BCE e BoJ injectam mais $ nos mercados
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States
Estão completamente a gozar com os mercados.
Tem acontecido este tipo de inversão/diversão quase diariamente.
Mas desta vez a europa/ásia que já estão escaldadas podem perfeitamente não ligar muito a esta recuperação final.
Se não houver mais más notícias esta madrugada amanhã lá teremos um dia de recuperação na europa, provavelmente marcado por futuros americanos no verde (será?) que depois do fecho por cá lá retomarão as quedas e deixarão tudo pendurado novamente a panicar e com suores frios no fim de semana.
Já utlizaram esta táctica com subidas de 6ª e quedas de 2ª (violentas) e vice-versa.
Há que ter os pés assentes no chão, se isto fôr para recuperar não será em um ou dois dias, será lentamente e o que caiu agora será recuperado em 3 ou 4 meses no mínimo
Se for para continuar a cair (é o mais provável à medida que as falências vão aparecendo) a queda vai manter-se vertiginosa.
O curto prazo permanece difícl, o médio prazo sem certezas e o longo prazo está a definir-se e ainda poderá haver surpresa (regresso do bull) mas podemos já ter entrado num BEAR e sinceramente estar no mercado continua a ser um risco enorme.
Hoje quando os states caiam 2% pós fecho europeu tivemos um Call do dax a 0,20 que terminou a 1 EUR.
500% em 2 horas. Isto há profissões complicadas... e hobbies tramados
Tem acontecido este tipo de inversão/diversão quase diariamente.
Mas desta vez a europa/ásia que já estão escaldadas podem perfeitamente não ligar muito a esta recuperação final.
Se não houver mais más notícias esta madrugada amanhã lá teremos um dia de recuperação na europa, provavelmente marcado por futuros americanos no verde (será?) que depois do fecho por cá lá retomarão as quedas e deixarão tudo pendurado novamente a panicar e com suores frios no fim de semana.
Já utlizaram esta táctica com subidas de 6ª e quedas de 2ª (violentas) e vice-versa.
Há que ter os pés assentes no chão, se isto fôr para recuperar não será em um ou dois dias, será lentamente e o que caiu agora será recuperado em 3 ou 4 meses no mínimo
Se for para continuar a cair (é o mais provável à medida que as falências vão aparecendo) a queda vai manter-se vertiginosa.
O curto prazo permanece difícl, o médio prazo sem certezas e o longo prazo está a definir-se e ainda poderá haver surpresa (regresso do bull) mas podemos já ter entrado num BEAR e sinceramente estar no mercado continua a ser um risco enorme.
Hoje quando os states caiam 2% pós fecho europeu tivemos um Call do dax a 0,20 que terminou a 1 EUR.
500% em 2 horas. Isto há profissões complicadas... e hobbies tramados
- Mensagens: 1418
- Registado: 7/3/2007 19:42
- Localização: évora
Esqueci-me de dizer que na crise dos anos 30, ou seja a grande depressão, esta ficou famosa pela sua duração e profundidade com conseq altamente negativas como, falencias em massa,desmprego altissimo que duraram até à 2 guerra mundial e nalguns casos até à recuperação introduzida pelo plano Marshall no inicio DOS ANOS 50!!!!e fenomenos raros e de dificil controle como deflação e grande queda do poder de compra. Chega????
- Mensagens: 551
- Registado: 31/8/2005 14:07
Eu também não me lembro do que se passou em 1929, mas lembro-me de ler e garanto-vos que foi asssutador. E os gajos andavam a cavalo e davam ordens não sei como e a queda foi monumental, por isso, nem quero imaginar como seria hoje. Os titulos dos jornais da altura eram de crédito fácil e sem garantias, crescimento até á lua ERA UM LIBERALISMO EXACERBADO QUASE SELGAGEM na economia do pós guerra e uma euforia que levou quase todos os cidadãos a investir numa bolsa altamente especulativa todas as suas economias!!!!!As consequencias estenderam-se quase por toda a decada dos anos 30.
