Opening Bell: 7.11.08

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Credit Mutuel to Buy Citi's German Operations (WSJ)
Meanwhile Citi's doing the same thing... the bank is selling its German Operation to Credit Mutuel for $7.7 billion. Probably a smart idea. It's the equivalent of a fresh cash raise, without the dilution. The downside is that it loses the Germany business, but you know, whatever. Does it really need a German business? Probably not.
GE Looks to Shed Businesses (WSJ)
GE is basically in the process of de-conglomeration, it would seem. The company had been shopping around its appliances business to a list of global suitors, and now it's going to spin off its entire consumer and industrial division. It also sold its consumer finance business to Japan's Shinsei bank. That's $5.4 billion USD coming back home.
US stocks lower as GE fails to motivate investors (AP)
If the week just ended on a ho-hum note, that'd actually be pretty good. Oil is back up today, so that's sort of lame. GE earnings were kinda mediocre, though they hit estimates (Immelt must've learned his lesson). At 10 the Michigan Consumer Sentiment numbers are going to come in, and those are going to suck.
Amid Political Uncertainty, Total Cancels Investments in Iran (NYT)
Guess this is why all that missiles and war stuff isn't good for oil prices... French firm Total says it's canceling some planned investments in Iran. Now folks like Bill O'Reilly would be galled to find out any company is investing in Iran -- though the fact that they're French would help him understand it better. But yeah, with all this missile tests, photoshopping extra missiles, and the whole quasi-fascist regime. Understandable that they'd so no(n).

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