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Articles by Mat Cauthon
IBM "Beats" Despite 17th Straight Revenue Decline; Margin Miss; Spike In Net Debt
After 16 consecutive quarters, or 4 years, of declining annual revenue growth, there were some whispers that this could be the quarter IBM finally breaks the trend. Alas, it was not meant to be, and moments ago IBM reported Q2 revenues of $20.24BN, which will beating consensus of $20.03BN, was still 2.8% lower than a year ago. The breakdown of the declining revenue was as follows: Technology services & Cloud platforms rev.
Meanwhile, European Bank Default Risk Is Spiking
"It's probably nothing..." The headline-maker in Italy is Monte Paschi which has seen CDS soar post the regulatory ban on short-selling stock. At over 1700bps, this implies a 67% chance of default... crushing the hopes and dreams of 100s of thousands of mommas and poppas and Renzi's dream of reelection...
Did The Terrorists (Or Fearmongers) Win?
According to the latest survey from Gallup, this is the highest percentage of Americans to mention terrorism in a decade, although it is still lower than the 46% measured after 9/11. Before 2001, terrorism barely registered as the most important problem facing the country. So are the terrorists winning? Or the fearmongers?
Paul Krugman Is "Really, Really Worried" That He Might Have Screwed Up Japan
Late last year, a very important and very “powerful” man took a field trip to Japan to observe Keynesian insanity prowling around in its natural habitat... That’s right, last November Paul Krugman - the mere mention of whom is enough to strike terror in the hearts and minds of the sane - found himself in a limousine with Japanese economist Etsuro Honda who was intent on securing the Nobel laureate's help in convincing Prime Minister Shinzo Abe to delay a planned (and prudent) sales tax hike.
Avon Rips Higher, Halted Twice As Another LBO Rumor Squeezes Shorts
Update: It appears our observation that AVP has a Debt-to-Ebitda of a stunning 3.7x that has blown away hope/hype of the LBO copming to fruition... Just 4 short months ago, Avon stock soared after a fake private equity offer from a fake entity appeared. With a 20% short base, the stock exploded higher. Today, with 17.4% of the stocks' float short, The Wall Street Journal sparks some panic-buying... Avon has now been halted twice and is trading up 12% (before re-opening). Avon Products Inc.
Jim Grant Warns "The Fed Turned The Stock Market Into A 'Hall Of Mirrors'"
The question we appear to be getting answered this week is, as Grant's Interest Rate Observer's Jim Grant so poetically explains, "how much of this paper moon market is real, and how much is governmental whipped cream?" In this brief but, as usual, perfectly to the point interview with Reason.com's Matt Welch, Grant asks (and answers), "are prices meant to be imposed from on high, or discovered by individuals acting spontaneously in markets?" noting that, while many readers here may know the...
Will China Play The 'Gold Card'?
Alasdair Macleod has posted an article at www.goldmoney.com which I think is important. The thrust of the article is that China, at some point, will have to revalue gold in China; which means, in other words, that China will decide to devalue the Yuan against gold.
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