The top 100 stock
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market authors
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Monday, November 16 2009 |
11:33 EDT |
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- 04:08 PM With the exception of the Nasdaq, markets were essentially flat on the week. Dow -0.1%. S&P +0.4. Nasdaq +2.1%. Comment!
- 04:07 PM Markets made back losses and ended up near their modest highs. Dow +0.75% to 8629.88. S&P +0.7 to 879.73. Nasdaq +2.18% to 1540.72. Comment!
- 03:39 PM Sovereign-debt issuance could jump by an astonishing 22% in 2009 (to $36.3T) as governments funding requirments soar. Comment!
- 03:39 PM WSJ is reporting that Gannett's (GCI) Detroit Free Press and Detroit News will heavily scale back home delivery, going to 3x/week; the other days they will publish abbreviated versions pointing to their online editions. An announcement is expected Tuesday from Detroit Media Group, which is a consortium of Gannett and privately-held MediaNews Group. Comment!
- 03:10 PM Rectitude chic: "Is this the last Christmas of the old era, or the first Christmas of the new?" Comment!
- 03:02 PM After testing a downward slope, markets are up, with bulls in charge heading into the final hour ... at least temporarily. Dow +0.48%. S&P +0.26. Nasdaq +1.6%. Comment!
- 02:35 PM Added to the growing list of Madoff victims: Ascot Fund, Bank Sant Optimal Fund, Bank Syz, Frontline, Lombard Odier, Palm Beach Country Club, Tremont, UBP, Wilpon Family. [CNBC] 1 Comment
- 02:27 PM "The directors wish to emphasize that the company does look at different business investment opportunities from time to time," Lenovo (LNVGY.PK) says of reports it is in preliminary discussions over possible investments and acquisitions. Hmm.. was that a 'yes'? Comment!
- 02:26 PM Names of funds invested in Madoff funds include acknowledged feeder funds Fairfield Sentry and Kingate Global, plus many others, especially funds of funds. Many charities and foundations could also be wiped out. Comment!
- 02:24 PM A group of individual investors with a total of $700 million invested in Madoff funds are suing. Attorneys for the group say that many wealthy friends and neighbors of Madoff are left destitute. 2 Comments
- 02:18 PM Effectively unaudited: Madoff might as well have got a chimpanzee to audit the books. 1 Comment
- 02:12 PM Bloomberg wires reporting Chrysler will idle its North American plan from Jan. 1-19. 1 Comment
- 02:07 PM Game platform holders (NTDOY, SNE, MSFT) respond to NPD data. More here, here, and here. Comment!
- 02:00 PM Crude oil -5.25% to $45.46. Gold -0.78% to $818.50. Comment!
- 01:46 PM Many of the life-insurers (PRU, HIG, LNC, GNW) now petitioning for access to TARP funds pay obscenely little income tax, much to the consternation of activist Robert McIntyre: They "want to be subsidized when they're making money and be bailed out when they're not." 1 Comment
- 01:30 PM Former HP CEO Carly Fiorina in a WSJ op-ed: Business leaders must step forward and be part of the solution by volunteering greater disclosure and accepting responsibilities. Otherwise we will be treated as the source of the problem. 3 Comments
- 01:18 PM Crude may plunge to $10 a barrel, First Global's chief strategist Devina Mehra says, as waning demand becomes demand destruction. Says OPEC's influence is overrated. (video) Meanwhile Goldman's Arjun Murti, who not so long ago called for $200/barrel oil, now sees $45 in 2009. 4 Comments
- 01:10 PM Strong sectors at the moment: Real Estate (IRY) +5.52%. Regional Banks (KRE) +3.85%. Homebuilders (KHB) +3.17%. Semiconductors (IGW) +3.05%. Comment!
- 01:04 PM With markets now in positive territory, energy sectors (as represented by their ETFs) are weakest: Oil (USO) -3.23%. Coal (KOL) -2.04%. Gasoline (UGA) -1.89%. Solar (TAN) -1.12%. Comment!
- 12:59 PM The Asian Development Bank cuts its growth forecast for developing Asia to 5.8% from 7.2% amid the global economic slowdown. "The risks to the region's growth are strongly tied to the global outlook through both trade and financial links." Comment!
- 12:30 PM Daimler (DAI) pays $250M for a 10% stake in Russian truck maker Kamaz. Comment!
- 12:24 PM News reports of a large muttering crowd of angry investors gathering in the lobby of New York's 'Lipstick Building,' home of Bernard Madoff Investment Securities. 1 Comment
- 12:20 PM General Motors (GM) has just announced it will close most of its North American plans for about 30% of Q109, cutting production by 250,000 vehicles. [CNBC] 1 Comment
- 12:18 PM European markets closed in the red, with bank stocks leading the way down after HBOS (HBOOF.PK) reporting soaring bad debts. FTSE -2.6%. DAX--2.18%. CAC -2.8%%. European automakers didn't fare very well either. Comment!
