Rocks and Boulders

Ski Report & Morning News-Thursday, January 4, 2007

2007-01-04T07:36:00.000-07:00

New Snow: Teton Village 6": Targhee "1

PSUN – SAC Capital disclosed a 5.5% stake.

COST – Dec SSS beats. Comps of +9% vs cons +5.7% and BSC +5-7%. Sales increased 14% to $7.24B

AMZN - said Wednesday that it had started a shoe and handbag Web site called Endless.com to tap into the growing footwear and accessories market. NYT

TLF – 50 comparable stores posted a 5% SSS gain for December.

ABD – Matrix raises to buy.

TRB – 11.7% holder, McCormick Foundation has hired Blackstone as its financial adviser.

Nikkei up .74% to 17353.67

Gold spot 629.80
Oil 58.32
Dollar: euro 1.3094 - .0066; yen 119.23 - .43

Morning News - Monday, December 4, 2006

2006-12-04T09:06:00.000-07:00

STAR – Lone Star Funds bumps from 27.10 to 27.35 a share.

GKIS agrees to $21 a share offer from Pilgrim’s Pride.

PFE halts clinical trial of Torcetrapib due to patient safety. Drug was expected to replace Lipitor which will lose patent protection in 2010.

AGR/LSI – new deal – AGR to get 2.16 shares of LSI.

PPP - Pogo Producing Company (PPP) is getting pressure from Third Point LLC to sell the company in whole or part.

WAG – reports Q1 sales above consensus.

Nikkei down .11% to close at 16303.59

Gold spot 642 – 2.70
Oil 62.09 – 1.33
Dollar: euro 1.3325 + .0002; yen 115.41 + .18

Morning News - Thursday, November 30, 2006

2006-11-30T08:50:00.000-07:00

URGI – Nov SSS misses estimates. Nov SSS up +3% vs cons +4.5%. Net sales up +2% to $36M vs $35.2M last year.

DLM – lower 07 guidance, Q2 net sales growth of 12.6% with the acquisitions of new pet products. EPS from continuing operations $.12 a share.

HNZ announced a 3rd qtr net of 59 cents, a penny below consensus on in line revenues of $2.23B.

Nikkei + 1.23% to close at 16274.33

Oil 63.03 + .57
Gold 646 + 10.50
Dollar: euro 1.3255 + .01; yen 115.70 - .54

Morning News - Wednesday, November 29, 2006

2006-11-29T08:10:00.000-07:00

PFE – Will cut U.S. sales force by 20% but plans to maintain support for all in-line products and for new products. Company will present a long-term outlook in Jan-07. Company announced in October that it would conduct a thorough review of every aspect of its operations.

NVS may sell Gerber Products unit, potential buyers include Nestle and Numico in a deal that could be worth $3B, or $4-5B if paired with NVS’s medical nutrition business. WSJ

GKIS reiterates again shareholders shouldn’t tender to PPC @ $20 offer.

DIS on Tuesday raises annual dividend 15% to $0.31 a share. The latest payout marks the 51st consecutive year of dividend increases for Disney. DJ

ANN – downgraded to neutral from buy at UBS. Price target lowered to $38 from $46.

BoJ posts $3.1B profit representing 2.4% growth. (DJ)

Nikkei +1.39%

Gold spot 637.50 + .20
Oil 61.34 + .35
Dollar: euro 1.3168 + .0010; yen 115.97 - .22

Morning News - Tuesday, November 28, 2006

2006-11-28T07:58:00.000-07:00

INTC will invest more than 1 billion in venture capital projects for the first time since 2000. WSJ.

Durable goods declined last month by 8.3 percent, the most since July 2000.

MSFT - Amazon.com’s Top 10 selling list for electronics yesterday, seven of the 10 products were digital media players. Nowhere did the Microsoft or Zune names appear. WSJ.

SPI, Iberdrola deal- Iberdrola offers 400p per share and 0.1646 new Iberdrola shares for each SPI share. The offer is worth 777p in total, a bit lower than some expected. AP

Nikkei down .19%, closed at 15855.26

Gold Spot 639.80 -.80
Oil 60.75 +.43
Dollar: euro 1.3167 + .0046; yen 116.09 - .04

Morning News - Monday, November 20, 2006

2006-11-20T08:05:00.000-07:00

Delta says it is not seeking a white night - Ed Bastian, Delta’s chief financial officer, told the FT Delta was focused on talks with key creditors and on exit financing, and there were "no plans" to solicit a white knight or strengthen its balance sheet with capital from a stronger carrier such as Air France KLM, its partner in the SkyTeam alliance. US
Airways and its advisers Citigroup hope to meet Delta creditors this week. FT

Newspapers - In an interview in the December issue of Esquire, software entrepreneur and Dallas Mavericks owner Mark Cuban picked newspapers as one flawed business -- "undergoing an identity crisis," "trying to grow like Internet companies in 1999" -- that he'd nonetheless like to get into. Barron’s

PD/FCX – Terms: 1 PD = $88 cash + .67 FCX. $25.9B deal offering a 33% premium that will create the world’s largest copper producer. Cash is 70% of the deal and PD holders will own 38% of the combined company.

Nikkei down 2.3% to close at 15725.94

Gold spot: 626.30 + 3.80
Oil: 62.09 + .31
Dollar: euro 1.2834 + .0010; yen 118.04 + .39

Morning News, Tuesday, November 14, 2006

2006-11-14T08:06:00.000-07:00

HD – EPS 73c vs cons 75c; BSC at 75c. Revenues $23.09B vs cons $23.39B. SSS down -5.1%. Company guides FY06 EPS up 4-5% to implied range of $2.83-$2.86 vs cons $2.95; BSC is at $2.92. Revs up 12% to $91.29B vs cons $92.4B.

TBL is exploring a sale of itself say sources; the firm has started sounding out potential buyers in recent weeks and is active w/private equity firms; TBL has hired Goldman to run the process. WSJ

Nikkei up 1.67%

Gold spot: 328.80 + 3.00
Oil: 58.80 +.22
Dollar: euro 1.2848 +.0044; yen 117.31 -.92

Morning News, Monday, November 13, 2006

2006-11-13T10:40:00.000-07:00

EBHI – Eddie Bauer agreed to be acquired by Sun Capital Partners and Golden Gate Capital for $614 million, including $328M in debt, or $9.25 a share in cash.

SORC – Founder S. Leslie Flegel has resigned from the company and the BOD.

ESPD – Pequot Capital files 13G, discloses 11.7% stake in the company.

Nikkei 16022.49 - .56%

Gold: 626.20 – 3.90
Oil: 58.69 - .90
Dollar: 1.2809 - .0048

Morning News - Friday, November 10, 2006

2006-11-10T07:37:00.000-07:00

INTC will increase its planned investment to build a computer-chip assembly and testing facility in Vietnam by almost two-thirds to as much as $1 billion.

Borders- Bill Ackman said he purchased an 11% stake in Borers Group.

WMT – cutting prices on small appliances to boost sales.

DIS said its 4th qtr net income rose to 36 cents per share on revenues of $8.78B, topping consensus of 34 cents and $8.66B, respectively.

ABX- has waived the minimum tender condition of its offer to acquire the outstanding common shares of NG at $16.00 cash a share.

CPKI – 3Q06 EPS beats by 1c, co lowers 4Q EPS guidance. EPS 34c vs cons 33c. Revs in at $142.8M vs cons $142.6M. Co lowers 4Q EPS to 13c-15c vs 25c-27c, cons is at 28c. Co guides FY07 EPS to $1.31-$1.33 vs cons $1.38. See FY07 rev growth of 19%-20% vs cons $646.92.

Nikkei down .53% to close at 16112.43

Gold 634.70 – 2.10
Oil 60.60 - .55
Dollar: euro 1.2865 + .0031; yen 117.33 - .59

Morning News - Monday, November 6, 2006

2006-11-06T09:25:00.000-07:00

Saddam was sentenced to death by hanging for crimes against humanity, in a verdict that could further polarize the country along sectarian lines. Shiites celebrated the verdict, but Sunnis in his hometown vowed revenge. WSJ

LOW and HD downgraded at UBS

SHLD - Proxy advisory firm ISS has recommended that its clients vote against Sears Holdings‘$792 million proposal to take subsidiary Sears Canada private, a group of Sears Canada minority shareholders said on Friday. NYT

FS/CEO, Kingdom Investments, Mgmt– Terms: 1 FS = $82 cash – $3.7B cash deal, offering a 28.4% premium. The board has formed a special committee to review the offer.

KOSP/ABT – Terms: 1 KOSP = $78 cash. $3.7B deal, net of cash that offers a large 55.7% premium. The deal gives BAT a presence in the $20B lipid management market. The deal will be structured as a tender offer.

OSI/Bain, Mgmt., etc. – Announced premium of 19.56%. Terms: $40 cash a share.

Bema Gold/Kinross – announced premium of 25.64%. Terms: 1 BGO = .441 Kinross.

Gold 627.20 – 2.20
Oil: 59.65 + .52
Dollar: euro 1.2715 + .0008; yen 118.24 +.19

Morning News - Friday, November 3, 2006

2006-11-03T08:13:00.000-07:00

TRB - the situation isn't looking so bright. With conditions in the newspaper industry deteriorating rapidly, the consensus on Wall Street is that Tribune shareholders should expect a sale to generate no more than the $32-$33 level at which the stock has lately been trading. WSJ

HAIN – 1Q EPS beats by 2c, reaffirms FY07 outlook. EPS 25 c vs consensus of 23c. Revs $210.2M vs consensus $204.49. Co reaffirms FY07 EPS of 1.15-$1.19 and Revs of $880M-$900M.

DENN – reported SSS of 3.9%. Guest check average rose 2.8%, guest count rose 1.1%.

BLS/T – The FCC has postponed a vote on the deal until the November 7th election as members of the commission are deadlocked on merger approval conditions.

Nikkei unch

Gold 623.60 – 4.10
Oil 58.40 +.52
Dollar: euro 1.2704 - .0086; yen 118.02 +.82

Morning News - Tuesday, October 31, 2006

2006-10-31T08:22:00.000-07:00

JNJ – Berkshire Hathaway bought 22.6 million shares of Johnson & Johnson in the 2Q, according to a regulatory filing. The filing also disclosed a holding in Target Corp.

