Interwoven (IWOV), a data management firm, agreed to be bought by British software maker Autonomy for $755 mil, or 16.20 a share. Shares rose...

Stocks continue to trend higher, and dip buyers have shown no reluctance to step up when required. Underneath the stock market action yesterday, we can see that the US dollar lost ground on increasing volume. Oil, gold, and silver were particularly strong yesterday. The move in oil looks particularly bullish here, definitively breaking out of a downtrend with high volume. <a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}"[More...]

Lehman’s bankruptcy filing in the early hours of Monday, Sept. 15, sparked a chain reaction that sent credit markets into disarray. It accelerated the downward spiral of giant U.S. insurer American International Group Inc. and precipitated losses for everyone from Norwegian pensioners to investors in the Reserve Primary Fund, a U.S. money-market mutual fund that was supposed to be as safe as cash. Within days, the chaos enveloped even Wall Street pillars Goldman Sachs Group Inc. and Morgan Stanley. Alarmed U.S. officials rushed to unveil a more systemic solution to the crisis, leading to Sunday’s agreement with congressional leaders on a $700 billion financial-markets bailout plan. - “Lehman’s Demise[More...]

The existence of the mortgage finance companies: Fannie Mae (FNM) and Freddie Mac (FRE), which own and guarantee $5.4 trillion in outstanding home mortgage debt, as of today, according to the WSJ - is in the hands of the US Government who seized control of both mortgage giants as of Sunday morning.Clearly, the effects of a softening economy which keeps facilitating the deterioration of an already weak housing sector, together with the mounting losses at both GSEs of nearly $14 billion in the last four quarters, and an inflationary and credit environment continuously working its way through the property sector ; prompted the U.S. federal regulators to launch what could be perhaps, Washington’s biggest federal bail-out ever.In a statement made today, by Secretary Henry M. Paulson, the two companies - based on a four step plan[More...]

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