Opening Bell: 9.25.08

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General Electric revises 3Q, full-year outlook (AP)
It's a good thing they're on the no short list, cause GE has just lowered its quarterly and full year outlook. The predictable reason: gyrations in the financial market. The good news though, GE says it's committed to maintaining its AAA credit rating -- so presumably it won't be reluctant to raise capital at the first signs of rain.
Buffett Drove Hard Bargain With Goldman (WSJ)
Oh gosh, the Buffett the mythology lives on: "For six months, as the credit crisis deepened, billionaire investor Warren Buffett turned away a string of Wall Street firms that came hat in hand looking for help. On Tuesday, Mr. Buffett says, he was sitting with his feet on his desk in Omaha, drinking a Cherry Coke and munching on mixed nuts, when he got an unusually candid call from a Goldman Sachs Group Inc. investment banker." Really? Like, really? He was actually drinking Cherry Coke, his beloved soft drink, right when they called? It's only surprising that he wasn't eating See's candies as well, but then that would've just been too ridiculous.
Initial Thoughts On MySpace Music (AVC)
Fred Wilson's been advocating music sharing and social discvoery services for long than anyone, so he's as good a person as any to give his impression of the new MySpace Music, which just launched last night -- going head to head with Apple, and other big music sites. We saw a demo, it looks potentially interesting, but obviously we'll need to sing our teeth in it some more, to know.
Marc Faber: 14% S&P 500 Rally Post-Paulson (Paul Kedrosky)
It sounds like Mr. Gloom, Boom, Doom, is predicting a short end to the gloomb, a decent-sized boom... but then a return to doom (that's always how it is in th end). Should the Paulson plan go through (and it probably will... now that McCain is coming back to Washington, the Dems want to rush it through so it can't look like he's taking credit), he's predicting a 14 percent S&P 500 rally. Not sure where he pulls that number out of, but doesn't really matter? Doom lies just beyond that.
Short-Sale Ban Fails to Save Ambac, Farmer Mac From 50% Plunge (Bloomberg)
Yep, even with the no shorting rule, some financials have been getting absolutely crushed, Farmer Mac chief among them. It's just the curse of the Macs really. Nothing can save 'em. Ambac though, we were sure they were strong and can't believe that the stock might actually be falling on fundamentals.

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