Monday, August 13, 2007

Morning Note...

Futures sharply higher this morning… The ECB added more liquidity to the European markets ($65B), the Bank of Japan followed suit ($5B) and it appears the Fed stands ever-ready to do the same in the US if needed.

July retail sales were up 0.3%, which was in-line with expectations and is a rebound from June’s 0.7% decline.  While somewhat sluggish, retail sales don’t seem to reflect any consumer spending pullback, but rather seasonal behavior.

Continued chatter about quant funds and their recent issues.  Many argue this is an anomaly that is Wall Street and black-box specific and is not a reflection of a broader financial crisis related to the credit markets.

Oil has rallied to above $72/barrel.  10 year note yields 4.83%.  BX trading up $2 on earnings.  Global Alpha conf call at 9am.  One of GSCO’s hedge funds received $3B bail-out…

Announced Deals: 

Rockbay News: UFS earnings, LGF reports disappointing results, SHLD earnings

Vito’s Trivia:  What was the first listed company on the NYSE?  What year?

Yesterday’s Answer:   The oldest stock exchanges worldwide are the Antwerp Bourse (1460), Lyons Bourse (1506), Toulouse Bourse (1549), Hamburg Bourse (1558) and the London Royal Exchange (1571).   The first publicly traded securities in the US were US Gov’t bonds issued in 1790 to refinance Revolutionary War debt.