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After starting off the year with a bang, the trend has been to the downside and is again this morning.
The good news is that the credit market is continuing to improve, with lower Libor and a corporate bond market that is starting to look functional again.
Elsewhere:
1) Healthcare purchase: Eye care company Advanced Medical Optics [EYE
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] is being bought by Abbott [ABT
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]for $2.8 billion ($22 a share) in cash, a nearly 150 percent premium to its Friday closing price of $8.85. Separately, Abbott reaffirmed its 2008 guidance and gave 2009 guidance of $3.65 to $3.70 (analyst estimate $3.66)
2) Restaurant chain Landrys [LNY
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] has announced that it will not be going private, and will instead pursue alternative financing for $400 million in senior notes. The refinancing should close prior to the end of February 2009. The company had been slated to be taken private by its founder, Tilman J. Fertitta. The buyout offer was $13.50 a share, the stock closed Friday at $12.35, now trading at $7.99 pre-open, down 35 percent. The company says the deal fell apart when the SEC required the company to disclose certain information from a commitment letter issued by the lead lenders, which the lenders refused to allow to be disclosed.
3) Alcoa [AA
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] down 5 percent pre-open, as are other aluminum stocks like Aluminum Corp. of China. Alcoa starts off the earnings parade after the close. The problem is simple: aluminum prices have been cut in half, going from roughly $1.50 a pound to $0.72 a pound in 6 months. Their earnings are closely correlated to this number. If it stays down here, Alcoa will again be forced to cut production.
After the close on Friday, Deutsche Bank downgraded Alcoa to sell, reducing 2009 earnings estimates to a loss of $0.15, from a gain of $1.50.
4) Most large commodity stocks are also trading down 2 to 4 percent. Chinese officials have said it would be difficult for China to reach its minimum 8% GDP target rate in 2009.
5) Bottom fishing: T Rowe Price [TROW
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] is starting up a Strategic Income fund which will go after everything everyone else is running from: junk bonds, mortgage-backed securities and emerging market debt, according to the WSJ.
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Questions? Comments?
- The Nasdaq has suffered the most from the EU crisis showing there's risk in the usual tech stocks.
- Targeting more Millennials is just one of the items brewing for consumers in the world of spirits.
- It seems many people may need a reminder of how NOT to act on a plane. Here are a few tips.
- Here are some very unusual roadside stops along American highways that might peek your interest.
- How three generations of Americans are dealing with the finances of retirement.
- Hostage to Headlines
- Facebook Analyst Reports All Over the Map
- More Fallout From the Facebook Fiasco
- Facebook and Morgan Stanley's 99 Problems
- Lousy Economic Numbers, but Stocks Hold Up
- Eurobond Talk: Good News and Bad News
- Hopes Fading for Big Announcement From EU Leaders
- European 'Crisis Tennis' Again
- Facebook IPO 'Conspiracy' Theories Abound
- OK, Facebook Is Embarrassing
Data is a real-time snapshot *Data is delayed at least 15 minutes
