Slow Afternoon News Roundup

• Dan Loeb's Third Point June P&L: 1.8%; 7.2% YTD (Third Point)
• Unemployed finance guys in Buenos Aires search for sex, drugs, and their own souls (Playboy h/t Clusterstock)
• Captain Morgan - Best use of $2.7 billion in TARP funding. Ever (Moneynews, h/t Cris)
• BOE's Miles says helpful to include housing in inflation gauge [Amen]
• Boeing lost orders for 15 787 Dreamliners in past week: those lost airplanes sure not helping the manufacturing index
• China Vice Premier says global financial crisis hasn't bottomed
• Russia Central bank says scraps recommendation for banks not to increase foreign currency denominated assets from Q3
• Weather Derivatives latest forecast sees average temperatures in the US for the next 6-10 days to be 0.2F vs. Prev. -1.3F
• US to provide $1.175 bln to wind down GM, previously the number was $950 million
• FDIC board weighs rules for buyout firms acquiring failed banks
• Gazprom seeks global deal to build gas grid encircling Europe (Bloomberg) - Naming contest is on: most PC incorrect name wins of course
• Michael Lewis on Wall Street's Day of Reckoning (WS Tech h/t Joe)
• William Cohan on Goldman Sachs and AIG (Tech Ticker)

Comments

[jscottnorwood]

I thought this was interesting
http://blogs.wsj.com/marketbeat/2009/07/02/is-a-bank-in-trouble-what-the...

[Anonymous]

It may be Guaranty Bank out of Texas.

http://www.bizjournals.com/sanantonio/stories/2009/06/29/daily6.html

[100PercentProle]

Why is Boeing losing so many orders when Airbus is getting people killed left, right, and center?

[phaesed]

Hey, here's a joke from 1930 that I got today from the "News from 1930" blog...

"At a recent large corporation's stockholder meeting, the secretary was annoyed to find two men with no proxy forms. "Whom do you represent?" the secretary asked. "The short interest," the gentlemen replied."

Cheers

[Anonymous]

Fuck this shit, let's talk more gold.

I like the morons who chime in with, "Well, you can't eat gold!"

To which I reply: I hope you enjoy eating your worthless fiat currency salad you stupid douchebayg.

[bpj]

Gazprom seeks global deal...Eurothane

[shargash]

Someone needs to hit the market with a defibrillator. The sucker's flatlined.

[bpj]

Where's Mohamed Atta when you need him?

[SV]

Gazprom getting to big for their britches...

steatopygiaz

[RobotTrader]

Hapless daytraders were obliterated by the Goldman Robots today with wild action, just as predicted.

Mark it down. Today was a day where piles of money could be made by the Prop Desks.

Exhibit A: Potash

Check out how they shanked this stock on the open, then ran it straight up. Anyone who shorted on the open was down big within the first hour.

Exhibit B: Novellus

This stock was grinding up all day, I guess too many shorts were on it guessing on a breakdown. Now up 5 days in a row.
Ditto for LRCX.

Exhibit C: SPY

This one was an all time classic. They had Robot A (Goldman), Robot B (JP Morgan), and Robot C (Morgan Stanley) playing ping pong all day within a hairsbreadth over the 50-day, confining it to a 1 point trading range.

No doubt, every hedge fund manager stuck on the Long Island freeway was refreshing his Blackberry every 5 seconds while battling with his nagging wife and noisy kids.

Can you imagine a higher level of anxiety??

Then they panic dumped it with a half hour to the close, and somehow the NYSE suspended trading in some issues, then they McQueened it with a classic "Bullitt" u-turn, then another closing dump into the 15-minute overtime.

And they managed to pull this off with a handful of stocks like KO and PEP immobilized. Go figure.....

Expert tape handling indeed.

[Anonymous]

EuroFagaz

[Anonymous]

TURN THOSE MACHINES BACK ON!!! BUY BUY BUY

Sincerely,
PPT

-As for the gas name, I can't hold back at work any longer. URopeNigaz

Gilgamesh

[Lets_Eat_Amen]

Anyone else read that article from Playboy? Jesus, i'm jealous...

[phaesed]

That's a crazy couple of months, maybe he'll learn something, but goddamn that makes me want to plan a vacation right now.

[Ulysses]

i can't decide whether i am jealous :)

[Anonymous]

I was searching for my soul one night in Las Vegas and found it at the Spearmint Rhino. This is not a commercial endorsement.

[billybob]

Gazprom seeks global deal to build gas grid encircling Europe (Bloomberg) - Naming contest is on: most PC incorrect name wins of course

Name: "how do i f*^*% thee? let me count the ways!"

[Lowcarb (not verified)]

Could someone please convey to the "finance guys" in Buenos Aires/Argentina to just stay there and not come back?

By staying there they are doing this country (USA) a huge favor by letting us pick up their mess and solving the problems they created.

btw, I am passing this article to my brother who is a US Marshall - he'll know who to forward it to at the Ports of Entry...

Thanks!