$100 Billion Bailout Set By Big Banks – A pool that could run to over $100 billion has been negotiated by several banks to upport their mortgage backed securities and structured investment vehicles. Various print media reports say that the plan has been agreed to by Citi, Bank of America Corp. and J.P. Morgan Chase and is the result of multiple meetings with the Treasury.
Biogen Surges As Board Says Stock For Sale - Cambridge, Mass.-based biotechnology company BIIB announced after the bell Friday that its board authorized management to evaluate interest from third parties to buy the company. Shares exploded from $69.43 to $81.60 on the news and Dublin-based drugmaker Elan, which is a 50 percent partner in the MS drug Tysabri, has retained Lehman to advise. ELN is higher by some 7.6 percent in the pre market according to our Heat Seeker.
Gphone Ready For Leap Year? Our channel checks and spies indicated, weeks and weeks ago that the gPhone is a reality and that device is responsible for our increased target for Google. Today, a Lehman analyst is pounding the table for a February launch of the potential iPhone killer, confirming our finding that the phone may ultimately be free to users, as they are paid down for watching ads on the device.
ECB Head Says Discipline Not Talk Necessary – European Central Bank President Trichet has told CNBC, "We are in a universe where you can say anything when you aren't in a position of responsibility, but when you are in a position of responsibility, it's very important to apply verbal discipline." If that sounds like a slap at Axel Webber and his comments about restrictive levels of interest rates then you’re on the same page with Mr. Trichet.
China Blows Through 6,000 – The benchmark Shanghai Composite blasted through 6,000 , despite the fact that the Chinese Central Bank announced over the weekend that it has raised the reserve requirement for commercial banks by half a percentage point. Chinese oil companies were on fire and China Mobile rose over 6% after UBS raised its target price to HK$ 178.00 from HK$128.00.
Disclosure: I have positions in BIIB, Citi and GOOG
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