- Mensagens: 551
- Registado: 31/8/2005 14:07
é evidente que a inflacção é a variavel, e por sinal a unica que verdadeiramente me preocupa e me fará se aparecer em força a requacionar a minha presença nos mercados de acções. Teoricamente os preços não reagirão indiferentemente a esta verdadeira enxurrada de liquidez e subirão. Teoricamente as acções são um bom refugio contra a inflacção no entanto caso haja pressões inflaccionistas a tendencia dos bancos centrais pode muito bem ser o de vir primeiramente ao mercado de acções secar os mercados era isso que eu faria se estivesse do outro lado portanto para mim só um abaixamento dos lucros ou tensões inflaccionistas farão soar o toque de alarme. liquidez para injectar na economia ? haja imaginação que ela não faltará ...
Aqui no Caldeirão no Longo Prazo estamos todos ricos ... no longuissimo prazo os nossos filhos estarão ainda mais ricos ...
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scpnuno Escreveu:
Embora eu já não me lembre muito bem do que se passou em 1929, acho que um crash (odeio este termo!) agora, é muito mais rapido. Assim como uma recuperação. Temos que nos lembrar que em 1929 o pessoal sabia das noticias por arautos, ou cornetas, ou caraças. E tinham que ir a cavalo ao banco dar as ordens de venda. Um crash de uma sexta feira só se notava lá para o fim da semana seguinte... nem sequer imagino como é que os bancos transmitiam as ordens para a NYSE ou Euronext lá do sitio, devia ser por sinais de fumo...
LOL, sempre em grande!
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- Administrador Fórum
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Quem se der ao trabalho de ler nas entrelinhas
percebe perfeitamente que estão à rasca e para se protegerem vão utilizar o short selling para pelo menos não serem comidos vivos.
Ou seja, um fundo carregado de posições longas (já perdedoras de uma fatia considerável) quese prepara para se defender em short's para depois poder vender essas mesmas posições longas sem dó nem piedade se for caso disso já defendido pela entrada short.
Vamos ver no que dá, mas que a coisa está perigosa, está!!!
Outro dia também apareceu um analista (velhote) no bloomberg que disse uma coisa interessante, que era mais ou menos isto.
Os bancos centrais deviam ter estado quietos nesta fase e deixavam arder (burn) quem estava com posições de alto risco, mas ao invés mostraram que fora apanhados de surpresa e mostraram medo.
No mercado estes pequenos sinais (diários desde há vários dias não auguram nada de bom).
Isto ainda está fase em mini-crash mas o pior pode estar para chegar. Mas estas pequenas recuperações estão a servir para adiar a resolução do problema e enquanto a esperança na redenção e na força do BULL se for alimentando apenas de dinheiro fresco para tapar buracos o BEAR vai ganhando força pois não é por os resultados serem bons agora que não podem começar a piorar até ao fim do ano...
Os sinais de exaustão do BULL POWER são evidentes e quando já temos o CAC na corda bamba (ontem já estava negativo em 2007) o Nikkei completamente atolado e os próprios states a pouca distância de entrarem no vermelho depois do duplo topo de longo prazo... há que tomar precauções acrescidas, não vá a procissão ainda estar no adro.
BN
Ou seja, um fundo carregado de posições longas (já perdedoras de uma fatia considerável) quese prepara para se defender em short's para depois poder vender essas mesmas posições longas sem dó nem piedade se for caso disso já defendido pela entrada short.
Vamos ver no que dá, mas que a coisa está perigosa, está!!!
Outro dia também apareceu um analista (velhote) no bloomberg que disse uma coisa interessante, que era mais ou menos isto.
Os bancos centrais deviam ter estado quietos nesta fase e deixavam arder (burn) quem estava com posições de alto risco, mas ao invés mostraram que fora apanhados de surpresa e mostraram medo.
No mercado estes pequenos sinais (diários desde há vários dias não auguram nada de bom).
Isto ainda está fase em mini-crash mas o pior pode estar para chegar. Mas estas pequenas recuperações estão a servir para adiar a resolução do problema e enquanto a esperança na redenção e na força do BULL se for alimentando apenas de dinheiro fresco para tapar buracos o BEAR vai ganhando força pois não é por os resultados serem bons agora que não podem começar a piorar até ao fim do ano...
