UBS To Sell Mortgage Assets, Cut Jobs As First-Quarter Loss Nearly $11 Billion (WSJ) More of the same at UBS: Another $11 billion lost. Another $2600 raised. And also a big sale of $15 billion worth of subprime assets, which had a nominal value of $22 billion. Nominal being the operative word there. Though it seems that if every asset that nominally priced at $22 could be sold for $15, it's not the worst gap there is. Or maybe it is the worst.
Goldman: Oil ‘Superspike’ Going To $200 The two things that have always been key circuit-breakers of high oil prices have been a) demand destruction – essentially, when pain at the pump forces consumers reduce their fuel consumption, cooling off prices – and b) a global increase in supply, driven by producers looking to exploit lofty prices that ease as they flood the market with more oil. Guess what? For the first time ever, neither seems to be happening. Which is exactly why oil popped above $120 a barrel yesterday, occasioning the resurfacing of the dire prognostications of one Mr. Arjun N. Murti. Here, his predictions for the turbulent months to come.
S&P futures vs fair value: -6.2. Nasdaq futures vs fair value: -7.8. Stock futures are off their worst levels, but continue to point to a lower start to the trading day. Microsoft (MSFT) may be in preliminary talks with Time Warner (TWX) related to buying AOL, according to the Times of London. Yesterday, Microsoft withdrew its offer to buy Yahoo! (YHOO), although Yahoo CEO Jerry Yang has said he is willing to continue talks, according to Reuters.
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