Kayak Software, which operates the Kayak.com travel booking web site, this morning filed for a $50 million IPO. The offering is to be led by Morgan Stanley and Deutsche Bank, with Piper Jaffray, Stifel Nicolaus and Pacific Crest also in the underwriting group.
According to the filing, the Norwalk, Conn.-based company [...]
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Shares of programmable logic chip makers Xilinx (XLNX) and Altera (ALTR) are both higher this morning after Deutsche Bank analyst Sukhi Nagesh initiated Xilinx with a Buy rating and reiterated a Hold rating on Altera, while saying both companies had “solid fundamentals.”
Nagesh has a positive view of the programmable logic [...]
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Clearwire (CLWR) shares are trading sharply higher this morning amid reports the company is seeking to raise $2.5 billion to $5 billion in cash by auctioning some of its wireless spectrum. According to Bloomberg, potential bidders include AT&T (T), Verizon Wireless (VZ, VOD), Deutsche Telekom (DT), Time Warner Cable (TWC) [...]
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Dolby Laboratories (DLB) shares are trading higher after Deutsche Bank analyst Brian Thackray this morning raised his rating on the stock to Buy from Hold, with a new target of $75, up from $70.
The analyst notes that the stock is down 13% since July, due in part to concerns of [...]
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Matthew Lynn: Hedge Funds Are Running Out Of Reasons To Exist (Bloomberg)
“If they were collecting money from the wealthy and investing it in industries or countries where capital is short, that would be a good argument. Or if they were creating markets in commodities or asset classes where none existed before, that would work. If they were smoothing out returns so people’s pensions were protected, or swapping currencies so they got cheaper mortgages, that would also make sense. True, it may be impossible. The industry might well be a giant parasite that does nothing more than siphon vast wealth from the economy, while doing little in return. But it should at least try. Just bleating about liquidity isn’t going to work. And if it can’t come up with a better way of justifying itself, it deserves to get hammered.”
Hedge Fund Closure Rate May Rise to 20%, Merrill Lynch Says (Bloomberg)
“Going into the year-end, there will be significant closures and we estimate it could be as high as 20 percent,” Fredericks said in an interview Sept. 17 in Hong Kong. “A large portion of managers are still below high-water marks. Performance is flat and money hasn’t been flowing to smaller managers.”
BlackRock Sees Meaningful Slowdown In Second Half (Reuters)
“We do not believe that we are slipping back to recession, but we do expect the global economy to grow at a meaningfully slower pace in the second half of 2010,” Stephen Hull, a director and investment strategist at BlackRock, said in a statement on Tuesday.
Chanos: Yuan May Depreciate, Not Appreciate (CNBC)
“We think there’s a big speculative bubble that’s going on over there and it’s having knock-on effects on certain things like commodities or materials,” Chanos told CNBC Tuesday. “We’re short the property developers, we’re also short basic materials companies.”
Brevan Howard To Open In Brazil (FT)
The new office will focus primarily on research, according to the firm, but signals a significant shift towards interest in the region.
Deutsche Bank To Raise $13.3 Billion (NYT)
Josef Ackermann said: “Through this capital increase, Deutsche Bank intends to secure the equity capital required for a planned consolidation of Postbank. As a result, we can expand our strong position in our home market, take a leading position in the European retail banking business and significantly enhance Deutsche Bank’s revenue mix. Furthermore, with this capital increase we are strengthening the bank’s equity capital in light of expected regulatory changes and business growth.”
Caulked Up: Stimulus Plan Gets Bogged Down In Bureaucracy (WSJ)
For a year after the stimulus bill passed, most of the extra funds for Michigan community agencies went unspent. “I’ve been in this 30 years, and one of the things I’ve always said is, if we only had more money,” says Bill Warren, the weatherization manager at the Detroit agency. “Be careful what you ask for. It’s both a blessing and a curse.
BofA’s Moynihan Puts Ex-Colleagues in Key Strategic Posts (Bloomberg)
Moynihan hired former Fleet strategy head Terry Laughlin as a senior executive at the loss-plagued Countrywide unit. He recruited hedge-fund manager Mike Lyons as a strategy and planning executive to help shrink the bank’s $2.2 trillion balance sheet. Moynihan also promoted Lauren Mogensen to deputy general counsel and corporate secretary, where she intersects with Moynihan and the bank’s board. And yet, nothing for Ken Lewis.
Article courtesy of Dealbreaker
Priceline (PCLN) shares are getting a lift today from Deutsche Bank analyst Herman Leung, who launched coverage of the online travel firm with a Buy rating and $350 price target. “We strongly believe that online travel will gain share from traditional channels and supplier sites driven by convenience, selection and [...]
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France Telecom (FTE) says it has no plans to merge with Deutsche Telekom (DTEGY.PK), Reuters reports.
On Monday, the French trade union CFE-CGC/UNSA raised the possibility of a merger between the two companies after Deutsche Bank boosts its stake in France Telecom to over 5%.
“There is no plan to bring together [...]
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Will France Telecom (FTE) merge with Deutsche Telekom (DTEGY.PK)?
Neither side is going to tell me, of course. But here’s what we know:
Deutsche Bank has increased its stake in France Telecom above 5%.
The French labor union CFE-CGC/UNSA read about that, and concluded that the German bank’s move represents a “profound change [...]
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Sprint Nextel (S) is considering whether to allow Deutsche Telekom’s (DT) T-Mobile unit to take a stake in its 54%-owned Clearwire (CLWR) unit, the Wall Street Journal reports, citing “three people familiar with the situation.” The story notes that Clearwire still needs billions of dollars to complete its nationwide 4G [...]
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Baidu (BIDU) shares are trading modestly lower this morning after Deutsche Bank analyst Alan Hellawell cut his rating on the Chinese search engine company to Hold from Buy, though he raised his target on the stock to $86, from $80.
“With Baidu’s monetization metrics having taken a step up to a [...]
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