Buried in Todays News:Nortel Shares Plunge

OK the first 24 hour cycle ends at 11-12-2008 at 15:42

The "big news" is in Illinois. Obama turf.

The new big news could be in Florida... Bush Turf (Clinton turf)


My reference is little Caylee so far as next "big news" although I am sure that if nothing arises that something could be made to arise.

Anyway...this gem is telling:

Corning Concedes Defeat

This means Best Buy is tanking.

...If you want something done right ...
But don't think Corning's leaving this to chance. Rather than sit quietly and let the market happen, Corning's taking steps to dry up excess inventories on its own. The company is cutting capital spending (it predicts 2009 capital expenditures of $1.1 billion) and even pondering "permanent manufacturing capacity consolidation."

www.fool.com...


BBY trades at $24 and change now. It has dropped half a penny.
Circuit City is bankrupt.
Sony is laying off.

AND we have some idle LCD/Plasma manufacturers waiting for incoming workorders.

No workorders from the people.

Must get workorders from somewhere.

Get it from new "make work project".

Enterprise Corruption says invest in this.....bombshell



He meant this....bombshell....


And of course we need LCD panels to view the smart bombs!

See a need and fill it.

www.ibtimes.com...

Today's PriceWatch Alerts cover the following stocks: Nokia Corp. (NYSE:NOK), Schlumberger Limited (NYSE: SLB), Best Buy Co. Inc. (NYSE: BBY), Yum!Brands Inc. (NYSE: YUM), and Steel Dynamics Inc. (Nasdaq: STLD).

Carlyle to acquire Sequa for $2 billion

NEW YORK - Private equity firm Carlyle Group said on Monday it would buy aircraft and auto parts maker Sequa Corp. for $2 billion.


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E-mail: The $175-a-share offer is a 54 percent premium to the stock's most recent closing price. Including debt, the deal is worth $2.7 billion.

Sequa said the estate of founder Norman Alexander and related entities, which hold about a 54 percent stake in the company, have agreed to vote in favor of the transaction. Alexander died in December 2006.

Sequa makes aerospace, automotive, metal coating, specialty chemical, industrial machinery and other products.

www.ibtimes.com...

Hey, these guys own the game...they need to make some more work so we can make some LCD's...

Evercore Group advised Sequa, while Lehman Brothers, Citigroup and JPMorgan were financial advisers to Carlyle.

OH. Those guys.




[edit on 11-12-2008 by whiteraven]

Yea....I like that picture.

Here we go......bad news....bbbbbbbbbad....

Woolworths Starts Closing Sale After No Buyer Found

Dec. 11 (Bloomberg) -- Woolworths Group Plc, the owner of 815 stores across Britain, started a closing-down sale today after failing to attract a bid that would save more than 25,000 jobs and avert the largest collapse of a U.K. retail chain.

www.bloomberg.com...

KB Toys Files Bankruptcy, Citing ‘Sudden’ Sales Drop (Update2)

www.bloomberg.com...

www.bloomberg.com...


AB InBev Owners Buy 99.6% of EU6.4 Billion Stock Sale (Update3)
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By Elisa Martinuzzi and Colin Keatinge

Dec. 11 (Bloomberg) -- Anheuser-Busch InBev NV, the brewer formed in a $52 billion takeover last month, said its investors bought 99.58 percent of the 6.4 billion euros ($8.3 billion) of new stock being sold to repay some of the deal’s debt.

Anheuser-Busch Inbev sold the rest to money managers at 13.16 euros a share, the Leuven, Belgium-based company said in a statement today. The company had offered investors eight new shares for every five they already owned at 6.45 euros each.

I quit drinking Bud since then, not that I drank a lot of Bud...mostly drink Porters and Guiness.

Moulton Says Only `Hopeless' U.K. Retailers Are Seeking Buyouts

Dec. 11 (Bloomberg) -- Jon Moulton said his buyout firm has only been approached about ``hopeless'' U.K. retailers, with more viable distressed businesses opting for protection from their creditors instead of seeking private-equity suitors

www.bloomberg.com...


WOW...Who is next?

GOLD GAINS Big today.

Oil is up.

Procter & Gamble Says Quarterly Sales Growth May Slow

www.bloomberg.com...

Russians Buy Jewelry, Hoard Dollars as Ruble Plunges (Update1)

Dec. 11 (Bloomberg) -- Moscow resident Tima Kulikov banked on the full faith and credit of the U.S. government, not the Kremlin, when he sold his biggest asset for cash.

The 31-year-old director of a social networking Web site initially agreed to sell his apartment for rubles, then cringed at the thought of the currency weakening as it sat in a lockbox pending settlement of the contract. It wasn’t until the buyer showed up with $250,000 stacked in old mobile-phone boxes and stuffed in his pockets that Kulikov closed the deal.

www.bloomberg.com...

U.S. Economy: Trade Falters, Claims at 26-Year High


Dec. 11 (Bloomberg) -- U.S. exports slid to a seven-month low and the number of Americans filing claims for unemployment benefits surged to the highest level since 1982, signaling the economy is shrinking even faster than previously estimated.

The export slump, caused by recessions spreading through U.S. trading partners, spurred a widening in the trade deficit to $57.2 billion in October, a Commerce Department report showed in Washington today. Initial jobless claims rose more than forecast to 573,000 in the week ended Dec. 6, the Labor Department said.

Rising joblessness will deepen the pull-back in spending by consumers, and the worsening trade balance removes what had been a source of support for an economy that’s been in a recession for a year. The Bush administration said the Labor report shows why U.S. senators should approve an emergency loan for automakers, to prevent a bigger hit to jobs from that industry’s collapse.

www.bloomberg.com...

