MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Saturday, May 26
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3:04 PM Lou Lebedin is out as head of the global prime brokerage for JPMorgan Chase (JPM), just two months after taking sole charge of the unit. He was co-chief of the business after joining JPM via its Bear Stearns purchase. Teresa Heisenrether (from the fixed-income prime brokerage) replaces him. [Financials] Comment!
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12:15 PM Housing prices in just 2 of the 20 largest U.S. metro areas have returned to 2006 levels - Dallas and Houston. Oil? Luck? Perhaps, but a Texas law requiring any homeowner refinancing a mortgage or taking out a home equity loan to have at least 20% equity in their home may have helped shield the state from at least part of the housing bust. [U.S. Economy] 16 Comments
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11:50 AM IMF head Lagarde tells The Guardian her agency has no intention of easing the terms of Greece's bailout package. Greeks need to help themselves by paying their taxes, she says, adding she has more sympathy for poor African children than Greek ones - interesting sentiments from one who was part of the regime that oversaw hundreds of billions transferred to financial institutions in the aftermath of the GFC. [Global & FX] 16 Comments
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11:25 AM Among giant U.S. IPOs of the last 10 years, Facebook (FB), which is now down 16% from its $38 offering price, has posted the worst performance, according to Bloomberg's data. Of course, many pre-IPO investors are also underwater: a SecondMarket chart shows Facebook reached current levels in Feb. '11, and largely remained above them until this week. Options trading begins on Tuesday, and could bring additional volatility. [Tech] 5 Comments
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10:15 AM Rex Nutting's column asserting "Obama's spending binge never happened" has created a buzz in some high places, and it's true that the president's spending levels are little changed from FY2009, the last Bush budget. But that was a TARP-inflated one-off, and Obama must take the blame for choosing not to reverse that elevated level of spending... or for not spending enough. [U.S. Economy] 44 Comments
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9:45 AM The pro-bailout New Democracy (23.2%) party has overtaken Syriza (22%) in a new opinion poll in Greece. Election rules give the victorious party a 50-seat bonus in Parliament, so even a tiny victory margin is significant in determining who forms the next government. Markets are pricing in disaster. What if things continue to muddle along? [Global & FX] 6 Comments
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9:25 AM Considering coming out of cash and and wading back into the markets? Look at energy, says Real Money's Daniel Dicker, particularly offshore drilling companies. Offshore profitability is almost entirely based on crude oil pricing, and Dicker is convinced that crude oil prices will find a bottom well above $100/bbl. This will make the most challenging offshore operations, using the deep and ultra deep water rigs owned and leased by companies like SeaDrill (SDRL), Transocean (RIG), Ensco (ESV) and Rowan (RDC) increasingly profitable through 2012-13. [Energy, Quick Ideas] 6 Comments
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