Investors have been all but ignoring a fairly miserable earnings season as hopes proliferate that it's only a blip on the profit radar.» Read More
Tahrir Square in Cairo descends into riots. [CNBC via Reuters]
"Clashes After Egypt's Army Calls for End to Protests" [Wall Street Journal]
Monetary tightening eyed in China. [NY Times]
In New York City, it's icy, slippery, and slushy. [New York Post]
More deal mean higher profits at Lazard. [Dealbook]
One more thing to worry about: An uptick in civil wars. [Business Insider]
Barry Ritholtz on Wall Street compensation. [Ritholtz.com]
Steve Sailer points out why our aid to Egypt doesn’t seem to buy us as much loyalty as it once might have.
The deal struck at Camp David in 1978 was, very roughly, that, in return for no more war, the U.S. would give Israel $3 billion per year and Egypt $2 billion per year \($1.3 billion of which went to strengthen the military\), or $50 per Egyptian per year. That wasn't bad money back then.
Seriously, if I got over the icy bridge at 2am- you can get a move on, too. Here's what you missed while icicles formed on your eyelids:
Are we we experiencing a quiet constitutional crisis?
It’s well known that Judge Roger Vinson ruled yesterday that the individual mandate exceeded the powers of the federal government under the Commerce Clause. But he also ruled that because the law lacked a severability clause and the law’s proponents had argued that the individual mandate was a necessary part of the scheme, the entire law was invalid.
Blackrock sent out a short memo yesterday on the ongoing situation in Egypt.
Most of the analysis is kind of vanilla:
If President Hosni Mubarak says in a speech tonight that he will step down at the next election, as Al Arabiya TV is reporting, I doubt it will do much to satisfy the protesters. If anything, it will likely embolden them.
With at least one million people rallying across Egypt to call for Mubarak to give up power and leave the country, a promise to step down at some future point seems like a request for the mobs to stand down without accomplishing their goal.
What’s more, it is a request made out of weakness—and showing weakness at this stage will make the mobs believe they are closer to achieving their goals and less willing to compromise.
Here's one way to handle things when your marriage goes bad:
Clients of Wedge Partners (an independent equity analysis firm that focuses on the technology and media industries) received a scathing note this morning on RIM from firm principal Brian Blair.
After the analyst reviewed the company's tablet, the RIMM PlayBook, he announced that the playbook will be poor received by the market." I caught up with Blair after the note was released.
Hedge funds have seen the worst start to the year since the financial crisis, as returns in January and March were both in the red.
The Fed indicated to Citi that it would get more time to fix "stress test" planning problems before rejecting its capital plan.
Goldman Sachs reported quarterly earnings and revenue that topped analysts' expectations on Thursday.