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Dow Jones Will Not Change Constituents
Submitted by Tyler Durden on 01/22/2009 22:27 -0400Index director John Prestbo comments that the Dow Jones Index has no intention of kicking out JPM and Bank of Financial Lynch. No reindexing for now.
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Xerox Joins The "We Reduce Guidance" Group
Submitted by Tyler Durden on 01/23/2009 16:41 -0400Xerox (XRX) announced in its Q4 press release that its earnings for 2009 will likely be about $1/share, significantly below the consensus estimate of $1.13. We will keep a close watch on them to see if they merit a Death Watch badge in the coming months.
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MGM Selling Mirage to Penn National Redux
Submitted by Tyler Durden on 01/20/2009 22:23 -0400
Debtwire's secret spies reiterate the rumor we initially picked up almost two weeks ago.
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Media Popularity Rater Nielsen Coming to a Vicious HY Market with Bond Offering
Submitted by Tyler Durden on 01/21/2009 15:36 -0400The expectation is that Nielsen Co. (Caa1/CCC+) will be coming to market momentarily to take advantage of "demand" for junk debt. Apparently the issue will be $300 million maturing in 5 years. We say the OID will be 25 points and we also take the under.
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How to Get Invited To Secret Investing Societies
Submitted by Tyler Durden on 01/21/2009 20:46 -0400
As investment banking is now dead and sell side research is even more useless than it ever was, people are stumped over how and where to get their investing ideas.
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- 1265 reads
Ruble Crutches Coming Off Tomorrow
Submitted by Tyler Durden on 01/22/2009 16:27 -0400
After blowing over a hundred billion dollars propping up its currency, Russia's Central Bank has had enough and beginning tomorrow it has set the weak end of the Ruble's trading range against a basket of dollars and euros at 41.
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- 538 reads
Univision Settles Lawsuit with Mexicans; Bonds Spike
Submitted by Tyler Durden on 01/22/2009 22:47 -0400
After a long and costly battle between highly leveraged Hispanic TV company Univision, which was LBOed in late 2006 by a consortium of billionaire Haim Saban, Madison Dearborn, Providence, Tommy Lee and TGP, for $13.7, and has a bout $10 billion of mostly covenant lite debt, and Mexican soap opera maker Televisa, the two have finally decided to settle this afternoon.
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CNBC Recommends a "Bong Break" for The Country
Submitted by Tyler Durden on 01/23/2009 17:04 -0400we don't disagree
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Paging Chris Cox - We Need To Eradicate All Short Sellers Again
Submitted by Tyler Durden on 01/20/2009 22:52 -0400We have not seen this level of unpatriotic shorting since last September...
What are our options? Keep in mind this critical decision has to be made in less than 15 minutes to pass senate muster.
a) Short selling ban part deux
b) Throw all hedge fund managers in the tower of London
c) Keep Obama inaugural address on constant loop on every major TV channel, especially the part about how we get better
d) Invade Canada
e) All of the above
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Irish Billionaire Next Victim of Financial Meltdown
Submitted by Tyler Durden on 01/21/2009 15:44 -0400
The man who had lent Bill Clinton his chopper, was found dead on Monday in an apparent suicide. Patrick Rocca, 41, died from a single gunshot to his head in his home in Holmeleigh, an exclusive residential enclave on the edge of Dublin's Castleknock Golf and Country Club.
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New York Times: Rescue Financing 8-K Filed
Submitted by Tyler Durden on 01/21/2009 22:25 -0400Most interestingly among the negative covenants listed:
- Creating liens on any properties
- Incur additional debt prior to March 2010, if pro forma leverage is higher than 2.75x
- Engage in sale/leaseback transactions, with up to $225 million carveout for NYT HQ building
- Merge or consolidate with other assets
- Transfer or sell assets, with any sales over $10 million have to be used to pay down debt
There is also a 101% change of control put.
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Charlie About To Have Asthma Attack on Air; Lists $1.2 Million Of Thain's Office Stationery
Submitted by Tyler Durden on 01/22/2009 16:34 -0400Gasparino's high placed sources have notified him of a high level meeting at BofA at 11:30 am this morning at which John Thain will most likely be booted out.
What about Ken Lewis?
Good riddance
********UPDATE*********
Gasparino reports that Thain had spent $1.22 million to redecorate his office at Merrill, and paid his driver over $230,000 last year.
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Univision Settles Lawsuit with Mexicans; Bonds Spike
Submitted by Tyler Durden on 01/22/2009 22:47 -0400
After a long and costly battle between highly leveraged Hispanic TV company Univision, which was LBOed in late 2006 by a consortium of billionaire Haim Saban, Madison Dearborn, Providence, Tommy Lee and TGP, for $13.7, and has a bout $10 billion of mostly covenant lite debt, and Mexican soap opera maker Televisa, the two have finally decided to settle this afternoon.
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- 961 reads
Qimonda Files for Bankruptcy
Submitted by Tyler Durden on 01/23/2009 17:05 -0400Qimonda, a unit of chipmaker Infineon, filed for bankruptcy today "after failing to secure sufficient financing following a slide in memory-chip prices this year." The company has 12,200 employees.
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Intel CEO Tells Employees To Brace for Streamlining
Submitted by Tyler Durden on 01/20/2009 23:03 -0400INTEL MAY HAVE LOSS IN FIRST QUARTER, CEO TELLS EMPLOYEES
probably big news. market will be too busy selling stuff to care ah rekkun
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- 377 reads