TLF reports Q3 EPS of $0.08. Revenue rose 6.6% to $12.6 million. Company plans to open up 12 Tandy Leather retail stores in 2007.

Nation’s daily newspapers circulation fell 2.8% during the six month period ending September 30 compared with the period last year. NYT.

MSO – rumors of the company going private. Reported 3Q operating loss was 13 cents a share. A loss of 20 cents a share was the estimate. BBRG.

Nikkei up .29%

Gold 603.10 – 4.30
Oil 57.79 -.56
Dollar: euro 1.2760 + .0039; yen 117.25 -.16

Morning News - Monday, October 30, 2006

2006-10-30T08:05:00.000-07:00

WMT - posted an disappointing 0.5% gain for SSS in October, its smallest gain in nearly six years. The company had guided closer to 1%. WSJ

AAPL - a patent application posted Thurs (but filed in June) suggests AAPL may abandon its click wheel navigation format for a full screen model of the iPod. San Jose Mercury News

Nikkei down 1.9% to close at 16351.85

Gold spot: 607.80 + 6.80
Oil 59.74 – 1.01
Dollar: euro 1.2717 - .0015; yen 117.38 -.24

Morning News - Thursday, October 26, 2006

2006-10-26T09:19:00.000-06:00

OSI – company delays Q3 results due to revenue understatement

KTO - 3Q profit up 29% on strong sales, company does not change guidance.

RARE - 3Q EPS loss, gives outlook for 4Q, FY06, 1Q07. EPS down (-10c) vs cons 23c. Rev $228.1M vs cons $253.17. Guides 4Q EPS 41c-43c (46c-48c ex-items) vs cons 43c; 4Q SSS 1-2%; FY06 $1.41-$1.43 ($1.68-$1.70 ex-items) vs cons $1.56; 1Q06 EPS of 50c-52c vs cons 54c.

Astrazeneca - key drug NXY-059 showed no efficacy in stroke, did not meet primary outcome.

PYX – 3Q06 EPS beats by 1c, beats on revs, gives guidance. EPS 8c ex-items (6c adj)vs cons 7c. Revs $142.4M vs cons $139.58M. Co sees operating income within middle range of $103-108M and FY06 revs down 2% on reported basis due to divested brands.

Nikkei up .67% to close at 16811.60

Gold Spot: 595 + 7.40
Oil 61.52 + .13
Dollar: euro 1.2666 + .0079; yen 118.60 - .55

Jackson Hole woman, first woman to ski Everest

2006-10-20T08:33:00.000-06:00

Jackson Hole News and Guide

Morning News - Thursday, October 19th, 2006

2006-10-19T10:25:00.000-06:00

HANS to be added to S&P MidCap 400, replacing Reynolds & Reynolds (REY)

HSY – misses by .03 cents. Guides net sales growth for 2006 to by 3-4%. Warn of higher commodity costs in 2007. Lost 1.7 points of US chocolate Market share this quarter.

WMT – Expanding $4 generic drug program in 13 more states for a total of 132 Wal-Mart and Sam’s Club pharmacies. CO says expansion accelerated due to high demand.

GSK -Switzerland has ordered eight million doses of GlaxoSmithKline’s H5N1 influenza vaccine, becoming the first country to prepare to vaccinate its entire population against a human pandemic of bird flu. London Times

AAPL –Says iPod inventories inline w/expectations. Thinks iPod ASPs will fall Q/Q. Says iPod demand accelerated after the co’s new product launches in Sept, and it was this acceleration that allowed the co to beat expectations. New shuffle will start shipping by the end of Oct. Mgmt confident on the Dec Q and says ’07 will be one of the most exciting product years in the history of AAPL

Nikkei down .61%

Morning News - Wednesday, October 18, 2006

2006-10-18T08:08:00.000-06:00

INTC - margins/expenses coming in better than expected; top line trends improved, but not as good as some non-print forecasts; outlook for Q4 positive.

SVN – Ad sales fell more than 7.5% in the 3Q because of weakness in the Chicago market. The company is also reviewing its dividend p[policy among responses to the resulting shortfall in profit and cash flow.

LUV- is adding 25 markets to the 18 it serves from Dallas Love Field Airport, an aggressive hometown expansion brought by the loosening of a federal law that has restricted flying from the airport for decades. WSJ

JNJ—Prudential upgrades to Neutral from UW, targets $70 citing improved outlook for pharma division, lower business model risk, and valuation.

YHOO reported a 16 cent net, ex-items, matching estimates on revenues of $1.12B. It lowered 4th qtr revenue guidance as expected but stock rose after company said it rolled out its Panama search feature in the US this past week.

MFN announced a proposed $75M convertible notes offering

Nikkei up .25%
Gold spot 589.70 unch
Oil 58.37 -.26
Dollar: euro 1.2514 -.0045; yen 119.05 +.29

Morning News - Monday, October 16, 2006

2006-10-16T07:47:00.000-06:00

JLG/OSK – Terms: 1 JLG = $28. Deal is worth $3.2B, offers a 35% premium and is expected to close within 90 days.

INTC said its 4th qtr sales are tracking better than previously expected on market share gains from AMD ad the fading of concerns caused by release of MS Vista.

Nikkei up .94%

Gold 588.80 unch
Oil 58.41 - .16
Dollar: euro 1.2526 + .0021; yen 119.09 - .68

Morning News - Friday, October 13, 2006

2006-10-13T08:56:00.000-06:00

LZB down 13%- La-Z-Boy Expects Q2 EPS in Range of $0.01 - $0.04 vs. Prior View of $0.11 - $0.15, Street at $0.12

IHP – Reports 3Q SSS Ư.3%, driven mostly by increased guest traffic. Reiterates annual sales growth range of 2-4%. Releases full 3Q results on Wed, Oct 25 before market opens. Reuters.

Winnebago reports Q4 EPS $0.30 vs Reuters consensus $0.40* Earnings included a $0.03 positive impact from an inventory adjustment and a $0.04 negative impact from increased claims payments. Company reports revenues of $205.4M vs Reuters $226.4M.

DENN reorganizes management. New COO post created. Company said it is reorganizing its management structure as it works to recover from three years of losses and bias lawsuits.

CAG - Names Andre Hawaux CFO, Was CFO for Pepsi North America

NKE – named Mark Duggan as Chris Zimmerman’s replacement to head Nike Bauer, the company’s hockey subsidiary. Duggan will be responsible for pushing continued growth in hockey equipment business. Reuters.

BoJ left rates unchanged at 0.25% as expected (unanimous decision)

Nikkei up 1.02% to close at 16536.54

Gold 585.50 + 9.20
Oil 58.87 + 1.01
Dollar: euro 1.2491 - .0050; yen 119.83 + .32

Morning News - Wednesday, October 11, 2006

2006-10-11T08:31:00.000-06:00

APPB – Former SEC Chairman Richard Breeden’s hedge fund has acquired a 5.24% stake in the co. Breeden wants to re-franchise the company and change executive compensation policies. Barron’s

CPKI – Raises 3Q guidance to 0.33-0.34 (From 0.32-0.33), based on 15% rev growth to 142.8MM and 5.6% SSS growth.

New Deal: JJZ/Apollo Advisors – Terms: 1 JJZ = $12.50 cash – Deal is worth $1.25B including $240M in debt and offers a 20.7% premium.

Nikkei down .47%, closed at 16400.57

Gold spot: 571.90 unch
Oil: 58.63 +.11
Dollar: euro 1.2538 unch; yen 119.68 - .02

Tuesday, October 10, 2006

2006-10-10T07:49:00.000-06:00

The US DOJ is looking into potentially anti competitive behavior by big private equity firms as the NY office has sent letters to KKR and Silver Lake among others. The request asks for information on deals, business practices, and company actions since 2003. WSJ.

JNY – AXA cuts its stake in Jones NY 3% to 9.7%. They are still the largest shareholder.

ConAgra and Harley-Davidson to sell beef jerky. Not kidding.

Nikkei up 15477.25 + .25%

Gold 574.50 – 3.90
Oil 59.34 + .62
Dollar: euro 1.2523-.0076; yen 119.72 +.65

Morning News - Friday, October 6, 2006

2006-10-06T08:29:00.000-06:00

Chattem buys brands from J and J and PFE, which will add 115 million in sales to CHTT.

CRWN - sells film library to RHI Enterprises for $160M. The sale includes all rights in the United States to the over 600 award-winning television movies, mini-series and series in the Crown Media library. Proceeds from the transaction will be used by the Company to reduce outstanding indebtedness under its bank credit facility and for operating purposes. DJ

Nikkei down .08%

Gold: 564 – 7.00
Oil: 59.63 - .40
Dollar: euro 1.2588 - .0113; yen 118.93 + 1.30

Morning News - Thursday, October 5, 2006

2006-10-05T08:30:00.000-06:00

RyanAir announced a surprise takeover bid for newly listed Aer Lingus, a move that signals the shifting balance of power in the airline industry.

SBUX surged 5% after September same store sales rose 6% on demand for lunch and breakfast sandwiches.

TLF - Tandy Leather Factory reports Sept comps rose 13%, reaffirms Y06 guidance

Nikkei up 2.28%, closed at 16449.33 + 366.78

Gold spot: 566 + 4.00
Oil: 60.78 + 1.37
Dollar: euro 1.2679 - .0009; yen 117.55 - .55

Morning News - Tuesday, October 3, 2006

2006-10-03T07:40:00.000-06:00

PIR - Pier 1 Board Decides To Discontinue $0.10 Per Share Quarterly Dividend

L'OREAL -CEO comments the company is seeking to expand its Body Shop brand into countries including Brazil & China, the brand has worldwide potential. FT

During the past two years, the yen has quietly shed value against the currencies of Japan's trading partners, surprising many economists and company executives who had thought it would strengthen along with the nation's economy. The U.S. dollar has gained around 15% against the yen since the beginning of 2005, and was at 117.67 yen in late trading yesterday in New York, compared with 110 yen in mid-May. WSJ

EWJ (Ishare Japan Index) has been range bound between 12.25 and 14.00 since early summer. Over the last couple of days it has rallied past its 50 day moving average (closed yesterday at 13.68, up + .14 vs. its moving average of 13.56) and is approaching its 200 day moving average of 13.78. Japan's quarterly economic survey for September was released yesterday, showing greater optimism than expected. Finance Minister Omi has declared that deflation has ended and expects the Bank of Japan to conduct appropriate policy. CIBC World Markets.