- 12:12 PM Markets at midday reflect a relief rally after the pre-market panic: Dow -0.85%. S&P -0.87%%. Nasdaq +0.41%. Comment!
- 12:12 PM As exports plunge, Asia races against clock: "Changing the export model upon which Asia has built its economic success is no overnight job." Comment!
- 11:55 AM Ok, so what's Plan B? 2 Comments
- 11:32 AM The collapsed automaker rescue sends the dollar plummeting to a 13-year low against the yen - prompting Japan to fire warning shots into the currency markets. 3 Comments
- 11:17 AM Today's biggest losers (so far) in terms of market cap: Royal Bank of Scotland (RBS) -10.14; Berkshire Hathaway x2: BRK.B -4.28%; BRK.A. -3.57%. 1 Comment
- 11:10 AM NBC Universal (GE) is in talks to extend chief programmer Ben Silverman's contract for at least another year. Strange, considering NBC's lack of success. 1 Comment
- 10:46 AM U.S. video game sales were up 10% in November from a year ago, NPD says. Wii (NTDOY) was the runaway winner, selling more than 2M units over the month (!), up from 800K in October. Analyst Anita Frazier called the industry's sales pace "blistering." Comment!
- 10:34 AM UAW president: Even if the autoworkers worked for free, GM still couldn't survive the month of December without rescue. 4 Comments
- 10:25 AM After the automaker bailout fails, the White House weighs its options. 6 Comments
- 10:19 AM Gettelfinger reads leaked email from Republic caucus staffers dated Wednesday morning stating talking points centered on taking the opportunity to push back against organized labor. 5 Comments
- 10:15 AM UAW wants all stakeholders at the table for further cuts. Gettelfinger: "We're on third base and other stakeholders aren't even in the ballpark.." Says "we are prepared to make further sacrifices" but workers shouldn't "shoulder the entire burden of any restructuring." 4 Comments
- 10:12 AM UAW's Gettelfinger accuses Senate caucus of "subterfuge"; says Corker agreed that other stakeholder issues were financially paramount and told UAW reps that "the discussions over wages were largely about politics in the GOP caucus." Says caucus wanted to treat labor differently from any other stakeholder. 3 Comments
- 10:11 AM UAW president Ron Gettelfinger resents his union being a patsy for politics. Says that despite reluctance to negotiate with an invidividual Senator (Bob Corker) and despite wondering "if we were just being set up," UAW did reach agreement with Corker on modifications to the auto bill, but the Republican caucus rejected it. 3 Comments
- 10:05 AM Aer Lingus will seek a friendly investor to take a majority stake in the airline and stave off a €750M hostile bid from archrival Ryanair (RYAAY). Comment!
- 10:01 AM Extremely wary markets are pulling back from the brink on Presidential and Treasury reassurance that an auto bailout can still happen: Dow -1.14% to 8467. S&P -0.95% to 865. Nasdaq -0.11% to 1506. 1 Comment
- 09:46 AM Treasury Dept. says it is ready to prevent automaker failure until Congress reconvenes [CNBC] 3 Comments
- 09:45 AM Emerging market stocks (ETF: EEM) fell the most in three weeks on concerns a U.S. automaker failure(s) will deepen the global economic slump. Comment!
- 09:28 AM Futures: Dow -2.9% to 8343. S&P -3% to 849. Nasdaq -2.2%. Crude -8.65% to $43.81. Gold -0.9% to $818.80. Comment!
- 09:24 AM White House says it's willing to consider use of TARP funds for automaker aid. (Reuters) 16 Comments
- 09:06 AM GM (GM) Europe: Business as usual. For now. Comment!
- 08:56 AM Gartman this AM: 'THE WORLD IS IN DISARRAY AND WE MINCE NO WORDS: THIS MAY BECOME ONE OF THE WORST DAYS IN GLOBAL CAPITAL MARKET HISTORY.' (caps in original) 3 Comments
- 08:53 AM Crude futures are getting killed on worries the collapse of the Detroit bailout will spell even more demand destruction for the world’s biggest oil consumer. -7.1% to $44.50. 2 Comments
- 08:39 AM Wholesale Prices (PPI) fell 2.2% in November, the fourth straight monthly decline. Consensus was for a 2% drop. Core PPI was up 0.1%, in-line. Prices are up 0.4% from last year, and core prices are up 4.2%. Comment!
- 08:36 AM U.S. Retail Sales sank 1.8% in November, not as bad as the -2% economists expected. Excluding food and autos, sales were down 1.6% (vs. -1.8%). 2 Comments
- 08:31 AM ECB policy makers are becoming increasingly wary of further rate cuts. Comment!
- 08:20 AM EU leaders back a €200B ($264.3B) economic stimulus package as new statistics highlight just how deep a slowdown they are facing. "We will not stand by and let the recession take its course," U.K. PM Gordon Brown says. Comment!
