Here I am at Discount Tire getting some new tires, which is kind of what you do at Discount Tire. God bless ‘em for having free Wi-Fi. The first thing I see when I open Transworld site, literally three minutes ago, is that U.S. skiing and snowboard athletes are going to ring the closing bell November 6th. I hope it’s not a day when we’re down 600 points.
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Under the tyranny of the internet, realizing this can be published 30 seconds after I email it in, I’m turning this out Friday morning before I’ve finished my coffee. Please recognize that I’m doing this based on their press release rather than the more detailed SEC filing which will come later.
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Billabong released its annual financial report for the year ended June 30, 2008 in late September. As it’s 116 pages long, you’ll just have to forgive me for not having it read and written about the next day. If you want to read all 116 pages yourself, I’ve provided the link. Have a wonderful time. This is not like the report that U.S. companies have to file with the SEC. Well, it is in the sense that it’s long, and complex in parts and kind of boring. But it’s different in the sense that it spends a whole lot less time discussing the market. Read more here.
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It’s Monday morning and the DOW at the moment is up 575 points, so obviously all our problems are solved. Just kidding. But at the very least, the coordinated international approach to beginning to manage some of the issues of bank solvency is working to reduce irrational panic. I’m guessing we’ll have an announcement from the U.S. Treasury shortly that they are doing much the same thing the Europeans did. If there is no such announcement, we might have the arbitrage moment from hell, as money flows out of non guaranteed banks in the U.S. to guaranteed banks in Europe. Read more here.
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As I write this on Friday, we may be finding the bottom. We went down big yesterday with big volume. If we can follow through today, plummeting on huge, panic driven volume, we might find a bottom. Maybe even bounce before the close. Complete panic, with everybody giving up in total despair, is the key to a finding a bottom many people seem to think. Read more thoughts here.
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Back on September 23, I posted an article that highlighted, among other things, Zumiez’s valuation and management of its issue with auction rate securities. I said that I thought other companies would be having similar issues if they weren’t already. Guess what? They are, and I didn’t want to leave Zumiez hanging out there like they were the only one. Read more here.
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As I walked around ASR, I came to the unhappy conclusion that of all the people at the show- retailers and exhibitors- very few of them were old enough to have actually been through a real, honest to god, actual recession as business people. I came to the even unhappier conclusion that I was one who was old enough and, indeed, had. Read more here.
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I wrote this and posted it on my blog back in August or early September. I just read it again and decided I still liked it. Since Transworld Business has graciously given me space to write pretty much anything I want (so far) I thought I’d throw it out there and see what the response was.
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A couple of days go, Nike put out a press release for their first quarter ended August 31. It’s not the whole quarterly report, so I can’t delve into any footnotes. They sold, uh, a whole bunch of stuff and made a lot of money. I’ll deal with the details when the 10Q is filed. Here’s the link to the press release if you want to review the summary financial statements. You don’t need me to spew the numbers back at you. But as I read the press release, I was struck by the fact that a few years ago, I wouldn’t have bothered.
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Once upon a time, way back in 2003, an investment bank could only have leverage of up to twelve to one. In 2004, the Security and Exchange Commission gave five investment banks, and only five, the ability to leverage up to 30 or 40 times or so. Guess which five they were? I almost don’t want to bother listing them, because the list is so obvious. But for the benefit of all the readers who have just awakened from a coma they’ve been in for most of the year, they are Bear Stearns, Lehman Brothers, Merrill Lynch, Morgan Stanley and Goldman Sachs. Read more here…
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