How Did Imbeciles Come To Run Fannie Mae (FNM)?
One of the first things students get taught in business school is that it is a bad idea to replace senior management in the midst of a crisis, especially if those people have been…
All Work
Douglas A. McIntyre
Media Digests 8/28/2008 Reuters, WSJ, NYTimes, FT, Bloomberg
According to Reuters, Toyota (TM) cut its 2009 sales forecast by almost 7%. Reuters reports that Fannie Mae (FNM) changed several of its top executives. Reuters writes that Starbucks (SBUX) management will receive no…
Asia Markets 8/28/2008 (LFC)(PTR)
Markets in Asia were mixed. The Nikkei rose .1% to 12,678. Asahi Breweries rose 2.2% to 2010. UNY rose 4% to 1172. The Hang Seng fell 2.2% to 20,988. China Life (LFC) fell 1%…
The 52-Week Low Club 8/27/2008 (F)(NEXM)(CEGE)(AMLN)
Ford (F) Oil moves up. Drops to $4.25 from a 52-week high of $9.24. Nexmed (NEXM) Drug trial problems. Falls to $.23 from a 52-week high of $.1.87. Cell Genesys (CEGE) Drug trial problems.…
Apple (AAPL) iPhone Picks Up Ground On RIM (RIMM)
Apple’s (AAPL) iPhone is doing well in the consumer market, but it now appears to be picking up ground with businesses as well. According to the August ChangeWave survey of IT spending, 17% of…
A Tiny Ray Of Hope In Russia (BP)
In the midst of the military and political fiasco in Georgia, it would be easy to believe that Russia could withdraw from a number of contracts it has with the West. It appears that…
Oil in China: Producers, Up; Refiners, Down (CEO, PTR)
Two of China’s largest oil companies announced earnings for the first half of 2008 today. CNOOC Ltd. (NYSE:CEO), the country’s second largest producer, reported a sales increase of nearly 64% over the first half…
24/7 Wall St. Most Overpaid CEO Of The Day: Cell Genesys (CEGE) CEO Stephen A. Sherwin, M.D
Cell Genesys CEO Stephen A. Sherwin, M.D made $1.3 million last year, with $577,500 coming from base salary. He did so well, in the eyes of the board, that his base was raised to…
China Mobile (CHL) Success Likely To Be Short Lived
China Mobile (CHL) announced extraordinary results for the first half and it is not likely to repeat them in the future. CHL’s 54.8 billion yuan ($8 billion) in net profit in January-June compared with…
Top Pre-Market Analyst Upgrades & Downgrades (EXPO, EHTH, INCY, RIGL, WBD, AMR, AMLN, BKUNA, NGG)
It is getting pretty thin in analyst coverage as we get closer to Labor Day, but these are the upgrades and downgrades we are seeing this Wednesday morning: Exponent (EXPO) Started as Buy at…
Conoco (COP) Exits Gas Station Business: A Lost Opportunity
Conoco (COP) is selling its gas stations, following Exxon (XOM) out the exit door. Perhaps there is a greater fool; a company that thinks it can make money on a business that Conoco believes…
Nokia(NOK): The Best Chance To Chase The Apple (AAPL) iPhone
The new Apple (AAPL) has plenty of challengers. Samsung has made the “Instinct” for Sprint (S). Early word is that it is selling well. T-Mobile will be the first cellular provider to come out…
A Coup De Grace For The Banking Industry
Aside from bad mortgage-backs securities bets, a dying LBO business, auction rate securities, and deteriorating credit card debt, the banks and brokerages may be up against their largest challenge yet. They have to pay…
Eli Lilly’s (LLY) Gift To The Funeral Industry
The National Funeral Directors Association must be sending “thank you” cards to Eli Lilly (LLY) and it partner Amylin (AMLN). Together, the companies developed and market diabetes drug Byetta. The firms had told the…
Shorts See Market Bottom, Flee Financials (MER)(BAC)(LEH)(ABK)(WB)
Short sellers believe that they have seen the bottom for financial shares and exited the industry en masse. Shares sold short in Merrill Lynch (MER) fell 12.6 million to 42.3 million. Short interest in…
Media Digest 8/27/2008 Reuters, WSJ, NYTimes, FT, Bloomberg
According to Reuters, the FDIC may have to borrow money from Treasury to see it though a wave of bank failures. Reuters reports that Lehman (LEH) has asked three investment firms to stay in…
Asia Markets 8/27/2008 (LFC)
Markets in Asia were mixed. The Nikkei fell .2% to 12,753. ANA fell .3% to 295. Canon fell 1% to 5040. The Hang Seng rose 1% to 21,260. China Life (LFC) rose 2% to…
Maybe Not All Is Rotten at GT Solar (SOLR)
Maybe things aren’t all that bad over at GT Solar International Inc. (NASDAQ: SOLR). The recently public company posted earnings after the close posted net income of $5.1 million and earnings of $0.03 on…
The 52-Week Low Club 8/26/2008 (NT)(MU)(NYX)(SIRF)
Nortel Networks (NT) Analyst downgrade hits shares. Falls to $5.51 from 52-week high of $19.50. Micron Technology (MU) Sell-off in sector. Drops to $4.21 from 52-week high of $12. NYSE Euronext (NYX) Concerns that…
FOMC Minutes Diagnosis: Mass Schizophrenia
We just got the full comments from the August 5 FOMC meeting. The FOMC sees continued downside to growth with a damped economy lasting several quarters. Members continue to believe that the next rate…