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Market in Full Meltdown Mode; IBM Has Head in Sand
Submitted by Tyler Durden on 01/20/2009 22:11 -0400
Financials all over the world received the Friend-O treatment today....repeatedly. XLF financial index hits all time low.
IBM which announced better than expected results after the close, says "confident about 2009", and gives 2009 EPS guidance of $9.20 above consensus $8.75... good luck with that guys.
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- 680 reads
January 21 Early Headlines
Submitted by Tyler Durden on 01/21/2009 15:10 -0400- Citigroup and Bank of America "surge more than 4 percent" (Bloomberg)
- Foreigners buying up newspapers: first Slim-NYT, now Lebedev-Evening Standard (Moscow Times)
- Fiat catches Chrysler virus, drops to 24-year low (Bloomberg)
- American Airlines posts $69 million loss (
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- 1066 reads
Dollar to Ruble F/X Rate About to Go Parabolic
Submitted by Tyler Durden on 01/21/2009 19:15 -0400
In a move geared to stop the daily drainage of its currency reserve, Russia is considering "dirty-floating" the ruble. While we are not sure what dirty floating is, but sure like the sound of it, we assume the impact on the ruble will be to send it plummeting.
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In Ironic Twist, U.S. Taxpayers Are Approaching Net Debt-Free Status
Submitted by Tyler Durden on 01/22/2009 15:33 -0400BofA estimates that the U.S. Treasury and Federal Reserve combined, now are responsible for directly supporting about 70% of the banking system liabilities and 20% of shareholders' equity. Presuming there is virtually no equity value in U.S. banking, which would of course be the case without systemic support, then liabilities equal assets. In that case, in a government mediated vicious circle, U.S. taxpayers have indirectly paid off 70% of the loans that the US banking system has underwritten to U.S. taxpayers...
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- 714 reads
GOOG Beats Estimates At First Glance
Submitted by Tyler Durden on 01/22/2009 22:01 -0400$5.10 4Q EPS vs. $4.96 consensus.
More as our fingers unfreeze and we can type
Seems all is well.. They just need to not hire any more people...ever
Also about 85% of employees have stock options under water... Sergei and Larry? Not so much
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- 458 reads
Greatwide Logistics To Be Acquired by DE Shaw, Centerbridge
Submitted by Tyler Durden on 01/23/2009 16:06 -0400In a recent press release, insolvent trucking company Greatwide Logistics, announced that it was "sold" to an investor group consisting of DE Shaw and Centerbridge. While no cash changed hands, the two Hedge Funds have agreed to a debt for equity swap: the company's total debt would be reduced by 77% from $620 million to $140 million.
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- 1626 reads
Market in Full Meltdown Mode; IBM Has Head in Sand
Submitted by Tyler Durden on 01/20/2009 22:11 -0400
Financials all over the world received the Friend-O treatment today....repeatedly. XLF financial index hits all time low.
IBM which announced better than expected results after the close, says "confident about 2009", and gives 2009 EPS guidance of $9.20 above consensus $8.75... good luck with that guys.
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- 701 reads
January 21 Early Headlines
Submitted by Tyler Durden on 01/21/2009 15:10 -0400- Citigroup and Bank of America "surge more than 4 percent" (Bloomberg)
- Foreigners buying up newspapers: first Slim-NYT, now Lebedev-Evening Standard (Moscow Times)
- Fiat catches Chrysler virus, drops to 24-year low (Bloomberg)
- American Airlines posts $69 million loss (
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- 1033 reads
Daily Ponz: Now in Texas
Submitted by Tyler Durden on 01/21/2009 19:57 -0400A hedge fund run by a former bail bondsman? He had a swimming pool in his office? $45 million hedge fund?
Sigh. Read all about Rod Cameron Stringer,43, and RCS Capital.
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- 343 reads
NY City - NY State Rivalry Escalates to All Out War in Face of Apocalypse
Submitted by Tyler Durden on 01/22/2009 16:06 -0400New York Mayor Mike Bloomberg testified before the state assembly ways and means committee about what the proposed NY State budget would mean for NYC. In a nutshell, NYC is on the verge of 1970's Taxi Driver status.
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- 820 reads
Adding Insult to Pink Slip
Submitted by Tyler Durden on 01/22/2009 22:06 -0400CNBC reports John Thain had bought 84,600 shares yesterday. This translates to a loss of over $70,000 in one day. Enough to buy two commodes on legs or about 14 port-a-potties, which may be more prudent as the New York Unemployment Benefits hotline is still off the hook for the 4th week running.
****UPDATE****
The purchase apparently was at$5.71 so no major commode loss
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- 908 reads
Let's Hear it For The New Deathwatch Participants
Submitted by Tyler Durden on 01/23/2009 16:21 -0400
We usually make a lot of fun of Yahoo Finance for their sophisticated outlook on the economy. In this case they may have been on to something.
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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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GM Beginning To Share Erin Burnett's Outlook on Life
Submitted by Tyler Durden on 01/21/2009 15:25 -04009:21 *GM SAYS JANUARY U.S. SALES RATE MAY BE BELOW 10 MILLION
So you are saying 10.5 million was optimistic huh
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- 1122 reads