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Boy, sure am glad the nasty short sellers aren't around to drive stock prices lower.
M$ did that and their share price declined!
It was quite strong going into the divvie, by Softie standards anyway.
aapl can replenish the cash with in a fiscal year
Great! Then we can have an annual dividend.
Touche! :)
PLAY BALL!
Yeah, they want him in the "close the series" slot. :)
That's all too messy. Just do a one-time $10/share dividend. That'll get people's attention...
Now that I just bought some, yeah, I agree! Share buyback!
And a huge divie while they're at it!
:)
There has to be something AAPL-specific wrong for this kind of action. Yes, no question AAPL and AAPL shareholders benefited from all the iPods and stuff bought with easy credit (consider that your upside from the impending bailout), but it doesn't account for a 50% haircut off the top. Well, ok, maybe it's possible, but it doesn't seem likely.
So good news is it's probably near a bottom, because a bunch of people sure seem to know something and we're having "price discovery".
Bad news is, the rest of us don't yet know what they know.
iTunes store goes subversive.
This evening there was a conference call hosted by the Treasury Department and the invites were the kinds of institutions you would expect (banks, PPT, etc). Someone recorded the call and the recording is now available as a podcast.
itpc://drop.io/5rlhe4g2t4ueejlvzfow/64ecf0263b93a4210e3a483ab66fcb7b80022d26/sacrealstats001/podcast.rss
Treasury had a phone conference with SIFMA members this evening regarding the "bailout" to be voted on tomorrow. Torrent of the call can be found here:
http://thepiratebay.org/torrent/4418763
Tampa, Boston, Phillies, Dodgers
Boston, Dodgers
Boston in 5
OT:...Social Security is in pretty good shape...
I agree with you, to an extent. It is true that if you look at Social Security as a program, it's not very far of from making economic sense. I'm also willing to accept it provides a useful societal function. Hell, I'll even go further - I'll accept that it provides a useful function at a fair price.
The problem is that the economy "artificially combines" all federal programs whether you or I like or not. And from an overall budget perspective, Social Security is an enormous problem. I do not believe it will be possible for the US to get out of this debt death spiral without significantly revamping Social Security.
Not saying it's fair, just saying that I think it's too late to expect anything else. We've crossed a Rubicon or two since 1982...
OT: ...what I remember most is a lot of crowing by this administration about record levels of home-ownership...
Fair is fair - if someone wants to take credit for the good parts, they need to accept blame for the bad parts.
Not that I ever expect to see such a thing in my lifetime. As far as I can tell there is a collective evasion of responsibility on this issue from pretty much across the demographic spectrum. I mean, I haven't seen too many AAPL shareholders complain about all the iPods that were purchased with proceeds of cash-out liar loans and HELOCs....
Bank runs are already occuring - a prime reason WaMoo couldn't hold on until the bailout is that they lost somewhere between $10-$20B in deposits in less than 2 weeks.
I'd prefer that they not get any scarier
I hear you. It's not clear to me there's much choice in the matter anymore.
That's been bubbling all weekend. Given Kristol's batting average, I'd be inclined to ask congress for pretty much the opposite of whatever he's asking for.
Fortis has, shall we say, a less than sterling reputation. Let 'em fail...
I'm a relative newcomer to this board. Have to say - this is about as information-dense an investment board as I've ever come across.
I'm going to back to shutting up and reading now.
Love it - "This was designed stupidly."
We have a half dozen iPods, iPhones, whathave you, three different OSX machines, and an AppleTV used by four different people, including two kids under the age of 7. For all the rightful complaining we do about Apple's flaws, their approach to DRM is almost - not quite, but pretty damn close - transparent to the user. In fact I think I'm the only one who knows the DRM is even there.
PPT doesn't give a rat's petootie about the equity market. All the important tells are happening on the debt markets and have been for years.
This is about saving the central bank, plain and simple.
what other shoes can drop?
The Federal Reserve is broke.
That would put a few crimps in "a few" business plans.
It does not appear JPM was offered anything else. They struck a very good deal.
However, it appears taxpayers may be on the hook for a $50B+ chunk of WaMu's unsecured/subordinated debt that got wiped out in the process.
Think I'll sell covered calls and buy puts.
Ha! Just make sure your market maker doesn't know you're establishing a "net economic short" position.
From FDIC's website:
VI. Loan Customers
If you had a loan with Washington Mutual Bank, you should continue to make your payments as usual. The terms of your loan will not change because they are contractually agreed to in your promissory note. Checks should be made payable as usual and sent to the same address until further notice.
...while mitigating another potentially huge taxpayer bill for the rescue of another failing institution...
Not real sure about that. It appears the single biggest unsecured debt holder in WaMu was FHLB. Which has a special direct line into the Treasury (established this summer) allowing it to swap "other" debt for Treasuries.