Os sinais de exaustão do BULL POWER são evidentes e quando já temos o CAC na corda bamba (ontem já estava negativo em 2007) o Nikkei completamente atolado e os próprios states a pouca distância de entrarem no vermelho depois do duplo topo de longo prazo... há que tomar precauções acrescidas, não vá a procissão ainda estar no adro.
BN
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Estes também já foram ao colchão buscar reforço...
Aug. 13 (Bloomberg) -- Goldman Sachs Group Inc., the most profitable securities firm and second-largest hedge-fund manager, will invest about $2 billion to shore up its Global Equity Opportunities Fund after a 28 percent decline this month.
Investors including Maurice ``Hank'' Greenberg, the former chairman of American International Group Inc., and billionaire Eli Broad will put an additional $1 billion into the hedge fund, New York-based Goldman said today in a statement. Assets dropped by $1.4 billion to $3.6 billion in the past week as the fund's computer-driven investment strategies were upended by turmoil in the financial markets.
``It looks better for them if others are willing to put money in alongside them,'' said Benjamin Wallace, who helps manage about $750 million at Grimes & Co. in Westborough, Massachussetts. ``Goldman spreads its risk out a bit but also demonstrates that other people want to be involved in this.''
Goldman said it wasn't rescuing the fund, which had fallen along with other so-called quant funds that use mathematical formulas to make trades. Instead, the infusion will give managers Mark Carhart and Raymond Iwanowski ``more flexibility to take advantage of the opportunities we believe exist in current market conditions,'' the firm said.
``Current values that the market is assigning to the assets underlying various funds represent a discount that is not supported by the fundamentals,'' Goldman said in the statement.
The cash infusion may discourage investors from redeeming their money, which would pressure managers to sell assets at prices they believe are too low.
`Pretty Confident'
``I certainly would hope that even if people were going to redeem -- and I don't know who would have and who wouldn't have -- they obviously would see that we're pretty confident in the future success of the fund and would not,'' Chief Financial Officer David Viniar said today in a telephone interview.
Global Equity investors can pull their money monthly with 15 days' warning, meaning notices for Aug. 31 are due this week. Global Alpha investors can redeem quarterly, and certain share classes also must notify the fund this week.
Perry Partners LP, the New York-based hedge-fund firm run by Richard Perry, is adding cash to Goldman's fund, alongside Broad and C.V. Starr & Co., Greenberg's investment and insurance firm. Perry, 52, began his Wall Street career at Goldman Sachs on the merger arbitrage desk run by Robert Rubin.
The investors, including Goldman, will pay the same fees and have the same investment terms as other clients.
Global Alpha
Goldman's Global Alpha, a $7.25 billion quant hedge fund also run by Carhart and Iwanowski, both 41, has lost 27 percent this year. The company didn't pump money into that fund or into its $500 million North American Equity Opportunities hedge fund, which lost 15 percent of its value this year as of July 27.
Goldman saw more potential for gains in Global Equity Opportunities, Viniar said.
``We were focused on the equity long-short strategies,'' said Viniar, adding that the global fund is more attractive than the North American fund because it is larger and invests in more markets.
Long-short managers buy shares they expect to go up and sell short stocks they expect to fall. In a short sale, an investor will borrow shares and immediately sell them in the hopes they can be bought back later at a cheaper price.
Global Equities has made money in only five months out of the past 12 months. Global Alpha, which trades bonds, currencies and commodities as well as stocks, made money in only four of those months.
Models Intact
Goldman executives don't expect to see a major shift in the models that determine investments.
``We don't think the strategy is going to change,'' said Viniar.
Global Alpha lost most of its money this year on stocks. Its equity strategy is more like that of the North American fund than the global fund, Viniar said.
The Global Equity fund has about $3.50 in borrowed money, or leverage, for each $1 of client money, down from $6 before the capital infusion announced today, Viniar said. The fund plans to keep leverage at the current level.