Nikkei down .08% to close at 16245.09

Gold spot 590 – 7.70
Oil 60.34 - .67
Dollar: 1.2738 - .0013; yen 117.74 +.16

Morning News - Monday, October 2, 2006

2006-10-02T09:15:00.000-06:00

ABD initiated outperform at BMO, target price is $28. Deutsche Bank also initiated, rated buy, target $26.

MYOG/GILD – Terms: 1 MYOG = $52.50 cash. $2.5B cash tender offer that is expected to close before end of 2006. The deal offers a 49.8% premium.

WMT said its September same store sales grew 1.8%, at the low end of its 1- 3% guidance. Blame Katrina?

Nikkei up .79% to close at 16254.29

Gold spot 601 + 2.40
Oil 62.04 -.86
Dollar: euro 1.2751 + .0064; yen 117.62 - .40

Morning News - Friday, September 29, 2006

2006-09-29T07:58:00.000-06:00

BLS/T - The FCC has received requests from two senators and a Federal judge to delay the approval of the BLS/T merger on concerns over antitrust in the wireless area and whether the merger is in the best interest of the public.

ABD – Acco Brands announced that the company is consolidating its European logistics and distribution facilities to Born, Netherlands.

SFLY - Shutterfly Inc.'s 5.8 million-share initial public offering priced Thursday at $15 a share, at the top of its expected price range of $13 to $15 a share.

TRB - Tribune announced that it has retained Merrill Lynch and Citigroup as financial advisors to assist the company in exploring its range of strategic options to create additional shareholder value - this has been in the press for a bit now, but looks like co made formal announcement.

Pirate Capital LLC founder Thomas Hudson, seeking to calm investors after half of his staff left, told clients of the hedge-fund company that he plans to deliver returns of more than 20 percent. Bloomberg.

Nikkei up .64%, closed at 16127.58 + 102.73

Gold: 599 – 6.00
Oil: 62.27 - .49
Dollar: euro 1.2664 - .0039; yen 117.97 + .12

Morning News - Thursday, September 28, 2006

2006-09-28T07:34:00.000-06:00

INTC – Goldman positive on the company after day 2 of the IDF.

NABI announced it has hired Bank of America to help explore strategic alternatives including a sale of the company.

GKIS/PPC – PPC launched its tender at $20 and said it is expected to expire on October 27th.

DENN - company announced that it has completed and closed the previously announced transaction to sell to NNN. A total of 60 properties were included in the closing, for a cash purchase price of approximately $62 million. The sale of up to an additional 6 properties may hereafter close, subject to certain conditions, under the terms of the master purchase agreement for the transaction.

TGT- Company announces Target and SuperTarget stores are introducing a private label organics line. The Archer Farms brand, exclusive to Target, will include a variety of organic groceries. In addition, the produce department at SuperTarget is now certified organic by the U.S. Department of Agriculture.

Nikkei up .48% to close at 16024.85

Gold spot 601.00 + 3.40
Oil 63.10 + .14
Dollar: euro 1.2698 - .0009; yen 117.80 + .28

Corbet's: Good to the Last Drop

2006-09-28T06:53:00.000-06:00

Teton County resident Tim Flanagan has announced his intent to be the last person to “drop” into Corbet’s Couloir via the existing tram at the Jackson Hole Mountain Resort. The planned “last” drop will take place on Sunday October 1st, 2006 around 5:00 PM, Mountain Time.

Flanagan said that in a valley where “firsts” are always being touted, “Being the last to do something is a really big deal.” He went on to say that, “Nobody living here in Jackson’s Hole understands the importance of being last. Everyone is always trying to be the first. I want to break that mold! And everyone here is all about self promotion. Who could deny me this deep desire to do something so bold and selfish?”

Originally from Granby, Colorado, Flanagan is a former ski shop owner who moved his family to Jackson four years ago. At 47 years of age, Flanagan has been suffering from mid-life crisis due to what he feels was brought on by the competitive nature of the local population. “This is my way of contributing to that competitive spirit without having to stand in line behind all the other great skiers living here,” he said. Flanagan is currently self-unemployed.

Flanagan has been planning and training for the “drop” all summer. Equipment selection has been one of his biggest challenges. “The right skis and boots will be extremely important to my success. I must have confidence in how the skis will perform at the take-off and landing. During the drop itself, the equipment is secondary.”

“The second critical component is the wax. If I miss the wax, this could get really sticky,” he said. When asked what wax he will use, Flanagan stated that, “It’s a secret formula being developed by Steve Shea, the local Rossignol Tech Rep. I can tell you that it’s a mixture of
WD-40, Toko Silver from 1962 and Alf Engen “Black” from 1974.” He went on to explain that getting the wax right depends of the temperature of the rocks and tundra both going in and coming out on the landing.

Part of his training has involved jumping off a second story balcony and landing on the driveway below. The results are obvious when you watch him walk. However, Flanagan said that, “pain is a big part of the training process. If you can’t take the pain, there will be no gain!”

What inspired Flanagan to make this jump? “My personal savior,” he said. “Robert Plant has always been my inspiration, he is my personal savior. Heck, he was the last lead singer for Led Zeppelin, the last guy to have John Bonham as back-up. Those are major “lasts” as far as I’m concerned.” According to Flanagan this is also why he chose “Stairway to Heaven” as the music he will be listening to when he makes the jump.

The Butler did it....

2006-09-27T07:38:00.000-06:00

...and he made a profit of 8,088 percent. The Butler is in the wrong career.

Morning News - Wednesday, September 27, 2006

2006-09-27T07:31:00.000-06:00

You want how much? GM will reportedly ask for a multi billion payment from Nissan-Renault to form a joint venture with as it believes it brings much more to the alliance that the others. As a result talks are expected to fall apart as early as today. WSJ

A Federal jury cleared MRK of responsibility for a man's heart attack in the 10th case to go to trial over the drug maker's troubled Vioxx painkiller.

RGR announced yesterday that it was buying back 4.3 million shares from the Ruger family for $5.90 per share or $25MM.

RUTH cut its 3rd qtr revenue forecast to $58M - $58.2M vs. current consensus $61.2M

Nikkei up 2.51%, to 15948 highest close since Sept. 8 when it ended at 16080

Gold spot 597.00 + 5.40
Oil spot 61.56 + .55
Dollar: euro 1.2694; yen 117.37 + .19

Morning News - Tuesday, September 26, 2006

2006-09-26T07:46:00.000-06:00

SWHC – Smith & Wesson enters into licensing agreement w/ Wilson Leather Holdings. Under the terms of the agreement, Wilsons Leather will develop and market an exclusive line of Smith & Wesson leather jackets, as well as a wide range of accessory items including belts, handbags, and wallets in various wholesale and retail channels of trade. Press release.

GLG/GG – GG’s former CEO McEwen is expected to launch a proxy fight to force a shareholder vote on the company’s big to acquire GLG, a bid he views as to expensive.

ESPD has reportedly held talks with BOT over some possible joint venture although no formal merger talks were held.

BNHNA – Key Bank initiates coverage w/ an aggressive buy.

Nikkei loses 0.49% to 15557.45

OIL: 60.93 - .52
Gold 586.70 - 3.70
Dollar: euro 1.2698 - .0056; yen 116.54 +.06

GKIS says no deal to Pilgrim's Pride

2006-09-21T08:18:00.000-06:00

50% premium is not enough.

Morning News - Thursday, September 21, 2006

2006-09-21T08:07:00.000-06:00

CAG reported a 2nd qtr net of 26 cents, 3 cents higher than consensus despite slightly lower than expected sales. Raises forecast for the year.

WMT – Plans to reduce prices on genetic drugs from an average of $25-30 down to as low as $4.

HPQ - CEO Hurd was more closely involved in some aspects of the probe than has been reported so far. Hurd is scheduled to hold a news conference tomorrow at H-P's headquarters in Palo Alto, California to address the probe into board room leaks. WSJ

Facebook has held takeover talks w/YHOO, MSFT, and VIA....now it is in serious talks to sell to YHOO for an amount that could approach $1B. WSJ

Nikkei gains +0.74%

Gold Spot 579 – 1.80
Oil 60.94 + .20
Dollar: euro 1.2739 +.004; yen 116.79 - .50

Morning News - Tuesday, September 19, 2006

2006-09-19T08:40:00.000-06:00

CAKE – JP Morgan downgrades to underweight from neutral citing earnings and multiple risk.

MSFT – new Zune priced at ipod level.

A bad idea realized – GM and Ford held talks regarding a potential partnership, but dropped the idea and plan no further talks, according to people familiar w/the matter. WSJ.

Ashikaga Bank Ltd., taken over by Japan's government three years ago because of mounting bad loans, may get bids from companies including U.S.-based General Electric Co. and Lone Star Funds and Nomura Holdings Inc., people with knowledge of the matter said. BBRG.

TGT – reports September SSS forecast of 5%. That is at the high end of their guidance.

Nikkei up .05%, closed at 15874.28

Gold spot 584.00 – 3.20
Oil: 64.03 - .23
Dollar: euro 1.2704 - .0012; yen 117.21 - .72

Clear Future for Newspapers?

2006-09-18T10:28:00.000-06:00

Dan offers Point /Counterpoint: Blogcritics writes the 10 things that will happen to newspapers and Dead 2.0 has the 10 things that will not happen to newspapers.

Morning News - Monday, September 18, 2006

2006-09-18T07:28:00.000-06:00

HNZ - Trian Fund Management L.P., a hedge fund run by billionaire Nelson Peltz, on Friday reported that it increased its stake in HNZ to 5.6% from 5.4%.

New Deal: PORK/SFD – Terms: 1 PORK = .678 SFD + $1.25 cash. Deal is worth $810M including $117M in debt, offers a 20.4% premium, and is expected to close in the 1st qtr of 2007.

SBL – SBL is reportedly near the end of auction to sell itself for about $15 a share. MOT was mentioned as a likely acquirer.

