For those of you who have been following this blog, you know where I stand on the proposed aid package for US automakers (see Preventing Moral Hazard in the Auto Industry for background). I am not opposed to aid for General Motors (GM) and Ford (F), provided that aid come with strict terms: A moratorium on acquisitions (whether with Chrysler, or otherwise) A rationalization of operations - a re...
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In the financial industry, down is up. Iconic bank brands that once inspired confidence now strike fear into the markets.
Limited Brands Inc. reports its quarterly profit fell 65% from the year-earlier period as store traffic declined at its retail chains, including Victoria's Secret and Bath & Body Works.
Not a huge revelation here, but the market is showing particular disdain today for any stocks that give off an aroma of a need for more capital. Here’s a slightly random list of companies which have in common largely the fact that they will eventually need to raise cash to refinance debt or to carry out their business plan. All have fairly leveraged balance sheets. And all have been rippe...
For Motorola (MOT), the darkest days may still lie ahead. Tero Kuittinen, an analyst with Global Crown Capital, this morning repeated his Underweight rating on Motorola, and cut his price target on the shares to $2.50, from $3.50. He thinks the company will miss its Q4 guidance, and fall short of the 2009 consensus “by a wide margin.” In short, Kuittinen contends that “Motorol...
Grand Canyon Education is apparently still coming public. But what is interesting is that the company has had to lower its price twice to get the deal done. The company has cut its initial public offering price for a second time and the company plans to sell 10.5 million shares of common stock in a price range of $12.00 to $14.00. Earlier this month, Grand Canyon gave an initial price range of ...
Filed under: Bad news, Amazon.com (AMZN) Amazon.com Inc. (NASDAQ: AMZN) hit a 52-week low yesterday, a week after the online retailer saw a previous year low. Worries about this year's retail holiday shopping season have investors fleeing like rats on a sinking ship. Analyst Matt Nemer with Thomas Weisel lowered his Q4 earnings estimate on the retailer from $0.44 per share to $0.39 per share, w...
There are several news stories on the car companies today. First, it's not just Detroit:Reeling from a relentless sales slide, Toyota Motor Corp (7203.T) said on Wednesday it would stop all of its North American factories for two days next month, while rival Nissan Motor Co (7201.T) renewed its pessimism over the industry's near-term prospects......Ghosn told CNBC that U.S. industry-wide sales ...
Filed under: Management, Law, ScandalsThis post is part of a feature in which he wonder whatever happened to some notorious financial felons. See all 17. In 2005, Dennis Kozlowski was convicted of misappropriating more than $400 million in company funds from Tyco International (NYSE: TYC). He had been Tyco's CEO from 1992 to 2002, during which he oversaw a massive expansion of the company throu...
We’ve got a little selling pressure this morning as the tug-of-war around those October lows continues. On Today’s Calendar: 10:35 — Crude Inventories 2:00 — FOMC Minutes More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic Potential swing trades: See one of the recent ‘Chart Reading‘ posts for some potential swing candidates. Also be sure...