Goldman shares fell $1.01, or 0.55 percent to $179.49 at 1:27 p.m. in New York Stock Exchange composite trading. The Standard & Poor's 500 Index gained 0.20 percent to 1457.44.
Hedge funds are largely unregistered pools of capital that cater to wealthy individuals and institutions and allow managers to participate substantially in profits from investments. They try to make money in rising as well as falling markets.
Credit Market
The $1.7 trillion industry has been roiled in July and August as credit spreads widened to the most in two years and U.S. stocks rose or fell by more than 1 percent on 13 days. Also posting losses in recent weeks are quant funds run by AQR Capital Management LLC and Highbridge Capital Management LLC.
The difference in yields between the riskiest corporate bonds and U.S. Treasuries has expanded nearly 2 percentage points since June, according to Merrill Lynch & Co. index data. Volatility, as measured by the Chicago Board Options Exchange SPX Volatility Index, has averaged more than 23 since the beginning of August. Between June 2003 and the end of July 2007, it averaged 14.
Bear Stearns
Bear Stearns Cos. last month sought bankruptcy protection for two hedge funds that invested in securities backed by home loans to the riskiest borrowers. The New York-based investment firm closed the funds after granting $1.6 billion in emergency financing in June and then telling investors they would get little if any money back. The attempted bailout was the biggest since the collapse of Long-Term Capital Management LP in 1998.
The troubles started as some large quant funds lost money in their fixed-income or credit positions on the back of a decline in the subprime mortgage market. The firms were forced to sell more liquid stock investments to raise cash and reduce debt, according to a report published by Lehman Brothers Holdings Inc. analyst Matthew Rothman.
The selling caused the models used by quantitative funds to short circuit. Stock positions that the models expected to fall in price rose, and shares they expected to rise, fell.
``The models (ours included) are behaving in the opposite way we would predict and have seen and tested for over very long time periods (45+ years),'' Rothman wrote.
E o que vale é que estão todos confiantes...
A coisa cada vez cheira mais a esturro
Investors including Maurice ``Hank'' Greenberg, the former chairman of American International Group Inc., and billionaire Eli Broad will put an additional $1 billion into the hedge fund, New York-based Goldman said today in a statement. Assets dropped by $1.4 billion to $3.6 billion in the past week as the fund's computer-driven investment strategies were upended by turmoil in the financial markets.
``It looks better for them if others are willing to put money in alongside them,'' said Benjamin Wallace, who helps manage about $750 million at Grimes & Co. in Westborough, Massachussetts. ``Goldman spreads its risk out a bit but also demonstrates that other people want to be involved in this.''
Goldman said it wasn't rescuing the fund, which had fallen along with other so-called quant funds that use mathematical formulas to make trades. Instead, the infusion will give managers Mark Carhart and Raymond Iwanowski ``more flexibility to take advantage of the opportunities we believe exist in current market conditions,'' the firm said.
``Current values that the market is assigning to the assets underlying various funds represent a discount that is not supported by the fundamentals,'' Goldman said in the statement.
The cash infusion may discourage investors from redeeming their money, which would pressure managers to sell assets at prices they believe are too low.
`Pretty Confident'
``I certainly would hope that even if people were going to redeem -- and I don't know who would have and who wouldn't have -- they obviously would see that we're pretty confident in the future success of the fund and would not,'' Chief Financial Officer David Viniar said today in a telephone interview.
Global Equity investors can pull their money monthly with 15 days' warning, meaning notices for Aug. 31 are due this week. Global Alpha investors can redeem quarterly, and certain share classes also must notify the fund this week.
Perry Partners LP, the New York-based hedge-fund firm run by Richard Perry, is adding cash to Goldman's fund, alongside Broad and C.V. Starr & Co., Greenberg's investment and insurance firm. Perry, 52, began his Wall Street career at Goldman Sachs on the merger arbitrage desk run by Robert Rubin.
The investors, including Goldman, will pay the same fees and have the same investment terms as other clients.
Global Alpha
Goldman's Global Alpha, a $7.25 billion quant hedge fund also run by Carhart and Iwanowski, both 41, has lost 27 percent this year. The company didn't pump money into that fund or into its $500 million North American Equity Opportunities hedge fund, which lost 15 percent of its value this year as of July 27.
