Congrats Yankees. I’m a Met fan and have no joy from this. I hate the Yankees, you have to hate the Yankees if you are a Met fan and a fan of the National League. The Mets continue their descent into hell, partly due to Bernie Madoff, but mainly do to a horrible GM. You see, the Met’s owners, the Wilpons, reportedly lost $500 million with good old Bernie. They have a great new ballpark, but no one can afford to go. Maybe next decade.
Futures are a bit lower this morning and the first “cat” caught swine flu in Iowa. I’ve put my pet turtle in a bubble just as a precaution. Cisco beat the number after the close last night and Hyatt Corp was priced last night at $25. I hear the deal is hot, I like the chain but not the deal. Galleon says it will return most client money in early December. You have to love a good scam where the bad guys get caught and folks actually get their money back.
AIG reports earnings tomorrow, what a wild ride that name has been this year. I still think it will be at least 50% lower at some point soon. The market came down hard yesterday as the “Buffet Bounce” wore off quickly, Bernanke has corporate America convinced that rates will be zero forever, get out of the way when rates start to go up. Ben has Greenspan looking like a rate hawk by comparison. Most new bubbles are created while you are trying to figure out the last one. Stay tuned. Tomorrow is the unemployment number and a lousy number will undoubtedly empower the bears, a surprise to the upside should squeeze the shorts.
Just in, RIMM will buy back$1.2 billion in stock over the next year. It will add a nickel to earnings.
Have a great day.
Thursday, November 05, 2009