Daily Archives: September 3, 2008

Las Vegas Lock Of The Week: OPEC Will Cut Production

Tx00338coilwellgusherodessatexasposAlmost everyone with any schooling in the matter thinks that oil demand is dropping as the global economy slows. Hurricanes might take out some production, but that would be temporary and the government says it would open the Strategic Oil Reserve if necessary.

The leaves OPEC which has one of its big shindigs in the desert next week with all of the dancing girls and Hummers that the oil ministers can muster. Wall St. wonders whether the cartel will cut production. Why wonder at all? There is no money in keeping production where it is. Crude has come down too much. OPEC is leaving cash on the table every day. Member nations showed no compassion when oil was at $140.

Why would they show any compassion now?

Douglas A. McIntyre

Posted on: September 3, 2008 – 4:43 am in Oil & Gas

Wall St.’s Root Canal: Watching The Sale Of Lehman (LEH)

Lehman_logoDrilling into the jaw bone without Novocaine. The competition to maybe buy or maybe not buy Lehman (LEH) picks up a new angle everyday. The latest is a report by Reuters that HSBC and an "unknown" Chinese bank might consider purchasing a piece. That would put them up against the Korea Development Bank. Several private equity firms want to buy Lehman’s money management arm, Neuberger Berman, and let the remainder of the company go to hell.

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Posted on: September 3, 2008 – 4:34 am in Brokerage Firms,

Media Diges 9/3/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

NewspaperAccording to Reuters, oil fell another $1 to $109.

Reuters writes that Coca-Cola (KO) will pay $2.5 billion for Chinese juice maker Huiyuan,

Reuters writes that Google (GOOG) believes the its new browser will replace desktop software.

Reuters reports that HSBC (HBC) and a Chinese bank may be interested in putting money into Lehman (LEH)

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Posted on: September 3, 2008 – 2:55 am in Press Digest, , , , , , , , , , , , ,

Asia Markets 9/3/3008

ChinaMarkets in Asia were mixed.

The Nikkei rose .6% to 12,690. Mitsubishi Corp lost 4.6% to 2695.

The Hang Seng fell 1.8% to 20,661. China Huiyuan moved up on Coca-Cola bid news

The Shanghai Composite fell 1.2% to 2,277.

Data from Reuters.

Douglas A. McIntyre

Posted on: September 3, 2008 – 2:26 am in International Markets