All GLG News Analyses Filed Under: Exchanges & Capital Markets
Posted December 20, 2007
Credit Market Crisis: Stabilzation is Imperative
Analysis of: Money Market Rates Tumble; Central Banks Inject Funds (Update7) | www.bloomberg.com
Author: GLG Member Program Contributor
Analysis of: Money Market Rates Tumble; Central Banks Inject Funds (Update7) | www.bloomberg.com
Author: GLG Member Program Contributor
Implications: 1.As time passes the Credit Market crisis may ease. 2.There will be a different impact on short-term lending vs long-term lending. 3.Money rates will take a higher postioning and a massive write- down of securities instruments. 4.The end result - measures for correction by the Central...
Posted December 14, 2007
How long will the central banks unity last?
Analysis of: Fed, ECB, Central Banks Work to Ease Credit Crunch | www.bloomberg.com
Author: GLG Member Program Contributor
Analysis of: Fed, ECB, Central Banks Work to Ease Credit Crunch | www.bloomberg.com
Author: GLG Member Program Contributor
The concerted action of central banks all over the world smoothed out investors who had speculated on larger rate cuts by the Fed. But how about medium term. The recent capital injections target a period of 30 days and were deemed to solve immediate solvency risks. However this does...
Posted December 14, 2007
Citi Pains
Analysis of: Citigroup says it will absorb SIV assets | www.marketwatch.com
Author: GLG Member Program Contributor
Analysis of: Citigroup says it will absorb SIV assets | www.marketwatch.com
Author: GLG Member Program Contributor
I see an elevated risk as a consequence of this decision because (a) the bail out of the SIV will fail to allow proper price discovery of the debt portfolio acquired; (b) it will likely have a future impact on capital ratios which can lead to a contraction in lending with a multiplier effect and (c)...
Posted December 13, 2007
Another Risk Eliminated for PFE
Analysis of: Biogen Gives Up Search for Suitor | online.wsj.com
Author: GLG Member Program Contributor
Analysis of: Biogen Gives Up Search for Suitor | online.wsj.com
Author: GLG Member Program Contributor
I see the removal of BIIB as a PFE M&A prospect as an incremental positive for PFE. In my view PFE using its debased currency (its shares) to fund an acquisition of BIIB would not be justified.
Posted December 13, 2007
Clever Little Addition to Monetary Tools
Analysis of: Term Auction Facility | www.federalreserve.gov
Author: GLG Member Program Contributor
Analysis of: Term Auction Facility | www.federalreserve.gov
Author: GLG Member Program Contributor
The term auction facility is a positive development. On December 11, the markets expressed disappointment because the discount rate was not cut by 50 basis points. This new monetary policy tool more than compensates; it effectively allows the discount rate to be determined by demand and...
Posted December 12, 2007
A look at ETFC through the Eye of an Acquirer
Analysis of: E-Trade offers direct access to six foreign markets | www.marketwatch.com
Author: GLG Member Program Contributor
Analysis of: E-Trade offers direct access to six foreign markets | www.marketwatch.com
Author: GLG Member Program Contributor
For portfolio investors, there are considerable risks: 1. Available for Sale Assets:After selling low rated asset backed securities worth $3 billion at a loss of $2.2 billion, much of the remaining portfolio is AA rated or higher; I find this encouraging. Will E-Trade be able to maintain capital...
Posted December 11, 2007
Can NYSE and NASDAQ make it in China?
Analysis of: Nasdaq-NYSE Rivalry Comes to China | www.businessweek.com
Author: Joshua Kurtzig, Director DAC Management (China)
Can NYSE and NASDAQ make it in China?
Analysis of: Nasdaq-NYSE Rivalry Comes to China | www.businessweek.com
Author: Joshua Kurtzig, Director DAC Management (China)
NASDAQ and NYSE have finally opened offices in China after years of regulatory hurdles. They face stiff competition, not only from other overseas exchanges (London, Singapore, Frankfurt), but also from domestic exchanges like Shanghai, Shenzhen, and Hong Kong. Local policies and politics favor these...
Posted December 7, 2007
What Has Changed Since Enron?
Analysis of: No Sign of `Sell' on Wall Street as Analysts Say: `Buy,' `Hold' | www.bloomberg.com
Author: GLG Member Program Contributor
Analysis of: No Sign of `Sell' on Wall Street as Analysts Say: `Buy,' `Hold' | www.bloomberg.com
Author: GLG Member Program Contributor
Among the complaints in the aftermath of the Enron scandals was that the analysts had continued to recommend this and other stocks that cratered, and that recommendations were given in code, so maybe Market Perform really meant Sell, and Hold might mean Sell Short, except that analysts would hardly...
Posted December 4, 2007
Value High Yield Shares As Hybrids
Analysis of: Deep Value in Pfizer | www.maxkapital.com
Author: GLG Member Program Contributor
Analysis of: Deep Value in Pfizer | www.maxkapital.com
Author: GLG Member Program Contributor
This article looks at the compelling value in Pfizer and seeks to value the security as a hybrid.
Posted December 4, 2007
Hidden Value in Dell
Analysis of: Dell Shares Tumble, Analysts Mixed on 3Q | biz.yahoo.com
Author: GLG Member Program Contributor
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of 209Analysis of: Dell Shares Tumble, Analysts Mixed on 3Q | biz.yahoo.com
Author: GLG Member Program Contributor
Dell has a wonderful turn around plan which is not attracting any value. What’s missing? undefined1. undefinedWhat I respected in the Dell of old was their incredible supply chain expertise; it was an incredible unvalued (for accounting purposes) intangible. ...
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