Gold spot: 580 + 2.50
Oil spot: 63.75 +.42
Dollar: euro 1.2666 + .0021; yen 118.21 + .24

Morning News - Friday, September 15, 2006

2006-09-15T08:18:00.000-06:00

ABD – files for 3.53 million share offering. The shares are being offered by Lane Industries. Lane owned 15% and now own 8 1/2%.

SNRR - said Thursday that it has put its European operations up for sale following recommendations from a firm hired to assess the future of its business. marketwatch

LBTYA announces results of Dutch Auction tender. The purchase price for up to 20M A-shares is $25, and for 20.5M C-shares is $24.35. The depositary has advised Liberty Global that the final proration factor was approximately 81.9% for the Series A tender offer and approximately 53.4% for the Series C tender offer. DJ

THC – Barron’s column says that if THC has worked through its legal and financial problems then the stock could be considered trading at a discount. PM Diane Jaffee says they might reach profitability and positive FCF this year after two years of negative returns. THC plans to spend $800M this year on capex and up to $2B in 2008 and according to Baseline, THC could see 12% annual growth over the next three years.

Exista - After listing Friday in Iceland's largest-ever initial public offering, financial services company Exista Group Hf. will look to boost its presence in the U.K. and northern Europe through large-scale acquisitions. Dow Jones.

Nikkei down .47%

Gold spot 577.20 – 3.20
Oil 62.89 -.33
Dollar: euro 1.2644 - .0090; yen 117.59 + .10

Where in the World was Gary?

2006-09-14T15:12:00.000-06:00

Morning News - Thursday, September 14, 2006

2006-09-14T07:56:00.000-06:00

MSFT is expected to unveil its Zune device this morning in a bid to challenge AAPL’s iPod. It also boosted its quarterly dividend by a penny.

China halted sales of domestic brokerages to international firms, thwarting plans by companies including Citigroup Inc. and Merrill Lynch & Co. to increase trading in the world's fastest-growing stock market. Bloomberg.

OSI – Pirate Capital disclosed that it sold shares of OSI after being contacted by the SEC. On Sept. 12, however, the SEC staff contacted Pirate and informed Pirate of a staff position that 13D filers were required to amend their Schedule 13D when their holdings dropped below 5 percent, regardless of how small the transactions that took them under 5 percent were. Bloomberg.

Nikkei up 1.22%, closed at 15,942.39

Gold spot: 591.00 + .50
Oil spot: 64.32 + .35
Dollar: euro 1.2714 + .0013; yen 117.62 +.12

Site for Fido gets funding

2006-09-14T07:30:00.000-06:00

It's ok to love your pet, but not LOVE your pet.

Gordon Paris to Exit as CEO Of Sun-Times Media Group

2006-09-14T07:18:00.000-06:00

Print is still dead. But read this story.

Morning News - Tuesday, September 12, 2006

2006-09-12T09:07:00.000-06:00

SORC, Q2 results lower than Street estimates, no mention of sale of the company during conference call

URBN – Co says Q3 comps running lower than expected and tracking at below 3Q05 numbers. Feels negative comp trend could continue in the short-term. Still plans to open 35-38 stores in FY07.

Nikkei -0.48% to close at 15719.31

Gold spot: 593.00 + 1.40
Oil spot: 65.49 - .12
Dollar: euro 1.2689 - .011; yen 117.76 + .22

Morning News - Friday, September 8, 2006

2006-09-08T07:25:00.000-06:00

MSFT threatened to delay the launch of its Vista operating system in Europe, citing a standoff with regulators.

ZQK dropped 8% after it warned 4th qtr EPS will be about 51 cents, 3 cents below current consensus.

SWHC guides higher. Rodman raises target from $10 to $14.

AMZN - officially launched its video download service yesterday after the close, dubbed Amazon Unbox; users can download movies and TV shows at various price points (new releases can cost up to ~$15); also - AMZN is offering a rental feature. WSJ

SORC – Herb Greenberg says about company: “no matter how much lipstick you put on a pig, it's still a pig. Oink”

Nikkei up .42% to close at 16,080.46

Gold spot 611.00 – 7.90
Oil 67.42 + .10
Dollar: 1.2676 - .0073; yen 116.79 + .34

Morning News - Thursday, September 7, 2006

2006-09-07T08:03:00.000-06:00

LU/ALA – LU edged lower in Europe after it received a Wells notice from the SEC over a previously disclosed investigation in China. ALA shareholder vote today as meeting will start 2 PM Paris time.

HPQ handling of board leaks is being investigated by the attorney general and the SEC in a first corporate espionage case.

SWHC – Company announces that they have received contracts for M&P Pistols from Columbus, OH police and the Dallas/Fort Worth International Airport Police. Agreements call for 12,180 M&P pistols to be shipped.

TLF SSS for August up 5%.

Nikkei -1.67%

Gold spot 626 – 9.60
Oil 67.62 67.62 + .12
Dollar: euro 1.2726 - .0047; yen 116.37 - .51

Morning News - Wednesday, September 6, 2006

2006-09-06T07:49:00.000-06:00

INTC announced a sweeping round of job cuts that will reduce its payroll by 10,500 workers. It will reduce many management positions and look to end many pet projects to better focus on competition in its core business. WSJ.

F – CEO Bill Ford resigns. Stock goes up.

RUTH – Barron’s reports four insiders sold 31.5M worth of stock in August. Barron’s says that while the transactions were controlled by BoA, it might be a sign that momentum may not continue

Nikkei - 0.62%

Gold 638.80 – 1.90
Oil 68.12 - .48
Dollar: euro 1.2784 - .0026; yen 116.62 + .68

Morning News - Friday, September 1, 2006

2006-09-01T09:08:00.000-06:00

DENN – SSS up 4.1%

SVN – Conrad Black wants to question lawyers and accountants who once did work for Hollinger. Bloomberg.

BMY/SNY – Judge ordered temporary injunction on sales of generic Plavix but denied request to recall the generic product. Apotex will appeal the the injuction.

GM- In what appears to be a positive step for General Motors, the big auto maker is about to roll out its first hybrid SUV.- WSJ

SBUX – August SSS +5% in vs. cons. 4.2%; Monthly revenue of $617MM.

Nikkei closed down .04%

Gold Spot: 623.50 - 4.70
Oil: 70.20 + .06
Dollar: euro 1.2810 + .00115; yen 117.29 -.08

Morning News - Thursday, August 31, 2006

2006-08-31T07:46:00.000-06:00

DLM - First-quarter net income fell sharply, hurt by higher input costs and expenses related to the acquisitions of Meow Mix and Milk-Bone pet foods. Sales for the three months ended July 30 increased to $674.1 million from the $616.6 million generated in the first quarter of fiscal 2006. Marketwatch.

How will they manage? A Canadian court has frozen the assets of the former media tycoon Conrad M. Black and his wife, Barbara Amiel Black, putting the couple on an allowance of about $20,000 a month, according to press reports. WSJ.

Sears Holdings has extended its offer for the outstanding minority stake in Sears Canada until Sept. 29, while it waits for the outcome of a court appeal. WSJ.

Glamis/GoldCorp - 1 GLG = 1.69 GG – $8.3B stock swap offering a 33% premium. The deal is expected to be completed in November with GG holders owning 60% of the company.

Nikkei up 1.69% to close at 16,140.76

Morning News - Wednesday, August 30, 2006

2006-08-30T08:26:00.000-06:00

STAR – Barrington files 13d says the Lone Star Fund price for STAR of 27.10 undervalues the company. STAR files proxy saying the company was shopped and 27.10 is a fair price.

JNJ – Wins antitrust lawsuit brought by Applied Medical in 2003. Jury deemed JNJ did not illegally block competition of trocars in keyhole surgery. Applied Medical was suing for $54M in damages.

COST fell after it cut its 4th qtr EPS forecast to 68 – 71 cents vs. estimates of 77 cents due to higher gasoline prices.
Nikkei down .12%, to close at 15872.02

Gold Spot 621.10 + 7.90
Oil 69.93 + .22
Dollar: euro 1.2836 + .0075; yen 117.02 +.05

Morning News - Tuesday, August 24, 2006

2006-08-29T09:46:00.000-06:00

INTC is introducing a new XEON server chip with 16MB of internal memory that outperforms AMD’s Opteron chips but still consume a lot more power.

SVN – Tweedy Brown filed that they had sold approximately 100,000 shares in July and August. They are still the top holder at approx. 16% of shares out.

SORC – SAC capital filed that they own 5.4% of shares out.

LZB - Company cut employee count (from 13,000 to 7,000) and closed plants (from 12 to 5) in an effort to shake off Q1. LZB has also launched a marketing campaign to update its image and sold off non-essential brands. Analysts have issued mixed forecasts for the rest of the year but seem impressed with improvements being made by CEO Darrow. LA Times

Nikkei up .81%, closed at 15890.56

Gold Spot 616.80 +1.50
Oil 69.70 -.91
Dollar: euro 1.2764 - .0027; yen 116.90 -.27

Morning News - Thursday, August 24, 2006

2006-08-24T08:10:00.000-06:00

CREAF won a $100M settlement from AAPL as part of an agreement ending legal disputes between the companies.

SWHC filed a document with the SEC to sell as many as 15 million shares at 8.71 each. The company also received approval to borrow as much as $30 million. Company wants to expand and diversify its business.

EVST initiated w/ a buy at Canaccord Adams.

Nikkei closed down 1.25% to close at 15960.62

Gold spot 624.00 +.30
Oil: 71.60 - .16
Dollar: euro 1.2822 + .0040; cad .9006 + .0011; yen 116.26 + -.19

Morning News - Wednesday, August 23, 2006

2006-08-23T08:00:00.000-06:00

GTW – Former Emachines owner has reportedly made a $450M offer to buy Gateway’s retail operations. He claims the sale would improve GTW’s margins

INTC - A sudden spike in PC demand has created a shortage of Intel's new 965 Express Chipset. The shortage could potentially delay the release of Apple's upcoming Core 2 Duo-based systems. AppleInsider

WY – rumors p.e. firm to make offer.

