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[BRIEFING.COM] S&P futures vs fair value: -30.7. Nasdaq futures vs fair value: -46.2. News of the Bear Stearns buyout at only $2 per share continues to fuel selling pressure. In other news, CME Group (CME) is going to acquire Nymex Holdings (NMX) for $36 per share in cash and 0.1323 shares of CME. Crude oil has retreated along with equities. Crude is down 2.4% to $107.55 per barrel. Meanwhile, gold has climbed to record highs. Gold is up 1.6% to $1014.70 per ounce.
 
Economic data were worse than expected this morning. Industrial production fell 0.5% in February. This was worse than the expected decline of 0.1%. Meanwhile, the NY Empire State Index, a regional manufacturing survey, fell to -22.2 from -11.7. This was worse than the expected reading of -7.4. It marks the lowest Empire reading on record since the survey started in 2001
 
Fed funds futures suggest an 8% chance of a 125 basis point cut, with the rest of the odds on a 100 basis point cut. Last week, there was only a 52% chance of a 100 basis point cut with the rest of the odds on a 75 basis point cut.
 
Ross Acquires Option One Mortgage for $1.1 Billion

By CNBC.com | 17 Mar 2008 | 10:56 AM ET

Billionaire investor Wilbur Ross has reached an agreement to acquire the mortgage loan servicing business of H&R Block's Option One Mortgage, forming the second largest mortgage servicing company in the United States.

Option One currently services about $53 billion of subprime mortgages, ranking it the fourth-largest in the nation. H&R Block H&R Block Inc shut down Option One's mortgage originations after an earlier agreement to sell the division to Cerberus Capital Management fell through.


http://www.cnbc.com/id/23671169
 
Silverbird said:
Ross Acquires Option One Mortgage for $1.1 Billion

By CNBC.com | 17 Mar 2008 | 10:56 AM ET

Billionaire investor Wilbur Ross has reached an agreement to acquire the mortgage loan servicing business of H&R Block's Option One Mortgage, forming the second largest mortgage servicing company in the United States.

Option One currently services about $53 billion of subprime mortgages, ranking it the fourth-largest in the nation. H&R Block H&R Block Inc shut down Option One's mortgage originations after an earlier agreement to sell the division to Cerberus Capital Management fell through.


http://www.cnbc.com/id/23671169
Click to expand...

If he would just wait a few weeks, he might be able steal it for $1/share.:nuts:
 
The energy sector's weakness is largely due to a 4.8% slide in crude prices. This the largest one-day percent decline in crude since 2004.
 
Why is the Fed saving Bear Stearns from bankruptcy? Why? Others have been allowed to go bankrupt. Yeah, maybe there not as big as Bear but still, why not throw them a bone? Gee, I wonder if they did go bankrupt, what would happen to all the millions if not billions in dollars worht of bonuses that the execs got this last year? Would they get freezed? Returned? Would it become public to the world? Seems Benny might be making good on some of his favors. Oh yeah and while your at it Ben keep stomping and grinding on that green piece of paper that has a picture of that George guy on it. Ben must be starting a confetti egg business and needs some filler. Now we just need a bank to fall and I guess its on.


And by the way does anyone think Cramer has lost his credibility? That "helping the little guy" act has worn out. Wonder how he justifies his holding Bear Stearns comment. I think with all his props on the set his next step will be opening for Carrot Top.
 
sugarandspice said:
And by the way does anyone think Cramer has lost his credibility? That "helping the little guy" act has worn out. Wonder how he justifies his holding Bear Stearns comment. I think with all his props on the set his next step will be opening for Carrot Top.
Click to expand...


For me, he lost it in January 2007.
 
Goldman reported earnings of $3.23 per share, which topped the consensus estimate of $2.58. Lehman reported earnings of $0.81 per share, beating its estimate by $0.09. Meanwhile, February PPI rose 0.3% month over month, compared to the the expected rise of 0.4%. Core PPI, which excludes food & energy, rose 0.5%, which was more than the expected rise of 0.2%. Separately, housing starts came in at 1065K compared to the expected reading of 995K. Building permits came in at 978K compared to the expected reading of 1020K.
 
... and this is the news we were all waiting for? :blink:
weatherweenie said:
Goldman reported earnings of $3.23 per share, which topped the consensus estimate of $2.58. Lehman reported earnings of $0.81 per share, beating its estimate by $0.09. Meanwhile, February PPI rose 0.3% month over month, compared to the the expected rise of 0.4%. Core PPI, which excludes food & energy, rose 0.5%, which was more than the expected rise of 0.2%. Separately, housing starts came in at 1065K compared to the expected reading of 995K. Building permits came in at 978K compared to the expected reading of 1020K.
Click to expand...
Where's the beef?
Dow jumps 200 in opening minutes
http://news.yahoo.com/s/ap/20080318/ap_on_bi_st_ma_re/wall_street_109
 
Fivetears said:
"The number of housing starts declined 0.6 percent last month, the Commerce Department said. But this worked out to an annualized pace of 1.065 million units, which was higher than the 990,000 that had been forecast."
http://news.yahoo.com/s/nm/20080318/bs_nm/usa_economy_dc_4;_ylt=AsJvF571A2B1s5eE2FdUdLAE1vAI

Of course housing starts are up. The Commerce Department math proves it. :blink: :rolleyes:
Click to expand...


How is this good news?:rolleyes:

There is already a 10+ months supply that needs to be worked through.
 
350zCommTech said:
How is this good news?:rolleyes:

There is already a 10+ months supply that needs to be worked through.
Click to expand...


depends on your local market...

i have 1 house under construction and 4 more lined up to do over the summer. Our market is 28% undervalued at the moment, making it attractive for people fleeing the over-built/over-priced markets.

Helping our situation here also, is the fact that we have no national home building companies here. It's just mostly small builders who a few houses per year. There might be 3% who do close to 100 but that's it.
 
I think those NEW housing starts are APARTMENT & RENTAL starts! :suspicious:
We're gonna need a place to put all those folks loosing the foreclosure battle who no longer qualify to buy. :notrust:
350zCommTech said:
How is this good news?:rolleyes:

There is already a 10+ months supply that needs to be worked through.
Click to expand...
 
Fed funds futures suggest an 86% chance of a 100 basis point cut, with the rest of the odds on a 75 basis point cut. Yesterday, there was a 22% chance of a 125 basis point cut.
 
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