SeekingAlpha.com: Market Currents http://seekingalpha.com/market_currents Market Currents RSS Syndication from SeekingAlpha.com SeekingAlpha.com <![CDATA[ While Goldman CEO Lloyd Blankfein understands that "people are pissed off" with bankers, he says everybody should be happy: "Companies are looking to grow again and raise money. That's where we come in. The financial system may have led us into the crisis but it will lead us out." ]]> http://seekingalpha.com/news/market_currents/post/36077?source=feed 36077 Post your comment!]]> Sun, 08 Nov 2009 08:33:45 -0500 SeekingAlpha he says everybody should be happy: "Companies are looking to grow again and raise money. That's where we come in. The financial system may have led us into the crisis but it will lead us out." Post your comment!]]> <![CDATA[ "I love the retail broker business because my dad is a broker and my grandfather was a broker and it was the first job I ever had. So if you are really, really good, call JPMorgan (JPM). We'd be happy to hire you," Jamie Dimon (.pdf), on Oct. 27. Friday, he did just that, hiring his dad and his five-man team away from Merrill Lynch (BAC). ]]> http://seekingalpha.com/news/market_currents/post/36076?source=feed 36076 Post your comment!]]> Sun, 08 Nov 2009 04:35:09 -0500 SeekingAlpha JPM). We'd be happy to hire you," Jamie Dimon (.pdf), on Oct. 27. Friday, he did just that, hiring his dad and his five-man team away from Merrill Lynch (BAC). Post your comment!]]> <![CDATA[ Meanwhile, IMF director Dominique Strauss-Kahn says progress is being made on a possible financial sector tax, also known as the IMF tax, which would be an incentive to take less risks, but also create an insurance fund to be used in case of a future crisis. ]]> http://seekingalpha.com/news/market_currents/post/36075?source=feed 36075 7 comments!]]> Sat, 07 Nov 2009 17:31:38 -0500 SeekingAlpha progress is being made on a possible financial sector tax, also known as the IMF tax, which would be an incentive to take less risks, but also create an insurance fund to be used in case of a future crisis. 7 comments!]]> <![CDATA[ World leaders publicly snub U.K. PM Gordon Brown's bold pitch for a global tax on financial transactions, which would be used to fund future bailouts. Treasury's Geithner says economic leaders don't think taxpayers should have to pay for future financial sector foibles. ]]> http://seekingalpha.com/news/market_currents/post/36074?source=feed 36074 4 comments!]]> Sat, 07 Nov 2009 16:50:12 -0500 SeekingAlpha publicly snub U.K. PM Gordon Brown's bold pitch for a global tax on financial transactions, which would be used to fund future bailouts. Treasury's Geithner says economic leaders don't think taxpayers should have to pay for future financial sector foibles. 4 comments!]]> <![CDATA[ From the G-20's communique (.pdf) today: "Economic and financial conditions have improved following our coordinated response to the crisis. However, the recovery is uneven and remains dependent on policy support, and high unemployment is a major concern. To restore the global economy and financial system to health, we agreed to maintain support for the recovery until it is assured." Here's the G-20's progress report (.pdf). ]]> http://seekingalpha.com/news/market_currents/post/36073?source=feed 36073 2 comments!]]> Sat, 07 Nov 2009 14:24:03 -0500 SeekingAlpha G-20's communique (.pdf) today: "Economic and financial conditions have improved following our coordinated response to the crisis. However, the recovery is uneven and remains dependent on policy support, and high unemployment is a major concern. To restore the global economy and financial system to health, we agreed to maintain support for the recovery until it is assured." Here's the G-20's progress report (.pdf). 2 comments!]]> <![CDATA[ A shoe-in for the most recession-proof attire. ]]> http://seekingalpha.com/news/market_currents/post/36072?source=feed 36072 Post your comment!]]