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Opening Bell:8.8.08

Lack of Seats, Galleys Delays Boeing, Airbus (WSJ)
Everyone knows that Boeing got bogged down for awhile due to a lack of suitable screws (was it screws or some other tiny metal part?... irrelevant). It made for a good story. This giant plane brought down by tiny parts. Here's a less interesting story: Lack of good seats for these planes. Yep, seats as in chairs. Apparently there's a shortage of 'em, and once again, contributing to these interminable delays.
Rackspace IPO Previews (Data Center Knowledge)
Alas, a legitimate Black Swan. A Tech IPO. In this market. Sort of. Rackspace, the big data center hoster whatever is going public, following a Dutch Auction of its shares. Don't expect a real big pop or anything. It's a data center. Kind of an exciting business, but also so stable and dry that their are REITs that operate in this space. Still, the IPO pipeline has been so dry, if this is all goes off according to plan, it's cause for some Friday champagne.
Beijing Olympics: Will They Be A Media Game Changer? (CNBC)
There's some big sporting event happening today. Pretty sure it's the Olympics. Actually, forget the wry disinterested sarcasm. We're actually hella excited. It's the Olympics. It rules. And if you want to try to make some political point (China) or whine that NBC's coverage sucks (it probably will) don't bother telling us. Ok, one thing about China: It's kind of annoying how everyone has to walk on eggshells around them, cause people are so concerned about humiliating and offending the Chinese government. The Chinese government needs to get some thick skin, stat. Ok, and one comment about NBC: evidently they'll take in about $1 billion in advertising. Of course they paid something like $900 million for the rights to the games. So still not clear how much they'll actually end up profiting.
Google believes $1B investment in AOL is crumbling (AP)
A few years ago, Google invested $1 billion in AOL for a 5 percent stake in it. It was actually more like an "investment", since it wasn't about buying into the company's future. It was about getting to power AOL search and keeping it away from Mr. Softy. And a $1 billion investment, valuing AOL at $20 billion, was the price of admission. But when it comes to official accounting, you can't include those winks and nudges. And so the company said last night in an SEC filing that it believes its investment is impaired.
Detroit mayor's lawyers seek to free him from jail (AP)
Yes, the legal woes of the mayor of Detroit probably gets too much coverage here. But look, now he's in jail. So that actually is kind of big.