Filed under: Rumors, Products and services, Consumer experience, Internet, Competitive strategy, eBay (EBAY), Marketing and advertising

If nothing else… eBay Inc. (NASDAQ: EBAY) users are a feisty bunch. After just coming off a multi-week sellers strike, they are already planning their next revolt, tentatively set to launch May 1.

The most recent strike was orchestrated in reaction to recent changes made on the site and lasted from the week of Feb. 18 through last night. While eBay is steadfast that the recent site boycott had no effect on its business, not everyone is buying that, and are anticipating hitting the site again come May.

Some statistics have shown that eBay witnessed a 13% drop in its online listings, but eBay denies any impact. The site claims that the statistics out there are not taking into account a 20-cent listings promotion that it had launched just prior to the boycott that temporarily inflated its auction listings.

Continue reading eBay (EBAY) sellers already planning next boycott

Permalink | Email this | Comments

Share This

Filed under: Major movement, Rants and raves, Google (GOOG), Apple Inc (AAPL), Berkshire Hathaway (BRK.A), Market matters, Intuitive Surgical Inc (ISRG)

Towards the end of 2007 when the overall stock market was softening, Google Inc. (NASDAQ: GOOG) and Apple Inc. (NASDAQ: AAPL) were still soaring to new highs, and the optimism most assuredly reached euphoria and beyond. What is the next level beyond euphoria — madness — and that’s the kiss of death!

When the notorious Henry Bloggett proclaimed that GOOG was destined to reach $2,000 I do not think there was a dry eye in the house, either laughing at this ridiculous comment, which by the way offered no time frame or reference point, or crying for the shame of it all — that was the kiss of death.

When I read about this I could not resist tempering the madness and posted Serious Money: Google (GOOG) $2,000? No way, it’s too high now! The madness produced many interesting metrics to prove a point, including that you could have traded Google for both Berkshire Hathaway (NYSE: BRK.A) and Intuitive Surgical (NASDAQ: ISRG), two of my favorites, as an even swap (in capitalization only). That would be a heck of deal don’t you think?!

Continue reading Kiss of death: GOOG $2,000 & AAPL $300

Permalink | Email this | Comments

Share This

Filed under: Major movement, Rants and raves, Google (GOOG), Apple Inc (AAPL), Berkshire Hathaway (BRK.A), Market matters, Intuitive Surgical Inc (ISRG)

Towards the end of 2007 when the overall stock market was softening, Google Inc. (NASDAQ: GOOG) and Apple Inc. (NASDAQ: AAPL) were still soaring to new highs, and the optimism most assuredly reached euphoria and beyond. What is the next level beyond euphoria — madness — and that’s the kiss of death!

When the notorious Henry Bloggett proclaimed that GOOG was destined to reach $2,000 I do not think there was a dry eye in the house, either laughing at this ridiculous comment, which by the way offered no time frame or reference point, or crying for the shame of it all — that was the kiss of death.

When I read about this I could not resist tempering the madness and posted Serious Money: Google (GOOG) $2,000? No way, it’s too high now! The madness produced many interesting metrics to prove a point, including that you could have traded Google for both Berkshire Hathaway (NYSE: BRK.A) and Intuitive Surgical (NASDAQ: ISRG), two of my favorites, as an even swap (in capitalization only). That would be a heck of deal don’t you think?!

Continue reading Kiss of death: GOOG $2,000 & AAPL $300

Permalink | Email this | Comments

Share This

Filed under: Rumors, Law, Live coverage, Scandals

The New York Times has reported that New York Governor Eliot Spitzer — my governor, a man I voted for, covered when he was Attorney General, and have defended in many a heated conversation with friends and colleagues — has admitted to being ‘involved’ in a prostitution ring.

How is he involved? Let’s just say, I don’t think he has been running the thing. In fact, as of this writing, I’m still holding out a smidgen of hope that the report is somehow wrong. Maybe he was just investigating it! (Okay, wishful thinking).

When the news conference starts — presumably any minute (It’s now 2:45 PM) — I’ll liveblog it to the best of my ability here (refresh this post to see updates). Then you too, can be among the first to know what Spitzer, possibly this century’s greatest law-and-order hypocrite, has to say for himself.

3 PM: We’re still waiting for the press conference to start. But CNBC has reports that government investigators have text messages of some sort. The discussion on TV now is that Spitzer will have to step down if there is any truth to this story. Commentators are also reprising just how zealous Spitzer was in his prosecutions of Wall Street executives. Silly me, I thought that meant he really knew the difference between right and wrong.

3:13: Oops! missed it! That was quick. Spitzer read a brief statement. All I heard was him apologizing to his family.

3:15: Rewind: He said, “I have I’ve acted in a way that violates my obilgations to my family and that violates my or any standards of right or wroing. I apologize first and foremost to my family.”

Continue reading Liveblogging Spitzer’s news conference: Just how is he ‘involved’ in a prostitution ring?

Permalink | Email this | Comments

Share This

Filed under: Rumors, Law, Live coverage, Scandals

The New York Times has reported that New York Governor Eliot Spitzer — my governor, a man I voted for, covered when he was Attorney General, and have defended in many a heated conversation with friends and colleagues — has admitted to being ‘involved’ in a prostitution ring.

How is he involved? Let’s just say, I don’t think he has been running the thing. In fact, as of this writing, I’m still holding out a smidgen of hope that the report is somehow wrong. Maybe he was just investigating it! (Okay, wishful thinking).

When the news conference starts — presumably any minute (It’s now 2:45 PM) — I’ll liveblog it to the best of my ability here (refresh this post to see updates). Then you too, can be among the first to know what Spitzer, possibly this century’s greatest law-and-order hypocrite, has to say for himself.

