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Net Net: Promoting innovation and managing change

Last Call: Nokia and Motorola Get the Phone Party Started


Before “Hello”, what was the original way to answer a telephone:

a.      Whassup

b.      Hail, Hail

c.      Ahoy

d.      All Hail

— Below, September’s phone-a-palooza is underway with Nokia and Motorola kicking off the fun.

Market Musings With CNBC Market Guru Robert Hum

  • Recap: Dow +11.54 (+0.09%) at 13047.48, S&P -1.50 (-0.11%) at 1403.44, Nasdaq -5.79 (-0.19%) at 3069.27
  • Stocks meander, end mixed ahead of ECB meeting, ADP payrolls data on Thursday
  • Nasdaq down for just the 2nd time in last 8 sessions
  • No S&P 500 sector closed up/down more than 0.43%
  • NYSE consolidated tape volume: 3.2 billion shares, highest in about 1 month

The Word on the Street Tonight

Amazon Is About to Reveal Its New Weapon in Tablet War/Reuters: “The swing factor in the expectation on the upcoming Kindle Fire could be on how much lower pricing can go," said So Young Lee, an analyst at SunTrust Robinson Humphrey. Amazon is willing to make little or no money selling tablets and e-readers because it wants to get the devices into as many hands as possible, then sell higher-margin digital content, such as e-books, video, games, apps and music, to a more connected and engaged customer base.”


Does Amazon Have Its Own Apple TV Plan?/All Things D – Peter Kafka: “…here’s another theory: Maybe Jeff Bezos will show off a video box for the living room. I’ve heard this one floated a couple times today, but not from anyone who claims to have firsthand knowledge of Amazon’s plans. But people who do know what they’re talking about tell me that Amazon made an offer to buy Roku, the Web TV box-maker that competes with Apple TV, earlier this year. Roku ended up raising a big $45 million round led by News Corp. and BSkyB instead (News Corp. also owns this Web site). … An alternate theory: Rather than unveil a full-fledged Web video box tomorrow, Jeff Bezos will take a half-step, by showing off some kind of docking device that Kindle Fire users could use to get their video on to their sets.”

Obama’s Thursday Night Secret About Jobs/WSJ – Sudeep Reddy: “When President Barack Obama takes the stage Thursday night at the Democratic convention, he’ll probably know a secret about the economy that you don’t: the contents of Friday’s employment report. But don’t expect easy clues in his big speech. … Obama doesn’t have to wait until the formal release to see the numbers. Under a decades-long practice, a select group of U.S. officials learns the contents of each month’s jobs report on the Thursday evening before its release. The Bureau of Labor Statistics delivers the information sometime Thursday afternoon to the White House Council of Economic Advisers, which analyzes the data and prepares a memo for the president. (The CEA chairman or director of the National Economic Council often informs the president in person.)”

Nokia's New Smartphones Get Poor Reception/WSJ – Ben Rooney, Sven Grundberg & Steven Jones: “Nokia Corp.'s shares plummeted 16% Wednesday after the company unveiled two new smartphones designed to run on Microsoft Corp.'s latest operating system, in a make-or-break move for the struggling Finnish handset maker. …Nokia didn't disclose when the new phones would hit store shelves—or their price—saying that information would come in the fourth quarter. "Investors want to be sure the devices will be selling well ahead of Christmas," said Hakan Wranne, an analyst at Swedish banking group Swedbank. "For Nokia, it's all about distribution now, and we got no answers on when these new devices will sell and which U.S. operators will market them," he said."

Motorola Introduces First Phones of Its New Google Era/NY Times: “After being quiet for nearly a year, Motorola Mobility, recently acquired by Google , is returning to the mobile market with three new smartphones. At a news conference in New York on Wednesday, the company introduced three smartphones under its Razr brand that will become available for Verizon customers. It said the focus of these phones was speed, because they could connect to Verizon’s faster fourth-generation network. And they have larger screens than their primary rival, the Apple iPhone.”

'Horrible Idea to Break Up Banks': Ex-JPM Official/CNBC – Justin Menza: “The creation of big banks wasn’t an unnatural act in the 1990s and it makes no sense to break them up now, William Harrison, former Chairman of JPMorgan Chase told CNBC’s "Closing Bell." “I think it’s a horrible idea to break up the banks,” Harrison said in an interview Wednesday. “There was a reason why all the banks became large — that is scale and efficiency. It wasn’t an unnatural act.”

A fourth trader under scrutiny in JPM "Whale" probe/Reuters – Emily Flitter: “A fourth London-based JPMorgan Chase trader is under scrutiny in the investigation by U.S. authorities into the bank's nearly $6 billion trading loss, according to sources familiar with the situation. Julien Grout, a trader who joined JPMorgan Chase in 2009, is drawing attention because he worked in the bank's Chief Investment Office and reported to Bruno Iksil, the French credit trader who is a central figure in the federal probe, said the two sources.”

Before “Hello”, what was the original way to answer a telephone:

a.      Whassup

b.      Hail, Hail

c.      Ahoy

d.      All Hail

"Ahoy" was the original telephone greeting. Alexander Graham Bell suggested 'ahoy' (as used in ships), but was later superceded by Thomas Edison, who suggested 'hello' instead.

Economic Data

815      Aug     ADP Employment

830  (w/e 8/25) Initial Claims      

1000    Aug     ISM Nonmanufacturing

1630                Fed Balance Sheet

1630                Money Supply

Event: ECB Meeting

5:00 AM ET GDP (Q2 Prelim)

7:45 AM ET ECB Announcement


Before the Bell:

Hovnanian, UTI Worldwide

After the Bell:

Cooper Cos., Ulta Salon, Mattress Firm

Key Guests

Alan Mulally, Ford Motor Company CEO (545a)

Ken Sana, Evercore Partners Managing Director (615a)

Howard Dean, Former DNC Chairman (620a)

Marc Faber, The Gloom Boom & Doom Report (630a)

Rep Jason Altmire, D-PA (710a)

John Challenger, Challenger, Gray & Christmas CEO (730a)

Mark Warner, D-VA (730a)

Alexandra Lebenthal, Lebenthal & Co CEO (800a)

Roger Altman, Evercore Partners Chairman (840a)

Douglas Bergeron, VeriFone CEO (1000a)

Gov Pat Quinn, Illinois (1030a)

Jim Casey, JP Morgan (1045a)

Mayor Anthony Fox, Charlotte, NC (1130a)

Leon Cooperman, Omega Advisors CEO (1200p)

Rebecca Patterson, Bessemer Trust (1230p)

William Mack, AREA Property Partners Chairman (1230p)

Miles Nadal, MDC Partners CEO (1230p)

Karen Freeman-Wilson, Mayor of Gary Indiana (105p)

Peter Schiff, Euro Pacific Capital CEO (200p)

Gary Burnison, Korn/Ferry International CEO (300p)

Jack Bogle, The Vanguard Group Senior Chairman (300p)

Nikesh Arora, Google Chief Business Officer (410p)

Andrew Card, Former White House Chief of Staff (700p)

TJ Rogers, Cypress Semiconductor CEO (700p)

Bob Shrum, Democratic Strategist (700p)

Arthur Brooks, AEI President (700p)

Rep Nan Hayworth, NY (700p)

John Zogby, Zogby International CEO (900p)

Follow Tom Rotunno on Twitter: @tomrotunno

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