Wall Street Rumors - May 23, 2008
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Rising Oil Pressures Stock Futures
Stock futures pointed lower once again Friday morning, extending a recent pattern, as oil prices resumed their sprint higher.
Oil Industry, Lawmakers Aim To Lift Bans on Drilling
Mounting concerns about global energy supply are fueling a drive by the oil industry and some U.S. lawmakers to end longstanding bans on domestic drilling put in place to protect environmentally sensitive areas.
Halliburton Bids for Expro, Topping Consortium Offer
LONDON — U.K. oilfield-services firm Expro International Group PLC (LON: EXR) said Friday that it has received a £1.71 billion ($3.38 billion) bid proposal from Halliburton Co., (NYSE: HAL) trumping an agreed £1.6 billion bid from a private-equity firm-led consortium.
BHP Billiton Faces Scrutiny on Rio Tinto
LONDON — BHP Billiton’s (ASX: BHP) proposed acquisition of rival Rio Tinto (ASX: RIO) is facing increased scrutiny from European regulators, who are concerned that the combination could further escalate steel prices and slow development around the world, according to people close to the matter.
Seven More Charged In Stock-Loan Case
Seven more people, including former stock-lending supervisors at Morgan Stanley (NYSE: MS) and Penn Mutual Life Insurance Co.’s Janney Montgomery Scott LLC, have been indicted over alleged kickbacks involving Wall Street stock lending, federal prosecutors said.
Moody’s Cuts AIG Rating
Moody’s Investors Service (NYSE: MCO) lowered the senior unsecured debt rating of American International Group Inc. (NYSE: AIG) and several subsidiaries “whose ratings have relied on material support from” AIG and those “with significant exposure to the U.S. residential-mortgage market.”
NYSE Trading Falls to Lowest Since 2001 While U.S. Volume Rises
May 22 (Bloomberg) — Trading on the New York Stock Exchange fell 26 percent this quarter to the lowest since 2001 as alternative venues captured market share and the total volume of U.S. equities climbed.
Postbank, Commerzbank, Dresdner Would Create German `Giant’
May 23 (Bloomberg) — Combining Deutsche Postbank AG (FRA: DPB) with Allianz SE’s Dresdner Bank (fRA: DRB7) and Commerzbank AG (FRA: CBK) would create Germany’s largest consumer bank, dwarfing Deutsche Bank AG.
Norwegian Wealth Fund’s First Quarter Worst on Record
May 23 (Bloomberg) — The Norwegian sovereign wealth fund, the world’s second largest, suffered the worst quarter since it was established in 1998 as a global debt squeeze battered financial markets.
Brevan Howard Tops Goal in $1 Billion Hedge Fund IPO
May 23 (Bloomberg) — Brevan Howard Asset Management LLP raised $1 billion in an initial public offering of a hedge fund, double its original target.
GameStop to Stop Zune Sales
SAN FRANCISCO - Video-game retailer GameStop (NASDAQ: GME) has decided to stop selling Microsoft’s (NASDAQ: MSFT) Zune players at its stores due to what it sees as insufficient demand from customers.
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