Monday, May 5, 2008

Market Update

Oil has been flirting with $120/barrel and in fact has surpassed that as of today. Based on the Goldman Sachs' report which says that by 2009 it could be upwards of $150/barrel I think it is better to use public transport and go biking! It is definitely going to be in the forefront since a lot depends on the price of oil.

The Microsoft (MSFT) - Yahoo (YHOO) deal did raise many eyebrows but eventually it did not go through and Yahoo(YHOO) is facing the consequences. It fell by 15% yest.

Boeing (the 787 Dreamliner delays continue though), ExxonMobil (the profits has attracted attention from all the politicians while the gas rebate has become an issue), American Express (reassuring the state of consumer credit), AT&T (the Cingular acquisition and the Iphone were two crucial turning points for the company), Merck, Eli Lily, Google (slumping economy didn't make any difference for the internet ad revenue) all posted impressive results which helped the Dow increasing on those respective days.

Mars the chocolate maker successfully bid for Wrigley with some financial backing from Berkshire Hathaway's Warren Buffet. The Fed policy makers cut the rates again by a quarter point to boost the economy.

More later...

Lookout for Deutsche Telecom's bid for Sprint which if goes through I think becomes the largest telecom company in the country.

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