- Facebook IPO News! There’s so much of it. See here for the summary.
- Jamie Dimon agrees to testify to Senate on JPM trading loss. Link: Meanwhile, back at the opposition camp. Awkwardly in the face of Goldman’s facebook score… And back to the Volker Rule debate.
- Fitch cuts Greece’s credit rating again. Link: “Surprise”. The surprise was the re-rating upward after the debt restructuring. Anyway – it’s back to CCC.
- US Insurer costs relating to Dog Bites increase to $479 million. Link: Bitch please.
- Large trades in Junk-bond ETFs attract attention. Link: Speculators are out Whale-Watching. For the record, Exchange-Traded Funds are a little like buying shares in a basket of investments rather than going through the expense of buying each of the underlying investments*. Anyway – it seems that some of the largest transactions ever recorded were made on two ETFs that compose of investments in Junk bonds; and these transactions were completed just hours before Jamie Dimon announced that hugely awkward $2 billion loss moment. For example, Invesco Ltd ETF had a one-day inflow that boosted its share price by 25%. That’s not normal. In fact, it sounds a lot like a Bruno-Iksil-scare. The markets are looking for the tell-tale signs!
- Human Genome in talks to avoid a hostile takeover. Link: GSK? I d(o)n(t)a wanna. They’re trying to ward off a hostile takeover from GlaxoSmithKline. On May 9th, GSK directly offered shareholders a cash price 81% higher than the closing share price on the day before GSK’s interest was made public (April 19th). Human Genome has taken advantage of a “poison pill” clause in their shareholders’ agreement (is that the right term?) – which gives them a year to search for alternative investors.