Wednesday, August 22, 2007

Morning Note...

Futures are up again as the market continues its recent resilience and stabilization.  Negative news headlines regarding subprime, credit, and hedge fund blowups are slowing down, although the MBA reported a 5.5% decline in mortgage apps for the week ending Aug 17th.

WSJ reports AMTD and EFTC are talking merger.  NMX is still prominent in merger chatter.  TOL trading up slightly premkt on earnings.

10 year note yields 4.65% and Oil is below the psychological $70 level.   

Announced Deals:  Dubai World acq 9.5% stake in MGM Mirage for $5B

Rockbay News:  BEST sees CBRY LN beverage division demerger as worth GBP 6B, LYO investor sues over deal price, TOC initiated with a buy rating at DBAB – positive on RTR acq and upgrades RTR to buy, Dutch provinces look to block RBS bid for ABN Amro, Siemens AG and IFX to form joint-venture for development and production of semi-conductors, WSJ reports insider buying in AV, MIR reit buy at BofA – calls POM block sale an attractive entry point – second block of 6mm shares to follow next week, LEHM lowers ALC px tgt to “reflect the recent change in sentiment for the group and the absence of the real estate premium,”  LDHB MK shareholders approve spin-off and DBAB reiterates Buy

Vito’s Trivia:  Name the bird…   

Yesterday’s Answer:   300 Spartans led by King Leonidas defended a narrow pass and held off Xerxes The Great’s Persian Army at the Battle of Thermopylae in 480 BC, killing an estimated 25,000 men.