Chillin' out till it needs to be funded
What more could one ask to start an early weekend!
Manchester United tried to raise $20 per share and ended up subscribing and listing at $14 per share, already being called Son of Facebook by European investors in the name of Digitlal supremacists that came and were vanquished days earlier. However the club is still the first Soccer team to manage a $B valuation, totting up $2.3 B instead of the targeted $3B in Valuation on listing
JC Penney(JCP:US) reported some ugly Q2 earnings at barely $3 B in sales and same stor e sales down 20% from the back half of last year. JC Penney CEO Ron Johnson has also been credited with a new marketing strategy which has blacked out the Store brand from all customer communications apparently, its lack of Coupons in play likely hitting it in Back to School and Holiday season on the trot. Ron Johnson of course wants the store to suffer all of 2013 as well before he gives up but rebranding is not a direct correlation of suffering of sales and consumers the store also plans to come back as a mini selection of in store boutiques than one big mall but investors seem to think it ok at $22 and buying up the retail lifestyle apparition
China’s trade data was a little tough to digest for July 2012 though it seemed easy to go down as Europe demand has sloughed off 16 % this year itself. Exports still grew 1% and Imports 4.7% with a surplus of $26 Bln from $34 Bln last month but Surplus with USA alone was nearly $27 B. US Import and Export impact did turnaround a bit but not wholly as Export prices were up 0.5% after a more than 1% negative result for June while import prices are still a large negative impact of 3.2% but retail point of sales are slowing down outside the bigmalls and brands that make America
Goldman Sachs vs JP Morgan
If you thought JP Morgan had won the wars against the Vampire squid think again! At its worst Goldman Sachs had 4 loss trading days in Q2 while JP Morgan had 28. Also, the London Whale hit JP Morgan could make only 4 $100 mln trading wins in the 63 trading days in the quarter. Maybe one should leave trading to the experts !
Meanwhile Alumnus Sir David Walker did make it to the Chairman post at the newly ‘nationalised’ Barclays and the appointment was approved by outgoing BoE chair Mervyn King