Media Digest 1/29/2009 Reuters, WSJ, NYTimes, FT, Bloomberg
According to Reuters, Nasdaq will turn to Asia for much of its future growth Reuters reports that the new bank bailout could cost as much as $2 trillion. Reuters writes that the Fed said…
All Work
Douglas A. McIntyre
Asia Markets And Europe Open 1/29/2009
Markets in Asia were mostly higher. The Nikkei rose 1.8% to 8,251. The Hang Seng was up 4.7% to 13,164. At the open in Europe, the FTSE was down .8% to 4,260, The Dax…
Creating 50 Million Jobs
The US economy lost 2.4 million jobs in the last four months of 2008. At the current rate of layoffs, another one million will be lost this month. The unemployment rate may be 8.5%…
Turning Starbucks (SBUX) Into A Bar
Starbucks (SBUX) posted bad earnings for last quarter. Over the last 2 years Starbucks expanded extensively, refusing to recognize that there was a limit to the number of people who would pay $3 for…
The Game Lost, Robert Rubin Wants To Move Goal Posts
Robert Rubin, former Goldman Sachs (GS) chief, Treasury chief, and lead director at Citigroup (C) should have been flying to Washington once a week last year. He could have thundered about bank accounting in…
Despite Virtualization Hype, Citrix Tanks Today & Ahead (CTXS, VMW, MSFT)
Citrix Systems Inc. (NASDAQ: CTXS) is getting shelled after its earnings report. The company’s net fell 4% to $0.33 EPS, and non-GAAP earnings before items was $0.48 EPS. Revenue rose 4% to $415.7 million. …
Starbucks Spills Hot Coffee Over Earnings & Workers (SBUX)
Starbucks Corp. (NASDAQ: SBUX) has posted disappointing earnings. The coffee giant reported $0.15 non-GAAP EPS and $2.62 billion in revenue. Thomson Reuters (First Call) had estimates were $0.17 EPS and $2.69 billion in revenue. …
Qualcomm Sends Weak Targets Ahead (QCOM)
Qualcomm Inc. (NASDAQ: QCOM) reported earnings of $0.31 in pro forma non-GAAP EPS and $2.52 billion in revenue. Thomson Reuters (First Call) had estimates of $0.47 EPS and $2.42 billion in revenue. Qualcomm is…
Fed Stays Low, Looks At Buying Treasuries
According to MarketWatch, "The Federal Reserve said Wednesday that it would keep intact its current policy of record-low interest rates. In a statement following its meeting, the central bank also said it’s prepared to…
Bank Of America (BAC) Defers Some Bonuses Until 2010
Bank of America (BAC) is forcing a number of employees in its investment banking operation to defer their bonuses to 2010 and beyond. After all the trouble due to Merrill Lynch paying out bonuses…
Boeing Layoffs Reach 10,000 As Losses Mount (BA)
Losing money and announcing layoffs is becoming more and more routine. That holds true even for DJIA components. The Boeing Co. (NYSE: BA) posted a $56 million loss for its Q4 period along with…
Can Colonial Make It? (CNB)
Colonial Bancgroup Inc. (NYSE: CNB) is looking like it is the next banking institution on the verge of tipping over into the abyss. Its earnings report leaves nothing to be desired. But a 44%…
IMF: Blame The US For Crisis
The global economy is faced with total write-downs on toxic asset which could top $2.2 billion. Most of this paper is based on mortgage-backed securities. Some guy who defaulted on his home loan in…
Citi Resumes Coverage on Lloyds Banking Group (LYG) with a Buy on Reduced Fears of Nationalization
Citi resumes coverage on Lloyds Banking Group (NYSE: LYG) with a buy from hold, citing reduced fears of nationalization. Citi analyst says, "If the government provided 100% of the required capital under our stress-test…
Conoco Confirms Bad News (COP, XOM, CVX)
ConcocoPhillips Corporation (NYSE:COP) confirmed today its week-ago operations update that the company would take a $34 billion non-cash impairment charge in the fourth quarter of 2008. Adjusted earnings, after the charge, were $1.9 billion…
The Internet Abandons The New York Times (NYT)
The Internet was going to save the newspaper industry. The Internet was going to save The New York Times Company (NYT). Especially The New York Times. The daily is so well-regarded and popular that…
Chesapeake Will Take a Charge and Issue Debt (CHK)
After the market closed yesterday, Chesapeake Energy Corporation (NYSE:CHK) announced that it would take a $1.8 billion non-cash, after-tax impairment charge, nearly all of which is allocated to the company’s oil and gas properties.…
Baker Hughes Good Quarter, Bad Forecast (BHI, HAL, WFT, SLB)
That Baker Hughes Inc. (NYSE:BHI) this morning reported better-than-expected results for its fourth quarter shouldn’t really be a surprise. When Halliburton Company (NYSE:HAL) and Weatherford International Limited (NYSE:WFT) reported results, the market got its…
Supreme Court Closes Uranium Loophole (USU)
A little-noticed US Supreme Court decision makes it more difficult to import low enriched uranium (LEU) into the US. In a unanimous decision, the court ruled that a French firm was guilty of dumping…
Huge Loss At Wells Fargo (WFC): Blame Wachovia, But Government Rescue Plan Drives Shares Up
The shares in Wells Fargo (WFC) are up 22% to $19.76. The bank’s modest results are not the cause. There is optimism that the federal government will create a "bad bank" to take toxic…