MARKET CURRENTS
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MARKET CURRENTS
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Sunday, May 19
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10:30 PM "France, but also Germany, have a special responsibility, as heavyweights in the eurozone, to take seriously the new deficit reduction rules," Bundesbank chief Jens Weidmann says, becoming the second official in a week to remind France of its obligation to cut its budget deficit to 3%, even if it takes a few extra years. There is a "certain amount of flexibility" in the rules, Weidmann continues, but their "credibility won't be enhanced if one were to exhaust [that] flexibility right at the start." Translation: Weidmann doesn't want anyone pushing their luck. [Global & FX] 3 Comments
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10:12 PM The latest installment of the Senior Loan Officer Opinion Survey, has some observers worried. Citing "increased competition," banks generally reported easing their lending standards on business loans over the last three months, as razor thin margins have created a scramble for C&I business (previous). Concurrently, the amount of business loans extended rose 10% Y/Y to $1.55T, leading some to question whether the combination of more lending and lax underwriting standards might prove hazardous to the system. Competition "creates the temptation to do silly things," M&T vice-chairman Mike Pinto tells FT. [U.S. Economy, Financials] 3 Comments
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7:48 PM Among those apparently not worried about the fate of the 787 Dreamliner during the first quarter were hedge funds. All told, hedgies spent $1.6B during Q1 buying shares of Boeing (BA), FactSet says. (Also: 787 deliveries begin anew) 4 Comments
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6:34 PM Nokia's (NOK) rumored 41MP sensor Lumia phone, codenamed EOS, will have a polycarbonate body and a display similar to that of the Lumia 920 (4.5," 1280x768 display), a source tells WMPoweruser. The source adds the phone will be lighter than the 920, that its thickness will be on par, and that its camera will sport a xenon flash and a lens cover "that opens when the camera app is started." A new camera app is also said to be on board. The Verge reported in January AT&T will sell the phone; considering T-Mobile is selling the 925, there's some logic to that. [Tech] 34 Comments
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2:09 PM Autodesk (ADSK) is acquiring Tinkercad, a developer of low-cost, web-based, 3D modeling and simulation tools. In tandem with the deal, Autodesk says it will revive Tinkercad's modeling service, which the startup recently said it would discontinue to focus on its supercomputer-powered Airstone simulation environment. Tinkercad's offerings will be added to Autodesk's 123D family of hobbyist-focused 3D design products, which now includes iPad apps. Terms are undisclosed. (other acquisitions: Firehole Composites, PI-VR, Qontext, Inforbix, Socialcam) [Tech, M&A] Comment!
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1:49 PM More on Yahoo/Tumblr: Kara Swisher reports Tumblr founder/CEO David Karp "will stay at Yahoo for four years at least and retain much control over the service." There are concerns about how Yahoo will deal with Tumblr's mountains of adult content without alienating either users or advertisers; Peter Kafka argues they're overblown, since marketers decide which blogs to advertise on. Discussing comparisons between Tumblr and Yahoo's failed 1999 acquisition of Geocities, Tristan Louis notes Tumblr has seen top execs jump ship. But he adds Geocities faltered in part because a flood of ads drove users away; Tumblr seems to be avoiding that pitfall. [Tech, M&A] 6 Comments
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12:25 PM Yahoo's (YHOO) board has approved a $1.1B all-cash deal to acquire Tumblr, the WSJ reports. (previous) [Tech, M&A, Breaking News] 23 Comments
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9:52 AM There is no precedent for the current market, writes The Fat Pitch. Consider: 1) The S&P (SPY) has been up 56 of 88 trading sessions this year 2) It's up an uncorrected 24% since the post-election low - the longest streak in over 3 decades 3) The Nasdaq (QQQ) is on pace for a 7th straight up month, an occurrence with a 3-in-100 probability. Long term it's bullish, writes Ukarlewitz, as this sort of strength is rarely the end of a trend. Short term? Stay nimble. 48 Comments
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