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Doin' It Bloggystyle: Chuck Prince, Dick's Sporting Goods and Tick Tests...


Minyanville brings together the best of what they are saying "out there" about the topics we're talking about right here.

Blogs themselves need no introduction, as they get as much publicity as pretty much anything these days, save maybe the latest Britney news. There's an expanding world of excellent financial blogs, covering just about everything, from global economics to swing trading. Minyanville's goal is to bring together the best of what they are saying "out there" about the topics we're talking about right here.

Before rumors get started, let me just categorically state my agent, Scott Boras, has advised Citi that unless the offer starts at $350 million and I am given assurances they will try to make money someday, I am not willing to meet with the board to discuss assuming the CEO position. Sorry this news broke in the middle of the Pats-Colts game yesterday. I would, however, be willing to get comped seats when the Mets move to Citi Field in 2009.

So This Is What It Sounds Like When Doves Cry?
  • Gotham City Insider has a run down of the (Chuck) Prince era.
  • NakedShorts provides us with the "complete" minutes of the weekend board meeting!
  • Big story clearly the (potential) magnitude of the writeoff, notes Blogging Stocks.
  • And Rubin takes over, his biggest gig since reuniting the Partridge Family.
  • News Visual has a nice graph and the four jillion former ties of the new (temporary) CEO.
  • Meanwhile, the Other Prince meets with Sandy Weill, as Value Plays notes.
  • Speaking of Two Princes, wasabi Spin Doctors?

Name Drops

  • Kevin Stecyk writes on Dick's Sporting Goods (DKS).
  • Trader Jamie has the Naz Technical picture, and some winners and sinners from last week.

Minus Ticks and You

  • So back in July, the SEC eased the "Tick-Test" rule, the one that forbade shorting on minus ticks.
  • The market got more volatile right around then. Coincidence or causality? My opinion is more of the former.
  • But hey, enough time has passed that there's some data as to the effects.
  • Via CXO Advisory, we have this study, titled "The Tick Test Rule, Investors' Opinions Dispersion, and Stock Returns: The Daily Evidence on the NYSE."
  • Quick conclusions? "...removal of the tick test for short selling apparently: (1) mitigates overvaluation of stocks; (2) leads to temporary undervaluation of easily borrowed stocks; and, (3) disrupts trading systems that rely on dispersion of analyst earnings forecasts."
  • Interesting caveat though. "Since options have offered a means to circumvent the tick test constraint, removal of the tick test has less impact on stocks for which options are available."
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No positions in stocks mentioned.
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