Opening Bell

Opening Bell: 11.07.12

Obama Wins Re-Election With Romney Defeated In Key States (Bloomberg)
Obama defeated Republican Mitt Romney, winning at least 303 electoral votes in yesterday’s election with 270 needed for the victory. With one state — Florida — yet to be decided, Romney had 206 electoral votes…Obama won the battleground states of Ohio, Virginia, Iowa, New Hampshire, Wisconsin, Nevada and Colorado. He also carried Pennsylvania, where Romney made an 11th-hour bid for support to try to derail the president’s drive for re-election. North Carolina was the only battleground Romney won.

Romney Campaigns To The End (WSJ)
Hours before Mitt Romney lost his six-year quest to win the presidency, he said he had prepared only one speech—a victory speech…Until the final hour, Mr. Romney and his aides expressed confidence that he would win. The candidate, who prefers data and metrics to chitchat, appeared to be caught off guard by the loss even though he trailed in polls in crucial battlegrounds such as Ohio.

Triumph Of The Nerds: Nate Silver Wins In 50 States (Mashable)
The analyst, despite being pilloried by the pundits, outdid even his 2008 prediction. In that year, his mathematical model correctly called 49 out of 50 states, missing only Indiana (which went to Obama by 0.1%.) This year, according to all projections, Silver’s model has correctly predicted 50 out of 50 states. A last-minute flip for Florida, which finally went blue in Silver’s prediction on Monday night, helped him to a perfect game.

Loser Ryan Also A Winner (NYP)
The Republican vice-presidential hopeful hedged his bet by running for re-election to his congressional seat in Wisconsin — where last night, he was declared the winner for an eighth straight time.

Goldman Partners Pocket $22 Million (WSJ)
More than 30 executives, including Chief Executive Officer Lloyd C. Blankfein, recently cashed in stock options awarded in the afterglow of the company’s initial public offering in 1999. According to a securities filing, the executives, all Goldman partners, pocketed a total of $21.8 million by exercising options and selling the underlying shares in the three days after the firm reported third-quarter results in mid-October. The options expire at the end of November, and cashing in produced instant profits because Goldman’s share price is more than 50% higher than when the options were awarded in 2002. “By exercising 10-year-old options before they expired later this year, executives captured some of the value we have built for shareholders over that period,” said a spokesman for the securities firm. In contrast, many of the executives’ remaining options are worthless, at least for now, because they were granted from 2005 to 2008. The stock peaked in October 2007 at about $239, or 89% higher than Tuesday’s closing price of $126.25 in New York Stock Exchange composite trading at 4 p.m. The biggest gain went to Michael S. Sherwood, a Goldman vice chairman and the firm’s top executive in Europe, who received $5.2 million from exercising options on 115,211 shares. Mr. Blankfein collected $3.1 million, while departing Chief Financial Officer David A. Viniar got $2.3 million, the filing shows.

JPMorgan Nears SEC Settlement (WSJ)
JPMorgan is close to a settlement with the Securities and Exchange Commission that would end one probe into how the company’s Bear Stearns Cos. unit packaged and sold home loans to investors, according to people familiar with the case. A pact with the nation’s largest bank by assets would be the first tangible victory in a wide-ranging SEC investigation into Wall Street’s sale of mortgage-backed securities before the onset of the financial crisis. Since 2010, the SEC has issued more than 300 subpoenas or document requests related to the probe and collected more than 30 million pages of documents, enforcement chief Robert Khuzami said earlier this year.

BNP Paribas Third Quarter Net Doubles On Trading Gains (Bloomberg)
Pretax profit at BNP Paribas’s corporate- and investment- banking unit, or CIB, rose 7.3 percent to 732 million euros, beating analysts’ estimate of 686 million euros. Revenue from equity and advisory operations climbed 51 percent to 444 million euros, while fixed-income sales more than doubled to 1.13 billion euros.

After Obama Victory, Donald Trump Rants On Twitter (ABC)
“We can’t let this happen. We should march on Washington and stop this travesty,” Trump Tweeted. “Our nation is totally divided! Lets fight like hell and stop this great and disgusting injustice! The world is laughing at us. This election is a total sham and a travesty. We are not a democracy! And then: “Our country is now in serious and unprecedented trouble…like never before. Our nation is a once great nation divided! The electoral college is a disaster for a democracy. Hopefully the House of Representatives can hold our country together for four more years…stay strong and never give up! House of Representatives shouldn’t give anything to Obama unless he terminates Obamacare.” And finally: “This election is a total sham and a travesty. We are not a democracy!”

Fitch: No Fiscal Honeymoon For President Obama (CNBC)
President Barack Obama will need to quickly secure agreement on avoiding the “fiscal cliff” and raising the debt ceiling following Tuesday’s elections, Fitch Ratings said. The economic policy challenge facing the president is to put in place a credible deficit-reduction plan necessary to underpin economic recovery and confidence in the full faith and credit of the U.S., according to Fitch. Resolution of these fiscal policy choices would likely result in the U.S. retaining its triple-A status from Fitch, the firm said. Failure to avoid the so-called fiscal cliff and raise the debt ceiling in a timely manner, as well as securing agreement on credible deficit reduction, would likely result in a rating downgrade in 2013, Fitch said.