Nikkei down .11%, closed at 16163.03

Gold spot: 624.60 unch
Oil: 72.59 - .52
Dollar: euro 1.28321 + .0027; yen 116.31 -. 36

Morning News - Tuesday, August 22, 2006

2006-08-22T09:23:00.000-06:00

Japan's Nikkei 225 climbed 1.3% to 16,181.17, the highest close since May 17

NOC said it plans to confirm its previously announced 2006 outlook at meetings with investors on Wednesday through Friday this week. NOC said it expected 2006 earnings from continuing operation of $4.35 to $4.45 a share, on revenue of $30.5 billion. The company also said it continued to see cash from operations of $2.3 billion to $2.6 billion for the year.

Print is dead article 1: Newspapers trim work forces as advertising slows. Newspapers' Internet revenue is jumping, but it still represents too small a portion of the pie to turn the industry around. That means that small layoffs and buyouts are one of the few cost-cutting means under their control, analysts said. Reuters

Print is dead article 2: U.S. magazines' newsstand sales fall. U.S. newsstands sold fewer magazines in the first half of 2006 compared with a year ago, data showed on Monday, as some markets were saturated with too many offerings while others had to compete with the Web. Among U.S. news weeklies, Time magazine reported the biggest fall in newsstand sales of 24%. DJ

CAG - to launch the most ambitious ad campaign of the company's 18-yr old life. The $40M dollar campaign seeks to puncture public perceptions that frozen health food is bland and tasteless. WSJ

Morning News - Monday, August 21, 2006

2006-08-21T09:41:00.000-06:00

STAR – $27.10 offer from Lone Star Funds.

GKIS/PPC - PPC has launched a bid to buy rival GKIS for $1B or $20 a share. The deal offers GKIS a huge 55% premium and would create the world’s largest chicken company. PPC said it is willing to consider changing the offer to include a mix of stock and cash.

IMAX said its CFO Frank Joyce resigned and Edward MacNeil has been appointed as interim CFO.

ABD upgraded to buy from neutral at SunTrust Robinson.

Nikkei down .85% to close at 15969.04

Gold: 625 + 12.90
Oil: 71.55 + .41
Dollar: euro 1.2915 + .0107; yen 115.88 +.04

Morning News - Friday, August 18, 2006

2006-08-18T08:07:00.000-06:00

MSFT is increasing its ongoing share buyback plan by about 16.2 billion, boosting its total repurchase authorization $36.2 billion through June 30, 2011. The world's largest software company also said that preliminary results of its "Dutch Auction" tender offer indicate it will repurchase about 155 million of its common shares at $24.75 each, for a total cost of about $3.8 billion. These shares represent approximately 1.5 percent of the shares outstanding. AP

China’s Central Bank said it will raise the benchmark one-year lending and deposit rates by 27 basis points to control credit and investment growth.

DELL reported a 2nd qtr net of 22 cents, in line with its preannouncement as operating margins were nearly cut in half from a year ago. The company said the SEC was looking at its revenue recognition and other accounting policies.

GPS cut its full year EPS outlook to $1.08 - $1.12 and reported a 15 cent 2nd qtr net. Stock fell 3%.

SJM said its 2nd qtr net was 59 cents, a penny above consensus on slightly stronger than expected sales.

Nikkei up .53%, closed at 16105.98

Gold 616.00 + .80
Oil 70.71 + .65
Dollar: euro 1.28441 -.0001; yen 115.68 - .10

Morning News - Thursday, August 17, 2006

2006-08-17T08:14:00.000-06:00

JNY upgraded to buy at UBS. Firm cites attractive risk/reward & raises price target from $33 to $36.

CWTR rose after it was selected to be added to the S&P Mid Cap 400 index replacing WGR on August 23rd.

SWHC signs licensing agreement w/ Law Enforcement Associates Corporation (LEA) to market its Explosive Detection Kit product line, as well as its under vehicle inspection system. Financial terms of the agreement not disclosed.

EVST- Everlast signs boxing equipment license with Leading Brands. The Buenos Aires based co will distribute EVST branded boxing equipment throughout Argentina, Uruguay and Paraguay. The license covers a variety of equipment including boxing gloves, boxing bags, exercise equipment; weight lifting equipment, free weights, benches, and aerobic and martial arts equipment. Initial shipments under the license are expected in the first quarter of 2007.

Nikkei down .31% to close at 16020.84

Gold 628.50 -.20
Oil 70.78 – 2.31
Dollar: euro 1.2864 +.0011; yen115.46 -.28

Morning News - Wednesday, August 16, 2006

2006-08-16T07:13:00.000-06:00

JNY reportedly sought a price of $34 or more as advised by GS and received bids a couple of dollars below that. NY Post.

Pep Boys is no longer for sale. The Pep Boys board decided the firm would fetch a higher price after improving its operating results. Philadelphia Inquirer.

The Blackstone Group said Tuesday that it had agreed to purchase the Gold Toe Investment Corporation and merge the company with Moretz in a $400 million transaction that includes debt. The deal would form the largest maker of socks in the United States. BBRG

Nikkei up 1.61% to close at 16,071.36

Morning News - Tuesday, August 15, 2006

2006-08-15T09:03:00.000-06:00

HD announced 2nd qtr EPS of 93 cents, a penny above consensus on stronger than expected revenues but said 2007 EPS will be at low end of $2.99 - $3.10 range

DKS said its 2nd qtr net was 47 cents, 3 cents above consensus but cut 3rd qtr EPS estimates to 3 – 4 cents vs. 7 cent consensus.
JNY did not find a buyer. WSJ.

HNZ – Soros Fund Management reports holding 100,000 Heinz puts.

DIET - the company said it is withdrawing its previously issued revenue and earnings guidance for 2006.

TRB – Nelson Peltz now owns 2.83 million shares, or 1.2% of shares outstanding. Reuters.

GOOG set to launch online discount coupons. The search engine company said businesses would be able to offer coupons on its Google Maps service at no charge, and that advertisers who use its AdWords system will be able to pay to display a link to a coupon as part of their adverts. FT

Japan is on pace for a record number of mergers and acquisitions this year as the rekindled economy and changing attitudes about business spur companies to spend billions of dollars in an unprecedented wave of takeovers. AP

Nikkei down .26% to close at 1520.56

Gold 623.50 -5.00
Oil 73.45 -.08
Dollar: euro 1.2786 + .0051; yen 115.99 -.57

Morning Snooze

2006-08-14T07:16:00.000-06:00

Oil Prices Drop on Mideast Cease-Fire

- AP -
Oil prices dropped nearly a dollar Monday as traders anticipated the upcoming Mideast cease-fire and responded to the positive news that BP would be able to maintain half of its production at a large oil field in the U.S. state of Alaska.

Stock Futures Up After Agreed Cease-Fire - AP
U.S. stock futures pointed to a strong early start on Monday, with a pullback in crude-oil futures after an agreed Israeli-Lebanese cease-fire among the factors giving traders confidence to start the week.

HealthSouth Considering Sales, Spinoff - AP
HealthSouth Corp., one of the nation's largest medical services chains, said Monday it may sell or spin off its surgical, outpatient and diagnostic businesses to trim debt.

PepsiCo Names New Chief Executive - AP
PepsiCo Inc. said Monday its president and chief financial officer Indra K. Nooyi will become chief executive officer of the world's second-largest soft-drink maker.

Segway Launches 2 New Scooters - AP
Segway Inc. has overhauled its self-balancing scooter with a new batch of technology that allows riders to start the device with a remote control and steer it simply by leaning in the direction they want to go.

Euro-Zone Economies Grow 2.4 Pct. in 2Q - AP
Economic growth in the 12 nations that use the euro accelerated to 2.4 percent in the second quarter, the European Union said Monday, raising its forecast for the third-quarter but cutting it for the fourth.

Fed Chief Wants to Improve Communication - AP
Former Federal Reserve Chairman Alan Greenspan left the door slightly ajar. His successor, Ben Bernanke, wants to open it a bit more. If investors, businesses and consumers have a better grasp of what the Fed is thinking about interest rates and the economy, they may be inclined to respond the way the central bank wants them to.

2 Ahold Shareholders Call for Breakup - AP
Two shareholders of grocery store chain Royal Ahold NV called Monday for "drastic" changes to its corporate structure, including selling Ahold's U.S. assets -- the bulk of the company.

Hundreds of Flights Canceled in Britain - AP
Authorities warned Britons to remain vigilant on Sunday, saying that 24 separate terrorism probes under way showed they could still be in the crosshairs of Islamic militants even after security forces foiled an alleged plot to bring down packed planes heading to the United States.

Prudhoe Bay Crews to Help Fix Pipeline - AP
Pete Leathard, the CEO for energy services firm Veco Corp., thought his round of golf was going bad last weekend -- but it got worse when his cell phone rang as he approached the 15th hole.

Morning News - Friday, August 11, 2006

2006-08-11T07:49:00.000-06:00

SNRR delays 10-Q filing. The Company hired Merrill Lynch & Co. to help assess strategic alternatives, including a possible sale of the company. The Las Vegas time-share company previously hired Chanin Capital to assess the company and help consider strategic alternatives with respect to operations in Europe. Since late June, three separate shareholder entities, which collectively represent about 25% of the shares outstanding, have individually called for the company to put itself up for sale. Reuters

HNZ says it gets CalPers pledge to vote its 1.66 million shares to re-elect all 12 members of its current board

SVN – Conrad Black was told to post 1 million in cash in addition to his $20 million bail after a judge ruled he wasn’t being candid about his finances. Bloomberg.

Nikkei down .42%

Gold spot 640.50 + 5.60
Oil 74.53 + .53
Dollar: euro 1.2744 -.0028; yen 116.01 + .47

Morning News - Thursday, August 10, 2006

2006-08-10T07:39:00.000-06:00

British authorities foiled a terrorist plot to simultaneously blow up several aircraft midair between the U.K. and the U.S. using explosives smuggled in hand luggage. U.S. counterterrorism officials said the plot targeted United, American and Continental flights. The U.S. raised its threat assessment. WSJ

LGF - Misses Q1 sales estimate

TASR - Settles securities class action and derivative litigation

IMAX - said it couldn't find a buyer at a price sought by the company, five months after the big-screen movie company put itself up for sale. WSJ

Nikkei down .16% to close at 15630.91

Gold 640.00 -10.50
Oil 75.58 -.77
Dollar: euro 1.2831 -.0058; yen 114.91 -.22

Morning News - Wednesday, August 9, 2006

2006-08-09T07:23:00.000-06:00

GTK’s Brazilian contract has been cancelled. The contract was worth 11% of revenue last year. The cancellation was not a MAC in under the terms of its deal with Lottomatica.

