Brokerage Consolidation Begins, Or Not (RODM, COWN)
If you have been waiting for the smaller brokerage firms in the Tier-2 and Tier-3 categories to start merging, it looks like the first shot in the consolidation wars has been fired. Rodman &…
All Work
Douglas A. McIntyre
Bracing For Another 1.1 Million Job Losses
We keep trying to look for good news on the jobs front. Unfortunately, there is almost none to be found. The Conference Board Employment Trends Index was released today and the report shows that…
What Exactly Is The Rescue Plan Achieving?
John Tamny, RealClearMarkets During the dark days of the Great Depression, Treasury Secretary Henry Morgenthau relayed to President Roosevelt the details of a conversation he had with his son, Henry III. When asked by…
Reliant Energy Eliminates a Credit Facility (RRI, CEG, BRK.A)
Late on Friday, Reliant Energy (NYSE:RRI) announced that it had terminated a $300 million retail working capital facility with Merrill Lynch. The company had failed to meet its EBITDA covenant on the agreement in…
Hess Reins in Capital Spending (HES)
In 2006, Hess Corporation (NYSE:HES) invested $3.84 billion in capital spending. Last year, the company spent $3.58 billion, and while the figure for this year isn’t final yet, Hess planned to spend about $5…
De-Hefnerizing Playboy (PLA)
Playboy Enterprises Inc. (NYSE: PLA) has announced that Christie Hefner is stepping down as Chairman & CEO of the company. Her two-decade reign over the magazine publisher and adult-oriented media and entertainment will come…
Deutsche Bank Said Chesapeake Energy (CHK) News Is Just What The Doctor Ordered
Deutsche Bank commented on Chesapeake Energy (CHK) today after the company updated its financial and operational plans, which included a major Capex retrenchment. Deutsche Bank said this is just what the doctor ordered. Deutsche…
Dow Chemical (DOW) Cuts, The Worst Press Release Of The Year
What a great way to fire people. Dow Chemical (DOW) chopped 5,000 full-time people and cut 6,000 contractors. Its press release on the plans said the firm was announcing "a series of aggressive actions…
As Economy Gets Weaker, McDonald’s (MCD) Gets Stronger
A recession is supposed to pull everyone under, but that everyone does not seem to include McDonald’s (MCD). The fast food firm announced that that global comparable sales increased 7.7% in November. U.S. comparable…
Top Pre-Market Analyst Upgrades & Downgrades (DVN, ECA, STR, RSG, APC, AIN, AVB, BRE, CBST, DLTR, MEOH, SOA, SU, UDR)
These are some of the top pre-market upgrades and downgrades we have seen from Wall Street analysts this Monday morning: Devon Energy (DVN) Raised to Buy at Jefferies. EnCana (ECA) Raised to Neutral at…
3M Joins Layoffs & Guidance Cut Game (MMM)
3M (NYSE: MMM) is joining the layoff front. This morning the company previewed a presentation it would give institutional investors detailing cost cutting actions. The company is lowering guidance and announcing layoffs.
The New York Times Company (NYT): Leasing The Future Instead Of Fixing The Present
The New York Times Company (NYT) will mortgage its building in the hope of getting as much as $225 million to help it through a cash crunch. According to The New York Times, "The…
The Tribune Company Is More About Private Equity Than Newspapers
The Tribune Company may go into Chapter 11 this week. The newspaper industry has several companies headed that way. Journal Register and Gatehouse are at the top of the list. Tribune’s failure says more…
As Downturn Spreads, Business Failures Could Be Key To Depth Of Trouble
Cutting jobs is one thing. Going out of business is another. As it becomes clear that millions of jobs will be lost by companies which are weak but will probably make it through the…
As Economic Concerns Spread, Even Healthier Companies Cut Further
One of the hallmarks of this recession is that even healthy companies are willing to cut costs and cut them more than once. HP (HPQ) laid off 24,000 people a month ago, ostensibly because…
Retailing’s Little Secret: People Are Spending Less
There are two components to retail sales. The first is the total number of transactions that a business makes. The other is the yield-per-sale. So far this holiday season, total sales have not looked…
Merrill Lynch’s (MER) Thain: The Only Man On Wall St. Who Earned His Pay
The board of Merrill Lynch (MER) is fighting with CEO John Thain over whether he should get a bonus. The board will probably win. It is the board. And, since Merrill has been sold…
Santa’s Last Stand
Economists, politicians, and the media have spent a number of weeks examining the wrong holiday season. The results for this year are nearly set in stone. For reasons that no one has explained well,…
Pontius Pilate Races Out Of Detroit
"Ecce Auto" (Behold the car). With that back of the hand brush off, the 110th US Congress just left the future of the American auto companies to be worked out next year by a…
Media Digest 12/8/2008 Reuters, WSJ, NYTimes, FT, Bloomberg
According to Reuters, the Senate will return to auto bailout talks this week. Reuters reports that Merrill Lynch (MER) CEO Thain is seeking his $10 million bonus. Reuters reports that unsold cars are piling…