> Sat, 07 Nov 2009 14:12:21 -0500 SeekingAlpha A shoe-in for the most recession-proof attire. Post your comment!]]> <![CDATA[ The Treasury blocks Fannie Mae's sale of billions in tax credits (almost certainly headed to Goldman Sachs (GS)), saying it would be a bad deal for taxpayers. ]]> http://seekingalpha.com/news/market_currents/post/36071?source=feed 36071 5 comments!]]> Sat, 07 Nov 2009 12:51:33 -0500 SeekingAlpha blocks Fannie Mae's sale of billions in tax credits (almost certainly headed to Goldman Sachs (GS)), saying it would be a bad deal for taxpayers. 5 comments!]]> <![CDATA[ After an upbeat earnings report - followed by a conference call where a bombshell about huge client losses in one unit ended up dominating the Q&A, and then a 10-Q that mentioned, oh, we are under antitrust investigation - CVS Caremark (CVS) learned an object lesson in how not to deliver bad news on Wall Street. Shares tanked 17.6% over the past two days. ]]> http://seekingalpha.com/news/market_currents/post/36069?source=feed 36069 Post your comment!]]> Sat, 07 Nov 2009 08:52:18 -0500 SeekingAlpha earnings report - followed by a conference call where a bombshell about huge client losses in one unit ended up dominating the Q&A, and then a 10-Q that mentioned, oh, we are under antitrust investigation - CVS Caremark (CVS) learned an object lesson in how not to deliver bad news on Wall Street. Shares tanked 17.6% over the past two days. Post your comment!]]> <![CDATA[ Bailed-out banksters complain (vaguely) that restricting bonuses causes their talent to flee, but Bloomberg nails down where they're going: Nomura and Barclays. Derek Thompson feels some sympathy for the poor devils - after all, a talent exodus will hurt taxpayer-owned institutions - but figures a solution may be to make the bailed-out firms back into retail banks where the brain drain is less likely. ]]> http://seekingalpha.com/news/market_currents/post/36068?source=feed 36068 8 comments!]]> Sat, 07 Nov 2009 08:26:09 -0500 SeekingAlpha Nomura and Barclays. Derek Thompson feels some sympathy for the poor devils - after all, a talent exodus will hurt taxpayer-owned institutions - but figures a solution may be to make the bailed-out firms back into retail banks where the brain drain is less likely. 8 comments!]]> <![CDATA[ WSJ reports a widening net aiming at insider trading on Wall Street now incorporates a close look at one of the largest, most successful hedge funds: Steven Cohen's SAC Capital Advisors. A cooperating witness will talk about transactions at a hedge fund he worked at for years, reportedly SAC. ]]> http://seekingalpha.com/news/market_currents/post/36070?source=feed 36070 6 comments!]]> Sat, 07 Nov 2009 08:00:06 -0500 SeekingAlpha WSJ reports a widening net aiming at insider trading on Wall Street now incorporates a close look at one of the largest, most successful hedge funds: Steven Cohen's SAC Capital Advisors. A cooperating witness will talk about transactions at a hedge fund he worked at for years, reportedly SAC. 6 comments!]]> <![CDATA[ Regulators close four more banks, in California, Michigan, Minnesota and Missouri, bringing 2009's bank-failure total to 120. Combined estimated cost to the FDIC's Deposit Insurance Fund of today's five failures: $1.5B. United Commercial Bank, based in San Francisco, was the latest and largest closure. ]]> http://seekingalpha.com/news/market_currents/post/36066?source=feed 36066 1 comment!]]> Fri, 06 Nov 2009 22:59:18 -0500 SeekingAlpha close four more banks, in California, Michigan, Minnesota and Missouri, bringing 2009's bank-failure total to 120. Combined estimated cost to the FDIC's Deposit Insurance Fund of today's five failures: $1.5B. United Commercial Bank, based in San Francisco, was the latest and largest closure. 1 comment!]]> <![CDATA[ Bank failure #116: United Security Bank of Sparta, Georgia. ]]> http://seekingalpha.com/news/market_currents/post/36065?source=feed 36065 1 comment!]]