French paper reports of insider trading at EADS
Well what do you know, evidently the top brass at EADS was aware of the A380's wiring problems and traded accordingly, at least according to French paper Le Figaro. The volume of the trading is said to be massive. This is, of course, pretty unsurprising, both in that they knew and in that they traded on it, though the market purist in us must remind you that their share sales technically were helping get this information out to the public.
MGM Grand Opens New Detroit Casino-Hotel (AP)
Always good to see the old hometown turning things around. The ol' Motor City had chef Wolfgang Puck on hand to cut the red ribbon at the new MGM Grand, located in the heart of Greek Town (we're presuming). Bring in a few of these, add a World Poker Tour date at the casino, and you can pretty much kiss the auto industry goodbye without worrying too much.
Bye-Bye Boston -- Hello Nasdaq (Forbes)
Ok, so the NASDAQ bought the Boston Stock Exchange. Fair enough. But would someone mind explaining the point of regional stock exchanges to us? Just put it in the comments if you can clarify why they need to exist.
Microsoft softens tone on Doubleclick/Google deal (Reuters)
In the US, Microsoft went up to Capitol Hill to argue against Google's purchase of DoubleClick, saying it would be a major antitrust threat as well as a threat to consumer privacy. In Europe, the company is taking a slightly different tack, because it knows that European regulators are already inclined to dislike the deal, simply because it's a purchase of one company by another, which Europeans get really wound up about. So now they're stepping aside, saying it's simply a matter of what Europe wants, and that they're role isn't to make policy. How humble.
Toyota 2007 output to overshoot plan: reports (Reuters)
Toyota will apparently produce more cars this year than it had planned to, in part to due strong global demand. But it's still weird for Toyota to overshoot, seeing how precise its productions schedule typically is.
Swedish Smokeless Tobacco Aims at U.S. Market (NYT)
We've never tried the Swedish smokeless tobacco snus, but we've always wanted to try some, so it's pretty exciting that producers of it are gearing up to launch a major promotion of it in the US. Of course, due to the laws of physics, it's safe to assume a major push back from public health advocates, saying smokeless stuff is no safer than cigarettes, even though obviously there's no risk to people around the user, which is ostensibly the raison d'etre for going after cigarettes so aggressively.
Microsoft Updates Its iPod Competitor (NYT)
Ah, that explains the mile-long lines we saw outside of the Microsoft store the other day
Credit Suisse's Dougan Says Mortgage Turmoil May Last (Bloomberg)
Back during the .com bust, we remember Larry Kudlow would say the economy was soon to pick up, but that what really needed to happen was a visionary executive needed to come out and simply call the end of the recession. It was very Kudlist, cause in Kudlow's world, it's all about perception. If you just believe the end is near, and say so, then that'll make it happen. Anyway, he'll probably be into CSFB CEO Brady Dougan's pronouncement that the end of the subprime troubles is just 18 months away. Not sure how he came up with that, but we like the confidence.
Deutsche Bank Says Net Rose on Tax, Asset-Sale Gains (Bloomberg)
Well, it's not quite as good as making money, on, say, actual operations, but improving earnings through lower taxes and asset sales is certainly one way to turn a buck. Whatever floats your boat. Nice work Deutsche.