| Scavenging for Superdelegates
As we went to bed last night, the juicy New York Times headline "Black Leader, a Clinton Ally, Tilts to Obama" tucked us in. The story explained the soon-to-be defection of Georgia Rep. John Lewis from Hillary Clinton's camp to Barack Obama's. Lewis is a superdelegate and a civil rights leader whose district voted overwhelmingly for Barack Obama in Georgia's Super Tuesday primary. If he officially defected, his change of heart was thought to be a bellwhether for all of Clinton's superdelegates whose districts voted for Obama. The Times reported that Lewis "said Thursday night that he planned to cast his vote as a superdelegate for Senator Barack Obama in hopes of preventing a fight at the Democratic convention," but that Lewis was still weighing whether to officially endorse Obama. But after changing his mind on Clinton, he may be changing his mind on Obama.
Soft miners, banks keep lid on stocks
THE Australian stock market was little changed at noon amid subdued trading, although the big miners were weaker after base metals prices came under pressure again. The benchmark S&P/ASX200 index was 0.4 points higher at 6334.7, while the All Ordinaries had gained 1.1 points to 6396.2. On the Sydney Futures Exchange, the December share price index contract was seven points lower at 6364 on a volume of 5,580 contracts. Austock Securities senior client adviser Michael Heffernan said the market lacked firm direction. "It's been a bit choppy, which is not surprising given the fact that is no lead from our normal leader, which is the US," Mr Heffernan said. "Commodity prices were a bit on the soft side.' "It is interesting that the major drivers of our market, the banks and financial sectors, are in negative territory." Following a round of profit-taking in the past couple of sessions, it could be time for investors to buy again, Mr Heffernan said.
Earnings Preview: Safeway Inc.
For the full 2008 year, the company expects earnings of $2.25 to $2.35 per share for the year, including the effect of an extra week in the 2008 fiscal year. Excluding the extra week, the company predicts earnings of $2.21 to $2.31 per share. STOCK PERFORMANCE: Shares rose 14 percent during the quarter but fell 13 percent in the past 52 weeks. .
Prosecutors to Seek Death Penalty for 2 Men Accused of Murdering ...
WEST PALM BEACH, Fla. Federal prosecutors announced Wednesday they will seek the death penalty for two men accused of murdering a family along Florida's Turnpike in 2006. Documents filed in federal court announced the possible death penalty if defendants Daniel Troya and Ricardo Sanchez Jr. are convicted. Their trial has been on hold to allow the U.S. Justice Department time to make its decision on capital punishment. The men have pleaded not guilty in the shooting deaths of 28-year-old Jose Luis Escobedo, his 25-year-old wife Yessica and their two young sons. Their bodies were found in October 2006 along the turnpike near Port St. Lucie. Authorities have said Escobedo was part of a large drug trafficking ring that included the two alleged killers.
The Investment Column: Barclays investors should keep faith after ABN ...
In normal times, Barclays' shares would have bounced in the last few weeks after it lost out to Royal Bank of Scotland in the battle to buy ABN Amro. Instead, the bank's stock has fallen 12 per cent since 5 October, the day before it conceded defeat. Barclays is not the only bank whose shares have suffered in the credit crunch. But Barclays is of particular concern because the success of its Barclays Capital investment bank has been closely identified with the booming credit markets that seized up in August. The investment bank Credit Suisse restarted coverage of the stock yesterday with an 8 per cent downgrade to 2007 earnings, based on higher funding costs and expected reductions in trading and investment income. Bob Diamond, who runs BarCap, has done the rounds to remind investors that his business does commodities and foreign exchange as well as leveraged finance and structured credit.
Profile: Guy Hands
He's invested in deals where others haven't seen value, and the whole nature of those investors is that sometimes they get it right and sometimes they get it wrong. Guy has obviously seen some value at EMI." The big question, as much for the listening public as for the rockers who have had it so good for so long, is where? Founded in 1931 as Electrical and Musical Industries, EMI has been one of the glories of the British entertainment scene, boasting on its roster the Beatles, Pink Floyd, Queen and the Sex Pistols. But the good times ended long ago, and the company's recent history has been a succession of crises. In 2001, it signed Mariah Carey, the five-octave human wonder, to a record breaking, five-album contract, but after her first effort flopped had to pay her £35 million to go away again.
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