AIG (AIG) Dying
AIG (AIG) shares are off 40% in pre-open, to $2.85.
All Work
Douglas A. McIntyre
Dell (DELL) Sails To Dark Waters
Perhaps it is just a bad week for news and it is not going to get better. Dell (DELL) said it is seeing further softening in global end-user demand in the current quarter. Douglas…
Rise In Oil Not Over: Nigeria, Venezuela, And Storms Out At Sea
Oil has hit a point where many analysts believe that it could move below $90 and stay there. If this were to happen, the boon to the economy should be considerable. Lower oil prices…
Fed Rate Cut: No Guts, No Glory
The Fed may still be concerned about inflation given that the UK said consumer prices there had a core increase of 4.7%. Even with that news, the oil and commodities elements of rising costs…
Media Digest 9/16/2008 Reuters, WSJ, NYTimes, FT, Bloomberg
According to Reuters, the markets will now turn their attention to AIG (AIG) which is struggling to survive. Reuters report that the Fed will probably hold interest rates steady and signal a cut for…
Asia Markets 9/16/2008 Most Indexes Down 5%
Stocks in Asia sold off sharply. The Nikkei fell 5% to 11,610. Mizuho Financial Group was down almost 10%. Canon and Toyota (TM) both sold off. The Hang Seng was down 5.4% to 18,305.…
AIG (AIG): A Bridge Loan To Nowhere
AIG (AIG) managed to lose 60% of its market value today. At one point the stock was off 70%. A partial rescue came in the form of permission from New York State for the…
As Financial Markets Collapse, Small Business Faces Funding Challenges
The collapse of the stock market, particularly shares in large financial companies, will have immediate effects on small businesses. Now that it is clear the the government will not help large brokers and banks,…
Google (GOOG) Begins To Dominate Wireless Search
With Google (GOOG) holding a 70% share of the PC-based online search market in the US and a similar amount in most EU countries, the best hope that Yahoo! (YHOO) and Microsoft (MSFT) have…
FOMC Alert: Traders Now Looking At Possible Rate Cuts
Today wasn’t just a bad day for financial stocks and for the markets in general. It may have been a real game changer. But interestingly enough, there is now roughly a 32% chance that…
A Relentless Day For Bad News: Hewlett-Packard (HPQ) To Cut 25,000
After a savage day in which one Wall St. firm closed and another was sold, perhaps there might have been an evening’s respite. Lehman (LEH) has more than 25,000 employees, 20,000 of which could…
Market Wipes Out Merrill Lynch (MER) Buyout Gains, Tomorrow Looks Worse
At one point Merrill Lynch (MER) was up to $22.68 because of Bank of America’s (BAC) buyout offer of $50 billion. Merrill closed at $17.05 on Friday. Wall St. is now so afraid for…
The 52-Week Low Club 9/15/2008 (LEH)(AIG)(ACLS)(ESLR)(GE)
Lehman (LEH) is bankrupt. Its stock plunged to $.15 from $67.73. AIG (AIG) fears that it will be the next to fail. It drops to $3.50 from a 52-week high of $70.13. Axcelis Technologies’…
Can Goldman Sachs & Morgan Stanley Earnings Save Financials? (GS, MS)
This week seems to be unprecedented for the financial powerhouses and bulge bracket brokerage firms. While Merrill Lynch had to throw in the towel and become a Bank of America subsidiary, Lehman Brothers is…
Is Warren Buffett Buying AIG? (AIG, BRK/A, BRK/B)
Covering financial stocks on a day like today is sort of like watching the Chinese ping pong championship. It’s all action, happens faster than most can see, and no one really knows who the…
AIG (AIG) Down 70%, Ready To Fold
AIG (AIG) plans to sell its auto insurance unit, annuity operations, and aircraft leasing division. It sounds a lot like Lehman’s (LEH) plan to spin-off its commercial real estate pool and sell a majority…
VIX Hits 30, Traders Respond
We won’t bother telling you the news today that caused the market tank before the open. The brokerage failure of Lehman and the buyout of Merrill Lynch causing Bank of America stock to drop…
Updated Energy Production Outages From Hurricane Ike (XOM, CVX, COP, KMP, TPP, EPD, DO)
The effects of Hurricane Ike on the Gulf Coast are still being sorted out, but, so far reported infrastructure damage is light. That may change as producers, refiners, and pipeline operators begin more detailed…
Medarex & Bristol-Myers Show Positive Metastatic Melanoma Data (BMY, MEDX)
There is some very hopeful data out there this morning on cancer survival. Bristol-Myers Squibb Co. (NYSE: BMY) and Medarex, Inc. (NASDAQ: MEDX) have released updated survival data from three Phase II studies of…
GE (GE) Shares Jammed Down On Credit Risk
A lot of traders think that GE’s (GE) financial results will be badly damaged by trouble at its GE Capital unit. The worry has the conglomerate’s stock trading at $24.70, below its 52-week low.…