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'street'에 해당되는 글 11건
- 2009.03.24 Startorialist
- 2009.01.29 Wall Street's Most Powerful Law Firm 1
- 2008.12.30 Street Slacks After Dow Deal Crumbles
- 2008.12.20 NY to lose $178M in taxes from Wall Street bonuses
- 2008.12.09 Street Leaps On Stimulus Plans
- 2008.12.03 Street Stalls, Then Surges
- 2008.11.22 Meta Data: iPhone 2.2
- 2008.11.14 Street Slumps On Soft Outlook
- 2008.11.14 Street Slumps On Soft Outlook
- 2008.10.02 Street Fashion
In good times and bad, Skadden's lawyers make money on upheavals in global capitalism.
From left, Joe Flom, Eric Friedman and Robert Sheenan
Skadden. The name, terse and uncompromising, symbolizes the most rarefied levels of corporate law, where clients throw platoons of attorneys at a problem and barely blink at the resulting $50,000-an-hour bills.
With 1,700 attorneys and $2.2 billion in fees last year, New York's Skadden, Arps, Slate, Meagher & Flom is the biggest U.S. law firm by revenue and the third biggest worldwide. The partnership's $693 million profit in 2007 exceeded the net income of much larger companies, including Yahoo!
All that money flows from a simple business model: Skadden specializes in advising companies when they are merging, being taken apart or face a mortal threat from regulators, competitors or other lawyers.
Having grown to the size where it's involved in practically every big transaction on Wall Street, Skadden has become a brand name--and a security blanket for nervous executives. "When something doesn't go right, the general counsel can say to the CEO, 'I had Skadden on it,' " says Eric Friedman, 44, who is slated to succeed Robert Sheehan, 61, this spring as executive partner in charge of the firm.
This isn't law firm puffery. In the 1950s, Skadden practically invented one of the most lucrative branches of corporate law, the art of mounting and defending against hostile takeovers. Inside its headquarters near Times Square are several floors of conference rooms where executives and lawyers huddle day and night, negotiating multibillion-dollar transactions or plotting strategy on how to keep raiders at bay.
"I've often thought they should set up an index based on the activity in those conference rooms," jokes Edward Knight, general counsel of Nasdaq OMX Group, which last year enlisted Skadden's help in the Nasdaq's complicated, $3.7 billion takeover of Sweden's OMX exchange.
The Skadden Index would be down a bit, as the carnage on Wall Street tamps down enthusiasm for its mainstay mergers and acquisitions work. Despite the turmoil in financial markets, those rooms are still busy: Skadden recently represented Nomura in the purchase of international operations from bankrupt Lehman Brothers
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Street Slacks After Dow Deal Crumbles
Steve Schaefer, 12.29.08, 12:20 PM ESTKuwait bailed on a $17.4B joint venture with the company, dragging the major indexes down.
BATS Real-Time Market Data by Xignite
U.S. markets wobbled Monday, as investors weighed the impact of a collapsed petrochemical deal against good news for a failed bank.
Dow Chemical
Investors were pondering the impact of the collapsed venture on Dow's acquisition of rival Rohm and Haas
Dow shares slumped $3.45, or 18.7%, to $15.05, Monday morning; Rohm and Haas tumbled $11.91, or 18.7%, to $51.65.
On a broader scale, the Dow Jones industrial average was off 92 points, or 1.1%, to 8,424 by midday; while the S&P 500 fell 10 points, or 1.2%, to 862; and the Nasdaq sank 28 points, or 1.8%, to 1,503.
Financial stocks softened, despite encouraging news regarding one of their fallen brethren. The Federal Deposit Insurance Corp. is nearing a deal to sell assets of failed bank IndyMac to a group composed of private equity firms J.C. Flowers and Dune Capital Management, and hedge fund Paulson & Co. According to reports cited by TradeTheNews.com, the consortium is close to buying the bank, its 33 branches, its reverse-mortgage unit and a $176.0 billion loan-servicing portfolio. The FDIC seized the assets of IndyMac, which had massive exposure to the subprime mortgage meltdown, in July.
Oil prices were on the
rise, as Israel's air strikes against Hamas in Gaza jogged geopolitical
fears. Crude came off its highs despite the turmoil, but traded up 35
cents, at $38.06 a barrel, heading toward the afternoon. United States Oil Fund
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Gov. David Paterson says the loss of tax revenue from just six executives of Goldman Sachs will cost New York $178 million.