TOL cut its full 4th qtr home delivery forecast to 2,500 - ,2800 homes from 2,900 – 3,300.

DIGE had a 2nd qtr net of 21 cents, 7 cents higher than estimates and boosted its full year revenue outlook.

New deal-SAX/MS – Terms: 1 SAX = $14.10 cash – $700M cash bid offering a 28.5% premium. The deal is expected to close by end of the year.

HNZ – Nelson Peltz has increased his stake to 9%, buying from early March 2006. WSJ.

Sears Canada/Sears - Sears Holdings Corp. lost its bid to gain full control of Sears Canada, a setback to Chairman Edward Lampert's efforts to eliminate opposition to his plan to cut costs at the unit. Bloomberg.

ABD – holder Lane Industries disposed of 36,000 shares in early August as reported in SEC filing form 4.

CAG agreed to sell its Swissrose International cheese business to Fairmount Food Group, which is owned by the buyout firm GTCR Golder Rauner LLC. Price not disclose. BBRG.

Nikkei up 1.24% to close at 15659.41

Gold spot 644.30 -1.40
Oil 76.48 +.17
Dollar: euro 1.2879 +.0042; yen 115.08 +.04

Morning News - Tuesday, August 8th, 2006

2006-08-08T09:02:00.000-06:00

ARS - Texas Pacific Group has reached an agreement to buy ARS for $52.50/shr; total deal worth $3.3B (inc. $1.7B equity and $1.6B debt).

HCA - Blackstone drops plans to pursue a rival bid for HCA b/c it would be too expensive. NY Post

MCDT/BRCD – Terms: 1 MCDT = .75 BRCD – Deal is worth $713M, offers a 61.7% premium and is expected to close in BRCD’s fiscal 1st qtr.

GOOG agreed to pay NWS $900M over the next 5 years to be the only search engine on its MySpace site along with other popular NWS sites.

CUTR rose nearly 5% after it reported boosted full year EPS guidance to as much as $1 vs. estimates of 83 cents.

Nikkei +2.05%, closed at 15464.66

Gold Spot 644 – 3.80
Oil 76.70 -.28
Dollar: euro 1.2838 - .0014; yen 115.04 +.11

Morning News - Friday, August 4, 2006

2006-08-04T09:06:00.000-06:00

HNZ - Institutional Shareholder Services (ISS) recommended that Heinz shareholders vote for three of Trian’s five dissident nominees. Nelson Peltz’s team may now have a significant chance to land seats on the Heinz board.

AAPL will likely have to restate its past results after discovering further irregularities in its stock option grant practices. WSJ.

CROX said its 2nd qtr EPS was 39 cents, much higher than consensus of 22 cents.

Nikkei up .74% to 1521.72

Gold spot 651.50 +6.60
Oil 75 +.46
Dollar: Euro 1.2904 +.0102; Yen 114.20 - .90

Morning News - Wednesday, August 2, 2006

2006-08-02T07:50:00.000-06:00

EVST - Q2 adjusted EPS up vs last year, but sales down.

Oji Paper Co., Japan's biggest papermaker by sales, announced a tender offer for a smaller rival, raising the stakes in the first hostile bid by a blue-chip Japanese company for a peer. WSJ.

SVN buys CenterstageChicago.com

TLF 2Q results, .10 EPS compared to .07 in 2Q last year. Sales up 10%.

Nikkei up .15% to close at 15464.29

Gold spot 649.50 + 3.50
Oil: 75.53 +.62
Dollar: euro 1.2814 - .0003; yen 114.43 - .26

Morning News - Tuesday, August 1, 2006

2006-08-01T07:50:00.000-06:00

HNZ - Heinz said the increasingly acrimonious proxy fight complicates any effort to recruit talented, experienced directors. WSJ.

AMD vs. INTC - AMD gains more server share in Q2 - Mercury Research reported yesterday that AMD chips accounted for 25.9% of world-wide second-quarter unit shipments of servers based on the standard x86 design, compared with 22.1% in the first quarter. WSJ

MT’s Arcelor buy could turn out to be more expensive than originally thought as Arcelor’s Brazilian unit is seeing minority shareholders complaining they deserver an additional $6.38B. WSJ.

Nikkei down .10% to close at 15440.91

Gold spot 633 – 1.20
Oil spot 74.73 + .33
Dollar: euro 1.2750 - .0015; yen 114.98 + .35

Shut Out

2006-07-26T11:03:00.000-06:00

Baseball cards fail to perform. A worthwhile primer on the fate of over-capitalized markets.

Morning News, Tuesday, July 25, 2006

2006-07-25T08:56:00.000-06:00

Goldman Sachs Dynamic Opportunities begins trading Thursday on the London Stock Exchange. This will by-pass rules which restrict direct investment in fund of hedge funds to institutions and wealthy individuals.

ONXS – CHINA announced it is terminating its tender offer for the company

NFLX fell 20% in after hours after it reported a better 2nd qtr net but cut 3rd qtr guidance on higher subscriber acquisition costs.

Nikkei up 1.42%
Gold Spot 617.50 + 4.30
Dollar: Euro 1.2618 - .0013; Yen 116.80 +.17

TDF…withdrawal sets in. The good news is that the French don’t seem to mind Landis as much as Armstrong….

Mammoth's Rocks and Boulders

2006-07-24T08:16:00.000-06:00

Fractal math at work in Yellowstone

Morning News - Friday, July 21, 2006

2006-07-21T08:13:00.000-06:00

MSFT reported slightly better 2nd quarter results than expected and announced a share buyback plan of over 8% of outstanding shares in a Dutch auction for the next month.

DELL lowers 2nd quarter revenue and earnings guidance due to added pricing pressures.

RSH reported weaker numbers, affected by declining wireless sales and restructuring charges.

Nikkei down .84%

Gold spot 635.90 + 3.30
Oil 74.76 + .49
Dollar: euro 1.2670 +.0041; yen 116.10 -.76

Tour update: In yesterday’s stage, the last stage in the Alps, Floyd Landis pulled one of the greatest tactical moves in the tour. He was down 10 minutes from a bad ride the day before, but managed to come back to 3rd after escaping early in the stage and riding through to win state 17, his first ever stage win in the TDF. Oscar Pereiro is still in yellow, and a great ride yesterday by Carlos Sastre put him in 2nd place over all. Landis is 30 seconds behind Pereiro in 3rd. Today is relatively flat stage, and Saturday’s time trial will most likely decide who will wear yellow at the end.

Morning News - Wednesday, July 19, 2006

2006-07-19T07:42:00.000-06:00

DENN downgraded to neutral from strong buy at C.L. King.

LUV reported stronger revenues and 2nd quarter earnings of 33 cents vs. estimates of 26 cents. Fuel hedging continues to bolster strong numbers for the company compared to its peers.

YHOO missed revenue estimates and net income fell 78 percent, falling 14% in late trading yesterday. GOOG, AMZN, and EBAY shares all traded lower.

Nikkei up .44% to close at 145000.26

Gold Spot: 627.50 – 2.00
Oil Spot: 73.46 - .08
Dollar: euro 1.2470 -.0040; yen 117.83 + .30

Tour update: Landis back in Yellow after L’Alpe-D’Huez. Great ride by Frank Schleck of CSC to take the stage. The big worry for Landis has to be Andreas Kloden who finished strong. Levi Leipheimer not giving up!

Morning News - Tuesday, July 18, 2006

2006-07-18T07:48:00.000-06:00

SORC looks cheap and is attracting the eyes of predators like private equity firms who could easily pay a 20% premium to current prices. Even absent a deal the stock should rise given planned cost cutting that will boost earnings. WSJ

EVST – 13F filing shows Sterling Johnston now owns 4.1% of the company.

Nikkei down 2.75% to 14437.24

Gold spot 654.50 + 2.60
Oil 76.14 + .84
Dollar: euro 1.2534 +.0009; yen 117.01 -.17

Tour update: Today, big day in the mountains…..L’Alpe-D’Huez. We will now see if Phonak’s strategy of giving up the yellow jersey to Oscar Pereiro pays off.

Morning News - Friday, July 14, 2006

2006-07-14T08:31:00.000-06:00

PETC/ Leaonard Green. $29 share offer, a 49% premium.

Hertz is preparing for an IPO only 7 months after it was taken private with its private equity owners standing to make a substantial amount of money. WSJ

Dealbook creater/writer Andrew Ross Sorkin gets a little giddy amidst the moguls at the Allen and Company conference in Sun Valley. He blogged pictures of moguls and stars in sunglasses. He also gets a demerit for blogging pictures of himself with bigwigs.

HLR – 2 board members resigned at request of the chairman. The 2 men also hold positions on the board of Hollinger Incorporated, the holding company. Hollinger Inc. filed an action in U.S. District Court in Chicago against Hollinger International presenting a counterclaim demanding compensatory and punitive damages to be determined at trial. The same day, July 6, Hollinger Inc. sued Black and several longtime associates in Ontario Superior Court seeking more than $600 million in damages for alleged breach of contract, conspiracy, negligence, breach of fiduciary duty, unjust enrichment and unlawful interference. AP

Tour update: Big shakeup in the Pyrenees yesterday. Floyd Landis is in the Yellow Jersey after coming in 3rd in Stage 11. He has an 8 second lead over Cyril Dessel. Levi Leipheimer must be feeling better, pulling out 2nd place in the stage. That bumps him up to 13th in the overall GC. Discovery Channel fell off the charts with only Jose Azevedo providing a decent showing. George Hincapie may have lost all hopes to wear yellow again, now 40th in the GC, 23 minutes behind Landis.

Nikkei down 1.67%

Gold spot 664.50 +10.10
Oil 77.71 + 1.01
Dollar: euro 1.2645 - .0036; yen 116.30 + .89

Conversations with I'sner

2006-07-13T09:44:00.000-06:00

The I'sner's self-referential scoreboard. We start with the Iger interview i-ronically.

My 4
Me 7
I 39!

