Thursday, March 05, 2009

Markets and Free Concerts!!!

The markets never really gained any traction today. Despite the substantial weakness that was across the board I was impressed by GE's relative outperformance. Tomorrow we get the monthly jobs number which will be very ugly, but I suspect the market has lowered its expectations enough that even if the number is worse than anticipated, we might see a little bounce.

The estimate is for a loss of 648k jobs in Feb and an unemployment rate of 7.9%.

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I've noted a couple of times some of the stunning prices that are now associated with some former (and many current) blue chip names. Courtesy of The Big Picture

Here’s a short list of only the highest quality, bluest of blue chip, penny stocks:
AIG (39 cents)
Citigroup (98 cents)
E*Trade (66 cents)
Fannie Mae (39 cents)
Freddie (39 cents)
Unisys (37 cents)

Given the trading volumes, you might think these were real firms or something!
Now, for the not-quite-penny stocks:
Ford ($1.83)
GM ($1.83)
Las Vegas Sands ($1.97)
MGM ($1.99)
CIT ($2)
Kodak ($2.50)
Bank of America ($3.15)
New York Times ($4.00)
News Corp ($6.15)
Xerox ($4.36)
International Paper ($4.22)
Alcoa ($5.55)
GE ($6.75)
Dow Chemical ($6.56)
Wells Fargo ($7.95)
Dell ($8.50)

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Hey, I feel like a little good news, how about you? The cost of seeing high quality live music performances seems to know no bounds. I've long been a proponent of a business model of online performances of concerts. I'd love to see a particular artist in late March in Auckland, but I'm not going to fly around the world for a concert. I'd be happy to pay $10-$20 for the right view this concert online, but no one has perfected this model (LiveNation are you listening?).

Thanks to the good people at dealnews.com we've now got a nice collection of free concerts available for viewing online. Many of the acts are indie bands but with over 700 concerts it should keep you busy this weekend. Here's the link to the article at Dealnews - enjoy!!

Cheers!

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