Archive - Apr 3, 2009
ISM Non-Manufacturing Composite Emerged Unfudged
Submitted by Tyler Durden on 04/03/2009 13:00 -0500ISM Non-Manufacturing composite somehow not higher than expectations, at 40.8, down from 41.6 and versus a 42 consensus. Market reaction: could still have been lower, economy must be turning.
Barney Frank Applauds FASB's Murder Of MTM
Submitted by Tyler Durden on 04/03/2009 12:02 -0500A letter sent out by the House Committee on Financial Services. Presented without comment.
Frank Statement on FASB Ruling on Mark-to-Market
Washington, DC – House Financial Services Committee Chairman Barney Frank (D-MA) today issued the following statement on the Financial Accounting Standards Board’s ruling on mark-to-market accounting:
Another REIT Selling Into The Rally: Kimco Announces Pricing Of Stock Offering
Submitted by Tyler Durden on 04/03/2009 11:51 -0500If there is one group of companies that has to be ecstatic about the current sucker rally, it has got to be the REITs. First Simon Property Group sold a boatload of stock to naive investors, now Kimco Realty takes center stage with a $623 million follow on offering of 91.5 million shares at $7.1, a 5% discount from yesterday's closing price of $7.49.
Frontrunning: April 3
Submitted by Tyler Durden on 04/03/2009 11:19 -0500- The revision game begins: January non-farm payrolls revised to 741k from 655k
- The CalPERS Apollo story is picking up steam: now on Bloomberg (Bloomberg)
- Must read: Fed struggling to win over investors wary of sharks in TALF aid program (Bloomberg)
- Fixing the
FHLB Chairman Disgusted With FASB Accounting Alchemy, Quits
Submitted by Tyler Durden on 04/03/2009 01:49 -0500
When the man in charge of the second largest borrower in the U.S. is willing to lose his job due to his discomfort with the FASB's shift in accounting rules, you can bet that the tragic fallout of all the "market buoying" recent events is only a matter of time.
FHLB Chairman Disgusted With FASB Accounting Alchemy, Quits
Submitted by Tyler Durden on 04/03/2009 01:49 -0500
When the man in charge of the second largest borrower in the U.S. is willing to lose his job due to his discomfort with the FASB's shift in accounting rules, you can bet that the tragic fallout of all the "market buoying" recent events is only a matter of time.
Third Point Drops 3% In March, Einhorn Up 4.5%
Submitted by Tyler Durden on 04/03/2009 01:31 -0500The ridiculous market moves in March have dealt Dan Loeb a tough hand, causing Third Point to lose 3.1%, bringing its YTD performance to -1.5%. The 8.8% run up in the S&P will spare few hedge funds and as the performance letters start rolling in, I expect to see much more pain for managers who did not flip shorts fast enough, or got caught in the Citi arb.
