Opening Bell: 11.28.07

Author:
Publish date:
Updated on


Oil eases towards $94, U.S. economy and OPEC in focus (Reuters)
So what if oil never gets to $100. Could it be, is it possible? Who knows. If traders go way negative on the global economy and somehow the Dollar strengthens, then it's conceivable, but trying to guess this stuff would just make us look like fools. Meanwhile, it's important to remember that the "century mark" isn't a global phenomenon, but one that only has meaning if you're in the US. Check out the latest from Paul K, where he looks at a multi-year price chart in several different currencies. One thing's clear: no matter how strong your country's currency has been, oil has been getting more expensive. How do you say Peak Oil in Japanese?
Top Economic Adviser To Leave White House (WSJ)
George Bush's top economic advisor, Al Hubbard, is leaving at the end of the year. Notice in the headline, the Journal didn't use the guy's name, which is probably because all of 7 people know who Al Hubbard is. The good news: George Bush didn't create the precarious financial state we're in today, and he probably can't make it much worse in his final year in office, regardless of who fills Hubbard's shoes. Our vote for his replacement though: "world's greatest economist" Lyndon Larouche. Exactly what would be needed to turn Bush's lamest of lame duck years into something we could all get excited about.
Why Citi's 11% Coupon Doesn't Mean it's Paying Junk Rates (Felix Salmon)
Felix Salmon puts in plain language this post from Andrew Clavell about why the 11 percent rate on Citi's Abu Dhabi money isn't all its cracked up to be. No need for a summary of a summary of an explanation of the news, so just click on over.
Verizon’s Open Announcement Is A Big Deal, But Not For The Reasons You Might Think (Mobhappy)
Lots of enthusiasm over yesterday's announcement that Verizon would be "opening" up its network to outside phones and applications for the first time. Potentially a very big move for the company, though we'll see how it all goes down before getting into a full lather. Carlo Longino offers a more skeptical take. His core point: Verizon is now offering exactly what Cingular, er AT&T and T-Mobile have already been offering for a while, the ability to bring any device onto the network. Jeez, well when you put it that way, it doesn't sound like such a big deal.

Click Here


Cable Dodges Tighter FCC Control (WSJ)
Well in the end, the big FCC meeting pretty much proved much ado about nothing. At least for now, Cable is safe from the x-ray eyes of FCC commish Kevin Martin, who didn't really manage to get much of anything accomplished. Even his Republican allies we're all like "whoa dude, you're going a bit too far with your regulatory zeal, and your data is suspect". Next up for cable to worry about: intense competition, the economy.
Jury clears former JDSU execs (San Jose Mercury News)
Little trip down memory lane here: a Jury in Oakland, CA found that executives of optical networking firm JDS Uniphase did not in fact break insider trading laws for their actions during the last tech bubble/bust. This might actually be an important cultural milestone, if you think about it. You know that if this case had happened in 2004, they'd have been found guilty regardless of the facts. Now in 2007, almost 2008, the pain of the old days is far enough gone that juries aren't just rubber stamps for prosecutors. Just a possibility.
Cyber Monday into Resolution Tuesday (Yodel Anecdotal)
No easy way of fixing past mistakes, particularly ones as big as a system collapse on "Cyber Monday". For Yahoo's small business merchants, there's not much that will console them, particularly if customers went elsewhere yesterday. But, at least they're apologizing.
Wells Fargo Plunges Into Mortgage Muck (AP)
Honestly, we tend to lose track of who and who hasn't written off billions over subprime exposure. Apparently Wells Fargo hadn't lost anything, but now they have -- $1.4 billion to be exact, not exactly the end of the world. Said one analyst: "Wells Fargo isn't superhuman and they made some bad loans just like everyone else." We'll drink to that.

Related