Thursday, October 15, 2009

Thursday Morning

US indexes are slightly negative this morning. The DJIA is right back at 10,000, after blasting through that level yesterday.
-To NO ONE's surprise, Goldman Sachs (GS) beat earnings guidance handily, earning $5.25 per share versus the $4.24 expected. Shares are off 2% as people "sell the news."
-Citigroup's (C) quarter was weaker. Though they "beat" earnings by 11cents by losing less than expected, the consumer segment is hurting. Shares are of 4.5%.
-Charles Schwab (SCHW) shares are down 4.5% after a BofA downgrade to Neutral from Buy.

"Bid-'em-up Bruce" has died.
Lazard CEO Bruce Wasserstein, one of Wall Street's most storied icons and prolific dealmakers, died yesterday after being hospitalized over the weekend with an irregular heartbeat. He was 61.

New rivals creep in on the NYSE's business
Young, fast-moving rivals are splintering its public marketplace and creating private markets that, their critics say, give big banks and investment funds an edge over ordinary investors. Some of the new trading venues — “dark pools,” the industry calls them — are all but invisible, even to regulators.

Better, cheaper ways to solve the "pollution" crisis - like fixing gas leaks.

WSJ overtakes USAToday as the country's widest-circulation newspaper
The Journal said it is likely the largest paper after its weekday circulation rose to 2.02 million copies, in the latest reporting period. (News Corp. owns the Journal and The Post.) In comparison, USA Today's average weekday circulation plummeted nearly 17 percent, to about 1.88 million copies, in the six months ended Sept. 30.

$50billion mining merger falls apart
The Swiss company, which completed more than $33 billion of acquisitions in six years, aimed to combine mining operations in Canada, Australia and South Africa with nearby projects run by London-based Anglo and cut annual costs by $1 billion. Anglo CEO Cynthia Carroll, who has pledged to save $2 billion of costs by 2011, described the merger proposal as a “distraction.”

WSJ Op-Ed on Mike Bloomberg's vision of NYC as a "luxury city."
The hollowed out city as "luxury product"—as Mr. Bloomberg once described his vision for a New York in which the wealthy subsidize the city's work force—is unsustainable because Wall Street's decline has coincided with the rise of the city's public-sector unions as the dominant force in local politics. With Albany crippled, and the city's Democratic Party atrophied by 16 years of backbiting while trying to wait out Mayors Giuliani and Bloomberg, unions have filled the vacuum with a political party of their own: the Working Families Party (WFP).

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