The executives complied with the urging of New York Attorney General Andrew Cuomo and others who said in November that major Wall Street companies benefiting from federal bailouts shouldn't pay out the usual huge bonuses to executives.
Paterson says it is the right thing to do, but the result is a further hit to the fiscal crisis of state government.
Copyright 2008 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed
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Wall Street had a strong start to the week, after President-elect Barack Obama outlined his economic stimulus plans and indications that Congress will help Detroit's automakers stave off bankruptcy.
Over the weekend, Obama outlined plans to invest in infrastructure, energy and construction projects to spur the U.S. economy out of its year-long recession and create jobs. The proposals came after the Labor Department said the economy shed 533,000 jobs in November.
The major averages started the day higher, as the Dow Jones industrial average gained 269 points, or 3.1%, to 8,904, shortly into the session. The Standard & Poor's 500 was up 31 points, or 3.5%, to 907, while the Nasdaq added 43 points, or 2.9%, to 1,553.
According to TradeTheNews.com, Democrats in Congress and the Bush administration have agreed to the framework of a deal that provide loans to General Motors
Still, the news out of corporate America was not all good over the weekend and Monday morning. More job cuts are on the way, from companies like 3M
3M announced over the weekend that it would cut 1,800 jobs in the fourth quarter, and on Monday morning the diversified company cut its 2008 earnings guidance to reflect the global economic slowdown. Shares of the Dow component were up 22 cents, or 0.4%, to $60.07, during the broad rally early Monday.
Dow Chemical said it will lay off 5,000 workers and close 20 plants in "high-cost" locations as part of its accelerated restructuring plans. The news sent Dow shares up $1.03, or 5.4%, to $20.03.
The outlook is also uncertain for MetLife, after the insurance company trimmed its fourth-quarter earnings guidance and said it could report a loss for the period. MetLife
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Equities stumbled in New York Tuesday afternoon, surrounding their morning gains and briefly turning negative before positive momentum built up in the final hour of trading to lock in a snapback rally.
Automakers were in focus virtually from the outset, after Ford Motor
Ford said its November sales dropped 30.6% year-over-year, while General Motors
The afternoon fade was canceled out in the final hour of trading though, as stocks returned to their best levels of the day before the closing bell. The Dow Jones industrial average finished with a gain of 270 points, or 3.3%, to 8,419; the S&P 500 added 33 points, or 4.0%, to 849; and the Nasdaq was up 52 points, or 3.7%, to 1,450.
Late in the session, Ford was up 6.3%; American depositary receipts of Toyota 5.9%; and Honda ADRs 3.5%. GM, which perked up to a gain of 4.1% just before the close, is said to be requesting $12.0 billion from Congress, according to TradeTheNews.com. (See "What GM Will Look Like, If It Survives.")
General Electric
Crude oil settled at $46.96 a barrel Tuesday, losing $2.32, as worry over an extended U.S. recession combined with a skeptical view toward OPEC's ability to drive prices higher.
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Meta Data: iPhone 2.2
Brian Caulfield, 11.21.08, 04:40 PM ESTApple's software update promises improved call quality and adds Google Street View.
Apple released a free software update for the iPhone on Friday, and it's packed with updates big and small.
In addition to fixes meant to improve the phone's call quality and reduce dropped calls (See "The iPhone Isn't A Great Phone"), the software is chock full of the little touches that should leave Apple
The headliner: the addition of Google Street View for Google Maps. The feature, seen first in T-Mobile's G1, which is powered by Google's Android software, gives users a handy sneak peek of where they're going from a street-level view.
The update is also full of smaller touches, however, such as the ability to download podcasts to the phone over a wireless connection, rather than synching the phone to a PC or Mac running Apple's iTunes software.
Other tweaks include the ability to return to the phone's home screen with the touch of a button--which is helpful now that users can fill their phones with multiple screens full of applications. Users can also turn off an auto-correction feature that had annoyed some users by suggesting substitutes for words they were attempting to type into the phone.
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Street Slumps On Soft Outlook
Steve Schaefer, 11.13.08, 12:40 PM ESTInvestors took in weaker forecasts from Wal-Mart and Intel, while weekly jobless claims jumped again.
