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Santa delivers
Santa delivers
Fed. 1day RP + 10.50B [net Add 0.50B
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Fed. 1day RP + 10.50B [net Add 0.50B
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
W@G2 QQQQ 12/26/07 for a 12/28/07 close
52.00 bob3
51.00 rayrohn
Fed. 2day RP + 10.00B [net add +3.25B
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Fed. 2day RP + 10.00B [net add +3.25B
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Don Coxe: Basic Points December 2007 link
http://www.victoradair.com/pdf/BasicPoints20071219.pdf
Don Coxe: Basic Points December 2007 link
http://www.victoradair.com/pdf/BasicPoints20071219.pdf
Kinross and Goldcorp close their asset swap deals for Chilean and Canadian mines
Fri Dec 21, 6:08 PM
The Canadian Press
http://ca.news.finance.yahoo.com/s/21122007/2/biz-finance-kinross-goldcorp-close-asset-swap-deals-ch...
By The Canadian Press
VANCOUVER - Kinross Gold Corp. (TSX: K.TO) of Toronto and GoldCorp. (TSX: G.TO) of Vancouver have closed their previously announced swap of assets in Ontario and South America consolidating operations in the two gold mining regions.
The two companies said late Friday they had finalized a transaction that will see Kinross acquire Goldcorp's 50 per cent ownership of the La Coipa mine and become full owner and operator of the project in northern Chile.
In return, Goldcorp will acquire Kinross' s 49 per cent share of the Porcupine gold mines in northeastern Ontario and its 32 per cent share of the Musselwhite gold mine in northwestern Ontario.
Goldcorp is also paying Kinross about $204 million in cash.
Kinross said the La Coipa acquisition strengthens the Toronto company's position in Chile's Maricunga district, a core area where the miner already operates the Maricunga mine.
"This transaction strengthens our strategic position in Chile and adds to our growth and development opportunities in a highly prospective region," said Tye Burt, president and CEO of Kinross.
"It also increases ownership and operating control of our core mines, and reduces costs, consistent with Kinross' disciplined strategy to optimize low-cost, high-margin production."
Kinross is the third-largest primary gold producer in North America by reserves. With mines in the United States, Brazil, Russia and Chile, the company has about 4,500 employees.
In trading Friday on the TSX, Kinross shares rose $1.54 to close at $17.99, a gain of 9.4 per cent in trading of more than 10.9 million shares.
Goldcorp shares rose $1.21 to close at $32.08, a gain of 3.9 per cent in trading of more than 5.3 million shares.
Kinross and Goldcorp close their asset swap deals for Chilean and Canadian mines
Fri Dec 21, 6:08 PM
The Canadian Press
http://ca.news.finance.yahoo.com/s/21122007/2/biz-finance-kinross-goldcorp-close-asset-swap-deals-ch...
By The Canadian Press
VANCOUVER - Kinross Gold Corp. (TSX: K.TO) of Toronto and GoldCorp. (TSX: G.TO) of Vancouver have closed their previously announced swap of assets in Ontario and South America consolidating operations in the two gold mining regions.
The two companies said late Friday they had finalized a transaction that will see Kinross acquire Goldcorp's 50 per cent ownership of the La Coipa mine and become full owner and operator of the project in northern Chile.
In return, Goldcorp will acquire Kinross' s 49 per cent share of the Porcupine gold mines in northeastern Ontario and its 32 per cent share of the Musselwhite gold mine in northwestern Ontario.
Goldcorp is also paying Kinross about $204 million in cash.
Kinross said the La Coipa acquisition strengthens the Toronto company's position in Chile's Maricunga district, a core area where the miner already operates the Maricunga mine.
"This transaction strengthens our strategic position in Chile and adds to our growth and development opportunities in a highly prospective region," said Tye Burt, president and CEO of Kinross.
"It also increases ownership and operating control of our core mines, and reduces costs, consistent with Kinross' disciplined strategy to optimize low-cost, high-margin production."
Kinross is the third-largest primary gold producer in North America by reserves. With mines in the United States, Brazil, Russia and Chile, the company has about 4,500 employees.
In trading Friday on the TSX, Kinross shares rose $1.54 to close at $17.99, a gain of 9.4 per cent in trading of more than 10.9 million shares.
Goldcorp shares rose $1.21 to close at $32.08, a gain of 3.9 per cent in trading of more than 5.3 million shares.