I'm not 100% sure on this, but right now it looks like taxpayers got dinged for a $60B bailout of FHLB.
Note to self: never buy junior or unsecured debt in a bank holding company.
What documentation can you provide for your negativity on OSTK?
The financial statements they file with the SEC.
There isn't enough blood left in that rock to make it worthwhile. OSTK is done.
Change of topic: if anybody is interested, there is apparently a little life left in the electorate, with an anti-bailout protest being planned in DC for this weekend.
http://www.tickerforum.org/cgi-ticker/akcs-www?post=62255
Sorry, I don't waste time doing logic with faith-based speculators. It's your money, bet it as you see fit.
AAPL getting a bit toasted in AH - presumably RIMM sympathy (RIMM is getting obliterated).
Welcome to consumer electronics!
Heh. So I guess now we have a little bear rally into the election, then people realize an actual, real recession is happening, then Dow goes to 8-9k sometime during spring and summer.
I guess.
Uh - because he IS a crock and runs a company that is a pile of trash that has not and will not ever make money? Said company only being able to stay in "business" by perpetually and forever issuing new stock and selling the dilution to suckers?
Patrick Byrne is a crook. Period. EOM.
Why isn't the DOW up 2000 points on this deal?
Waiting on the surprise rate cut that's part of the deal.
OT: Mission Accomplished.
BEIJING, Sept 25 (Reuters) - Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported on Thursday.
The Hong Kong newspaper cited unidentified industry sources as saying the instruction from the China Banking Regulatory Commission (CBRC) applied to interbank lending of all currencies to U.S. banks but not to banks from other countries.
"The decree appears to be Beijing's first attempt to erect defences against the deepening U.S. financial meltdown after the mainland's major lenders reported billions of U.S. dollars in exposure to the credit crisis," the SCMP said.
A spokesman for the CBRC had no immediate comment.
Mission accomplished.
BEIJING, Sept 25 (Reuters) - Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported on Thursday.
Playing with AIG/FNM profits - worst case it's easy come, easy go.
Not even gonna examine it - buying a high-risk-appropriate load. You're on the clock. :)
The way to profit from this is start from an open source OS, slap a Windows-like GUI on it, and sell it to Softie as a Windows Mobile backup and/or speedup plan.
:)
Well done. Don't spend it all in one place.
Have you cashed out yet? EOM.
I'm having trouble seeing a real danger to the iPhone's success...
I think there's two parts to "success". One is if Apple sells a bunch and makes money. That seems reasonably certain. The other is whether or not iPhone becomes the niche platform of the mobile age the way Macs became a niche to WinTels. That seems at least possible, maybe even probable.
As long as Jobs is running the show it may not matter. The bigger question is what happens post-Jobs, when the vision is at least diluted, if not completely extinguished, and market share (presumably) becomes more important?
Posted by an acquaintance on another site...
---Begin PP --
A few points.
1. I'm the biggest libertarian on this board. For twenty years I've advocated the virtual dismantling of the Federal government. Taxes should be collected and services provided by the States. It is the States who ideally would fund the tiny Federal government. I'm anti-Fed, anti-interventionist military, anti-welfare, anti-Social Security, I'm even anti-public education. Government equals entitlement and in a world where you enter alone and leave alone the THEFT of wages by a central government is a SIN.
2. The Treasury will fail soon enough.
3. Don't EVER burn an American flag. Be respectful. Instead BOMB a leftest institution.
That being said.
a. Each one of us is being bailed out. WHO THE F*** do you think is insuring your bank account? Your brokerage account too. Unless your money is sitting under your bed then YOU TOO are milking the Federally insured banking system and paying ZILCH for the insurance.
b. The banking system SERVES THE POOR. Do rich people need to borrow? Do you think Alex Rodriguez needs a car loan? Or a mortgage? He can pay cash. Many of you can't.
c. The BEST WAY for poor folk to become rich is through leverage. What can allow your trading account to grow faster, trading stocks at 50% margin or trading futures with a 2% performance bond?
I met a FLIPPER here on ET who went from being a humble, broke 25 year old to a millionaire 30 year old because he could borrow from a bank.
d. What's the difference between bailing out banks which EVERYBODY uses than "bailing out" Chrysler, UAL and American Airlines which FEW people use and which have ready competition.
c. What's the difference between this bailout and the ENRICHMENT of all those "well run" corporations who do BILLIONS of dollars in business with the Federal government.
d. What's the difference between this bailout and funding energy or health care? GOVERNMENT FUNDING IS JUST "BAILOUT" WITH ANOTHER NAME.
This isn't the BEGINING of American socialism. It's just the 1000th blow (job). In reality though - this is probably the most IMPORTANT bail out. Let's make it the last.