Yahoo shares rose early Wednesday despite the company reporting disappointing second-quarter results and narrowing its guidance range for the rest of 2008.The view on Wall Street appears to be that Yahoo’s results weren’t as bad as feared: “All in al
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Posted on July 24th, 2008 by
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From AllThingsD, July 23, 2008:Is Microsoft about to make another move on Yahoo? Or perhaps on AOL?
Or maybe it is just getting ready to articulate its strategic plans for
getting serious about the online search business on its own at its
Posted on July 24th, 2008 by
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Treasury Secretary Hank Paulson has been putting on a full-court press in the last 24 hours, making the case for his plan to shore-up Fannie Mae and Freddie Mac.”I would rather not be in the position of asking for extraordinary authorities to support
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Posted on July 24th, 2008 by
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From Silicon Alley Insider, July 22, 2008:Results disappointing: Gross revenue lower half of range (weak), operating income light, EBITDA light, EPS light. Revenue and operating income guidance for year “narrowed” (high end of range reduced).Rev
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The broker/dealer business model is “inherently unstable” and the four remaining major firms will not be independent in a few years, says Nouriel Roubini, economics professor at NYU’s Stern School and chairman of RGE Monitor.
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Is it Last Call for Wall Street at Anheuser-Busch?
On Anheuser-Busch’s conference call Wednesday to discuss second-quarter earnings, the tone was more like a wake than the tailgate parties of old.
Well, previous calls never really had galloping Clydesdales, singing frogs or a hard-partying Bull Terrier. But quarter after quarter, investors and analysts from both the ”buy” and ”sell” sides would still dial in after the close of New York trading for the latest color on beer sales.
Wednesday’s get-together — likely the second-to-last one before the brewer gets swallowed by Belgian brewer InBev – was different.
First, the earnings were released at 11:12 a.m. ET, (instead of the usual 2:30 p.m.), just as Wall Street’s beverage analysts were listening to PepsiCo CEO Indra Nooyi , on her conference call, discuss ways the company is changing its business to cope with the current economic uncertainty.
The Bud call started at noon, immediately following the Pepsi call.
While Chief Financial Officer W. Randy Baker said the teleconference was “earlier to accommodate the increased interest of European investors and analysts,” one U.S.-based analyst, who agreed to speak on the condition of anonymity, guessed that the near overlap with Pepsi’s presentation was no coincidence.
“Structurally, they set it up so that they wouldn’t really have to talk. I understand why they did that,” said the analyst, adding that the context and timing of the call kept off a lot of analysts, who were likely tied up with Pepsi.
Gone was the typically long Q&A session with analysts including Morgan Stanley’s Bill Pecoriello, Stifel Nicolaus’s Mark Swartzberg, UBS’s Kaumil Gajrawala, Deutsche Bank’s Marc Greenberg, JP Morgan’s John Faucher and Goldman Sachs’ Judy Hong. Bryan Spillane from Banc of America and Anthony Bucalo from Credit Suisse lobbed the only questions from the usual suspects.
In their places were London-based analysts who cover InBev, such as Chris Pitcher of Redburn Partners and Philip Morrisey of Citigroup.
“It was partially timing and partially like, ‘Hey guys, if you’re not going to make our lives easy, we’re going to go out and try to talk to our clients about a stock that matters now,” the analyst said.
Edward Jones analyst Jack Russo, who said he was on the conference call but did not ask a question, told Reuters that timing wasn’t the only issue.
“I think a lot of people are pretty much assuming this deal is done, that the company is going to no longer be an independent company by the end of the year, so I think interest kind of trails off as a result of that.”
He noted that some people might have tuned in for an update on the status of the deal, but that they’ll probably have to listen to an InBev call for that.
InBev, or the soon-to-be-called Anheuser-Busch InBev, will release earnings on August 14. Let’s hope InBev CEO Carlos Brito changes its call time to make it more convenient for the U.S. investors.
(Photo: Reuters)
Posted on July 23rd, 2008 by
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From Silicon Alley Insider, July 23, 2008:Release out: Processing now, but at first glance Amazon must have done a fantastic job with margin control: Revenue is inline, but EPS is through the roof
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Financial services companies are bleeding red and thousands of Wall Street workers are losing their jobs. So when one looks around and sees only the ruins left behind by the credit crisis, there is little to smile about.
Some people, though, haven’t lost their perspective — or their sense of humor.
If you call the chief operating officer of Freeman & Co, an independent adviser to the financial services industry, you are greeted by a rather unusual voice mail message:
“Hi, you have reached Eric Weber at Freeman & Company. Although financial services is melting down, we are still out doing business … Please leave me a message and I will return your phone call as soon as I can. Thank you.”
Many financial services bankers say things have been busy despite the obvious slowdown in the industry. But Weber’s motivation for saying that in his voice mail message goes beyond that.
“I have whimsical messages from time to time,” Weber said. “My friend reminded me that my message had gotten a little boring so I updated it.”
Weber says his previous voice mail was “boring.” But a little while ago, he says he had something like this to say to callers he missed:
“Hi, it’s Eric Weber, I am sorry I am not here. I am out closing a deal for one of our clients. Please leave me a message and I’ll call you back shortly.”
(Photo credit: Reuters)
Posted on July 23rd, 2008 by
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