Fraud Seen as a Driver In Wave of Foreclosures
http://online.wsj.com/article/SB119820566870044163.html?mod=googlenews_wsj
Fraud Seen as a Driver In Wave of Foreclosures
Atlanta Ring Scams Bear Stearns, Getting $6.8 Million in Loans
By MICHAEL CORKERY
December 21, 2007; Page A1
ATLANTA -- Skyrocketing foreclosures are a testament to how easy it was to borrow from mortgage lenders in recent years.
It may also have been easy to steal from them, to judge from a multimillion-dollar fraud scheme that federal prosecutors unraveled here in Atlanta. The criminals obtained $6.8 million in mortgages from Bear Stearns Cos., including a $1.8 million mortgage to Calvin Wright, a New Yorker who told the investment bank that he and his wife earned more than $50,000 a month as the top officers of a marketing firm. Mr. Wright submitted statements showing assets of $3 million, a federal indictment alleged.
Edit...long article
OT: Chichi2
save my seat again...monday morning same as b4.
Fed. Ops: 20.75B Matures this week.
Mon: 6.75B 3day
Thu: 6.00B 14day
>>> 8.00B 7day
Float: 38.75B
=========================================================
Temp Ops:
Perm Ops:
=========================================================
Public Debt:
Limit ~ $9,815 T
12/20 ~ $9,136 T
Fed. Ops: 20.75B Matures this week.
Mon: 6.75B 3day
Thu: 6.00B 14day
>>> 8.00B 7day
Float: 38.75B
=========================================================
Temp Ops:
Perm Ops:
=========================================================
Public Debt:
Limit ~ $9,815 T
12/20 ~ $9,136 T
Thanks Ray /
It was FA & James loading the truck again...all p/m ran up late
prolly a favorable cot report. bwdik
Sean, thanks pal too bad l didn't play it..
nice play on your FMD. very nice!!
Fed: Another $20B Auctioned to Banks
#msg-25488320
Fed: Another $20B Auctioned to Banks
Friday December 21, 11:05 am ET
By Martin Crutsinger, AP Economics Writer
Fed Has Auctioned Another $20B in Funds to Commercial Banks to Combat Credit Crunch
WASHINGTON (AP) -- The Federal Reserve, working to combat the effects of a severe credit crunch, announced Friday it had auctioned another $20 billion in funds to commercial banks at an interest rate of 4.67 percent. Fed officials pledged to continue with the auctions "for as long as necessary."
The central bank said it had received bids for $57.7 billion worth of loans, nearly three times the amount being offered, indicating continued strong interest in the Fed's new approach to providing money to cash-strapped banks.
It was the second of four scheduled auctions. The first auction, on Monday, of $20 billion resulted in loans being awarded at an interest rate of 4.65 percent. There were 93 bidders seeking $63.6 billion at the first auction and 73 at the second.
Two more auctions will occur in early January. In a statement Friday, the central bank said it would continue with further auctions "for as long as necessary to address elevated pressures in short-term funding markets."
The new auction process was announced by the Fed last week in a coordinated action with central banks around the world trying to address a global credit crunch.
Federal Reserve Chairman Ben Bernanke and his colleagues decided to try the new process because their efforts to inject funds into the banking system through the Fed's discount window, which makes direct loans to banks, had proven less successful than Fed officials had hoped.
Many banks had avoided using the Fed's discount window out of concern that investors would see the move as an indication of underlying problems at their financial institutions.
The auction process was developed as a second way to get money into the banking system with the hopes that it would not carry the stigma of the discount window.
The Fed said Friday that it would announce on Jan. 4 the sizes of the next two auctions which will be held Jan. 14 and Jan. 28. Officials have said the Fed will evaluate the interest in the auctions after the initial four and determine whether more auctions will be scheduled.
The new auction results cover short-term loans for 35 days.
The global credit crisis has made banks reluctant to lend to each other even as the Fed has been lowering its federal funds rate, the interest that banks charge each other for overnight loans.
The rate currently stands at 4.25 percent, a full percentage point lower than it was in September when the Fed began slashing rates in the wake of a severe credit squeeze that had roiled global markets in August.
The 4.67 percent rate for the second $20 billion in funds and the 4.65 percent rate for the first auction means that banks who are using the auction process to get needed reserves are getting them at a rate slightly below the 4.75 percent rate they could get in direct loans through the discount window.
The Fed cut the federal funds rate and the discount rate by a quarter-point at its last meeting on Dec. 11, disappointing investors who had hoped for a bigger half-point reduction in the funds rate.
Many economists believe the Fed will keep cutting rates with three more quarter-point reductions expected in the funds rate at the Fed's first three meetings of the new year.
