52-Week High Club
Pepsi Bottling Group (NYSE: PBG) hit a yearly high of $37.37 today after PepsiCo (NYSE: PEP) filed a proxy indicating it would complete its acquisition of Pepsi Bottling Group regardless of market conditions. Garrett…
All Work
Douglas A. McIntyre
Conoco Issues Cautious Update, While Exxon CEO Calls for More Taxes (COP, CVX, XOM)
Oil major ConocoPhillips Corp. (NYSE:COP) released its third quarter 2009 interim update this morning, and while the news was not altogether positive, the company’s share price is up nearly 2.5% in early trading on…
First Solar Makes a Sale (ENB, FSLR, YGE, TSL, STP)
Canadian oil and gas pipeline company Enbridge Inc. (NYSE:ENB) today announced that it would purchase a 20 megawatt solar generation plant from First Solar, Inc. (NASDAQ:FSLR). No purchase price was given for the plant,…
Today’s Best Market Rumors (10/2/2009) (AAPL)(GE)(BAC)(GOOG)(TWX)
Updates throughout the day. Update: Jeff Bewkes, CEO of Time-Warner (TWX) who says “Time, Inc. is not for sale.” (Atlantic First Draft of American History Conference) Update: John Paulson and Angelo Gordon may be buying…
US Unemployment Soars And IMF Sees Global Problem
The consensus expectations for September jobs were that another 167,000 people would lose their work. Goldman Sachs (GS) yesterday issued a much more pessimistic forecast of 250,000 jobs lost taking US official unemployment to 10%. The…
IBM (IBM) Goes After Google (GOOG) Apps Business
Google (GOOG) is trying to diversity beyond the search business. One of its most important attempts is to offer low cost applications for PCs. Its Google Apps includes e-mail, calendar, word processing, and presentation…
China GDP Could Pass US In Two Decades
The IMF expects China’s GDP growth to be nearly 9% next year and the growth in the US to be less than 2%. In 2008, US GDP was $14.2 trillion. China was in the…
Bloomberg On Its Way To Becoming Most Powerful Media Firm In US
Bloomberg is, according to several reports, the most likely buyer of the largest business magazine in America. BusinessWeek is being sold by McGraw-Hill (MHP) Bloomberg has the balance sheet and editorial staff to support…
A $125 Million Pay Day For Ken Lewis
When Ken Lewis finally leaves Bank of America (BAC) he will get a $125 million goodbye from the financial firm, unless the federal government’s pay czar decides to challenge the package. Most of the…
Media Digest (10/2/2009) Reuters, WSJ, NYTimes, FT, Bloomberg
Reuters: The retirement package for Ken Lewis of Bank of America (BAC) may be as high as $125 million. Reuters: US car sales plunged in September with Ford (F) up and GM down. Toyota…
Asia Markets And Europe Open (10/2/2009)
Markets in Asia were mostly lower. The Nikkei fell 2.5% to 9,732. The Hang Seng dropped 2.6% to 20,415. HSBC (HBC) fell sharply. PetroChina (PTR) and Sinopec (SNP) also fell. The Shangai Comsite was…
Chrysler May Not Make It Another Year
Rumors, credible rumors, are beginning to circulate in the car industry and the automotive press, that Chrysler may not make it another year primarily due to its falling sales and growing financial losses at partner…
Federal Reserve Governor Says Goodbye To Double Dip Recession
For the first time, a federal government official has said that that odds of a double recession are almost gone. Richmond Federal Reserve President Jeffrey Lacker, in an interview with Bloomberg TV, said that the…
Weak Economic News Sends Investors to Gold (ABX, KGC, GFI, GDX, GLD, RGLD)
This morning’s reports on unemployment (up), manufacturing (down), housing (sort of up), and consumer spending (up a little) have pushed the market down. Out of the gate this morning, gold miners and spot gold…
Alternative Energy Shares Troubled (YGE, SPWRA, TSL, ENER, AONE, CRTP)
This morning’s report on unemployment has cooled enthusiasm for shares across the board. Solar stocks are, for the most part, no exception. Yingli Green Energy Holding Co. Ltd. (YGE) is down nearly 3%, SunPower…
Today’s Best Market Rumors (10/1/2009) (GE)(NKE)(BAC)(CSCO)
Updated throughout the day. Update: RADVision (RVSN) is trading down over 33% on rumors that the Cisco (CSCO) buyout of Tandberg will cost it nearly 40% of its revenue. (Morgan Keegan) Update: Friday’s unemployment numbers…
Major Market Movers (10/1/2009) (UAUA)(ASTI)(RVSN)
According to Volume Spike Investor, several stocks are making major move before the open. UAL (UAUA) is tanking (details) Ascent Solar (ASTI) is off sharply on a new stock offering (details) RADVision (RVSN) is…
Friday’s Unemployment Is a Creation of Politicians
By John Tamny Tomorrow the Bureau of Labor Statistics will announce the unemployment rate for September. While economists’ projections ahead of the announcement suggest it’s going up, the bigger story is how government intervention…
Potential Breakthrough in Esophagus Cancer (CTIC)
Cell Therapeutics, Inc. (NASDAQ: CTIC) has announced what may be a large breakthrough in the fight against cancer. This is a combined test rather than as a standalone treatment, but the result may be…
KKR Finally Goes Public
KKR wanted to follow Blackstone (BX) into the public markets, but the recession and credit crisis ruined that dream. Blackstone’s shares were so badly beaten down that the KKR partners may be glad that…