Brought to you by Financial Times
Post Fed rate cut, stocks saw their largest gains of 2007. Meanwhile Morgan Stanley laid down and played dead today sighting a 17% dip in Q3 earnings. But that’s old news.
The Labor Department announced CPI which fell 0.1% Core CPI up 0.2%
Major indexes numbers as follows: The DJIA rose 82.02 to 13821.41. The S&P 500 rose 9.95 to 1529.73, and the Nasdaq UP 13.59 to 2665.25. The 10-year note down 18/32,to yield 4.540%.
The dollar down to $116.01 against the yen. Little movement against the Euro -$1.3969 to $1.3967 today.
Finally, on the NYSE today, 2,179 stocks up and 1,121 down, on total number of shares traded – 1.09 billion.
For more sweet market action check out FT Alphaville.
Silas Greenback
Posts by Silas Greenback
It’s not easy working in private equity. First, you have to contend with kiss-ass underlings wanting “face time” pitching their latest money-making scheme. Then you have to deal with continuous media coverage deriding you for how much more money you make than everyone else. Really, can’t a private equity manager exist in at least semi-gold-dipped peace?
Even attending a conference is not as fun as it once was. The Dow Jones Private Equity Analyst Conference was awash with protestors at noon today by members of the Working Families Party and ACORN waving signs that read “Why does David Rubenstein pay taxes at a lower rate than an NYPD officer?” and “Why do New York state pensioners see risk while David Rubenstein sees profits?”
A revolution, some revolutionary once said, is not a tea party. Apparently, this time a revolution is a semi-snarky sign with a rhetorical question. We asked our editor in chief to comment on this question because he was the only sober person in the room.
“Don’t those types of people get paid by the hour?” Carney said. “If they’ve got time to protest, they’re clearly getting paid too much.”
It’s hard not to notice the irony that private equity has attracted its very own protest movement just at its eclipse. The owl of Minerva flies at happy hour. Note to the forces of the poor: you’re too late! The golden age of private equity is so fifteen minutes ago.
The Poors To Protest New York’s Richest At Waldorf-Astoria At Noon [Gawker]
Read the press release after the jump
As we previously posted, the “wolf” of Wall street aka Jordan Belfort is out of prison and is promoting a piece of literature based on his sordid life at Stratton Oakmont during the coke infused 80’s-90’s. After having thumbed through this self-promoting read (which has been optioned by Warner Brothers as a Martin Scorsese film), it became clear that the book has some positive qualities. First and most important – If you’re into porn, you’ll enjoy The Wolf of Wall street. Had he been a woman, he could easily have written Harlequin romance novels from the big house. His descriptions of his “luscious” wife whom he dubs “The Duchess” are… shall we say, stimulating.
In addition to sex everywhere and in every position, if you’re into hookers, blow and Quaaludes (or at least reading about them) then this should make a nice little bedtime story. Disregard the dissonance he experiences as he attempts to balance the two personas 1) despicable pill popping prostitute enthusiast with 2) respectable family man. It’s not convincing and feels like filler. That said, there’s enough dirty goodness in here to go around. The Wolf of Wall Street lands on shelves September 25th.
Brought to you by Financial Times
Active stock trading today after the Fed announced rate cuts of half a percentage point – Fed-funds lowered rates for the first time since 2003 to 4.75% while the discount rate stands at 5.25%.
The PPI announced today with a decrease of -1.4% sighting decreases in energy costs and food prices as catalysts for the decline. Food prices fell -0.2%. Gasoline prices down -13.8% and producer prices for energy down -6.6%.
Major Indexes closed as follows: DJIA up 2.51% rising 335.97 closing at 13739.39. Nasdaq up 2.71% rising 70.00 closing at 2651.66. The S&P 500 up 2.92% closing at 1519.78. The 10-Yr Note down -6/32 with an end of day yield at 4.489%.
On the NYSE 3,033 stocks in the green, 341 in the red with a total volume of 1.37b shares traded.
Crude oil prices inching toward $85 per barrel closing today settling today about $81 per barrel.
Banks and broker/dealers’ shares exploded upward with LEH up 9/5%, GS up 6.4%, MS up 6% and BSC up 3.3%
For the text of the Fed statement
Think you can handle more market intelligence? Check out FT Alphaville. They keep us coming back again and again.
Before the Fed, Dealbreaker is considering lunch. A little salad action perhaps? Or maybe you’re hung-over, in which case we recommend the duo pepperoni slices with extra Tabasco slathered on those bad boys [nothing like that to get all systems running again after a heavy night out at Scores]. We realize that working in an open environment with either rows of desks or even cubes can cramp a person’s lunch style. Out of consideration for your coworkers and to avoid being publicly flogged/ridiculed/ostracized from the floor here are some foods you may want to avoid while eating at your desk:
ANYTHING and let us repeat that ANYTHING that once resided in a body of water. You may not win friends with salad – but you’re going to make enemies with fish. Just say no.
Indian Food. Sorry, but chicken tiki has a pungent way of filling up even the largest rooms. You don’t want the trading floor smelling like Curry in a Hurry.
There’s something about cooked broccoli that rubs people the wrong way. It’s reminiscent of someone who has serious intestinal distress. Proceed with caution.
Eggs – maybe it’s the touches of sulfur and while not common lunch fare this can be met with a snide utterance along the lines of, “Is SOMEONE eating eggs???” while standing up and publicly humiliating the guilty party.
Surely there are other odious culprits not mentioned on this list that rub people’s noses the wrong way… Feel free to vent to us about your neighbor who eats fish tacos every day for lunch.
Delivered fresh from the Financial Times.
Today on the NYSE – 1,030 stocks in the green and 2,240 in the red. Total volume of shares traded today 826.8 million.
Indexes bleeding today with the DJIA down -39.10 at 0.29%. Nasdaq down -20.25 at -0.79%. The S&P 500 down -7.60 at -0.51%. The 10-Year Note down -2/32 at -0.05%. Crude settled at 80.57. And finally, the dollar closed at 115.18 Yen and 1.39 against the Euro.
Some of today’s most active stocks included Ford Motors up 0.26 to $8.29 trading on NYSE. Sun Microsystems down -0.03 to $5.70 trading on the Nasdaq. And SPDR S&P 500 ETF down -0.78 closing at $148.12 on the AMEX.
Tomorrow’s announcements – PPI at 8:30am EST. Core PPI at 8:30am EST. Net Foreign Purchases for July at 9am EST and the much anticipated FOMC Policy Statement at 2:15pm EST.
For more market hotness check out FT Alphaville. Because you can’t get enough. And neither can we.
It’s Monday night and don’t kid yourself, you don’t have any plans. The most action you’re going to get tonight is from the vibrations of the treadmill as you speed walk across the belt (yeah, it’s early in the week so you better get your fanny to Equinox for at least 30 minutes cause you know it’s the only time you’re going to work-out this week). So, after your hard core Monday evening workout, we suggest you put your feet up, grab a Heineken and tune into CNBC circa 9pm. To coincide with the debut of Dr. Alan Greenspan’s publication, The Age of Turbulence: Adventures in a New World – the delicious dish, Maria Bartiromo has interviewed Dr. Greenspan delving into his “life, career and impact of the most important central banker of modern times.” We say, DVR Monday night football, get out a fresh can of cheese balls and pay close attention. We can’t think of a better appetizer to tomorrow’s main course – the Fed announcement.
Greenspan: Power, Money & the American Dream [CNBC]
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