Analysts believe that a serious slowdown in overall economic growth will force the Fed to continue cutting rates even though some Fed officials have expressed worries that the rate cuts could exacerbate inflation pressures, which have flared up again, reflecting a renewed surge in oil prices.
http://biz.yahoo.com/ap/071221/fed_credit_crisis.html?.v=10
Fed. 3day RP + 6.75B [ net add + 4.75B ]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Fed. 3day RP + 6.75B [ net add + 4.75B ]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Futures (2) + World Indices
http://www.cme.com/dta/del/globex.html
http://money.cnn.com/data/premarket/
World Indices (2) Mini Charts
Updates every 60sec ~ Watch the dates!!
http://www.wwfn.com/commentary/oscharts.html
http://www.allstocks.com/markets/World_Charts/Asian_Stock_Markets/asian_stock_markets.html
Bear Stearns: Worst Quarter Ever!
Wall Street was braced for a quarterly loss at Bear Stearns on Thursday, but the extent of the firm's first quarterly deficit since it was founded in 1923, far surpassed expectations. The poor results will cost Bear's top brass their 2007 bonus payments.
As with its competitors--other than Goldman Sachs (nyse: GS - news - people )--the root of Bear's troubles was the global debt crisis, which was routed in the U.S. subprime mortgage market. Bear was an early victim, shocking the Street in July when two of its major hedge funds collapsed.
On Thursday, The brokerage said it suffered a loss of $859 million, or $6.90 a share, for its fourth quarter, which ended Nov. 30, down from a profit of $558 million, or $4.00 a share, for the year-ago period. The firm also announced $1.9 billion in additional write-downs as it recalculated the value of its battered portfolio.
The results shocked Wall Street, where analysts--whose track record at predicting earnings in their own industry leaves something to be desired--were looking for a loss of just $1.79 a share. According to the Associated Press, no one in the analyst pool predicted a deficit greater than $2.45.
Shares of Bear Stearns (nyse: BSC - news - people ) fell 50 cents, or 0.6%, to $90.10 in early afternoon trading.
The profit report comes just one day after Morgan Stanley (nyse: MS - news - people ) surprised the Street with a steep quarterly loss and $9.4 billion in write-downs. (See "Morgan Stanley's Bad Moment") The rapidly depreciating value of mortgage-related assets and the general turmoil in the credit markets has punished Wall Street's power houses.
In a mea-culpa moment, Morgan Stanley's Chief Executive Officer John Mack said he would not accept a bonus this year. Bear Stearns followed suit. Senior executives, including CEO James Cayne, will also go home without bonuses for 2007. Like Mack, who expressed his disappointment in the fourth-quarter numbers, Cayne told investors that he was not pleased with the results.
"We are obviously upset with our 2007 results, particularly in light of the fact that weakness in fixed income more than offset strong and, in some areas, record-setting performance in other businesses," said Cayne. "Our underlying fixed-income franchise remains strong and we have taken steps to size the division to market conditions." He added, "In a year in which we produced unacceptable results, the plans are working as they were designed -- and the members of the executive committee will not receive any bonuses for 2007."
In the troubled capital markets division, which includes fixed-income, the company said it experienced a loss of $956 million. The fixed-income unit alone lost $1.5 billion in the quarter. "Results for 2007 were heavily influenced by the severe market conditions across the fixed-income sector. More broadly, the repricing of credit also led to significantly lower net revenue levels due to illiquidity in the markets as trading activity levels deteriorated across the spectrum of fixed income products," the company said. The unit recorded $1.9 billion in recorded write-downs for the period, which is larger than the previous estimate of $1.2 billion, the company released in November. However, before hedges, the company actually suffered $3.2 billion in write-downs, said Bear's Chief Financial Officer Sam Molinaro in a conference call, according to Reuters. During the period, Bear Stearns unwound the remainder of its collateralized debt obligations, or CDOs.
The company's investment banking unit (another section of the capital markets division) also underperformed. Investment banking sales fell 44% to $205 million, from $364 million, due to lower fees for underwriting services. Elsewhere, the company's equity trading business saw sales fall 11% to $384 million, from $430 million.
Aside from the black eye of fixed income, the rest of the company performed relatively well--but far from spectacular. The clearing business saw sales rise 1.8%, to $276 million, from $271 million. Meanwhile, the wealth-management division saw sales rise 10.1%, to $272 million, from $247 million.
As evidenced from the numbers, the credit markets have continued to deteriorate from the third quarter to the fourth. In September, the company said it still managed to eke out a gain $166.1 million, although the profit had declined 61.6% from $432.2 million for the year ago period. (See: "Bear Stearns Assuages Subprime Fears" ) In a conference call, Bear Stearns assured investors that second-half of 2007 would stand out as the bottom of the credit crisis. CFO Molinaro said sales will be higher in 2008 than this year.