The New Haven For Investors (WSJ)
Treasurys have a new rival for safe-haven status: U.S. companies. Bonds of Exxon Mobil and Johnson & Johnson are trading with yields below those of comparable Treasurys, a sign that investors perceive them as a safer bet. It is a rare phenomenon that some market observers said could be the beginning of a new era for debt markets. It could ultimately mean some companies will borrow at lower rates than the U.S. government.

Swiss, Greeks Begin Talks On Tax Deal (WSJ)
Switzerland has begun formal talks on a deal to tax assets stashed in secret Swiss bank accounts by Greek citizens, in line with similar agreements struck with other European countries, the Swiss government said Wednesday.

Woman Wearing MIT Shirt Nearly Banned From Voting In Boca Raton (BNN)
A woman attempting to vote in West Boca Raton yesterday was initially prohibited from entering the polling place because she was wearing a t-shirt with the letters MIT. heard from multiple sources that an election supervisor at the polling place ultimately realized that MIT stands for “Massachusetts Institute of Technology” — a school where students tend to know how to spell — and was not a campaign shirt for the Republican candidate, who spells his name MITT. Campaigning is not permitted within several yards of a polling place. The woman was ultimately allowed to vote.

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Show all comments

131 Responses to “Opening Bell: 11.07.12”

  1. Schadd & Freud says:

    How are the Fox News people doing this morning? I am worried for them.

  2. guest says:

    I wish Twitter would go away forever.

  3. Chappy says:

    Obama did it! The world will love us again!

  4. guest says:

    "Woman Wearing MIT Shirt Nearly Banned From Voting In Boca Raton"

    In a related story thousands of voters were turned away from voting in Tuscaloosa.

  5. Donald's Mirror says:

    "Your hair is totally divided! Lets fight like hell and stop this great and disgusting business in the front and party in the back. The world is laughing at us."

  6. Warren says:

    I'm more worried about my 5 bil Oct 13 115 warrants which increasingly look as though they will go off worhtless.

    I am in discussions with lloyd to tender these back at a negotiated sum for all the business I put through there. I will not be acquiring five percent of the company,

  7. Had to Post It says:

    What are you supposed to do for an election lasting more than 4 hours?

  8. DXM says:

    Four more years of Obozo???? Ah, WTF.

    On a positive note marihuana is legalized everywhere.

  9. Guest says:

    4 more years of Barry wearing mom jeans and just killing it!

  10. Bananas 1971 says:

    The Donald should have at least given proper attribution for part of his rant to Woody Allen:

    Fielding Mellish: I object, your honor! This trial is a travesty. It's a travesty of a mockery of a sham of a mockery of a travesty of two mockeries of a sham.

  11. PermaGuestII says:

    "Waltzing Matilda, WALTZING Matilda, you'll come a waltzing Matilda with me…"

  12. Anonymous says:

    Why are comments from showing up on dealbreaker?

  13. Bejujular says:

    Sotp ouy kant vout heer!

    – Boca Raton polling staff

  14. Guest says:

    Well good luck with all that.


  15. Dick Cheney says:

    WTF is wrong with Florida? They could have swung it our way. The whole place should just sink into the gulf.

  16. Guest says:

    Dear President Obama,

    We congratulate you on your re-election! We look forward to working cooperatively with you as we have done in the past.

    As a sign of our good will, we present you with this post-election day gift.

    The Publicly Traded Markets

  17. center-right says:

    Seriously amazed how loony seemingly educated people become when faced with the fact that a half black guy will be in the White House for four more years.

    ~long hair, don't care

  18. Truck says:

    I have it on good authority that Obama hates white children.

  19. Guest says:

    Dow -240


  20. Ex UBS MD says:

    I knew it, been trying to get stopped in on the short side of some DIA down there.


  21. Guest says:

    Yay, I just found out I have electricity.

    –Guy with electricity

  22. Puck It says:

    Glad it's over. Too bad they'll all be back upon us like a plague of locusts in four years.

    — Ohio

  23. Reality Slinger says:

    Breaking news: douchebags are still douchebags, winners will keep on winning.

  24. The U.S. says:

    Sic transit gloria mundi

  25. gfgf says:

    so, about that Apple position at Rochdale….

  26. Mike Mayo says:

    Is Rochdale still long 1.6 mil shares AAPL.

    Good thing they have their balanceshhet to work out of it with.

  27. Guest says:

    I feel so cold and empty inside.


  28. Swiss hedge says:

    Bloody hell America…WTF….. your markets are like a kindergartens' toilet floor….

  29. pazzo83 says:

    Oh well, there's always next year!

    – S Palin

  30. Rockso says:

    Well, if Obamer is so great, why doesn't he do something about this storm that is about to hit NYC again.

  31. S&P Mood Rater says:

    Hey guys, great news, no need to worry, the latest from Dealbook: "With an Obama Victory, Wall Street Pivots to Plan B"

    See, they must have had a plan B the whole time, things will be looking great in no time!

  32. Guest says: