Media Digest 7/25/2008 Reuters, WSJ, NYTimes, FT, Bloomberg
According to Reuters, Microsoft (MSFT) backed its internet spending plan and said it was done with negotiations with Yahoo! (YHOO). Reuters reports that the CFO of Wachovia (WB) is leaving.
All Work
Douglas A. McIntyre
Asia Market 7/25/2008 (SNE)(LFC)(CN)(CHU)
Markets in Asia fell sharply. The Nikkei was down 2% to 13,335. Canon was down 4.9% to 5100. Mazda was down 5% to 527. Sony (SBE) was down 4.2% to 4360. The Hang Seng…
Short Sellers Trash Financials And Autos (FNM)(FRE)(YHOO)(JAVA)(JNPR)(NOK)(QCOM)(GM)(F)(ETFC)(WB)(BAC)(ABK)(LEH)(MBI)
Regulators may be trying to keep short sellers out of a few financial stocks, but that is not keeping large bets against most other stocks from rising. While some of the shorts may have…
Crocs Stock Now Exponentially Uglier Than Its Shoes (CROX)
Crocs, Inc. (NASDAQ: CROX) just joined the category of stocks that the old term of "S.N.A.F.U." would apply to. The maker of the faddish and notoriously ugly shoes came out warned for the quarter…
Looking Inside Wynn’s Vault (WYNN)
We just got earnings out of Wynn Resorts Ltd. (NASDAQ: WYNN). The ultra-high-end casino operator posted non-GAAP EPS of $1.11 on revenues of $825.2 million (after a 50% gain in Macau revenues). Estimates from…
Baker Hughes Unleashing Cash (BHI)
Baker Hughes Incorporated (NYSE: BHI) has decided to release some of its cash as a reward for its shareholders. The company has just jacked up its dividend to $0.15 per share, up about…
The 52-Week Low Club 7/24/2008 (CDNS)(SVU)(MU)(TIE)(CMG)(WFR)
MEMC Electronic Materials (WFR) Results miss Wall St. forecasts. Falls to $41.58 from 52-week high of $96.08. Chipotle Mexican Grill (CMG) Analyst downgrades. Shares off to $67.26 from 52-week high of $155.49. Titanium Metals…
Steve Wynn About To Show His Pocketbook (WYNN)
Very shortly after today’s close we are going to get a good glimmer into the overall health of casino stocks as Wynn Resorts Ltd. (NASDAQ: WYNN) is going to be opening its back office…
Level 3 Becomes a Leveraged Sentiment Proxy (LVLT)
Level 3 Communications Inc. (NASDAQ: LVLT) is seeing shares under pressure today after its quarterly earnings report. What is interesting is that nothing has really changed on the micro-level since the stock was much…
Pimco’s Gross Says Mortgage Write-Downs To Hit $1 Trillion
Bill Gross of Pimco, perhaps the most famous bond investor in the world, says that bank write-offs for mortgage-related paper are far from over. In a note today he said "PIMCO estimates a total…
With Shares Low, E*Trade (ETFC) Becomes Buy-Out Target, Again
E*Trade (ETFC) had a bad quarter, in large part due to provisions for loan losses of $319 million. The company posted a net loss for the quarter of $119 million against a profit of…
Oil Patch Results Seeing Very Mixed Reviews (SU, EPD, ECA, SII)
Before today’s opening bell, four players in the oil patch released their second quarter numbers. Suncor (NYSE:SU), Enterprise Products Partners (NYSE:EPD), EnCana (NYSE:ECA), and Smith International (NYSE:SII) all posted good numbers, but the outlook…
Citigroup (C) To Raise $11 Billion?
Citigroup (C) may be looking at another $7 billion in write-offs and will probably have to raise $11 billion in new capital. If Morgan Stanley’s analysis about the big bank is right, Citi shareholders…
XM Takes on More Debt Refinancing Ahead of Merger (XMSR, SIRI)
It has been known that mandatory debt refinancing was coming down the pipe for both XM Satellite Radio Inc. (NASDAQ: XMSR) and for Sirius Satellite Radio inc. (NASDAQ: SIRI). We have now seen the…
Skeptical Ahead of Microsoft’s Analyst Meeting? (MSFT)
Today is the Financial Analyst Meeting for Microsoft Corporation (NASDAQ: MSFT). This will run from 11:30 AM EST to 6:55 PM EST and it is open to the public. The good news is that…
Montezuma Visits Chipotle Shareholders (CMG, MCD)
Chipotle Mexican Grill, Inc. (NYSE: CMG) has been one of the greatest spin-off stories around in the restaurant sector this decade. McDonald’s (NYSE: MCD) spun this company off in an IPO back in early…
Did SemGroup Drive the Fall in Crude Prices? (SGLP, TYG, TYN, TYY)
Late yesterday afternoon, a bankruptcy court in Delaware has approved SemGroup LP’s Chapter 11 filing. One of the company’s subsidiaries, SemGroup Energy Partners LP (NASDAQ:SGLP), is publicly traded and not included in the bankruptcy…
GT Solar IPO Timing: Genius or Insanity? (SOLR)
The IPO market might be dead of late, but we did get an IPO pricing for trading this morning. GT Solar International Inc. (NASDAQ: SOLR) did raise approximately $500 million in this pricing. Its…
First Solar Commits to PV McFactory for Sempra in Nevada (FSLR, SRE)
First Solar, Inc. (NASDAQ: FSLR) announced that the company will construct a 10 megawatt photovoltaic (PV) power plant for Sempra Generation near Boulder City, Nevada. Sempra Generation is a unit of San Diego, California-based…
Sirius & XM Confirm FCC Discussions, With Caveats (XMSR, SIRI)
XM Satellite Radio Holdings Inc. (Nasdaq: XMSR) and SIRIUS Satellite Radio (Nasdaq: SIRI) have come out with a release confirming that the companies are in discussions with the Enforcement Bureau of the FCC to…