Opening Bell: 9.25.07

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EchoStar says to buy Sling Media (Reuters)
Last night, satellite TV operator Echostar announced the acquisition of Sling Media, the company that brought 'placeshifting' into the public lexicon. Ok, our spellchecker is indicating that placeshifting isn't a word, so maybe it's not so common yet. So in case you didn't know, the company's box sits next to your TV, a la TiVo, allowing you to watch what's on your tube anywhere you get an internet connection. Pretty cool. Naturally, they've faced legal threats, but for the most part, they've yet to run into too much trouble.
AMR shares sink on analysts' worries (BusinessWeek)
Uh-oh, are we entering another season of discontent at the major airlines? After all it has been several months of good news, which is probably a record boom cycle for the industry. A bust is always on the horizon; the only question is how far away the horizon is. Anyway, AMR recently said in a filing that the all-important revenue per passenger mile measure was trending down, prompting analysts to worry, prompting the stock to sell off (a great example of efficient markets, mind you). Unless there's something unique to AMR here, we could see a similar condition across the others.
China Construction Bank up 32% in Shanghai debut (MarketWatch)
Another bank booms out of the gate in its IPO debut in China. Actually, not so fast. Apparently the 32% one-day pop was actually a bit on the low side, leading people to speculate the flood of new shares into the market (not to mention the availability of Hong Kong investments) may be sopping up some of the excess liquidity going into stocks. Analysts had been calling for a 47% jump.
Gas Emissions Rarely Figure in Investor Decisions (NYT)
Well this has got to be the most obvious headline of the day. Investors aren't factoring in gas emissions when picking a stock? Who'da thunk? Just try imagining it. You want to buy a share of YKK Zipper, it has great CAGR, a low PE, even more compelling EV/EBITDA, a nice dividend, so big that when you strip out net cash, they're practically paying you to own the stock. And yet, the company emits a lot of greenhouse gasses, because obviously the pants zipper business is rather energy intensive. Gotta say, pretty hard to imagine folks not buying for that reason. Also, reveals the ludicrousness of forcing companies to put this info in their SEC filings, seeing as it really has no bearing on investment decisions.

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In G.M. Strike, Both Sides See a Crossroads (NYT)
73,000 UAW GM workers are now on strike, following a failure among the two parties to come to any agreements over healthcare and such. We suppose it wouldn't do much good to inform the union that according to economists, strikes don't do anything to bring the parties closer together, since, after all, they don't bring any new information to light. Nah, sure they already know that.
NAB downgrades outlook for US economy (The Age)
The National Australia Bank has lowered its forecast for the US economy, reducing its 2003 GDP estimate from 2.4% to 1.8%. We just want to tell them to stop looking it our economy and focus on theirs. Nobody here asked for their opinion, and seeing as Australia's got its own problems, maybe the lack of attention from the NAB is why.
Rising Costs Could Sap Steelmakers' Profits (WSJ)
No really, this will be the year that the steelmakers finally start feeling a drag from higher costs. Seriously.
Prague International Airport 1st Half Net Profit +9.7% Vs Year-Ago (Dow Jones)
Now really, don't you wish our airports had to report quarterly earnings? Granted, it's hard to imagine wanting to invest in any US airports, though there's always a right price. And if they had to answer to the market, we might begin to see some change. But don't expect that anytime soon. Meanwhile, everything is looking up at Prague International.

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