Schmidt Out of Google!


JP Morgan Hires Cravath Lawyer To Run M&A. (Bloomberg) Bloomie is reporting that JP Morgan has just hired attorney James Woolery, a partner at Cravath, to head its M&A unit.

Schmidt Out of Google! [WSJ] "Google Inc. said co-founder Larry Page will replace Eric Schmidt as chief executive, a surprise change atop the Internet giant.

Mr. Page will take charge of day-to-day operations as CEO starting April 4. Mr. Schmidt will become executive chairman of the company, focusing externally on partnerships and government outreach.

Google Profits Surge [CNBC] "The online search and advertising giant turned in a profit of $8.75 a share excluding one-time items, up from $6.79 a share in the same period a year earlier. Sales rose to $6.4 billion in the last 3 months of 2010 excluding traffic-acquisition costs (TAC), against $4.954 billion last year."

Muni Land Meltdown: Exaggerated Claims Based on Short Term Data? [Bloomberg] It's one of those debates where both sides seemed to present a reasoned, data-driven analyis: "The operating deficits most states are forecasting for fiscal 2012 are the result of the post-recessionary weak economy and have been erroneously conflated with longer-term issues such as debt, pension obligations and retiree health costs, Iris J. Lav, senior adviser at the Washington research group, and Elizabeth McNichol, a senior fellow, said in the report today."

"Google Earnings: Stock Pops Late, Flat-Lines Next Day" [CNBC] CNBC's Patti Domm offers analysis of the trading pattern associated with Google's earnings reports: "Google has beaten estimates three out of four earnings periods, and its stock typically opens higher after it tops targets, but the bulk of its gains are made immediately following its report in after-hours trading, according to Birinyi Associates."

FrontPoint's Eisman: In or Out? [CNBC] "The Wall Street Journal reported in its Thursday edition that Eisman was considering leaving FrontPoint and starting fresh. He has talked to potential investors about managing money for them if he leaves FrontPoint, the newspaper said. Eisman's e-mailed statement appeared aimed at reassuring potentially jittery investors who might be ready to quit FrontPoint if he goes, industry analysts said. 'I will be managing money for FrontPoint and its clients for many years to come,' he said in the statement."