Opening Bell: 9.24.08

Publish date:

Asian Markets Are Jittery as US Bailout Doubts Persist (CNBC)
By jittery, the article must mean "not every single stock on the market soared", cause for the most part, it seems the Warren Buffett injection actually brought some cheer to the other side of the earth. Financial shares were up, and generally the indexes ended in the green. In Europe it sounds like stocks are up marginally.
Pickens Funds Down About $1 Billion (WSJ)
Spending too much time filming commercials advocating wind? Apparently T. Boone Pickens hasn't done so well at his fund, having lost $1 billion on the steep decline in energy. Personally, he's lost $270 million, and he admits that this is his worst run in 10 years. Like many money losers, Pickens has an explanation for the decline in energy that makes him feel better: "I'm not willing to accept that [the downturn] was due to a global slowdown" reducing energy demand, he says. "When there's deleveraging in markets it will affect everything." We've all been there on that one.
Exec pay limits gain support as bailout questioned (AP)
We'll see if this is just posturing, or if this is something the Dems are really able to stick with. The opposition is right, but you still have a hard time making the case politically that firms who might be dead but for the largesse of the American taxpayer, ought to be paying multi-million bonuses to top brass. In the end, it's hard to see something like this going through. But it's also hard to see a plan going through that doesn't have a lot of strings. And it's also hard to see a plan not going through at all. So there you go.
China Withdraws Milk as Fonterra Decries Sanlu Delay
There's some joke in here about China scrambling to withdraw tainted milk and comparing it to money market redemptions. At the moment, we don't know what that joke is, exactly. Too early.

How Internet-Enabled Appliances Can Save You Time & Money (GigaOM)
Eventually someone will find a way to meaningfully integrate the internet with various home appliances. But the much-hyped idea has never really got much traction. The notion of smart grids -- somehow tying in IP to the energy system -- is sexy, particularly in times when energy costs so much. But in the end, it will really come down to design. Someone just has to make it work as well as a TiVo or an iPhone or something like that. Not too much thought -- everything intuitive and right there. It'll probably be awhile.
Yahoo clears path for AOL talks (FT)
This line has been said a million times over, but it's worth repeating: That $31 per share offer from Microsoft is looking pretty good right now. Now they're back to those "maybe we'll talk to AOL about a deal" talks. They should come back to Microsoft and offer themselves for $27.
Google's G1: First Impressions (AllThingsD)
So, yesterday was G1 day... We were there too, and it was pretty cool. It doesn't have that iPhone dazzle, but it's not meant to be an iPhone. Device wise, it feels like a traditional smartphone, and the thing is, it won't really sing until developers have really put it through the paces... Anyway, tangent. Here's Walt Mossberg, who is much more cogent and intelligent when it comes to gadgets.
The time to buy is when there is blood in the streets (Information Processing)
An interesting discussion about how academics fail to understand the notion of "bargain basement" asset prices or "firesales" cause in their mind, the market is always a perfect predictor of the future, and thus nothing can every be bargain basement. It's just the right price.