Friday, July 24, 2009

Frontrunning: July 24

  • CIT bankruptcy to follow even if exchange offer is successful, uncaring robots run futures up on news (Bloomberg)
  • Earnings really starting to suck: Schlumberger profit down 57% (AP), in other news economy irrelevant to the recovery
  • Slowest diamond sales since 1974, good for another 10 points on the S&P (Bloomberg)
  • In the meantime JP Morgan is increasing banker base pay, while bonuses will likely remain as high as always (Bloomberg)
  • Euro rises on improved confidence Europe will never export another product again, market on 10th straight up day, 355 more to go (Bloomberg)
  • In the meantime the "strong" German recovery is weaker than its US counterpart, as Obama keeps handing out blue pills (FT)
  • Regional banks on the brink as green shoots grow through the soon the ruins (MSN, h/t Jonathan)
  • CNBC snapshot, November 27, 1999 (Bearish News)
  • Asia markets cheered by yesterday's US rally, US futures up on higher Asian market - pretty simple actually (FT)
  • GE- bad management strategy or bad luck (Value Expectations)
  • Goldman Sachs pays off Fed and Buffett (Fundmastery)
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