FX Intervention: Still Possible
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July 29, 2008
Merrill’s Catch-22
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Andrew Dowell and Ed Welsch have this report on the ramifications of Merrill’s asset sale.
This is one guessing game that will not end with the showcase showdown. In valuing a truckload of securities at 22 cents on the dollar, Merrill Lynch & Co.’s fire sale might burn some other fingers on Wall Street.
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Original Source: feeds.wsjonline.com
Secondary Sources: Inflation, Dollar, FHLBs
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A roundup of economic news from around the Web.
Think Hard on Inflation: Mark Gertler writes for the Financial Times that the U.S. must not act rashly on inflation. “Lost in most of the commentary about inflation has been a careful inspection of its underlying mechanics. Almost all the recent increase in headline consumer price index inflation is due to rocketing energy and food prices. Inflation excluding energy and food is significantly lower? Why care about headline inflation versus core inflation? Simply put, a sustained move of headline inflation to the levels of the 1970s is unlikely without an accompanying increase in the core component. The reason is simple: although they can be highly persistent, rapid increases in the relative prices of energy and food cannot go on indefinitely. Once this process dies down, as long as core inflation remains anchored, headline inflation must converge to it.”
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Original Source: feeds.wsjonline.com
Mosaic Net Quadruples, But Shares Fall
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It’s rare that a company projects little growth in sales because of high demand, but Mosaic Co. did so after reporting its quarterly earnings, which were otherwise stellar.
“In our view, the recent stock price meltdown is not indicative of the strong fertilizer fundamentals t…
Original Source: feeds.wsjonline.com
Communications Media and Institutions
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(July 29, 2008 08:17 AM, by Arnold Kling) Marc Pesce delivers a few facts and a lot of breathless prose. Somewhere in the last few months, half the……
Original Source: econlog.econlib.org
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Original Source: www.pheedo.com
Hirst Still Playing Elaborate Joke On Hedge Fund Community
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Hey there aspiring Little Steves– nows your chance to sidle up to the big guy and remark, “Looks like we have the same taste in art, though mine clearly veers a little more towards the Renaissance Fair-inspired, gay works.” Artist Damien Hirst is selling some new pieces from his ‘animal-in-formaldehyde’ schtick collection. Up for grabs at Sotheby’s from September 15-16 will be “The Golden Calf,” a calf in a– wait for it– glass tank of formaldehyde, “The Incredible Journey,” a zebra in a– wait for it– glass tank of formaldehyde, and “The Dream Foal,” the unicorn pictured above in a– wait for it– glass tank of formaldehyde, among others. Get them while they’re hot. One item we’d recommend bowing out of is “The Kingdom,” a tiger shark in a glass tank, which cannot please Stevie-boy, who is supposed to be t…
Original Source: www.pheedo.com
Merrill Lynch Fesses Up To More Write-Downs And Capital Raising
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Are we done with the nonsense about rumor mongers pushing down the stocks of broker-dealers? The only false rumors we’ve heard lately have come from the c-suites of Wall Street. John Thain repeatedly denied that Merrill Lynch needed to raise capital, but now Merrill is raising $8.5 billion by selling new stock.
“We deliberately raised more capital than we lost last year … we believe that will allow us to not have to go back to the equity market in the foreseeable future,” Thain said in Tokyo in April. Apparently three-months later was not foreseeable.
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Original Source: www.pheedo.com
Insight Exchange: Making Your Company Newsworthy
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“How can I get a story about my company in The Wall Street Journal?” As they say, if I had nickel… no, make it a dollar in this economy.
In coming months, we’re offering a chance to meet some of the people who’ve figured this out — and to gain insight on a wide range of entrepreneurial topics from marketing and tech to capitalizing on the green-movement. WSJ is hosting …
Original Source: feeds.wsjonline.com
Rackspace IPO Closer to Market
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It doesn’t take a rocket scientist to realize that the IPO market is limited or closed to most markets. But solid companies with solid growth stories can still tap the markets. Enter Rackspace Hosting Inc. The web hosting and storage company has now begun its IPO auction process. Rackspace will offer 12.7 million shares and selling shareholders will sell 2.3 million shares of stock in the IPO. Underwriters were given a 30-day over-allotment option to sell up to 2.25 million shares.
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Original Source: www.247wallst.com
