 |
 |
 |
The market closed up today, solidifying the best month since 2003. The Dow finished up 1.2%, the Nasdaq 1.8% and the S&P 1.3%.
The end of the quarter however had the Nasdaq down 3%, the S&P 12% and Dow 13%. Could have been worse, we suppose…
Banking stocks led the way today, with JPMorgan rising 7.7% and Bank of America up 11.4%.
A teaser for a WSJ article led me to the news that Byron Trott, head of the midwest investment banking office of Goldman Sachs, is planning to leave the firm to start his own merchant banking business (subscriber password needed to access full article).
Trott has brokered some large deals in the GS lexicon, including Mars / Wrigley last year and Marmon Holdings majority sale from the Pritzker Family to Berkshire Hathaway. In trying to find some other news on the firm Trott is starting up, it turns out that several article represent his trustee-banker status to one Warren Buffett (who of course runs said company that spent $4.5 billion in cash on a majority of Marmon Holdings).
While Buffett has famously panned investment bankers, Trott is one that he has no problem trusting. There was also a remark that Trott persuaded Buffett to invest in Goldman Sachs AND General Electric when the companies desperately needed capital.
Will Buffett follow his favored banker to his new firm, that more information is needed on at this point? If that happens, needless to say, Trott’s departure from Goldman Sachs will be a giant loss to the big firm.
Bad news regarding Bank of America and JP Morgan results for the month of March hit the markets today, as the Dow lost 1.9%, the Nasdaq was down 2.6%, and the S&P closed down 2.0%, ending the biggest rally in 2009 yet.
Commodity producers also got hit, according to Bloomberg, as crude oil closed down 3.7% to $52.35 a barrel. This news hit producers such as Schlumberger and Hess Corp.
…now is your chance!
Thomas O. Hicks has put his teams NHL’s Dallas Stars and MLB’s Texas Rangers up for sale.
Many NHL teams are up for grabs, with the Phoenix Coyotes (an expansion team, nonetheless) — this should not be surprising, since the strike a few years back lost a lot of the loyal fanbase, but the idea that hockey is dispensible in the U.S. The article suggests that several expansion teams in the last 10-15 years, including the Nashville Predators, Atlanta Thrashers, Columbus Blue Jackets and the Carolina Hurricanes, may be up for grabs.
Likewise, Montreal Canadiens (an “Original Six” team) may be looking for a buyer, but should not have such a problem in finding one. The others teams…not so much. Perhaps looking at a contraction?
Stocks continued their upward ascent (isn’t that redundant) with the Dow closing up 2.2%, the Nasdaq up 3.8% and the S&P continuing its record-setting monthly rally (best since the 1970s) closing up 2.3%.
Crude oil also closed at its highest on the year at $54, and gold prices were at 934.10 (+30 cents).
The Nasdaq erased 2009 losses today, as the markets reacted favorably to economic data released today on GDP numbers and jobless claims.
General Motors was a big mover in the Dow today, as they announced buyout and retirement offers for UAW workers.
