Opening Bell: 08.05.2009

By William Richards

Economists Up Expectations For Second Half (WSJ)
The pseudo-scientists-cum-fortune-tellers have mounted an attack on the second half numbers, calling for revisions upward based on the overwhelming success of the clunkers program. Leading the assault are UBS (Q3 to 2.5% from 2 and Q4 to 3% from 2.5) Wells Fargo (Q3 to 3% from 2.2% and Q4 2% from 1.6%) , and T. Rowe Price (it doesn’t really matter, does it?).
Clinton Secures Release Of Journalists, Gives Il Spotlight (Bloomberg)
Firstly, I was under the impression Mr. Il had the spotlight before and kind of screwed it up – it was clearly chronicled in the documentary “Team America”.
Secondly, welcome home ladies.
Society Generale Reports Decent Showing (BBC)
“The bank made 309m euros ($445m; £263m) between April and June, down 52% on the 644m euros it made in the same period a year earlier.”
Lloyds Reports £4B Loss (FT)
“Lloyds Banking Group on Wednesday said that the deteriorating state of its loan portfolio had caused it to recognise £13.4bn of impairment charges in the first half of 2009.”
GM Chief Vows To Defend Market Share (NYT)
It’s refreshing to see the return of the vow, it’s been so long since anyone in the automotive industry had the balls to promise, no.. wait. Anyway, Whitacre Jr., is vowing to not give up market share despite their reduction in production/lines. Take note, you can sleep now.
Two Traders Urge Gas Market Changes (WSJ)
This is too complicated to summarize, but it’s worth a read.
Lehman In Tax Trouble (NYT)
“The Bloomberg administration has accused Lehman of shortchanging the city of $627 million in corporate and other taxes, beginning in 1996. It is now trying to convince federal bankruptcy court in Manhattan that the city should jump closer to the front of Lehman’s long line of creditors.”
Treasury Considering Mores Sales Of TIPS (WSJ)
With the budget deficit ballooning, the US Gov is ever in search of exciting way to raise capital – enter TIPS. With 1.8T of debt issued through September (I’m citing the article here) it’s not impossible to think there might be a little jack in the prices going forward (but of course, not too much – the talking heads won’t hear of it).

Comments (14)

  1. 1
    Posted by guest | August 5, 2009 at 7:38 AM

    Mike Masters, the “commodity-speculation critic” is a fucking jackass and should shut the fuck up.

  2. 2
    Posted by guest | August 5, 2009 at 7:51 AM

    Big yawn for you.

  3. 3
    Posted by guest | August 5, 2009 at 7:59 AM

    http://www.bloomberg.com/apps/news?pid=20601087&sid=azB7kHpYKRy4
    Oh yeah, more fuel to the fire. Taibbi/ZH st al. will be all over this.

  4. 4
    Posted by guest | August 5, 2009 at 8:40 AM

    UBS sucks

  5. 5
    Posted by guest | August 5, 2009 at 8:50 AM

    I don’t know whats with John Arnold wanting to take power away from gas specs, doing that just makes it easier for people to manipulate the market. Buy gas I say.

  6. 6
    Posted by guest | August 5, 2009 at 9:22 AM

    -@4
    Thank you, it had to be said.
    They really do.

  7. 7
    Posted by guest | August 5, 2009 at 9:44 AM

    Here’s a site that has a bunch of John’s old emails available for all the world to see. I was trying to find the one in which he defines what he wants to see in a newhire candidate for gas trading but I couldn’t find it.
    http://www.enronexplorer.com/

  8. 8
    Posted by guest | August 5, 2009 at 9:49 AM

    Clinton secured release of the hostages!! I had my doubts about her, but I’ll be the first to admit I was wrong…I admit…oh…wait. It was Bill??? Ah, disregard the preceeding, carry on.

  9. 9
    Posted by guest | August 5, 2009 at 9:56 AM

    @4 you heard it here first!

  10. 10
    Posted by guest | August 5, 2009 at 9:58 AM

    what those 2 bitches gave clinton in his private jet on the way back with makes maria bartiromo looks like a catholic schoolgirl

  11. 11
    Posted by guest | August 5, 2009 at 10:07 AM

    EP:
    Are you mimicking Nixon ’68 and trying to appeal to the Silent Majority?
    Or are you so repressed you just can’t type out a Drury post without giggling uncontrollably?

  12. 12
    Posted by guest | August 5, 2009 at 10:21 AM

    @11 Who are you talking to? EP didn’t write this post, dumbass.

  13. 13
    Posted by guest | August 5, 2009 at 10:33 AM

    EP reads all posts in Bess’ absence.

  14. 14
    Posted by guest | August 5, 2009 at 12:01 PM

    Thanks Al Gore! Just another money pit taxpayers have to fill at the expense of a lawmaker.
    “Korean media reported that Kim granted a pardon to Lee and Ling, accused of illegally crossing North Korea’s border with China in March while working for San Francisco-based Current TV. The channel was started by Clinton’s vice president, Al Gore. The journalists were en route to the U.S. with Bill Clinton. “

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