Randoms: Get Ready for FASB!
A game changer awaits.
Editor's Note: The following was posted in real time on our premium Buzz & Banter (click for a free trial). It's being shared here for the benefit of the Minyanville community. See also Where We Were and Where We're Going and Married to the Mob.
For the pencil pushers in our midst, the FASB webcast will begin tomorrow morning at 8:00 AM EST and Minyans can follow the process here. The handouts that are distributed to the audience will be posted to the FASB website thirty minutes after the meeting starts.
In udder market vibage:
- Keep an eye on Wells Fargo (WFC), which has been rollin' rollin' rollin' in the last half hour.
- My FAS position was stopped out at $5.69. One could argue that my stop was too tight but I've learned never to lament when the last line is green. Plus, if I so desire, I can always reinitiate my risk. That's the beauty--and beast--of this business.
- Tape tells? Breadth is 2:1 positive, the dollar is marginally higher (not a headwind, yet) and beta (ex-Baidu (BIDU)) continues to trade with a bid.
- Additionally, the two potentially positive elements to today's tape are quarter-start (relaxed risk grip by fund managers) and, obviously, tomorrow's FASB announcement, which could be a game changer in the near-term. The unknown, of course, is Friday's Breakfast with Beeks, which will surely turn those machines back on!
- I can't begin to tell you how many people called to offer mazel on my faux-marriage April Fools joke. Jeff Saut lobbed some love from Florida, my mom sent me a panicked email (someone alerted her that her son eloped) and my inbox is fuller than Kevin Wassong following one of his famous meals!
- Stamp a ticket! For the first time in 38 years, six months have passed without an IPO of a venture backed company. Keep this on ye radar but also remember that the leaders coming out of a crisis are never the same as those that enter it. There are most certainly new leaders in our midst, some of which are right under our nose.
- Finally, in the interest of forthright disclosure, I'm outie on Friday as I head to Boca for an important business meld and, while there, will be logging some quality vibe time with my beloved grandmother. As Pep, Woo, Smita and Fil are also out--and payrolls are on tap--we'll humbly ask for your understanding as we build upon The Critter Express.
- Many kind thanks, we hope this finds you well and, heck, here's some old school Neil to get us over the Hump.
In memory of our fallen friend and trusted colleague, Bennet Sedacca, 100% of the donations made to the RP Foundation through April will be channeled to philanthropic endeavors consistent with the RP mission, working closely with the Sedacca clan in the distribution of those funds. We thank you kindly for your support as we strive to effect positive change in the lives of children.
Daily Recap Newsletter