Thursday, November 19, 2009

Thursday Morning

Stocks are sharply lower this morning. The DJIA off 140points, will all 30 index members down on the day. Nothing particularly terrible on the economic "data" front, but a few retailers reported weaker than expected results last night.

Hot Topic (HOTT) is down 13%. Earnings were in line with expectations, but forward-looking guidance for Q4 of 24cents per share was below consensus at 30cents.

Privately held Facebook's valuation has risen 42% in the past few months, based on trading of the company's common stock in private market transactions.
Facebook shares are currently selling for about $21 each at SecondMarket, said Adam Oliveri, managing director at the New York-based company. That’s up from $14.77 in July.

Massive budget deficits and crumbling tax revenues? California's answer is to screw with the TV market by forcing people to buy LCD TV's out of state. Amazing.
The rule does not cover televisions currently in use or for sale. But it would require that most television sets sold in California consume 33 percent less electricity by 2011 and 49 percent less by 2013. The standards would apply to televisions with a screen size of up to 58 inches.

Streamlining itself to be more profitable on its own, AOL may let go a third of its workforce if it is spun off from Time Warner.
According to a filing and a memo AOL CEO Tim Armstrong sent out to employees, AOL is looking for up to 2,500 employees to voluntarily accept buyouts starting Dec. 4 -- about five days before the company is expected to separate itself from Time Warner

Innovate or die. "Old Guard" auto companies are racing to develop engines for electric vehicles.
While internal-combustion engines currently power more than 99 percent of cars built globally, their share can only fall as electric cars enter the market, Miyao said. That will intensify price competition and lower profits for manufacturers. “If you’re a parts maker that can’t expand market share, then you can’t grow without entering new businesses,” he said.

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