Also, Bear Stearns has more than write-downs to wrestle with these days. On Wednesday, Barclays Bank (nyse: BCS - news - people ) filed a suit against the firm in a New York federal court, accusing Bear Stearns of failing to accurately represent the value of the two notorious hedge funds that collapsed in July. Barclays alleges that Bear Stearns withheld important financial information from investors
In an attempt to slow the bleeding from the balance sheets, Bear Stearns has also issued a slew of pink slips. Last month, Bear Stearns said it would cut 650 jobs, or 4% of its worldwide workforce. The November cut was the company's third round of layoffs since the start of the mortgage crisis this summer. With credit markets still effectively frozen, job cuts have been widespread and many believe hiring freezes will persist through 2008. Lehman Brothers (nyse: LEH - news - people ) has laid off 2,450 people, UBS (nyse: UBS - news - people ) has said it plans to fire 1,500 workers, Morgan Stanley cut 600 people and Merrill Lynch (nyse: MER - news - people ) was rumored to be slashing 15% of its work force in the fixed-income department. (See: "Bear Without Us" )
In another interesting move, the company also recently teamed up with Citic Securities, a Chinese investment firm. (See: "Bear Stearns And Citic Swap Stakes" ) In October, the firms agreed to invest $1 billion in each in one another. Bear Stearns got a 2% stake in Citic, while Citic received a 6% in Bear Stearns. Morgan Stanley also turned to China to shore up its balance sheet. (See "Chinese Cash Plugs Morgan Stanley's Hole")
Other financial stocks were down today, Lehman Brothers dropped 0.7%, or 41 cents, to $61.48, while Merrill Lynch dropped 1.9%, or $1.03, to $53.70, in early afternoon trading.
http://www.forbes.com/markets/2007/12/20/bear-stearns-update-markets-equity-cx_er_1220markets16.html
Courtesy...wonderbuy
yep Ray, l'v been watch J 5 calls
they moved up 5 cents about the same time maybe same guy...all in.
Fed.2)3) 7day RP + 8.00B [ DRain -23.75B ]
Fed.3) 1day RP + 2.00B
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Fed.2)3) 7day RP + 8.00B [ DRain -23.75B ]
Fed.3) 1day RP + 2.00B
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Fed. 14day RP + 10.00B [soFar Add**
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
**Matures Thu: 43.75B
>4.00B 14day
20.00B 8day
10.00B 7day
>9.75B 1day
Fed. 14day RP + 10.00B [soFar Add**
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
**Matures Thu: 43.75B
>4.00B 14day
20.00B 8day
10.00B 7day
>9.75B 1day
The Cap'm, time change Crude new month
Gold~ Silver~ HUI~ XAU~ US$~ €uro~ Crude
#msg-25440763
Gold~ Silver~ HUI~ XAU~ US$~ €uro~ Crude[newMthCrud]
Live Charts ~ Bookmark this page –
Refresh anytime during the day.
PoG
PoS
HUI
XAU
3day $US:
€uro
Crude
Ray good solid win. grats!!
U.S. banks borrow $20 billion from Fed at 4.65%
10:02 AM ET, Dec 19, 2007 - By Rex Nutting - 12 minutes ago
WASHINGTON (MarketWatch) -- U.S. banks have borrowed $20 billion from the Federal Reserve for 28 days at 4.65%, the Fed announced Wednesday. It was the first of several planned auctions of short-term credits to alleviate a liquidity crunch in credit markets. A total of 93 banks bid in the auction on Monday, asking for $61.6 billion. The bid-to-cover ratio was 3.08. At 4.65%, the stop-out interest rate for the auction offered a 10 basis point discount from the Fed's discount window rate of 4.75% and 28 basis points below the prevailing interbank lending rate of 4.93%. The loans are fully collateralized and will be repaid on Jan. 17.
Edit; Fed. 1day RP + 9.75B [soFar drain -0.50
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Appears the amount is 28.75 look @ your chart its there already
#msg-11379252
Fed. 1day RP + 9.75B [soFar drain -0.50
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
W@G2 QQQQ 12/19/07 for a 12/21/07 close
51.00 bob3
50.84 frenchee
50.00 dr_sean
49.89 The Cap'm
49.00 rayrohn
Crude
Fed. 1day RP + 10.25B [net Add +0.75B]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Fed. 1day RP + 10.25B [net Add +0.75B]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Fed. 1day RP + 9.00B [ all Add ]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm