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SA Editor Eli Hoffmann
137 Comments
Little movement in futures following largely expected inflation (I, II) and housing (I, II) data, reinforcing the notion markets have already factored in a crumbling economy and dead housing market. Dow -1.7%. S&P -1.8%. Nasdaq -1.9%.
-1.9% is a big move, but that's since yesterday's close. There was "Little movement in futures following..." the data - i.e. futures didn't really move a lot.
Hope that helps.
NTT DoCoMo (DCM +2.5%) and South Korean firm KT Freetel are teaming up to develop a bargain-priced smartphone with advanced internet functionality using Google's (GOOG -3.2%) free mobile OS Android, which it will position as a strong competitor to the iPhone (AAPL +1.1%).
It's a $$ site. Why don't you try a free trial?
Market Currents poll: Do buyers mount a late-afternoon rally, or are we headed for new intraday lows? Weigh-in in the comments.
Las Vegas Sands (LVS) is down 21% after saying it may be in default of some loans if it can't raise capital, threatening its ability to keep operating. Billionaire CEO Sheldon Adelson owns more than 64% of LVS, including $475M invested in September.
Strength at CNN, which helped Time Warner (TWX) to its Q3 beat, isn't surprising given the closely watched election. Still, CNN.com's 27M unique visitors, 276M pageviews and 4.9M live streams yesterday are impressive.
Forget The Magic Wall. CNN Now Has Holograms
www.techcrunch.com/200.../
A much-ballyhooed Goldman Sachs (GS) hedge fund has lost nearly $1B since it opened in January. The fund, Goldman Sachs Investment Partners, was hailed as one of the biggest hedge fund launches and had raised over $6B.
Goldman hedge fund down $1B. A flagship Goldman Sachs (GS) hedge fund - Goldman Sachs Investment Partners - has lost almost $1B of its $6B since its launch in January, further evidence of the crisis facing the industry. "We anticipate that these results will lead to net outflows from the hedge fund industry," managers said, although GSIC itself imposed a two-year lock-in at inception. More than half of its 13% Q3 loss was on positions in commodities, basic materials, metals, mining, energy and agriculture.
www.ft.com/cms/s/0/d05...
Jamie Dimon, CEO of JPMorgan Chase (JPM), says his company faces a 'highly challenging' 2009 and an earnings decline in coming quarters. Dimon forecasts a 'strong recovery' for 2010. Shares +1.2% premarket.
Tough 2009 for JPMorgan. JPMorgan (JPM) CEO Jamie Dimon told employees the firm faces "highly challenging conditions" in 2009, but sees a possible "strong recovery" in 2010. JPM's recent acquisitions of Bear Stearns and WaMu will improve performance in the "longer term," he said. Dimon warned Asia is "going to get worse than you think" as the tidal wave that began with a collapse of the U.S. mortgage market washes over it. Still, longer-term, he sees "very substantial natural growth" in the region.
www.bloomberg.com/apps...
The Treasury may use some of its $700B rescue fund to buy stakes in financing companies such as GE's (GE) GE Capital and CIT Group (CIT). Taxpayers could soon own even more of the American financial system than first envisioned.
<b>Even more firms may gain access to TARP.</b> Sources say the Treasury may use some of its $700B rescue fund to buy stakes in financing companies such as GE's (GE) GE Capital and CIT Group (CIT). Presently the program only includes publicly-traded banks and insurers, although the Treasury is already mulling opening the door to some privately-held firms. The U.S. government could eventually own even more of the American financial system than first envisioned.
online.wsj.com/article...
Obama wins in a landslide. 62% of voters said the economy was their top concern, which prompts the question: Is this a victory for the left, or a vote against the Bush administration's handling of the current economic slump?
Futures move into negative territory. Dow -0.15% to 9283. S&P -0.3% to 964. Nasdaq -0.1%. Crude -1.7% to $66.65. Gold +1.36% to $728.
Futures move into negative territory. Dow -0.15% to 9283. S&P -0.3% to 964. Nasdaq -0.1%. Crude -1.7% to $66.65. Gold +1.36% to $728.
Big Money Managers Are Cautiously Bullish - Barron's
seekingalpha.com/artic...
Barron's Vito Racanelli says SocGen (SCGLY.PK) shares could jump over 20% by 2010 if the bank can continue to dodge the worst of the credit crisis.
Wall Street Breakfast: Must-Know News
You're absolutely right - that was an oversight. I've added it in.
McAfee Battles Internet Bugs, Bigger Rivals - Barron's