Today’s Best Rumors (6/9/2010)
Updated throughout the day. There is a second leak in the Gulf near the Deepwater Horizon wreck, or not (various). Tornier, a Dutch medical device company, will raise $205 million in an IPO. (Minneapolis…
All Work
Douglas A. McIntyre
The Twitter-24/7 Wall St. Stock Market Report 6.9.2010 The Wisdom Of Crowds?
Twitter has, by most estimates, 100 million members, which makes it one of the largest social networks in the world. All major media companies are on Twitter and some have more than one million…
Another Sign Of Major Housing Slump–Weekly Applications Fall Again
The end of federal tax credits for home buyers which were as high as $8,000 ended in April. That almost certainly took some of the wind out of any improvement that economists hoped to…
IMF Makes Another Unrealistic Call For Austerity
The IMF has made another call for austerity in spending, particularly in Europe. The agency has also put restated its belief that growth in GDP is Europe’s only path to financial viability. The two…
China Exports Up 50%: A Rumor Turns Real
A rumor that China’s exports rose 50% compared to last May drove China’s markets up over 2% at the close of trading. It turns out that the numbers were correct. According to Reuters, most…
BP: Oil Consumption In 2009 Dropped First Time Since 1982
BP plc (NYSE: BP) has found a place in the oil business beyond being one of the largest polluters in the industry’s history. The company released extensive numbers on the use of crude in…
GM Reverses Itself On Dealer Closings
GM will spare 900 of the nearly 2,000 dealerships it planned to close. That will leave it with 5,000. The revised plan will save GM money. Closing dealerships adds to the company’s costs because…
US Trade War With China Escalates On Steel Tariff Plan
The US International Trade Commission will put a 15.72% tariff on steel pipe imported from China. The ruling is based on a preliminary finding by the division of the Commerce Department. A final decision…
Media Digest 6/9/2010 Reuters, WSJ, NYTimes, FT, Bloomberg
Reuters: Fed officials are at odds about rates. Reuters: The “Volcker Rule” may be in trouble as the Senate works on financial reform. Reuters: Shareholders would sack BP plc’s (NYSE: BP) chairman before its…
Administration Committed To Improving IT Use To Make Way For Layoffs
The Administration means to make good on its goal to cut $250 billion from the discretionary part of the federal budget over the next decade–a sum that almost all analysts believe is inadequate. Peter…
Rumor: Is There a Second Leaking Well in the Gulf? (DO, BP, RIG, NE, ATW, BHI)
Satellite imagery has revealed what appears to be a second leaking well in the Gulf of Mexico about 10 miles offshore of Louisiana. The semi-submersible Ocean Saratoga, owned by Diamond Offshore Drilling Inc. (NYSE:…
The US Might Begin Exporting Natural Gas (COP, MRO, LNG, CQP, APA, DVN, CHK, XTO, XOM)
For the past 40 years a natural gas liquefaction plant on Alaska’s Cook Inlet has been producing LNG and shipping it to Asia. The plant is owned by ConocoPhillips Corp. (NYSE: COP), Marathon Oil…
Recalls May Hit All-Time Record: GM Brings Back 1.3 Cars
The auto industry is trying to recover from a 2009 when U.S. companies sold only 10 million vehicles, down from 16 million in 2005. In another example of how the large manufacturers are keeping…
Baidu’s Growing Market Share In China–A Market That Does Not Matter
Baidu (NASDAQ: BIDU) wants to have 80% of the Chinese search market even though it does not matter. The company told Reuters that it believes that with Google Inc. (NASDAQ: GOOG) out-of-the-way its piece…
US Job Openings Spike As News For Unemployed Improves
Job creation numbers from last May improved even when Census hiring was backed out. US job openings as measured by the BLS hit a 15-month high for April another affirmation that unemployment is likely…
Today’s Best Market Rumors (6/8/2010)
Updated throughout the day. JPMorgan Chase (NYSE: JPM) lost $250 million on trading. Royal Bank of Scotland Group has three bidders for its Global Merchant Services. (WSJ) Douglas A. McIntyre Sponsor: 5 best investments for…
The Twitter-24/7 Wall St. Stock Market Report 6.8.2010 The Wisdom Of Crowds?
Twitter has, by most estimates, 100 million members, which makes it one of the largest social networks in the world. All major media companies are on Twitter and some have more than one million…
Airline Customer Satisfaction Up First Time In Three Years
A new survey from JD Power shows that consumer satisfaction with airlines in North America rose for the first time in three years. Almost 12,000 people responded to the poll which was done between…
The IMF Looks For An Illusive Unity
The IMF released its white paper on Euro-area policy on June 7. The document argued for growth more than austerity. There were road maps for each approach, but these are, as many economists have…
The BP Oil Capture’s Fuzzy Math
BP plc’s (NYSE: BP) shares rallied on news that it captured 10,000 barrels of oil leaking from the wreckage of the Deepwater Horizon. It claims the amount could move as high as 20,000 barrels.…