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Wall Street Breakfast: Must-Know Newsby SA Editor Rachael Granby- Bank trio becomes duo. Wells Fargo (WFC) will become the largest U.S. bank by branches with its bid for Wachovia (WB), after Citigroup (C) withdrew from compromise negotiations late yesterday on concerns about the quality of some of Wachovia's assets. Wells Fargo, with a bid valued at $11.4B, expects the purchase to be completed by the end of the year, and denies it will have to absorb assets shakier than originally thought.
- Government considers next steps. As the financial crisis continues to worsen, the U.S. government is considering two dramatic steps to turn around, or at least slow, the damage: guaranteeing billions of dollars in bank debt and temporarily insuring all U.S. bank deposits. The moves, which would mark the government's most extensive intervention to date, are in discussion stages only.
- Credit stays frozen. As frozen credit markets refuse to thaw, the cost of default protection on corporate bonds reaches new global records amid investor concerns the credit crisis will trigger corporate failures as companies struggle to finance their businesses. Interbank lending remains limited, and borrowing from the Fed's expanded discount window continued its trend of setting new highs every week, as the total daily average rose to $420.2B vs. $367.8B last week.
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Wednesday, October 15.Bullish Calls:Continental Resources (CLR) -- "This is a remarkable decline. All of the high quality ones are down so much, I can't go against it. This is where you pull the trigger.
3M (MMM) -- The moment this stock starts yielding 5%, I'm a buyer. Until then, keep your powder dry.Bearish Calls:Computer Sciences (CSC) -- This is a company that was going to be bought, but they passed up the chance. Now I don't want to buy it."Email continues...
Annaly Mortgage (NLY) -- I think this is a business model that needs to borrow money. Definitively do not buy."
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New ETFs- First Trust Launches Infrastructure ETF with Global Reach by Index Universe
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Latest Comments57 Comments
Karmazin Video Provides Some Sirius Answers
MHO, FWIW, they're going to use the new shares to retire their debt, do a 1:20 RS, which will bring the SP up to the $10 range.
$10/shr, over $1B in revenue, and no debt...Sky's the limit. Personally, I'm holding on to my piece of this pie!
Sirius XM's Challenges in the Eyes of Merrill
Cramer Continues to Dig a Sirius Hole for Himself
Citi: Sirius XM Is “Massively Undervalued”
Is the 'Mad Dog' Headed to Sirius XM's Sports Channel?
That show, I'm sure, would be entertaining to say the least.
Lehman, JP Morgan Weigh in on Newly-Formed Sirius XM Radio
I called my local branch office, and I was told the reason is that the merger and name change is going through today.
Sirius XM Show or Tell - A Rebuttal
163888: How could you miss that dip yesterday?? I grabbed up more @ 1.32 just before it hit bottom. That's it for me. SIRI already has over 25% of my investment capital, and any more would cause me to question my own sanity, although I must admit it's tempting to throw half my eggs in this basket, if you know what I mean!
Brandon Matthews posted another article this morning under Tyler's account, calling for some of the other execs to follow Mel's lead and buy up some shares, too, and I agree. Between that and the conference call Thursday morning, I think we're in for an interesting week, indeed!
Sirius XM Show or Tell - A Rebuttal
Satellite Radio Investing Made Simple
Take a hike.
Satellite Radio Investing Made Simple
The Blue Dog is finally off the leash, the muzzle comes off Thursday morning, and I expect to hear some pretty loud barking from the head dog!
We all have different reasons for investing in this company (or not). I was one of those who subscribed to Sirius when they hired Howard, although I was a bigger fan of BTLS at the time. After checking out and being blown away by the rest of the service for 6 months, I decided I wanted to own a piece of the company. I still feel the service is unmatched in the industry, and I will continue being a stockholder for as long as I believe "The best radio on radio" lives up to it's slogan, regardless of how hard the competition tries to manipulate the stock price.
As far as Mel Karmazin being CEO goes, he took a shithole like CBS Viacom and made it profitable; and now he's at the reigns of a company with almost limitless potential. His track record alone speaks volumes.
As a Sirius subscriber and stockholder, I for one am not going anywhere. I'll sell my shares when Mel sells his, and not a moment before!
Sirius XM Show or Tell - A Rebuttal
Second, if you nay-sayers are so certain this company and it's stock are worthless, why are you wasting your time heckling here, especially if you don't have a vested interest? Find a company you can be positive about and put your money and your efforts there, instead; or are you just such miserable people that you have to put that misery on display for all to see? I feel sorry for you if you are.
Sell whatever shares you may still have, and go lick your wounds elsewhere. There are plenty of folks around here who will be happy to snatch them up at these prices. I just did, and I thank you for giving me such a bargain on what I feel is a great company and a terrific service.
A Satellite Radio Giant's Surprising Small Audience
A Satellite Radio Giant's Surprising Small Audience
Sirius / SM Merger Finally Approved - And It Only Took 493 Days!
What a smack in the face it would be to Clear Channel, the NAB, and all the other special interests who spent millions of dollars delaying this merger, if Sirius were to realize it's full potential and become the entertainment powerhouse it rightfully deserves to be!
Imagine terrestrial radio becoming nothing more than an ultra-localized medium, struggling to make ends meet, relying solely upon local advertising revenue from car dealers, bars and restaurants!
Priceless!!
Why Did Adelstein Reverse His Position on the SIRI-XM Merger?