Morning News - Wednesday, July 12, 2006

2006-07-12T08:07:00.000-06:00

Tour update: Floyd Landis announces he has a bone disease and most likely will need hip replacement. Stage nine won by Oscar Freire. Honchar stays in yellow. Landis is in second. Today’s stage goes to the Pyrenees. Check out OLN website. www.olntv.com.

MSFT was fined $357M by the EU for failing to abide by anti trust settlements and said it will fine the company $3.82M per day after July 1st if infractions continue.

CPKI boosted its 2nd qtr EPS forecast to 30 cents from previous guidance of as much as 29 cents on slightly better than expected sales.

Gold Spot: 651.50 + 8.10
Oil: 74.44
Dollar: euro 1.2699 - .0046; yen 115.48 + 1.17

Morning News - Tuesday, July 11, 2006

2006-07-11T07:53:00.000-06:00

ABD – Ariel Capital reports an increased stake in Acco Brands from 4.06M shares and 7.91M shares.

TWX plans to sacrifice nearly $1B in profits through 2009 in its plan to give away its Internet service on hopes advertising revenue will increase and make up the difference. WSJ.

Nikkei down .51% to 15473.82

Gold Spot: 632.50 +6.40
Oil: 74.14 +.53
Dollar: euro 1.2739 +.0002; yen 114.36 +.20

Morning News - Monday, July 10, 2006

2006-07-10T08:43:00.000-06:00

Tour update: Saturday's time trial brought unexpected results. The GC contenders were overall disappointing, except for Floyd Landis. Landis finished 2nd in the time trial, even after having another incident involving his bike. His handlebars broke during his lap and he had to switch bikes. George Hincapie finished in a disappointing 24th and Levi Leipheimer did so poorly he is now in 96th place and 6:06 behind the leader. The winner of Saturday’s time trial, Sergei Gontchar of T- Mobile held onto the yellow jersey through Sunday’s stage. Today is a rest day.

Sears Holdings bid for the rest of Sears Canada was dealt a blow when the OSC recommended that Sears Canada shares owned by two banks should not be counted during an anticipated takeover bid because the banks pledged to support Sears did it in order to receive tax benefits that other shareholders would not.

DIS – Pirates of the Carribean set a box office record over the weekend by taking in $132M.

SWB moves listing to Nasdaq.

Nikkei rose 1.6% to 15552.81

Gold spot: 627.50 - 7.30
Oil: 73.75 -.34
Dollar: euro 1.2734 -.0090; yen 114.12 +.19

RadioShack Rally

2006-07-10T07:03:00.000-06:00

Market Demonstrates Instant Gratification, but Trading Action Likely Stems from Covering of Short Positions.

Can Day Deliver Operational and TopLine Turnaround? We'll have to wait a couple quarters.

Dallas Morning News: The Proof is in the Pudding

Morning News - Friday, July 7, 2006

2006-07-07T07:44:00.000-06:00

Starbucks SSS lighter than expected. Consensus 7%, actual 6%.

Xstrata extended offer for Falconbridge by 2 weeks. No price increase.

Hollinger Inc. said yesterday that it was countersuing the newspaper publisher Hollinger International in Federal District Court in Chicago, contending there was fraud in the transfer of two newspapers to the publisher in the late 1990's.

DENN – June SSS negative.

Nikkei down .09% to 15307.61

Gold spot: 635 - 1.30
Oil spot: 75.50 +.36
Dollar: euro 1.2829 +.0070; yen 114.04 -1.04

Morning News - Thursday, July 6, 2006

2006-07-06T07:46:00.000-06:00

TLF SSS +7%

WPS is in advanced talks to buy PGL according to sources; total deal could be worth $1.5B; an official announcement is still days away. Under proposed terms, WPS would swap its shares for PGL, awarding a % premium roughly in the mid-teens to PGL's current quote. WSJ

DLM - because tuna sales have been hurt by mercury warnings; major players like DLM have been stepping up efforts to hook customers; ex. co's have been advertising tuna as a dinner food. LA Times

SNRR - announced that the company received a letter from The Nasdaq Stock Market. SNRR expects that its common stock will be quoted in the "Pink Sheets" beginning on July 7, 2006. DJ

EVST: Everlast signs license for cell phone cases with Eurotek Italia

WMT reports June SSS + 1.2%. Traffic down, average ticket up.

Nikkei down 1.30% to 15321.40

Gold spot 628.80 -.90
Oil 113.34 - 1.35
Dollar: euro 1.2745 +.0022; yen 115.24 -.41

Morning News - Wed July 5th

2006-07-05T06:58:00.000-06:00

Japan Stocks Drop After Missile Launches - AP
North Korea's brazen missile tests sent Japanese stocks lower Wednesday, snapping a four-day winning streak, and the dollar higher. Auto, electronics and retail shares led the market's decline.

Jackson Leads Anti-BP March Near Refinery - AP
The Rev. Jesse Jackson brought his protest of BP PLC to the site of one of the state's worst refinery accidents Tuesday to speak against what he calls price gouging, discriminatory hiring practices and unsafe working conditions at the company.

Brent Crude Rises, Nymex Pares Losses - AP
Brent crude rose and Nymex futures pared their losses Wednesday after North Korea test-launched several missiles, bringing geopolitical concerns back in focus.

EU: Euronext-NYSE Should Retain EU Rules - AP
Euronext NV's exchanges should continue to operate under EU financial rules if a takeover bid from the owner of the New York Stock Exchange Group Inc. succeeds, the European Union's financial services chief said Wednesday.

Analysts: GM Revival Challenge for Ghosn - AP
Carlos Ghosn has earned a reputation as a fixer by turning around Japanese automaker Nissan from the verge of bankruptcy under an alliance with France's Renault. But he faces a far bigger challenge if he hopes to revive General Motors, analysts say.

ECB Set to Hold Interest Rates Steady - AP
The European Central Bank is set to hold interest rates steady this week but may set the stage for a series of increases starting in August in the face of faster economic expansion and higher oil prices.

Auto Dealers Overflow With Job Openings - AP
Sitting front and center in her college marketing class, Kim Smith took copious notes as a woman lectured about the importance of customer satisfaction and the lure of lucrative sales.

Venezuela Enters Mercosur Trade Bloc - AP
President Hugo Chavez marked Venezuela's entry into the South American trade bloc Mercosur with a six-nation summit, an alliance that he says should be a common front against U.S. free trade deals.

South Korean Stocks Fall 0.5 Percent - AP
South Korea's stock market and currency fell Wednesday on news that North Korea had test-fired a series of missiles overnight.

Morning News - Monday, July 3, 2006

2006-07-03T08:09:00.000-06:00

Short trading day today. Market closed tomorrow.

New Deal - MIK/Bain, Blackstone - Terms: 1 MIK = $44 cash - company agreed to the deal currently worth $6B and offering a 30% premium to price before the auction was announced

Atlantic City casinos were ordered to close Wednesday, the latest casualty of New Jersey's government shutdown. State parks, beaches and historic sites could also be closed if an agreement isn't reached. WSJ.

WMT said June same store sales were up 1.2% at the low end of its 1 - 3% forecast.

Nikkei up .43% to close at 15571.62

Gold spot 616.20 +.20
Oil 73.85 -.08
Dollar: euro 1.2795 +.0009; yen 114.78 + .31

Morning News - Friday, June 30, 2006

2006-06-30T07:46:00.000-06:00

On the eve of the Tour de France, 2 major riders not allowed to start. Favorites Jan Ullrich, Ivan Basso and other cyclists were barred Friday from the Tour de France in the biggest doping scandal to hit cycling in years. Velo News.

HNZ - Heinz distributed its scathing 18-page report to shareholders, bad-mouthing Peltz and his partners for their past business dealings, Peltz report delves into the past two decades of deals by the 63-year-old investor, dredging up shareholder lawsuits claiming he shortchanged investors by millions - and once was publicly censured by the London Stock Exchange for rigging insider stock sales. NYP

MSFT late in the trading day moved back its Office '07 release date. Many don’t think this a huge deal in and of itself, but many thinking this is a prelude of what will happen to Vista's launch date

New Deal - RSAS/EMC - Terms: 1 RSAS = $28 cash - Deal is worth $2.1B offering a steep premium of 45% before news of a possible deal broke. EMC's CEO said the bidding was a competitive situation in what he termed as a very hot security tech market.

Nikkei up 2.54% to close at 15505.18

Gold spot 608.50 +17.60
Oil spot 73.61 +.09
Dollar: euro 12756 +.0216; yen 114.40 -1.79

Patent Office Swings to New Low

2006-06-29T09:59:00.000-06:00

The US Patent Office issued patent 6,368,227 on 9 April to Steven Olson of St Paul, Minnesota for a "method of swinging on a swing".

Morning News - Thursday, June 29, 2006

2006-06-29T07:29:00.000-06:00

SNY launched its closely watched obesity drug Acomplia in its first market, the UK, where it will charge £55.20 ($100.60) for one month's supply of the product. Sanofi recently received approval from European regulators to start selling Acomplia and will launch the drug in other European markets in coming months. DJ

RUTH - Q2 comps increased 6%. Total revenue from continued operations guidance raised to $60.5MM.

INTC - the company's new chips, which were originally expected to arrive on July 23, will be postponed to July 27, according to a recent review of Intel's product roadmap by sources at Taiwan motherboard makers. Digitimes

SNRR – Chapman Capital files 13D, has 8.4% stake in Company.

INFS – down 31% this week. Company said it expects fiscal Q2 revenue to be less that previous forecast. They cited a late shipment of new products and weak sales.

Nikkei up 1.6% to 15121.15

Gold Spot 586.40 + 5.40
Oil 72.57 +.38
Dollar: euro 1.2547 +.0009; yen 116.19 -.23

Bear Market Jumper?

2006-06-28T11:19:00.000-06:00

Weird Statues

More Details From Black's Most Recent Court Date

2006-06-27T22:32:00.000-06:00

Chicago Tribune

Morning News - Tuesday, June 27, 2006

2006-06-27T07:33:00.000-06:00

UVN, Saban deal announced. Values UVN at $36.25 a share in cash.

