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’The price of land on the interweb
Are internet domains an asset class? If so, what is the risk-return profile like?
In an effort to answer these questions, MIT researcher Thies Lindenthal has taken the very important step of creating a price index for domain names.
Risk off, with nowhere to go
A miserable day.
At one point the headline on the Reuters home page read: “Wall Street slides on earnings, economy, politics.” Short of blaming the collective wisdom of the two cultures, there was nothing left.
Phantom indices
Themis Trading — ever-alert for structural weaknesses in markets — have a new paper.
It’s about ‘phantom indices’ — or the idea that widely-followed indices such as the S&P 500, the Dow Jones Industrial Average or the Nasdaq 100 don’t actually track all of the shares traded intraday.
Insider trading is definitely the new black
Bit of a stunner from the SEC on Thursday (emphasis ours throughout):
Washington, D.C., May 26, 2011 — The Securities and Exchange Commission today charged a former managing director of The NASDAQ Stock
Nasvan…
…couver.
This can’t end well. Nasdaq recently got the regulatory green light from the SEC to launch its new BX Venture Market.
The idea here is that BX will serve as a new listing alternative for early stage and smaller companies – bringing the gap between the over-the counter market and Nasdaq.
Snap news
Breaking pre-market news on Tuesday,
- Germany’s Metro on target to meet full year earnings forecast — statement.
- Thorntons warns on profits; blames warm easter weather — statement.
- Nasdaq and ICE launch hostile offer for NYSE — statement.
Nasdaq-100 index takes a bite out of Apple
From Bloomberg on Tuesday morning:
Apple’s representation will be reduced to 12.33 percent of the index on May 2, from 20.49 percent, Nasdaq OMX Group Inc. (NDAQ) said in a slide show on its website today,
Gaddafi’s market – US edition
Spotted: Vix, the ‘fear gauge’, up nearly 28 per cent on Tuesday.
A 2011 Egyptian revolution-encompassing high. (Though still way below 2010 eurozone-crisis levels.) According to VelocityShares,
Fed up
And the early US market take on the Federal Reserve’s latest policy shift was…
Oh dear. European bourses, by comparison, had already given up the fight:
All this after USDJPY ploughing a 15-year low plus some deflated Treasuries.
M-m-m-meltdown
Gloom and doom on Thursday for stock markets after poor US jobs and PMI data:
Cheer up — the double dip might never happen. Well, on second thought…
Two thirds of the way…
…to a fresh bear market. Major US indices after Friday’s rout:
Related links:
US jobs data cast doubt on recovery – FT
So far, it’s a bad start to America’s trading day
A grim open for US markets on Friday, after earlier European gloom. Flashes, via Reuters:
RTRS-S&P 500 DOWN 10.77 POINTS, OR 1.01 PERCENT, AT 1,060.82 AFTER MARKET OPEN
RTRS-NASDAQ DOWN 30.39 POINTS,
Funny how contagion works
That’s the Nasdaq on Thursday, responding to the eurozone implosion. Plus chart:
Nasdaq – “It wasn’t us”
From a press release issued by the US exchange on Friday:
The NASDAQ Stock Market Had No Technology or System Issues Associated With Yesterday’s Trading Between 2:00 and 3:00 p.m. Eastern Time.
Got that?
The NASDAQ OMX Group,
A forced seller at the LSE?
Shares in the London stock exchange have taken a beating in early trading on Thursday.
See if you can figure out why.
From Bloomberg:
Traders obviously fear the Borse Dubai stake will be dumped in the market.
ChiNext: China’s next shiny, new thing
There are few things that Chinese punters love more than the chance to gamble on shiny, new stocks.
Combine that with a shiny, new exchange and you have what looks increasingly like a surefire debut for ChiNext,
Nasdaq and BATS to stop offering flash trading
The war on high frequency trading continues apace – and already there have been some high-profile casualties, or at the very least, capitulations.
Both Nasdaq and BATS said on Thursday they will stop offering flash trading – mere months after they initiated the service on June 3.
The ‘Dow of Reckoning’
Doing the rounds…
Any numerologists out there who can tell us what this means?
Related link:
Numerology – Wikipedia
Those November lows
Indices versus their November lows (Hat Tip Hobart Capital).
FTSE is actually being remarkably resilient by comparison…
Update 16:20 – Richard Crossley, technical guru at Merchant Securities,
Dead cat goes splat
The rally ends:
Dow 8,577.91 -733.08 (-7.87%)
Nasdaq 1,628.33 -150.68 (-8.47%)
S&P 500 907.84 -90.17 (-9.03%)
Doesn’t Monday feel a long time ago?
Related links:
Crude and food falls help lift equities
Oil prices fell below $125 for the first time in six weeks yesterday, fuelling a rally in equities and declines in other commodities. The S&P 500, Dow Jones and Nasdaq are now all out of bear market territory.
CME to leave NYSE for Nasdaq
Shares in CME Group, the world’s largest futures exchange, will next week cease trading on the New York Stock Exchange and list solely on the Nasdaq, NYSE’s main rival for US listings. Analysts said the move was likely to sour relations between NYSE Euronext,
[MoneyTech] NASDAQ, NYSE and the battle for (free) US financial data
Interesting nugget from Reuters (via @defrag): Nasdaq and the New York Stock Exchange (NYSE) now generate more revenue from selling market data than from equities trading. At Nasdaq, the market data accounts for 20 per cent of revenue,
Qatar sells out of OMX, smoothing Nasdaq’s planned takeover
Qatar Investment Authority has sold its near-10 per cent stake in OMX to Börse Dubai, effectively sealing Dubai’s $4.9bn takeover of the Scandinavian exchange. Plans are in place for Dubai to swap ownership of OMX for Nasdaq’s 28 per cent stake in the London Stock Exchange and take a 20 percent stake in a new Nasdaq holding company.
Exchange players only appear to fragment at the margin
Well, on the one hand you have the forecast from Bob Greifeld, Nasdaq CEO -
The global stock exchange industry will see continued fragmentation in spite of attempts to consolidate it by big sector participants
On the other hand you have Duncan Niederauer,
Deutsche Börse up on bid talk, Qatar out of OMX
Deutsche Börse shares jumped 4.8% to €133.19 on bid speculation as European equity markets rebounded on Wednesday, breaking their two-day fall. In the frame to make a €180-per-share bid for the German stock market operator were derivatives exchange CME of Chicago or a Middle-East sovereign wealth fund.
Nasdaq takes the shortcut option with Philly deal
In its bid to get into the options business, Nasdaq is nearing a deal to buy the Philadelphia Stock Exchange.
CNBC on Tuesday reported that talks were advanced, citing a deal value of $500 to $600m – but one person close to the deal told the FT that the final figure was likely to be “significantly larger”,
The never-ending OMX story: QIA looks to raise stake
Surprise, surprise. Another bidding battle for OMX looked likely on Tuesday after the Qatar Investment Authority applied for permission to lift its 9.98 per cent stake in the Nordic market operator, reports
Nasdaq to buy Boston Stock Exchange
Nasdaq has agreed to acquire the Boston Stock Exchange, bolstering its clearing capabilities and position in the “dark pools” business as consolidation among exchanges continues. Included in the $61m deal are the Boston exchange’s holding company,
OMX suitors closer to winning control
Nasdaq and Borse Dubai moved closer on Wednesday to taking over OMX after key shareholders committed themselves to a raised offer for the Nordic exchanges operator. Nasdaq and Borse Dubai said they had received undertakings from enough shareholders to give them effective control of nearly half the group.