Investors stepped lightly in New York Thursday, after another weak report from the jobs market added to worries over the bleak outlook for the U.S. economy.
The Labor Department recorded 516,000 new jobless claims last week, up from 484,000 the week before. Even more disconcerting was another increase in the number of continuing claims, which is nearing 4.0 million. Wall Street mostly took the data in stride though, and actually opened higher. But the market was in neutral by midday, as stocks sought direction following troubling forecasts from Intel (nasdaq: INTC - news - people ) and Wal-Mart (nyse: WMT - news - people ). (See "Wal-Mart Gears Up For Weak Sales.")
Wal-Mart narrowed its fourth-quarter profit forecast, but expressed optimism for the holiday season, while Intel cut its revenue and gross margin projections due to a weaker business outlook. Still, the major average were searching for direction at midday, as the Dow was off 24 points, or 0.3%, to 8,258; the S&P 500 slipped 1 point, or 0.1%, to 852; and the Nasdaq dropped 18 points, or 1.2%, to 1,481. Wal-Mart shares were down 52 cents, or 1.0%, to $52.10, and Intel fell 18 cents, or 1.3%, to $13.34.
Las Vegas Sands (nyse: LVS - news - people ) said it will lay off 11,000 construction workers at properties in Macau. The casino operator is suspending construction in the area as it copes with limited financing options and is in talks to raise $1.5 billion to $2.0 billion to finance Macau projects. Shares of Las Vegas Sands managed to gain 28 cents, or 5.5%, to $5.38, on optimism that it will be able to get its finances back in order.
Despite the economic concerns and worry over the pullback in consumer spending, buying demand for Treasury Securities eased Thursday, and yields crept higher. The benchmark 10-year note was returning 3.74%, up from 3.67% Wednesday. The three-year note, which drew robust demand in an auction that reintroduced it Monday, was yielding 1.55%, down from 1.60% Wednesday as traders clamored for it.
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Street Slumps On Soft Outlook
Steve Schaefer, 11.13.08, 12:40 PM ESTInvestors took in weaker forecasts from Wal-Mart and Intel, while weekly jobless claims jumped again.
Investors stepped lightly in New York Thursday, after another weak report from the jobs market added to worries over the bleak outlook for the U.S. economy.
The Labor Department recorded 516,000 new jobless claims last week, up from 484,000 the week before. Even more disconcerting was another increase in the number of continuing claims, which is nearing 4.0 million. Wall Street mostly took the data in stride though, and actually opened higher. But the market was in neutral by midday, as stocks sought direction following troubling forecasts from Intel (nasdaq: INTC - news - people ) and Wal-Mart (nyse: WMT - news - people ). (See "Wal-Mart Gears Up For Weak Sales.")
Wal-Mart narrowed its fourth-quarter profit forecast, but expressed optimism for the holiday season, while Intel cut its revenue and gross margin projections due to a weaker business outlook. Still, the major average were searching for direction at midday, as the Dow was off 24 points, or 0.3%, to 8,258; the S&P 500 slipped 1 point, or 0.1%, to 852; and the Nasdaq dropped 18 points, or 1.2%, to 1,481. Wal-Mart shares were down 52 cents, or 1.0%, to $52.10, and Intel fell 18 cents, or 1.3%, to $13.34.
Las Vegas Sands (nyse: LVS - news - people ) said it will lay off 11,000 construction workers at properties in Macau. The casino operator is suspending construction in the area as it copes with limited financing options and is in talks to raise $1.5 billion to $2.0 billion to finance Macau projects. Shares of Las Vegas Sands managed to gain 28 cents, or 5.5%, to $5.38, on optimism that it will be able to get its finances back in order.
Despite the economic concerns and worry over the pullback in consumer spending, buying demand for Treasury Securities eased Thursday, and yields crept higher. The benchmark 10-year note was returning 3.74%, up from 3.67% Wednesday. The three-year note, which drew robust demand in an auction that reintroduced it Monday, was yielding 1.55%, down from 1.60% Wednesday as traders clamored for it.
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Margiela On My Mind
September 30, 2008
Last night’s Margiela show immediately popped into my mind when I saw this young lady walking in Le Marais this afternoon.
Runway Photo: Marcio Madeira
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