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Friday, January 11, 2013

Friday Links: Relief For Hurricane Sandy Should Be Huge Boost To Economy -- $70 Million Per Linear Mile of Coastline from Maine to Maryland

Wells coming off confidential list today have been posted. BEXP has a nice well. OXY reports a well.

RBN Energy: Across the Rio Grande -- the natural gas pipeline boom; US/Mexico

WSJ

Section M (Mansion): did not read

Section D (Arena):
  • DVD release of note: Coal Miner's Daughter, 1980, Sissy Spacek as Loretta Lynn
Section C:
  • AmEx to cut 8.5% of staff -- lead story; already posted at the blog earlier
  • Wads of cash squeeze bank margins; US bank deposits at end of 2012, at record high -- $10.6 trillion; 5.3% decline in loans outstanding at US banks since 2008; 
  • Oil rises on Saudi cutback -- already posted at the blog earlier
  • Boeing buyers can't sleep easy -- and still more reports of growing pains on CNBC this a.m.
  • By the way, how did Wells Fargo earnings come in? 
The raw numbers show Wells Fargo topped Wall Street’s predictions for earnings and revenue. 
Profit rose to $5.09 billion in the fourth quarter from $4.11 billion last year and on a per share basis hit 91 cents, above the 89 analysts had expected, according to Thomson Reuters.
Revenue rose 6.5% to $21.95 billion, above the $21.3 billion analysts expected.
But investors are concerned about decreasing margins at Wells (see story above).
Section B:
Section A:
  • Front page: photo of Mr Karzai; will meet with Mr Obama; Mr Karzai will learn that the drawdown is faster than he had hoped
  • Wow! Huge story on page A2 -- long-term unemployed begin to find work
  • Mr Sandusky -- remember him? -- wants a new trial
  • Op-ed: Sandy Relief should result in gold-plated boardwalks -- the $61 billion "proposal" in relief equates to $69 million per linear mile of coastline from Maryland to Maine; several story lines here, not the least of which is the exaggeration of actual damage caused by the "monster" storms; and note -- from Maine to Maryland -- if one recalls, the most damage in terms of dollars was, well, it did not stretch from M-to-M
New York Times

Yahoo!Finance took me to this story. It's a very nice analysis and explains why re-training the long-term unemployed is non-helpful; something that is fairly intuitive; and why unemployment is unlikely to come down much going forward

Market

In early trading, ENB hits a new high; BRK-B hit a new high on opening, but has pulled back slightly; EOG flirting with new high, but down a bit. KOG is relatively flat and CLR down slightly. Interestingly OAS is up a bit. [Update: EOG did hit a new 52-week high intra-day but settled back below the high. Same with BRK-B. ENB did finish with a new 52-week high.]

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