As the old saying goes, "It ain't over 'til the fat lady sings". On the CBOT (BOT) takeover front yet another wrinkle: CME and CBOT Revise Merger Agreement to Provide Increased Value to ...
Big names in the brokerage world have posted results and their stocks are lower:
Goldman Sachs quarterly profit rises, beating estimates. GS is down over 2%.
Bear Stearns (BSC) reports a 2nd quater profit of $3.40/shr vs estimates of $3.49. Revenue at $2.51 bln beat consensus estimates by $200 mln. So much for the folks who bought the June 150 and 155 calls. BSC is down $3 at the $146 level.
There are a few very interesting analyst calls this morning:
- UBS downgrades Dow Jones (DJ) to Reduce from Neutral believing the Bancroft family could still rejected News Corp's $5 bln offer. UBS says it doubts another offer will come along and that shares are vulnerable to falling back to where they were before Murdoch's offer - the mid $30s.
- Bank of America initiates hi flyer Mannkind (MNKD), a developer of inhalable insuline, with a Buy rating and a $20 target. BofA sees launch of MNKD's lead diabetes product by 2010.
Trouble for Jones Soda (JDSA): Starbucks to drop Jones Soda . Jones is down 4%.
This week Greenspan said China's economic pace is unsustainable. But when does it end? More figures showing boom times: China May industrial production surges 18.1%.
WTI crude is drifting higher by 59-cents to 66.95. The Euro is flat and Yen futures are down 25 points.