for WYNN, LVS & MGM
    Macau's gaming revenue growth hit the cover off of the ball, growing 63% YOY -- well north of 30% YOY estimates.  The gaming revenue now approaches $1.75 billion and growing.  This news is astonishingly good and promising for WYNN, LVS & MGM.  
     
    This good news comes several days after JP Morgan upgraded its price targets on LVS & WYNN.  On or about January 26, 2010, JP Morgan's Joe Greff raised his price target on LVS one dollar a share to $23, up from $22.  JP Morgan further raised its price target on WYNN to $72 a share.  
     
    The timing is especially fortuitous for MGM, which is planning an IPO of its Macau operation.  The company recently approached creditors to extend to February 2014 the maturity of its $5.5 BB credit line from October 2011.  Several creditors appear to be receptive.  


    Disclosure: MGM
    Feb 04 7:18 PM | Link | Comment!
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  • I like the MPEL 2013 $5 strike price call option. Macau is on fire. And you're getting two years of upside. Disclosure: I own it.
    Nov 4, 2010
  • GOOG continues to impress. Stock now above $542. Google TV has Amazon and NBC on board, and will have a vast array of content.
    Oct 11, 2010
  • GOOG looks attractive here - 24% revenue jump, miss was bottom line, Android is on fire
    Jul 19, 2010
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