3 PM: We’re still waiting for the press conference to start. But CNBC has reports that government investigators have text messages of some sort. The discussion on TV now is that Spitzer will have to step down if there is any truth to this story. Commentators are also reprising just how zealous Spitzer was in his prosecutions of Wall Street executives. Silly me, I thought that meant he really knew the difference between right and wrong.

3:13: Oops! missed it! That was quick. Spitzer read a brief statement. All I heard was him apologizing to his family.

3:15: Rewind: He said, “I have I’ve acted in a way that violates my obilgations to my family and that violates my or any standards of right or wroing. I apologize first and foremost to my family.”

Continue reading Liveblogging Spitzer’s news conference: Just how is he ‘involved’ in a prostitution ring?

Permalink | Email this | Comments

Share This

Filed under: International markets, Economic data, Personal finance, Politics

Long hailed by free market economists as the model for how to create a pension system, news out of Chile that it plans on making payouts to low income seniors, has government interventionists jumping for joy.

The AP writes:

The new $2 billion-a-year program will expand public pensions to groups left out by private pensions - the poor and self-employed, housewives, street vendors and farmers who saved little for retirement - granting about a quarter of the nation’s work force public pensions by 2012.

The fact is that this move is the way that governments should generally function. Stay out of things unless there is a real need to do something. No one is of the opinion that low income seniors should be thrown out into the street. Of course they should be helped. I would rather see the community take care of them and set up a network of charity, but if that doesn’t work, then the government should step in.

What government interventionists miss is just how successful the 1981 pension reform has been.

Continue reading Should the U.S. adopt the Chilean pension system?

Read | Permalink | Email this | Comments

Share This

Filed under: International markets, Economic data, Personal finance, Politics

Long hailed by free market economists as the model for how to create a pension system, news out of Chile that it plans on making payouts to low income seniors, has government interventionists jumping for joy.

The AP writes:

The new $2 billion-a-year program will expand public pensions to groups left out by private pensions - the poor and self-employed, housewives, street vendors and farmers who saved little for retirement - granting about a quarter of the nation’s work force public pensions by 2012.

The fact is that this move is the way that governments should generally function. Stay out of things unless there is a real need to do something. No one is of the opinion that low income seniors should be thrown out into the street. Of course they should be helped. I would rather see the community take care of them and set up a network of charity, but if that doesn’t work, then the government should step in.

What government interventionists miss is just how successful the 1981 pension reform has been.

Continue reading Should the U.S. adopt the Chilean pension system?

Read | Permalink | Email this | Comments

Share This

Filed under: Major movement, Earnings reports

The previous quarter was tough for amusement park operator Six Flags Inc. (NYSE: SIX), which reported a narrowed fourth-quarter loss, as well as for Vail Resorts Inc. (NYSE: MTN), the nation’s largest ski resort operator, which said that its fiscal second-quarter profits were affected by a lack of snowfall early in the season.

Six Flags reported a fourth-quarter loss of $132.4 million, or $1.39 per share, compared with a loss of $195.2 million, or $2.07 per share, a year earlier, and a loss of 59 cents expected by analysts surveyed by Thomson Financial. However, the results for the prior-year period included an $89.2 million, or 95 cents per share, loss from discontinued operations.

Revenue for the period that ended December 31 rose 8% to $112.1 million, as park attendance edged up 4% to 2.8 million.

Six Flags reported a full-year loss of $275.1 million, or $2.90 per share, compared with a loss of $327.6 million, or $3.48 per share, in the previous year, and a loss of $2.92 expected by analysts. Annual revenue increased 3% to $972.8 million.

Shares of Six Flags dropped 20 cents, or about 12%, to $1.62 in morning trading.

Continue reading Six Flags narrows loss; Vail Resorts profit slips — shares of both slide

Permalink | Email this | Comments

Share This

Filed under: Major movement, Earnings reports

The previous quarter was tough for amusement park operator Six Flags Inc. (NYSE: SIX), which reported a narrowed fourth-quarter loss, as well as for Vail Resorts Inc. (NYSE: MTN), the nation’s largest ski resort operator, which said that its fiscal second-quarter profits were affected by a lack of snowfall early in the season.

Six Flags reported a fourth-quarter loss of $132.4 million, or $1.39 per share, compared with a loss of $195.2 million, or $2.07 per share, a year earlier, and a loss of 59 cents expected by analysts surveyed by Thomson Financial. However, the results for the prior-year period included an $89.2 million, or 95 cents per share, loss from discontinued operations.

Revenue for the period that ended December 31 rose 8% to $112.1 million, as park attendance edged up 4% to 2.8 million.

Six Flags reported a full-year loss of $275.1 million, or $2.90 per share, compared with a loss of $327.6 million, or $3.48 per share, in the previous year, and a loss of $2.92 expected by analysts. Annual revenue increased 3% to $972.8 million.

Shares of Six Flags dropped 20 cents, or about 12%, to $1.62 in morning trading.

Continue reading Six Flags narrows loss; Vail Resorts profit slips — shares of both slide

Permalink | Email this | Comments

Share This

Filed under: Private equity, Blackstone Group L.P (BX)

It’s a rough day for private equity. Carlyle is having a “crisis talk” with its investors because of the implosion of one of its debt funds.

Oh, and the Blackstone Group LP (NYSE: BX) announced its earnings report. There was a net loss of $170 million, which compares to a net gain of $1.18 billion in the same period a year ago. Unfortunately, the firm has little visibility as to when things will improve.

Simply put, Wall Street is not only concerned about the credit crunch - which means that fewer deals will get done - but also the stability of prior transactions. In other words, will some of them unwind and plunge into bankruptcy?

Continue reading New private equity trend: Bankruptcy?

Read | Permalink | Email this | Comments

Share This