Jim Cramer Blog

Erin Burnett began Wednesday's show discussing NYSE CEO John Thain going to Merrill. Charlie Gasparino of CNBC says, for John, it will be a huge undertaking and may have to lay some people off in the beginning. Merrill Lynch is refusing to confirm or report on the new CEO. Dennis Kneale of CNBC says NYSE president Duncan Niederauer will also become NYSE CEO. Niederauer says that electronic stock trading without human intervention is still questionable as the best model for trade. He will be working for a model of 21st century trading in months to come. Next, Tracy Krohn of W&T Offshore (WTI) says that he and his company are focusing on the Gulf of Mexico. W&T Offshore has interests in over 2 billion acres of natural resources. 65% of W&T's reserves are developed and 55% of them are natural gas reserves. They also have 200 exploration fields in federal and state waters, and say if there is a change in the eastern seaboard drilling restrictions W&T will be prepared. Next was the weak dollar. Robert Kessler of Kessler Companies says U.S treasuries often profit when other asset classes loose value. Investors in treasuries don't have to worry about a recession. Rick Santelli of CNBC says United Airlines and Delta Airlines are discussing a possible merge. Steve Liesman of CNBC says the Federal Reserve Board will be opening up with forecasts and predictions for the upcoming year. These reports will be covering inflation, and the potential of the current economy. Robert McTeer of the National Center of Analysis says the fed hopes to improve accountability and understanding of monetary policy in televised forecasts in the future. He says the fed will make these forecasts more frequent and more transparent. The Federal Government will compile and release projections four times a year rather than two. Stop Trading with Jim Cramer was next. Jim Cramer said Duncan Niederauer will do a great job as CEO of NYSE Euronext (NYX), adding that Niederauer has learned a tremendous amount since joining the exchange several months ago. Niederauer had previously been a trader at Goldman Sachs (GS).

Labels: CNBC, Duncan Niederauer, John Thain, MER, NYSE, Street Signs, street signs recap, WTI

Labels: NYSE, NYSE Euronext, NYX

Shareholders in Euronext on Tuesday overwhelmingly backed the pan-European stock exchange's tie-up with NYSE Group. In an extraordinary general meeting in Amsterdam, 98.2% of the votes cast were in favor of the deal, with 1.8% voting against. The approval came after concerns over the deal's price and the potential impact of U.S. regulation have waned in recent weeks. A combined NYSE-Euronext would be valued at around $29 billion, with 80 of the world's 100 biggest companies listed on its exchanges and a total market capitalization of listed companies of around $27 trillion. Several shareholders and politicians had expressed concerns that U.S. regulation, and particularly the Sarbanes-Oxley Act, could spill over into European markets. But in the end, although there were some probing questions over the planned structure and the implications for corporate governance, shareholders were largely reassured that regulation would remain separate in the U.S. and Europe.
Source: SmartMoney.com

Labels: Euronext, NYSE

European regulators said on Tuesday unexpectedly they have no objections to the proposed $13.8 billion merger between Euronext (ENXT.PA: Quote, Profile, Research) and NYSE (NYX.N: Quote, Profile, Research), removing a hurdle for the first transatlantic stock exchange. Euronext, whose shares rose more than 3 percent after the announcement, in June accepted a $10 billion merger proposal from the NYSE Group, parent company of the New York Stock Exchange, in a deal now worth $13.8 billion based on current share prices. Both companies say it is a merger of equals. The merger is on track to be completed in the first quarter of 2007 after all approvals have been obtained, a spokesman for Euronext said, adding that the regulators' decision was a positive signal.
Source: Reuters.com

Labels: ENXT, Euronext, New York Stock Exchange, NYSE, NYX, Stock Market

NYSE Group Inc. (NYX.N: Quote, Profile, Research) Chief Executive John Thain said on Tuesday he was confident that shareholders of pan-European bourse Euronext (ENXT.PA: Quote, Profile, Research) would approve its planned merger with the New York Stock Exchange. "Yes, I'm confident," Thain told reporters at the CEIBS business school in Shanghai, his first stop during a four-day China trip. Thain added that he believed European regulators would approve the merger soon after shareholders of both companies voted for it. Last week, Paris-based Euronext said it would ask its shareholders to vote on a proposed merger with NYSE Group, parent company of the New York Stock Exchange. An extraordinary shareholder meeting for the vote will be held on Dec. 19. Euronext in June accepted a $10 billion takeover proposal by NYSE, a deal which both firms say is a merger of equals.
Source: Reuters.com