- 08:07 AM European Industrial Output (.pdf) fell by 5.3% in October from a year eariler, the biggest plunge in 15 years. It was down 1.2% from September. A separate report showed labor-cost growth (.pdf) at 4% from 2.8% in Q2. 2 Comments
- 07:53 AM Japan unveils a slew of new economic stimulus measures. "The economy has worsened far beyond our expectations," PM Taro Aso says. "Japan isn't going to escape from this big tsunami, but we can respond to it in a way that minimizes the damage." Comment!
- 07:37 AM Naked Shorts posts one of the few articles ever written about Madoff's secretive investment strategy (.pdf). "What is striking to most observers is not so much the annual returns... but the ability to provide such smooth returns with so little volatility." Comment!
- 07:33 AM A preliminary list of likely losers in the Madoff makeoff. Comment!
- 07:10 AM U.S. futures: Dow -3.4% to 8303. S&P -4.2% to 837.50. Nasdaq -3.95%. Crude -6.15% to $45.03. Gold -1.4% to $815. 1 Comment
- 07:09 AM Same story in Europe. At midday: London -3.9%. Paris -4.9%. Frankfurt -4.8%. Comment!
- 07:08 AM News of the auto industry bailout breakdown weighed on overseas markets. Asia closed heavily down: Nikkei -5.56% to 8,236. Hang Seng -5.48% to 14,758. Shanghai -3.81% to 1,954. BSE +0.46% to 9,690. Comment!
- 06:06 AM Fund manager 'Cassandra' always wondered about Madoff's incredibly consistent and flat returns: "Either he was crooked beyond belief or he was an evil contrapreneurial genius. Who would have have thought he was both??!!" 1 Comment
- 06:01 AM Australia adds A$4.7B ($3.2B) of infrastructure spending to its stimulus plan in a continued attempt to forestall recession. (ETF: EWA) Comment!
- 06:00 AM South Korea expands an existing currency swap with Japan, and creates a new one with China. South Korea wants to stabilize its currency and maintain external credibility, while all three countries are looking to ensure financial stability in Asia. Comment!
- 05:57 AM The auto bailout is stalled in the U.S., but in Sweden, the auto industry will get 28B Swedish kronor ($3.4B) from the government. Recipients include car producers Saab (GM) and Volvo (F). 2 Comments
- 05:34 AM Record-low yields on Treasurys are of no consolation to companies, who continue to pay nose-bleed interest rates as investors shun risk with a vengeance. Average corporate debt now yields a record 10.8%, up from 6.53% in January. Comment!
- 04:54 AM Megan McArdle: Should a bailout, meant to spur smaller cars, aim for fuel efficiency or market efficiency? "When the desire to make the companies refocus on fuel efficiency conflicts with the desire to make them profitable, which way does the Car Czar go?" Comment!
- 04:13 AM Three-year-old thread at Elite Trader tips off Madoff shutdown. (HT: Kedrosky) Comment!
- 03:47 AM This profile, screen-capped from Madoff Investment Securities' website, may not last too long. Comment!
- 03:45 AM "It is bigger than Enron, bigger than Boesky and bigger than Tyco," Doug Kass says of the Madoff hedge-fund fiasco. "It attacks at the core of investor confidence - because if ... this could happen ... investors might think that almost anything imaginable could happen to the money they have entrusted to their fiduciaries." 1 Comment
- 03:28 AM Hedge funds were in trouble even before yesterday, but the collapse of Bernard Madoff's self-confessed $50B ponzi scheme will likely push investor distrust to a whole new level, and may trigger a fresh round of redemptions. 1 Comment
- 03:23 AM In Tokyo, automakers suffer in sympathy: Toyota (TM) -10.1%. Honda (HMC) -12.5%. Nissan (NSANY) -11.5%. Comment!
- 03:06 AM "It's over with," Sen. Harry Reid says of the auto industry rescue. "We could spend all night tonight, tomorrow, Saturday and Sunday and we're not going to get to the finish line. That's just they way it is; there's too much difference between the two sides." (video) Comment!
- 02:45 AM Senator Harry Reid after the auto deal failed: “I dread looking at Wall Street tomorrow. It’s not going to be a pleasant sight." Comment!
- 02:42 AM The $14B automaker rescue plan self-destructs in Senate in a dispute over wages, and isn't likely to be revisited until January. GM (GM) and Chrysler pray the White House will relent and allow the Treasury to lend them from what remains of TARP's $700B. Comment!
- 02:24 AM Video: Don Luskin vs. Peter Schiff on the auto bailout. Comment!
- 12:55 AM Asian markets spiral down after the U.S. auto bailout falls apart. Nikkei -5.0%. Hang Seng -6.9%. Shanghai -2.6%. BSE -3.1%. 2 Comments
- 12:05 AM Notable earnings on Friday: none. Comment!
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12:00 AM
Friday's economic calendar:
8:30 Producer Price Index
8:30 Retail Sales
10:00 Business Inventories
10:00 University of Michigan Consumer Sentiment Comment!
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