> Fri, 06 Nov 2009 17:48:49 -0500 SeekingAlpha Bank failure #116: United Security Bank of Sparta, Georgia. 1 comment!]]> <![CDATA[ MSNBC had a bad Friday, thanks to a really rude Twitter hack. Techcrunch calls it 'a lesson in controlling your online brand.' ]]> http://seekingalpha.com/news/market_currents/post/36067?source=feed 36067 Post your comment!]]> Fri, 06 Nov 2009 17:45:21 -0500 SeekingAlpha MSNBC had a bad Friday, thanks to a really rude Twitter hack. Techcrunch calls it  'a lesson in controlling your online brand.' Post your comment!]]> <![CDATA[ Squid flu? Growing frustration over reports that Goldman Sachs (GS) (along with big employers including Citigroup (C) and Morgan Stanley (MS)) is receiving hundreds of H1N1 vaccines before many hospitals do. David Weidner has a reader's limerick: "As jobless rates keep getting worse/The bankers cut lines to the nurse/Bad debts they accrue/But when there's swine flu/They finally turn risk-averse." NYC's health commissioner defends the distribution. ]]> http://seekingalpha.com/news/market_currents/post/36056?source=feed 36056 7 comments!]]> Fri, 06 Nov 2009 17:00:14 -0500 SeekingAlpha Squid flu? Growing frustration over reports that Goldman Sachs (GS) (along with big employers including Citigroup (C) and Morgan Stanley (MS)) is receiving hundreds of H1N1 vaccines before many hospitals do. David Weidner has a reader's limerick: "As jobless rates keep getting worse/The bankers cut lines to the nurse/Bad debts they accrue/But when there's swine flu/They finally turn risk-averse." NYC's health commissioner defends the distribution. 7 comments!]]> <![CDATA[ A standoff is in the works as Kraft (KFT) faces a Monday "put up or shut up" deadline from the U.K. Takeover Panel in its bid for Cadbury (CBY) - whose earlier rejection suggested that Kraft might have to raise its $16.7B bid (a 31% premium at the time). But no other suitors have emerged. Since the offer: [[KFT]] -4%, [[CBY]] +33%. ]]> http://seekingalpha.com/news/market_currents/post/36064?source=feed 36064 1 comment!]]> Fri, 06 Nov 2009 16:48:13 -0500 SeekingAlpha KFT) faces a Monday "put up or shut up" deadline from the U.K. Takeover Panel in its bid for Cadbury (CBY) - whose earlier rejection suggested that Kraft might have to raise its $16.7B bid (a 31% premium at the time). But no other suitors have emerged. Since the offer: KFT -4%, CBY +33%. 1 comment!]]> <![CDATA[ A Lipper report shows that while mutual-fund expenses haven't changed much in the crisis, fees are a different story (.pdf) - going up, to keep income from plunging along with the assets. Felix Salmon sees the lesson: Stop trying to beat the market and switch to index funds or ETFs; mutual funds are changing from a mass-market product to a niche for elderly investors. ]]> http://seekingalpha.com/news/market_currents/post/36063?source=feed 36063 2 comments!]]> Fri, 06 Nov 2009 16:38:55 -0500 SeekingAlpha fees are a different story (.pdf) - going up, to keep income from plunging along with the assets. Felix Salmon sees the lesson: Stop trying to beat the market and switch to index funds or ETFs; mutual funds are changing from a mass-market product to a niche for elderly investors. 2 comments!]]> <![CDATA[ AIG (AIG -9.7%) drew about $2.1B from its Treasury facility on Aug. 13 and said today it would take another $2.1B, as it works to restructure its mortgage guarantor and its plane unit. The insurer owes $44.5B on its Fed credit line. (earnings) ]]> http://seekingalpha.com/news/market_currents/post/36062?source=feed 36062 Post your comment!]]> Fri, 06 Nov 2009 16:25:50 -0500 SeekingAlpha AIG -9.7%) drew about $2.1B from its Treasury facility on Aug. 13 and said today it would take another $2.1B, as it works to restructure its mortgage guarantor and its plane unit. The insurer owes $44.5B on its Fed credit line. (earnings) Post your comment!]]