FURTHER FURTHER READING
- No to Summers, part one.
- No to Summers, part two.
- No to Summ--but pessimistic all the same.
- Looking back at the Abacus structure.
- ARMs rise again in the west.
- John Hempton on Herbalife's distributors: "Turnover and failure would be the norm."
- New blog du jour: Pundit Tracker! (via Josh Brown)
ROUND-UP
Facebook stock leapt 20 per cent after hours on strong mobile ad sales. The company posted profits of 19 cents per share on $1.81bn in revenue, beating expectations of 14 cents and $1.62bn. Mobile revenues are now 41 per cent of ad revenues, up from 30 per cent in the previous quarter (Financial Times).
Barclays is close to a deal with UK regulators to meet leverage targets by 2014, a year later than former Bank of England governor Mervyn King had called for. Regulators said in June that the bank fell short of a 3 per cent leverage ratio on a 'stressed' calculation of its assets. Barclays had aimed to meet the 3 per cent target by 2015, but will face less pressure with a 2014 deadline than one in 2013 (Financial Times).
Bankruptcy courts will have jurisdiction over Detroit's attempt to file for protection under Chapter 9, a judge ruled. The move will block attempts by public employees and pension funds to litigate claims that the bankruptcy filing violated Michigan's state constitution. Michigan Governor Rick Snyder will also gain immunity from lawsuits under the decision. (Bloomberg).
Rule change sought in Dell bid: Michael Dell and Silver Lake Partners, who are bidding to take the company private, are seeking to change how shareholder votes are counted. 'The new rule proposed by Mr Dell would let the buyout go ahead if a majority of those voting backed it, rather than a majority of all eligible shareholders – a change that would push non-voters out of the equation and help the deal clear...' (Financial Times). The group also raised its bid by 1 per cent (Wall Street Journal).
Eurozone lenders once again delayed paying the next instalment of Greece's bailout loans (Wall Street Journal).
