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Facebook Snaps a $1-Billion Photo

Casey Research — Thu, 19 Apr 2012 18:51:17 +0000

"What made Instagram worth $1 billion to Facebook?" When asked this question recently, I responded with an immediate, "Nothing." I'm not usually so terse or emphatic with my answers, as any longtime reader knows. But in this case, there really was nothing inherently valuable inside Instagram that made them worth the unbelievable sum Facebook agreed to pay. Yet they did it anyway. Clearly, there's something missing from a traditional valuation analysis here

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[Premium] AT&T raising charges by 33%

Edward Harrison — Thu, 19 Jan 2012 13:13:06 +0000

This is not an opinion on AT&T stock since AT&T benefits from a monopoly status in fixed line and oligopoly status in mobile telecom. But I did want to briefly flag something regarding the telecom industry and M&

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Why Nokia and Microsoft are getting together 11 Feb 2011

News Links: The ECB’s back-door bail-out for Italy, Spain, Belgium, and… France?

Edward Harrison — Thu, 22 Dec 2011 16:30:29 +0000

News links for 22 December 2011 including stories on the tech world, Europe, and the

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Spain, Italy, Belgium yields now under attack 2 Aug 2011

News Links: Corzine Rebuffed Internal Warnings on Risks at MF Global

Edward Harrison — Tue, 06 Dec 2011 16:30:42 +0000

Financial news links for 6 December 2011 featuring stories on MF Global, Facebook, class divides and retail sales

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A Battle for Oil Production Is Brewing

Casey Research — Sat, 12 Nov 2011 16:45:18 +0000

With big oil's bank accounts full to the brim with cash, the stage is set for some significant acquisition activity... or, to put it another way, for a battle to buy producing assets. There are quite a number of contestants in the battle - big oil companies are not only competing against each other to sweep up good assets but also against the national oil companies of developing, energy-hungry nations like China, South Korea, and India. Oil demands are rising in these nations so quickly that just to cover expected annual demand increases those three countries would have to jointly spend $30 billion on acquisitions each year

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The Creeping Eurozone Credit Crunch

Global Macro Monitor — Thu, 27 Oct 2011 14:22:11 +0000

Here’s a very informative chart via Morgan Stanley showing the deterioration in the Eurozone’s key credit indicators. Banks will no doubt sell assets, at least in part, as a way to meet their required capital targets

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It’s official: Spain following Japanese example of propping up zombie banks

Edward Harrison — Tue, 11 Oct 2011 18:30:36 +0000

Moody's decision to place Popular's ratings on review for possible downgrade is driven by our view that the combined entity emerging after the integration with Pastor is likely to have a weaker credit profile than Popular's standalone credit strength

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Why is a bank that failed the stress tests in Spain getting bought at a 31% premium?

Edward Harrison — Fri, 07 Oct 2011 16:12:17 +0000

I don’t follow the Spanish banking sector well enough to know what hidden value Banco Pastor has but I find it curious that it is the subject of a takeover bid at a 31% premium by Spain’s fifth largest bank, Banco Popular

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What’s Up With Micron?

Global Macro Monitor — Mon, 12 Sep 2011 23:57:34 +0000

Smells like Kentucky Fried Takeout to us. Yes, we’re talking our book, but for good reason. Nevertheless, keeping both hands on the ripcord

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Margin Call coming this fall

Global Macro Monitor — Tue, 23 Aug 2011 15:00:00 +0000

Timing couldn’t be more perfect, no? Maybe we get a bottom in equities on the release date. Go here to the movie’s official website

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