Opening Bell

Opening Bell: 04.26.12

Barclays Cautious Despite Investment Bank Gains (WSJ)
In the first quarter of 2012 Barclays said total revenue fell 25% to £5.52 billion ($8.92 billion) from £7.34 billion a year before. The group recorded a net loss of £337 million for the quarter compared with net profit of £1.24 billion a year earlier. Chief Executive Bob Diamond said the business environment picked up in the second half of last year, but “frankly it remains quite challenging.” Mr. Diamond warned that economic conditions across Europe and the U.K. had deteriorated since January, as the sugar rush caused by cheap loans dished out by the European Central Bank began to fade. “It was not a robust first quarter; it was only robust compared to the third and fourth quarter,” Mr. Diamond said. “There is still slow economic growth around the world.”

Deutsche Bank Profit Drops On Debt Crisis (BW)
The slowdown in April hasn’t been “significant” and Deutsche Bank needs to assess the effect of the Easter holidays on revenue, Chief Financial Officer Stefan Krause said today on a conference call. Pretax profit at Deutsche Bank’s investment banking unit fell to 1.72 billion euros in the first quarter from 2.29 billion euros a year earlier and compares with a 422 million loss in the fourth quarter. That beat the 1.64 billion-euro average estimate of eight analysts.

More Americans Than Projected Filed Jobless Claims Last Week (Bloomberg)
Jobless claims fell by 1,000 to 388,000 in the week ended April 21 from a revised 389,000 the prior period that was the highest since early January, Labor Department figures showed today in Washington. The median forecast of 48 economists surveyed by Bloomberg News called for a drop to 375,000.

SEC Faces Questions About Tipster Policy (WSJ)
“Whistleblowers are essential to root out fraud and malfeasance,” the senator wrote in a letter sent Wednesday afternoon to SEC Chairman Mary Schapiro and reviewed by the Journal. “I am concerned that the SEC may not be properly protecting the identity of whistleblowers and others who come to the SEC with information on securities law violations.”

La Guardia flights delayed when dog flees Delta jet and sprints to runway (NYP)
A puppy took flight at La Guardia Airport yesterday, speeding down a busy runway and dodging planes and a posse of desperate pursuers. Taxiing airliners ground to a screeching halt, giving their passengers front-row views of the spectacle that at one point saw a frustrated worker get down on his hands and knees in an unsuccessful attempt to convince the 14-month-old Rhodesian ridgeback, named Byrdie, to surrender. In a final fit of desperation, Port Authority cops pulled the dog’s owner, Austin Varner, off her Delta flight and drove her out to the tarmac. Byrdie broke free while being loaded on the plane in a kennel at around 10:20 a.m. — and the 70-pound pooch made a beeline down the tarmac. An air-traffic controller barked into his radio, “We got a dog running like crazy down there.”

Former Morgan Stanley Exec Pleads Guilty In Anti-Bribery Case (Reuters)
A former Morgan Stanley executive pleaded guilty to conspiring to evade internal controls required by a US anti-bribery law, in a case that underlines the fall of a once high-flying dealmaker for the firm in China. Garth Peterson, who was a managing director in Morgan Stanley’s real estate investment and fund advisory business, also settled yesterday related charges with securities regulators, and agreed to roughly $3.7 million in sanctions and a permanent bar from the industry. Peterson secretly arranged to have millions paid to himself and a Chinese official and disguised the payments as finder’s fees charged to Morgan Stanley, regulators said.

Geithner Warns Of Economic Risks (Bloomberg)
Treasury Secretary Tim Geithner is warning that the US economy faces risks from the “severe and protracted crisis” in Europe while the feud with Iran has put upward pressure on oil prices. He added the economy will encounter a “fiscal cliff” at the end of the year when large spending cuts and tax increases are set to take effect. “That cliff presents a risk, but it also provides an opportunity for bipartisan agreement

Bernanke Says Prepared To Do More As Policy Unchanged (Bloomberg)
“We remain prepared to do more as needed to make sure that this recovery continues and that inflation stays close to target,” he said at a press conference today following a meeting of the Federal Open Market Committee in Washington. Additional bond-buying is still “very much on the table.”

Bull Market For Chicken Feed (WSJ)
In case you were wondering: “Futures for soybean meal, the protein in feed that makes broilers plump and juicy, are up 34% so far this year. Prices for the yellow powder, a soybean byproduct that resembles wheat germ, are outpacing the likes of crude oil and gold.”

In Mayfair, outrage over tire-slashing arrest (Philly)
It was a little more than two months ago when a 44-year-old butcher named David Toledo had a message for the vandal who was slashing car tires up and down his block of Aldine Street and on nearby streets in his Holmesburg neighborhood. “I feel like butchering the one who is doing this,” Toledo said shortly after reporting to police that all four tires on his Jeep Cherokee had been slashed, just one week after the same thing had happened to his wife’s car. Wednesday night, Toledo’s outraged neighbors had a message for him: Back at ya, pal. The news that police had arrested Toledo in connection with the wave of tire slashings that had plagued parts of the Northeast angered and infuriated his neighbors, as they spilled out onto front steps on a bright spring evening to gossip and to vent. Adding insult to the injured tires is the fact that Toledo had been arguably the most vocal neighbor in speaking out against the vandalism and in urging fellow residents to organize a community watch group to nab the slasher.

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29 Responses to “Opening Bell: 04.26.12”

  1. VonSloneker says:

    First underwear and shoe bombers, now the K9 Martyrs Brigade…Al Q is definitely on the run

    – L. Panetta

  2. PAbutchersbrigade says:

    he who smelt it dealt it

  3. Puck It says:

    What's the big deal about a dog running loose at the airport? If it had been a cat, that's worth shutting everything down.

    —-Villanova MBA

  4. Guest says:

    If he owned a tire store I'd understand.

  5. Chevy_Chased says:

    Looks like 'take your offspring to work day' is slowing down the DB staff, good thing they can backdate posts. It kinda makes Bess hotter, thinking that she may be a young mother.

  6. A Customer says:

    This explains why David's ribeyes have had rubbery tasting overtones lately.

  7. chrls says:

    Really looking forward to D.Kneale's perspective on this runway runaway story. Please check in when you get a chance.

  8. Cut Me says:

    ..and all the tires in the Holmesburg neighborhood sighed a collective sigh of relief

  9. Guest says:

    We didn't do it

    – Baha Men

  10. Guest says:

    Oh man, this just kills me, the tire slashing family are all sorts of special:

    "After the Toledos moved in, they went to everyone’s house, asking neighbors to sign off on a block party, which would close the street to traffic, and for contributions for a DJ, according to residents. But instead of a neighborhood affair with games and activities for children, the couple had a wedding.

    “She came out in a dress and got married in the middle of the street,” said Jill Pagan, 32.

  11. CoveredLong says:

    We say Zimbabwean ridgeback now, don't we?

    -Maddy Bowen

  12. Matt Fan says:

    Sounds like his wife will have to hondle to embiggen the amount of non-slashed tires in the neighborhood.

  13. Guest says:

    . . . and that's why you secure the dog crate to the top of the vehicle, rather than putting the dog in the back.