Opening Bell: 1.21.08

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Major Indexes Drop Sharply On Worries Over U.S. Economy (WSJ)
An ugly start to the week on a global level with, with several world indexes dropping in the 4-5 percent range. Of course, it's all because they're worried for us, supposedly. The Indian market, which has held up strong lately, gave up 7.1 percent. Thankfully we have the day off. We still need some time to cool our jets.
Oil Falls Below $89 on Economy Concerns (Reuters)
At least with all of these stock market sell offs, the price of the dirty stuff is coming down as well.
SEC urged not to revive "terrorist" watch list (Reuters)
This is an idea that should probably be relegated to the dustbin of history. The SEC, apparently, offered a tool at one point to help investors search which companies did business in terror-sponsoring countries. Granted, it's easy enough to do a word search for Iran if you're interested in seeing what comes up among filings, but specifically hiving off a section for companies that may have an investment in Iran or Syria seems a bit ridiculous, no? The SEC is currently deciding whether to bring back the tool.
The Super Bowl Point Spread (CrossingWallStreet)
It's the Giants +13 or +14. Interestingly, the spread is being set extra high in order to induce underdog betters, since there's the perception that the Giants have no chance. So if you think there's a distortion, get your bets in.
Back in the Black (American)
This is the most shocking piece of business news we can recall seeing in a long, long time. The NHL is a profitable enterprise. We were sure that America' 6th or 7th biggest sports league (behind NFL, MLB, NBA, NASCAR, PBA, Arena League and the Professional Bullriding Tour) was a big ol' money sink, but things are actually okay. Not great, mind you. Very few people watch the game anymore, but with some financial engineering and cost containment, it would appear that the NHL will remain a going concern, which is definitely good.

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