Labels: CEO, Euronext, NYSE

U.S. blue chips ended lower on Monday as investors sold stocks after a series of record-high closes and a drop in oil prices hit energy shares. Stocks were higher for most of the trading day after takeover offers for mining company Phelps Dodge Corp. and office real estate company Equity Office Properties Trust, but traders said the market lost steam in late trading. Meanwhile, a brokerage upgrade of Microsoft Corp. (MSFT.O: Quote, Profile, Research) helped the Nasdaq end slightly higher. The Dow Jones industrial average <.DJI> was down 26.02 points, or 0.21 percent, to end at 12,316.54. The Standard & Poor's 500 Index <.SPX> closed down 0.70 point, or 0.05 percent, at 1,400.50. The Nasdaq Composite Index <.IXIC> edged up 6.86 points, or 0.28 percent, to end at 2,452.72. Shares of General Motors Corp. were the biggest weight on the Dow, falling 3.4 percent to $34.18, after an executive from the No. 1 U.S. carmaker said it is open to a deal with its rival Ford Motor Co.. Traders said a tie-up would be viewed negatively by GM shareholders. Ford shares fell 2.5 percent to $8.67 on the NYSE. Oil for January delivery ended down 19 cents a barrel at $58.78 a barrel on ample supplies and concern about demand. Shares of Exxon Mobil Corp., the world's largest publicly traded oil company, dipped 0.9 percent to $72.43 and was the top negative factor on the S&P 500. The Chicago Board Options Exchange Volatility Index -- known as the market fear gauge -- closed below 10 on Monday for the first time since January 1994, suggesting stocks' month-long rally may have further to go. In another major deal, Nasdaq Stock Market Inc. made a $5.1 billion bid for the London Stock Exchange to create a trans-Atlantic market, but the London exchange rejected Nasdaq's offer. Shares of Nasdaq rose 3.1 percent to $37.71. Also on Monday, Bank of America Corp. agreed to buy to buy Charles Schwab Corp.'s U.S. Trust Corp. wealth management unit for $3.3 billion. Bank of America shares rose 0.1 percent to $54.90 while Charles Schwab shares climbed 2.1 percent to $18.94. Trading volume was moderate on the New York Stock Exchange where about 1.5 billion shares were traded, below the 1.61 billion daily average for last year. On Nasdaq, about 1.7 billion shares were traded, below the 1.8 billion daily average last year. Advancing shares were about even with declining shares on both the Nasdaq and the NYSE.
Source: Reuters.com

Labels: Blue Chips, Deals, Hot Stocks, Mad Money, Nasdaq, NYSE

The NYSE Group's stakes are high for Hybrid. And, arguably, the company needs Hybrid to succeed in keeping some portion of the floor viable. For, without the promise of better execution and the bell-ringing photo-ops the floor provides, NYSE becomes just another data network whose sales pitch is "my machine is better than yours."But Hybrid is less crucial to the NYSE than it would otherwise be, absent the planned merger and other expected diversification initiatives. Trading at more than 40 times expected 2007 earnings, NYX stock already is discounting massive efficiencies from the electronic transition and Euronext merger. It's trading based on hoped-for 2008 earnings of maybe $3 to $4 a share, and more farther out.Investors thus are giving the exchange credit for winning battles it hasn't yet fought. They think Thain is playing a multiyear chess match and is thinking several moves ahead -- the Euronext deal, the rollout of U.S. derivatives listings, trading bonds and their derivatives, building a "dark pool" internally, an Asian linkup, maybe even having the Archipelago platform handle most NYSE-listed volume some day. They're convinced he's underpromising and ready to overdeliver.

Labels: New York Stock Exchange, NYSE, NYSE Group, NYX

The New York Mercantile Exchange on Thursday said it expects to raise $383.5 million in one of the most eagerly anticipated initial public offerings of the year, with shares of the commodities market pricing at $59 each.
The 134-year-old exchange will price 6.5 million shares when the New York Stock Exchange opens for business on Friday. The pricing exceeds the upper end of the Nymex's projected range of between $54 and $57 per share, and reflects the strong demand in the stock.
Nymex Holdings Inc., which will list under the stock symbol NMX, has received plenty of buzz in the past few weeks about its public listing. For the most part, investors are eager to snap up shares because of the hot energy and metals markets over the past year.
With 86.99 million shares outstanding after the IPO, the market value would be about $5.1 billion.

Labels: ICE, NDQ, New York Mercantile Exchange, New York Stock Exchange, NYMEX, NYSE, NYSE Group, NYX

Pier 1 Imports, Inc. (NYSE:PIR - News) was notified today by the New York Stock Exchange (NYSE) of unusual trading activity in the Company's stock. The NYSE has asked the Company to respond by press release to the unusual activity. The Company's policy is not to comment on market rumors or speculation including unusual market activity.

Labels: New York Stock Exchange, NYSE, Pier 1 Imports, PIR

Shares of the New York Stock Exchange's parent company zoomed to an all-time high Friday, boosted by a string of good news and giving fresh ammunition to NYSE Group Inc. Chief Executive John Thain as he moves to complete the Big Board's merger with Euronext NV.
The NYSE's shares now have gained about 50 percent since the NYSE unveiled its plan to merge with Euronext, a pan-European stock and derivatives exchange, back in May. The boost gives Thain momentum as he moves to sew up the support of Euronext's shareholders ahead of a key December vote on the merger and close the door on a rival proposal for Euronext from Frankfurt's Deutsche Boerse AG.
The Big Board's plan is financed by cash and stock, which is why the health of the NYSE's share price is crucial to the competitiveness of Thain's bid.

Labels: New York Stock Exchange, NYSE, NYX

Shares of the New York Stock Exchange's parent company zoomed to an all-time high Friday, boosted by a string of good news and giving fresh ammunition to NYSE Group Inc. Chief Executive John Thain as he moves to complete the Big Board's merger with Euronext NV.
The NYSE's shares now have gained about 50 percent since the NYSE unveiled its plan to merge with Euronext, a pan-European stock and derivatives exchange, back in May. The boost gives Thain momentum as he moves to sew up the support of Euronext's shareholders ahead of a key December vote on the merger and close the door on a rival proposal for Euronext from Frankfurt's Deutsche Boerse AG.
The Big Board's plan is financed by cash and stock, which is why the health of the NYSE's share price is crucial to the competitiveness of Thain's bid.

Labels: New York Stock Exchange, NYSE, NYX

There is something cooking with this stock. I'm not sure whether it's a short squeeze or the specualtion of an agreement with the Italian Stock Exchange or Euronext. There were also 2 blocks of 25,000 shares which traded at 4:10. We need some insight.

Labels: New York Stock Exchange, NYSE