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Category Archives: stocks
Why Bank Shares Rise on Write-Downs
Dan Gross tackles the write-down paradox today: how come the share price of [Citigroup/Merrill Lynch/Bear Stearns/Whoever] rises when the bank announces massive losses? After all, he writes, Write-downs should be especially worrisome when taken by banks, since they are in … Continue reading
The Dow Hits a New Record. Yawn.
What craziness is going on in the stock market! The Dow is hitting new highs! The biggest-gaining Dow component is Citigroup, a company which just announced its earnings were going to drop by 60% this quarter! Justin Lahart can’t make … Continue reading
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Airline Economics Datapoint of the Day
Market capitalization of AMR, the parent of American Airlines: $5.4 billion Value of AMR’s AAdvantage frequent flier program: $6 billion
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Why Goldman Underperformed Bear
Doncha just love commentary on share-price movements? Sometimes it’s just so easy: Is there such a thing as a “buy Goldman Sachs, sell Bear Stearns” trade? If so, it’s happening this morning. Shares of Goldman Sachs were up 2.2% in … Continue reading
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Whither Countrywide?
While I’m on the subject of bank valuations, it’s worth revisiting Countrywide,
which is now languishing at about $16.50 per share and looking
for a second white knight to come in and provide much-needed operating
capital.
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Citi in Japan
A Japanese listing makes sense for Citigroup.
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S&P: Wall Street May Take Worse Hit Than in 1998
Yves Smith at Naked Capitalism submits: Bloomberg reports that a Standard & Poors report points to a steeper fall in Wall Street earnings for the second half of 2007 than in the Russia default/LTCM crisis period, the second half of … Continue reading
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The Fed Kills the Shorts?
Traders were supposedly heavily on the put side today, an options expiration day, so the stock market response to the Fed’s discount rate cut seems surprisingly subdued.
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Posted in banking, fiscal and monetary policy, regulation, stocks
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When Dynastic Control Fails
Equity Private says that dual-class share structures don’t
do what they’re designed to do:
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Posted in Media, publishing, stocks
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Stocks: The Long View
David Leonhardt looks
at p/e ratios today – but not the p/e ratios we know and love, where
the denominator is this year’s (or last year’s, or next year’s) earnings.
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Keeping Dow Movements in Perspective
Kudos to the NYT and WSJ this morning, in the wake of another 200-point drop in the Dow yesterday.
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Countrywide vs Barclays in the Stock Market
A quick update for those of you keeping track of shares in the finance industry.
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Countrywide Falls to Book Value
Dave Neubert is buying
shares in Countrywide, and it seems he’s mainly looking at one crucial indicator:
the price-to-book ratio.
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Wall Street, Fearless, Rates Blackstone a “Buy”
By
an astonishing coincidence, the six banks with a "buy" rating
are the six of the seven who were also underwriters on the IPO.
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Joe Nacchio and the Conservative Investors
A 15% capital-gains tax bill is a lot less painful than owning a stock which plunges to zero.
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How the Equity-Research Sausage is Made
You can’t argue with Carl Bialik when he says,
apropos iPhone
sales, that "conducting a flawed survey can be worse than not conducting
a survey at all".
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Posted in stocks, technology
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Blogs and Stocks
On Monday of last week, Marc Andreessen broke
some big news on his blog: he’d sold his company, Opsware, to HP for $1.6
billion in cash.
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Stock Market Forecasts: A Waste of Column Inches
Is there anything more useless than a long newspaper article about where the stock market might be headed?
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The Denver Bancrofts Play the Ultimatum Game
There’s a famous experiment in experimental economics called the Ultimatum
Game:
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To Get Good Research, Phone the Analyst, Don’t Read his Reports
Yet
another reason to treat published sell-side analysis with a monster pinch
of salt.
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The LBO Bubble Bursts: Not Necessarily a Bad Thing
Steve Schwarzman might
not be a happy bunny today, but I don’t think Warren Buffett
is losing any sleep.
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Posted in bonds and loans, stocks
1 Comment
Eyes on the Dow
The Dow is still well above 13,000, and in fact has never traded this high in its history except for a brief period earlier this month.
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When Public Companies are Still Private Fiefs
When a private company is dominated by one all-powerful founder, the chances of it making a successful transition to becoming a publicly listed company are slim.
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Blackstone and Orbitz Tumble
Whose bright idea was it to take Orbitz public under the ticker symbol OWW?
That’s certainly the sound that Blackstone chief Steve Schwarzman
is making today
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Dell: Immune From Delisting
The Nasdaq board has decided that Dell shares can
continue to trade on their exchange indefinitely, despite the fact that
it hasn’t filed its past four quarterly reports, or its annual report.
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