> <![CDATA[ In a week where joblessness got worse, and the Fed indicated rates are staying put for the foreseeable future, stocks logged healthy gains. For the week: the Dow up 3.2%, S&P 500 up 3.2%, Nasdaq up 3.3%. ]]> http://seekingalpha.com/news/market_currents/post/36061?source=feed 36061 1 comment!]]> Fri, 06 Nov 2009 16:10:55 -0500 SeekingAlpha up 3.2%, S&P 500 up 3.2%, Nasdaq up 3.3%. 1 comment!]]> <![CDATA[ Treasurys moved slightly higher, with a record amount of debt to be auctioned next week. The 30-year yield -0.01 to 4.39%; 10-year -0.02 to 3.5%; 5-year -0.04 to 2.3%; 2-year -0.03 to 0.85%. Dollar -0.8% against yen; +0.2% against euro, -0.2% against pound. ]]> http://seekingalpha.com/news/market_currents/post/36060?source=feed 36060 Post your comment!]]> Fri, 06 Nov 2009 16:03:48 -0500 SeekingAlpha -0.8% against yen; +0.2% against euro, -0.2% against pound. Post your comment!]]> <![CDATA[ As though unsurprised by a 26-year high in unemployment, stocks mostly hugged the line today and finished lightly higher, and oil and gold went in opposite directions. The Dow closes +0.2% (+17.23) to 10,023.19. S&P 500 +0.3% (+2.67) to 1,069.30. Nasdaq +0.3% (+7.12) to 2,112.44. Crude -2.6% to $77.52. Gold +0.6% to $1,096.20. ]]> http://seekingalpha.com/news/market_currents/post/36059?source=feed 36059 1 comment!]]> Fri, 06 Nov 2009 16:02:27 -0500 SeekingAlpha 26-year high in unemployment, stocks mostly hugged the line today and finished lightly higher, and oil and gold went in opposite directions. The Dow closes +0.2% (+17.23) to 10,023.19. S&P 500 +0.3% (+2.67) to 1,069.30. Nasdaq +0.3% (+7.12) to 2,112.44. Crude -2.6% to $77.52. Gold +0.6% to $1,096.20. 1 comment!]]> <![CDATA[ On the somewhat positive jobs front, temp worker payrolls rose for the third month in a row, by 34,000, the biggest gain in two years - which may be a sign of companies dipping their toes in the hiring water while they're unsure demand will stick. (Employment highlights) ]]> http://seekingalpha.com/news/market_currents/post/36058?source=feed 36058 5 comments!]]> Fri, 06 Nov 2009 15:52:44 -0500 SeekingAlpha temp worker payrolls rose for the third month in a row, by 34,000, the biggest gain in two years - which may be a sign of companies dipping their toes in the hiring water while they're unsure demand will stick. (Employment highlights) 5 comments!]]> <![CDATA[ SEC enforcement head Robert Khuzami elaborates on earlier hints that insider trading probes are ramping up, saying that some funds no longer see the practice as opportunistic, but a way of life: "A much more systemic, concerted effort to cultivate sources of information within issuers and elsewhere as ... more of a business model approach, as a regular way of doing business." ]]> http://seekingalpha.com/news/market_currents/post/36057?source=feed 36057 Post your comment!]]> Fri, 06 Nov 2009 15:45:00 -0500 SeekingAlpha earlier hints that insider trading probes are ramping up, saying that some funds no longer see the practice as opportunistic, but a way of life: "A much more systemic, concerted effort to cultivate sources of information within issuers and elsewhere as ... more of a business model approach, as a regular way of doing business." Post your comment!]]> <![CDATA[ Now the voices behind the unemployment numbers: In interviews and conference calls, execs are staying defensive and are likely to be slow to hire in coming months - though at least talk of coming layoffs is down. The chart continues to indicate a long way back. ]]> http://seekingalpha.com/news/market_currents/post/36050?source=feed 36050 Post your comment!]]> Fri, 06 Nov 2009 15:31:51 -0500 SeekingAlpha unemployment numbers: In interviews and conference calls, execs are staying defensive and are likely to be slow to hire in coming months - though at least talk of coming layoffs is down. The chart continues to indicate a long way back. Post your comment!]]> <![CDATA[ Hedge funds logged a loss of 0.05% in October as the stock rally softened, according to Hedge Fund Research - though its short-bias index gained 3.92%. Worst performers: The macro funds, at -0.77%. ]]> http://seekingalpha.com/news/market_currents/post/36052?source=feed 36052 Post your comment!]]