Thoughts from Joe - July 20, 2012July 20, 2012 Posted by: Joe Morgan
This week marks the most active IPO week post-Facebook with over $600 million raised. Next week, eight companies could go out raising north of $900 million. The IPO market is definitely back!
Yields on Spanish 10-year bonds have swung from 7 percent down to 6.77 and back up to 7.23 at the end of the day Friday. The new Euro-era high in yields is a strong indicator that markets do not believe Spain can be saved. The dominos are falling and Spain won't be the last.
In a slight disappointment to the markets, Bernanke offered no hint of QE3 anytime soon. The concern over QE3 is distracting from real economic challenges. Even those that want QE3 realize it is not a long term solution to economic woes. The sooner Washington begins to deal with our true issues - mortgage financing, fiscal issues, defining new regulations - the sooner recovery will come.
The two funds will focus on investment grade and high yield debt and will be run by the firm's asset management subsidiary. A good diversification of income stream or monetizing the firm's good name? Time will tell.
. Increasing signs of weakness due to the ongoing European debt crisis and slowing...Read More