Daily Highlights: 6.23.09
Submitted by Tyler Durden on 06/27/2009 - 13:41Frontrunning: June 23
Submitted by Tyler Durden on 06/27/2009 - 13:37Guest Post: An Efficiency Revolution Long-Overdue And Real World Implications
Submitted by Tyler Durden on 06/27/2009 - 13:34I guess there is a very good chance that there will be fundamental changes to global financial markets within the next 5 to 10 years. This will not only include adjustments to rules and regulations, the structure of how markets work, instruments and processes, but also include fundamental changes in how participants operate and what the financial institutions of the future will look like.
Fast Track Airport Lane Files For Liquidation
Submitted by Tyler Durden on 06/27/2009 - 13:32One of the most overhyped and underdelivering companies in the world has liquidated, less than a few years after spending a boatload of capex to purchase uber-expensive machines that ended up being complete garbage and will probably reap 5 cents on the dollar in salvage value. Cardmembers are currently in process of getting their notifications.
Overalottment: June 22
Submitted by Tyler Durden on 06/27/2009 - 13:30- Must read: Researching corruption at the Treasury: The PPT 101 (Market Skeptics)
- NRG suit against Exelon bid dismissed (WSJ)
- State Street will have something to say about this: Fed in discussions on changing Repo transactions (Bloomberg)
- Someone is buying the solar hype: GCL-Poly to buy Jiangsu Zhongneng Polysilicon (Bloomberg)
Daily Credit Summary: June 22 - World Banked
Submitted by Tyler Durden on 06/27/2009 - 13:17Spreads were broadly wider in the US as all the indices deteriorated. Indices generally outperformed intrinsics (as post-roll derisking covered by index hedges seemed prevalent) with skews widening in general as IG's skew decompressed as the index beat intrinsics, HVOL outperformed but widened the skew, ExHVOL outperformed pushing the skew wider, XO's skew increased as the index outperformed, and HY outperformed but narrowed the skew.
Market Neutral Quant Deleveraging Comes Full Circle
Submitted by Tyler Durden on 06/27/2009 - 12:15
The HFR Market Neutral index is back down to when we first discussed it. In the meantime, market neutrals have repeatedly tried to leverage up on numerous occasions and failed every single time. With YTD performance of -3.88%, it will likely only get worse from here.
Collision Course And Volume Spike
Submitted by Tyler Durden on 06/27/2009 - 12:08
The 50 DMA and 200 DMA are about to collide. What next?
Baltic Dry Index Drop Accelerates
Submitted by Tyler Durden on 06/25/2009 - 13:33One word: Reundecoupling (was also very appropriate last year when the China thesis plummeted, but investors have 24 hour long-term memory).
Volkswagen Shares Set To Plunge?
Submitted by Tyler Durden on 06/25/2009 - 13:27Developing story: German Government adviser says Porsche should sell some VW (VOW GY) shares to raise cash.
Disclosure: no holdings of volkswagen or porsche securities.
Bernanke Prepared Testimony
Submitted by Tyler Durden on 06/25/2009 - 13:20As Ben is about to be crucified before the House Committee on Oversight and Government Reform, below is his full prepared testimony. Also, if readers want to watch the hearing live without CNBC's commercial interruptions for Sham-Wow or Mark Haines doing long division on air to calculate the difference between Dow futures and fair market value, they can do so here.
New York Times Sale Rumors Quashed... For Now
Submitted by Tyler Durden on 06/25/2009 - 12:56In an interview with MarketWatch's Jon Friedman, Janet Robinson, CEO of embattled former media titan and now merely distressed media company scrambling to plug debt covenant holes, New York Times, has announced that she has had it with other members of the evil, speculative media world.
Frontrunning: June 25
Submitted by Tyler Durden on 06/25/2009 - 12:18- Second derivative promptly trounced: Initial jobless claims pick up again to 627k (Reuters and Bloomberg)
- Jonathan Weil: Capital One's $549 million man buys back freedom (Bloomberg
Daily Highlights: 6.25.09
Submitted by Tyler Durden on 06/25/2009 - 12:14- Bernanke will face hostile questioning on BofA deal.
- Fed leaves bond-purchase program unchanged, says pace of contraction slows.
- Fed: Key interest rate will remain near zero "for an extended period."
- Irish banks face $49 billion in losses.
- New-home sales unexpectedly fell 0.6% in May from the prior month.
- Bed Bath & Beyond's qtr net up 14% at $87.2M; revs up 2.8% at $1.69B.
- China Construction plans to set up a venture with Banco Santander.
- China Petrochemical completed purchase of Addax for $7.2 billion.
- CKE Restaurant