> Fri, 06 Nov 2009 15:20:10 -0500 SeekingAlpha loss of 0.05% in October as the stock rally softened, according to Hedge Fund Research - though its short-bias index gained 3.92%. Worst performers: The macro funds, at -0.77%. Post your comment!]]> <![CDATA[ Treasurys are flat to higher, with the 30-year yield +0.006 to 4.41%; 10-year -0.01 to 3.51%; 5-year -0.03 to 2.31%; 2-year -0.03 to 0.85%. Dollar -0.8% against yen; +0.3% against euro. ]]> http://seekingalpha.com/news/market_currents/post/36055?source=feed 36055 Post your comment!]]> Fri, 06 Nov 2009 15:11:20 -0500 SeekingAlpha -0.8% against yen; +0.3% against euro. Post your comment!]]> <![CDATA[ Stocks have responded to 10% unemployment by staying flat most of the day. With a little under an hour left in trading, the Dow -0.1% to 10,000. S&P 500 -0.04% to 1,066. Nasdaq +0.1% to 2,108. Crude -2.7%. Natural gas -3.6%. Gold +0.6%. ]]> http://seekingalpha.com/news/market_currents/post/36054?source=feed 36054 Post your comment!]]> Fri, 06 Nov 2009 15:07:01 -0500 SeekingAlpha -0.1% to 10,000. S&P 500 -0.04% to 1,066. Nasdaq +0.1% to 2,108. Crude -2.7%. Natural gas -3.6%. Gold +0.6%. Post your comment!]]> <![CDATA[ Consumer credit: Falls for a record eighth month in a row, $14.8B in September to $2.46T, 4.7% below the year-ago figure. Economists expected a $10B decline. The drop led once again by a decline in credit-card debt, which fell for a 12th month, $9.9B to $889B - a 13.3% annualized rate. Nonrevolving debt fell at an annual rate of 3.7%, $4.9B to $1.57T. ]]> http://seekingalpha.com/news/market_currents/post/36053?source=feed 36053 2 comments!]]> Fri, 06 Nov 2009 15:03:10 -0500 SeekingAlpha Consumer credit: Falls for a record eighth month in a row, $14.8B in September to $2.46T, 4.7% below the year-ago figure. Economists expected a $10B decline. The drop led once again by a decline in credit-card debt, which fell for a 12th month, $9.9B to $889B - a 13.3% annualized rate. Nonrevolving debt fell at an annual rate of 3.7%, $4.9B to $1.57T. 2 comments!]]> <![CDATA[ Macy's (M) up 6.5% on a J.P. Morgan upgrade to Overweight, but they're just the leader in a strong sector today, after a 2.2% gain marked retail's best month since April. S&P Retail Index up 1.7%. ]]> http://seekingalpha.com/news/market_currents/post/36051?source=feed 36051 1 comment!]]> Fri, 06 Nov 2009 14:51:52 -0500 SeekingAlpha M) up 6.5% on a J.P. Morgan upgrade to Overweight, but they're just the leader in a strong sector today, after a 2.2% gain marked retail's best month since April. S&P Retail Index up 1.7%. 1 comment!]]> <![CDATA[ If flash reports of what SEC enforcement head Robert Khuzami is saying (including talk of "significant expansion" of Galleon/hedge fund probes) are any indication, pressure on hedge funds is just ramping up. ]]> http://seekingalpha.com/news/market_currents/post/36041?source=feed 36041 1 comment!]]> Fri, 06 Nov 2009 14:41:56 -0500 SeekingAlpha just ramping up. 1 comment!]]> <![CDATA[ Sanyo (SANYY.PK +1%) would love to be acquired (at the right price, rather than a discounted tender offer) by Panasonic (PC), to form a battery behemoth. So it's increasing investment in its solar and auto battery segments. A merger could shake up everything from renewable energy to smart grids, and spell disaster for new players such as A123 Systems (AONE -4.9%). ]]> http://seekingalpha.com/news/market_currents/post/36049?source=feed 36049 Post your comment!]]> Fri, 06 Nov 2009 14:32:24 -0500 SeekingAlpha +1%) would love to be acquired (at the right price, rather than a discounted tender offer) by Panasonic (PC), to form a battery behemoth. So it's increasing investment in its solar and auto battery segments. A merger could shake up everything from renewable energy to smart grids, and spell disaster for new players such as A123 Systems (AONE -4.9%). Post your comment!]]>