Tuesday, July 7, 2009

Tuesday Premarket

AlphaNinja - Futures down just slightly, indicating a negative open for US markets. Among early movers is Discover Financial (DFS), down 11% premarket after announcing plans to sell $500m in equity.

NYTimes discussing experts' "shock" at the speedy auto bankruptcies. "In such cases where the government plays a major role, lawyers are likely to feel they have less control than in traditional bankruptcies." -->> If I were a lawyer watching the LAW be trashed by the government, I'd be shocked also.

Treasurers of major US companies engaged in a huge round of "precautionary borrowing," with the memory of the credit meltdown still fresh.

Banks and borrowers both embracing the "amend-to-extend" debt restructurings.

Six family-owned banks destroyed by hybrid securities, an example of why getting too creative on the bank asset side can crush the capital cushion.

NYTimes' Bob Cox worries that Wall Street hasn't gotten the point, that ibanking "capacity" needs to be reduced.

With GM and Chrysler sporting debt-light balance sheets, might Ford need to raise equity?

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