MSFT - the European Union's anti-trust regulator is expected to issue a formal ruling that finds MSFT guilty of breaking EU competition rules; the judgment could mean finds of as much as $2.5MM/day for the software giant. The draft ruling is expected to be presented next Monday and a formal announcement could be July12. FT

THX - Houston Exploration rejected Jana’s bid. They did hire Lehman Bros. to explore strategic alternatives including a possible sale or merger.

MSO – Martha teamed up with Kodak to sell online products. MSO left the online business a year ago. NY Post.

INFS lowers Q2 guidance.

Nikkei up 0.1% to 15171.81

Gold spot 259 + 4.20
Oil 72.22 +.42
Dollar: euro 12596 +.0032; yen 116.09 -.27

Morning News - Monday, June 26, 2006

2006-06-26T08:36:00.000-06:00

Mittal Steel agrees to 26.90bln euro deal from Arcelor.

JNY – Bain Capital seems to be the leading contender to buy company. WSJ.

Shutterfly is pursuing a sale or possible IPO.

BUD signs Super Bowl deal with NBC. BUD will also be the exclusive alcohol advertiser during the airing of the Ryder Cup and the Presidents' Cup between 2007 and 2011, and will sponsor the Kentucky Derby and the Preakness through 2010. WSJ

Hedge funds hiring spooks? Barron’s article talks about hedge funds using a company called Business Intelligence Advisors, former CIA and intelligence officials, to look at top execs to see if they are lying.

PFE, JNJ – J & J pays $16.6 billion for Pfizer consumer health division.

Nikkei up .19% to close at 15152.40

Gold spot 584 -.80
Oil 70350 -.37
Dollar: euro 1.2549 + .0023;yen116.35 +.06

Morning News - Friday, June 23, 2006

2006-06-23T07:43:00.000-06:00

APC to aquire KMG and WGR.

HNZ responds to Peltz preliminary proxy HNZ says there's nothing new of value to shareholders' filing.

Gadget furniture consumer demand for Mp3, Blackberrys, and cell phones has enticed a handful of small furniture companies to equip nightstands and coffee tables with dedicated storage spaces to hide cords and electronics from view, and building power strips right into the furniture. WSJ

Kate Spade – Company turned down offers and decided to exercise a put option that will force majority owner Nieman Marcus to buy their stake.

Nikkei closed down .08% to 15124.04

Gold Spot 583.80 +1.50
Oil 70.35 -.49
Dollar: euro 1.2507 -.065; yen 116.18 -.06

Morning News - Thursday, June 22, 2006

2006-06-22T08:12:00.000-06:00

Gross…BUD is testing a new line of fruit-flavored shots to be mixed with beer. L.A. Times.

DLM – Q4 earnings. EPS .83. Net sales growth exceeded guidance. Company is increasing is long term growth rate targets.

UVN – talk of buyers dropping out. WSJ

Sanofi-Aventis receives EU marketing approval for its Acomplia, weight-loss drug. The company plans to start selling the drug in the UK next month, followed by sales in Denmark, Ireland, Germany, Finland and Norway.

Nikkei up 3.4% to close at 15135.69

Gold spot 587.50, unch.
Oil 70.65 +.35
Dollar: euro 1.2572 – .009; yen 115.84 +1.10

Morning news - Wednesday June 21, 2006

2006-06-21T08:50:00.000-06:00

Saddam Hussein's defense lawyer Is killed in Baghdad (the 4th to be killed)

TGT has licensed its bull's-eye logo and name to consulting firm Brand Central LLC for use in a new line of high-end clothing called Target Couture that will be sold at the hip LA shop Intuition. Washington Post

MSFT - Martin Taylor, a high-pofile lietenant to CEO Balmer, has left the company. Martin was named a corporate vice president in March, with responsibilities for marketing at the company's MSN online unit and helping lead the company's competition with GOOG. WSJ

DLM to use Sesame Street characters to sell food.

Nikkei down .03% to close at 14644.26

Gold spot 576 -.90
Oil 69.30 -.04
Dollar: euro 1.2639 +.0051; yen 114.94 +.08

Morning news - Tuesday, June 20, 2006

2006-06-20T07:48:00.000-06:00

STAR - Barrington files, now own 9.39%

TGT said it sees same-store sales for the five-week period from May 28 through July 1 trending toward the upper half its forecast of a 3% to 5% rise

SJM said its 4th qtr EPS was 68 cents, 11 cents above consensus on stronger than expected revenues.

Nikkei down 1.5% to close at 14648.41

Gold spot 568 - .80
Oil 69.40 +.42
Dollar: euro 1.2567 -.0006; yen 114.88 -.43

A Math Interlude

2006-06-20T07:34:00.000-06:00

Point 9 repeating equals One...

Pearson: Always in the News

2006-06-19T07:54:00.000-06:00

WSJ: Heard on the Street Column

2006-06-19T07:41:00.000-06:00

Jenny Craig - Nestle said it has agreed to acquire Jenny Craig from two private equity firms for $600M.

MSFT - In interviews during the last two days, Microsoft executives almost universally expressed caution about whether Vista, is certain to be on schedule for January shipment. NYT

NOK and SI announced plans to combine their phone equipment businesses in deal valued at $30B+; ownership split 50/50; NOK sees move accretive after '07. NOK will be consolidating the JV onto its statements while SI will treat just as an equity stake.

Vinci – Veolia abandons plans to make bid for company. Say conditions for a “friendly merger” weren’t present.

INTC upgraded by UBS

The Nikkei closed down .13% to 14860.35

Gold spot: 578 unchanged
Oil: 69.40 -.48
Dollar: euro 12566 -.0059; yen 115.65 +.50

Morning News - Friday, June 16, 2006

2006-06-16T07:41:00.000-06:00

SWB said its 2007 revenue will be $186M vs. previous guidance of $180M

HNZ - the company said its holders should vote against the proposals and board members and said it plans to vigorously fight activist shareholders.

MSFT – Bill Gates to step down in 2008.

WGO reported a 40 cent 3rd qtr net, 2 cents above consensus but revenues came in at $220M vs. $236M consensus.

The Nikkei ended up 3% to close at 14879.34

Energy Crude (July Contract): $69.64 up $0.14
Gold (Generic 1st GC Future): $559.50 down $2.80
Dollar: Yen: 114.94 up 0.19; Euro: 1.266 up 0.002
Treasuries: 2-year: 5.12%; 10-year: 5.08%

Vacancy at the Baghdad bureau

2006-06-15T09:48:00.000-06:00

Apparently, the Baghdad bureau chief for USA Today had this to say about the people talking about the media bias in Iraq:

"Finally, to all the Chairborne Rangers advancing the vast "negative media" conspiracy from the safety and comfort of their parents' basements: If you think you can do better, I've got a spare bed in the Baghdad bureau."

Below is Jeff Schneider's reply to him.

----- Original Message -----

From: Jeff Schneider
To: csoriano@usatoday.com
Sent: Thursday, June 15, 2006 9:46 AM
Subject: Chairborne Rangers
Mr. Soriano,

The folks who have screamed the loudest about the biased and negative media coverage of the Iraq War are by and large people like myself, servicemembers who have spent their time in the dustbowl of Iraq and know firsthand what an exceptionally poor job the media has done covering our actions. How poor do those who have been to Iraq perceive the coverage? Well, speaking for myself, there have been many times I have wondered if the reporters in Iraq were on the payroll of the insurgency.

The saying "if it bleeds, it leads" is certainly true regarding the coverage of this war. While every death is treated as if it is further proof that we are losing the war, there is nary a mention in the press of all the progress that has been made on the ground, or of all the successes that our soldiers have had working with the Iraqi people to rebuild their nation after the devastation suffered under the regime of Saddam Hussein.

I don't speak as someone who was confined to the relative safety of a basecamp during my deployment. I commanded a company running convoys throughout Iraq, and while on the roads we saw the worst of the insurgency - IEDs, mortars, and a couple of large ambushes. Despite the numerous engagements with hostile forces that I was involved in, I still have no doubt that the media coverage has been excessively negative, and I know that my opinion is shared by the overwhelming majority of folks who have worn the uniform in Iraq.

Considering that it is those who have been there in uniform spreading the word of the negative media coverage, I also take great exception to you talking about the 'Chairborne Rangers advancing the vast "negative media" conspiracy from the safety and comfort of their parents' basements'. Chairborne Rangers is a term used by those in the military, and since you are not there laying your ass on the line fighting it out every day, I don't think you have any business using that term. I know, I know, you're at risk, you're in Iraq, so you are laying your ass on the line, but really, what do you do? You go to a briefing everyday in the Green Zone. You ignore all the good news and report on the negative. You spread the message for the terrorists better than they can. You want to use military terms and be one of the cool kids? Put on 100 pounds of gear and go chase terrorists through the streets and down alleyways. Be the first one through the door chasing a terrorist into a house.

Or, report fairly on what is going on in Iraq, and if challenged about your bias, don't attack those who know a lot better than you do.

Sincerely,

Jeff Schneider
www.texasroast.com

If You Have to Cheat...

2006-06-15T08:25:00.000-06:00

Cheat good.

Morning News - Thursday, June 15, 2006

2006-06-15T07:50:00.000-06:00

Vinci late Wednesday rejected a merger approach from French water utility Veolia Environnement SA, calling it unsolicited and hostile. marketwatch

Nikkei rose 161.20 points, or 1.1%, to 14470.76.

The Bank of Japan left its benchmark rate unchanged at nearly zero, as Fukui fended off calls for his resignation. WSJ

Energy Crude (July Contract): $69.78 up $0.64
Gold (Generic 1st GC Future): $559.50 down $2.80
Dollar: Yen: 114.91 down 0.14; Euro: 1.262 up 0.002
Treasuries: 2-year: 5.12%; 10-year: 5.07%

Morning News - Wednesday, June 14, 2006

2006-06-14T07:39:00.000-06:00

GS upgraded the semiconductor production equipment sector to neutral from cautious and of several other chip companies.

SWB – Rodman raises price target to $10 from $7.

HLR Board approves an additional $50M in stock buybacks. DJ

Nikkei up .64% to close at 14309.56

Energy Crude (July Contract): $68.84 up $0.28
Gold (Generic 1st GC Future): $566.90 Up $4.40
Dollar: Yen: 114.96 down 0.46; Euro: 1.257 up 0.004
Treasuries: 2-year: 5.02%; 10-year: 4.98%