We have about an hour or so to go to wrap up the Buried in the News 24 hour thread.

reply to post by whiteraven


Well Nortel has been on the verge of bankruptcy since the hay day of the internet boom.... and no they are not that big of a player. the were on Great America Parkway in Santa Clara, CA. in a building about the size of a grocery store. thats my two cents worth... its a ponzi scheme boss.

Just in...Bank Of America to layoff 35,000.

BOA to cut 35,000 jobs over 3 years

WELL That is wild. Just as I was about to post the 24 hour time period the power went out......

So..this is the jist of it.

Auto Bailout Appears Halted in Senate as G.O.P. Resists Auto Bailout Appears Halted in Senate as G.O.P. Resists
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By DAVID M. HERSZENHORN and DAVID E. SANGER
Published: December 11, 2008
WASHINGTON — The prospects of a $14 billion government rescue of the American auto industry seemed to vaporize Thursday as the Senate Republican leader, Mitch McConnell of Kentucky, spoke out forcefully against the bill, effectively ending its chances despite the urgings of the White House.

www.nytimes.com...


So the question to ask yourself in a frank manner would be.....Which of the above cited news is most "close to home" to Joe Average.

I would say job loss and war drums.

The MSM 3 Ring Circus continues with CNN, FOX and MSNBC leading the charge.

They will play up the sad, emotional, stories while the news items that matter are buried in the hype.

God Bless Everyone.

Peace
WR

Originally posted by TH3ON3
Just in...Bank Of America to layoff 35,000.

BOA to cut 35,000 jobs over 3 years

OMG!!!

That is big, being a financial industry and all.

Of course the credit card companies are being given bank status, so go figure!

WhiteRaven,

Maybe we should have daily 24 hour threads!

reply to post by interestedalways

Sorry...I had an issue with one of my aquariums.

yea, I agree, a 24 hour news thing sort of gives a overall vibe.

But ATS does that in and of itself which is the beauty of this open venue.

This has been a trip. The BOA thing is a big surprise.

Thats changes Christmas for 4 times 35 thousand persons if you look at the average working family in the USA.

Nevermind how that wave breaks out beyond that figure.

Again thank you to all readers and partakers.

Peace
WR

Nortel is a vendor of a big company I work for. We have their PBXs, phones, etc. Big problem changing to something else. They're a Canadian company, no chance for TARP. No investors want to invest in a falling knife, and banks don't want to loan to them. The only way they can continue operations is to continue to sell assets.

Did you know their stock was once worth $830 a share? September 1, 2000.

Maybe you are distracting us from the really important news with your reports of more companies doing miserably ... ??? Maybe.

That's 2 lines. I swear.

Originally posted by AHostileMe
Maybe you are distracting us from the really important news with your reports of more companies doing miserably ... ??? Maybe.

That's 2 lines. I swear.

Well, I see your point if you are somehow connected to the Illinois mess or the Caylee thing. Other then that I scanned and dug around as much as possible simply looking at news items that will have a signifigant impact on the North American working family.

The news is not good. I have been a news junky my whole life and this does not look good.

But...if you see anything buried of value please post it.

Peace
WR

[edit on 12-12-2008 by whiteraven]

Originally posted by Dbriefed
Nortel is a vendor of a big company I work for. We have their PBXs, phones, etc. Big problem changing to something else. They're a Canadian company, no chance for TARP. No investors want to invest in a falling knife, and banks don't want to loan to them. The only way they can continue operations is to continue to sell assets.

Did you know their stock was once worth $830 a share? September 1, 2000.

I have heard rumors of other companies in a similar position as Nortel. And you are right...no TARP in Canada.

We are yet to see the damage from the so called "second wave" which is just starting according to the IMF.

Like the guy said on CNBC today..."This has taken place twice in world history, once in the 1930's and once in Japan in the 90's with this contraction being more violent by its very nature..."

On Nortel. By Canadian standards, it is a highly substantial company and dominated the Toronto Stock Exchange for a few years.

Over-enthusiasm over-inflated its worth. It's recent history looking to investors as a money loser outweighs it's actual performance and asset value.
A rare cases where a company had more going for it than was reflected in it's stock value.

Only rumour mill, but stock mavens in the US and abroad apparently have started looking more closely at Canadian stocks.


Mike F

reply to post by BornPatriot


Nortel aren't that big of a player? Show's what you know.

They are critical to the entire telecoms industry, providing the bulk of transmission and voice equipment the world over.

It has been a few days since this 24 hour period and by far the biggest story so far, from the day, is the Madoff story. Prominent Trader Accused of Defrauding Clients www.nytimes.com... doff

I believe that little news item broke on this 24 hour period.

Here are some of the people and institutions who have lost money.....

Steven Spielberg
The Mets
Ann Barclay
UBS
Royal Bank of Scotland
HSBC Holdings
Natixis of France
Unucredit (Italy)
Nomura holdings
Santander
BNP Paribus
...many others.....www.reuters.com...

Enterprise Corruption comments that this will be a slow Chinese water torture on the economy.

Joe in the Morning MSNBC comments about the retirement Fund for Fairfield County.

Time to panic...no...time to find some good deals....a new World Order will emerge from this mess...lol

.....another comment...if this got through what else got through....CNN...

also 60 minutes piece is hinting at other exposure and other hedge funds doings similar things.

Note: Unnamed US Senator is also involved in the losses



[edit on 15-12-2008 by whiteraven]

[edit on 15-12-2008 by whiteraven]