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The! Biggest! News! of! the! Day! – Not GDP, Bear Stearns, Google, or KB Home

Here are some of the contenders for today’s biggest…news…of…the…day…  The final estimate for GDP that showed “growth accelerated in the second quarter to the fastest pace in more than a year”…Rumors that Warren Buffett may be looking to invest in Bear Stearns (BSC)…A hiring binge at Google (GOOG)…Continued chatter that Microsoft (MSFT) may be close to making an investment in Facebook…Earnings from KB Home (KBH)…Turmoil over the buyout deal for Sallie Mae (SLM)…A look at the financials by Herb Greenberg…Word that online business networking site LinkedIn is adding photos…[note - what do you think, should I add my photo of "old Nick" to my LinkedIn Profile?]While those are all stories worth watching, I think it is obviously clear that the biggest story is this – Wave of surfers drawn to fictitious English beach…according to the article, “Thousands of online visitors have been drawn to an English beach by pictures of turquoise seas, golden sands and palm trees, but risk disappointment as it is only a virtual surfers’ paradise”…Perhaps the best part of the story is that the site actually encourages tourists looking for the beach to ask the locals – “It should be noted that there is a private joke in Cornwall whereby locals will pretend not to know where Porthemmet Beach is…(Read More)

Upgrades and Downgrades – SiRF Technology, Wal-Mart, Starbucks

We head toward the bell with stock futures pushing back toward their highs of the overnight session…the S&Ps are 5 points above fair value…gold is up 4.30…Here are a few of the analyst upgrades and downgrades that I thought were worth noting this morning…Upgrades EchoStar (DISH) Magna (MGA) Rightnow Tech (RNOW) SiRF Technology (SIRF) Wal-Mart (WMT)Downgrades Fluor (FLR) Gamestop (GME) Healthways (HWAY) PetroChina (PTR) Starbucks (SBUX) Statoil ASA (STO)…(Read More)