Goldman saw more potential for gains in Global Equity Opportunities, Viniar said.
``We were focused on the equity long-short strategies,'' said Viniar, adding that the global fund is more attractive than the North American fund because it is larger and invests in more markets.
Long-short managers buy shares they expect to go up and sell short stocks they expect to fall. In a short sale, an investor will borrow shares and immediately sell them in the hopes they can be bought back later at a cheaper price.
Global Equities has made money in only five months out of the past 12 months. Global Alpha, which trades bonds, currencies and commodities as well as stocks, made money in only four of those months.
Models Intact
Goldman executives don't expect to see a major shift in the models that determine investments.
``We don't think the strategy is going to change,'' said Viniar.
Global Alpha lost most of its money this year on stocks. Its equity strategy is more like that of the North American fund than the global fund, Viniar said.
The Global Equity fund has about $3.50 in borrowed money, or leverage, for each $1 of client money, down from $6 before the capital infusion announced today, Viniar said. The fund plans to keep leverage at the current level.
Goldman shares fell $1.01, or 0.55 percent to $179.49 at 1:27 p.m. in New York Stock Exchange composite trading. The Standard & Poor's 500 Index gained 0.20 percent to 1457.44.
Hedge funds are largely unregistered pools of capital that cater to wealthy individuals and institutions and allow managers to participate substantially in profits from investments. They try to make money in rising as well as falling markets.
Credit Market
The $1.7 trillion industry has been roiled in July and August as credit spreads widened to the most in two years and U.S. stocks rose or fell by more than 1 percent on 13 days. Also posting losses in recent weeks are quant funds run by AQR Capital Management LLC and Highbridge Capital Management LLC.
The difference in yields between the riskiest corporate bonds and U.S. Treasuries has expanded nearly 2 percentage points since June, according to Merrill Lynch & Co. index data. Volatility, as measured by the Chicago Board Options Exchange SPX Volatility Index, has averaged more than 23 since the beginning of August. Between June 2003 and the end of July 2007, it averaged 14.
Bear Stearns
Bear Stearns Cos. last month sought bankruptcy protection for two hedge funds that invested in securities backed by home loans to the riskiest borrowers. The New York-based investment firm closed the funds after granting $1.6 billion in emergency financing in June and then telling investors they would get little if any money back. The attempted bailout was the biggest since the collapse of Long-Term Capital Management LP in 1998.
The troubles started as some large quant funds lost money in their fixed-income or credit positions on the back of a decline in the subprime mortgage market. The firms were forced to sell more liquid stock investments to raise cash and reduce debt, according to a report published by Lehman Brothers Holdings Inc. analyst Matthew Rothman.
The selling caused the models used by quantitative funds to short circuit. Stock positions that the models expected to fall in price rose, and shares they expected to rise, fell.
``The models (ours included) are behaving in the opposite way we would predict and have seen and tested for over very long time periods (45+ years),'' Rothman wrote.
E o que vale é que estão todos confiantes...
A coisa cada vez cheira mais a esturro
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- Localização: évora
Rui Aires Escreveu:Caminhamos daqui a uns bons anos para o que se passou em 1929!
Embora eu já não me lembre muito bem do que se passou em 1929, acho que um crash (odeio este termo!) agora, é muito mais rapido. Assim como uma recuperação. Temos que nos lembrar que em 1929 o pessoal sabia das noticias por arautos, ou cornetas, ou caraças. E tinham que ir a cavalo ao banco dar as ordens de venda. Um crash de uma sexta feira só se notava lá para o fim da semana seguinte... nem sequer imagino como é que os bancos transmitiam as ordens para a NYSE ou Euronext lá do sitio, devia ser por sinais de fumo...
Agora é tudo á velocidade da luz, a informação é em directo, as ordens, as noticias, as repercurssões, tudo...
Isto é a minha opinião e é apenas AF, nada de AT (para não falar que na altura a AT era de regua e esquadro, que metastock era coisa de ficção cientifica)
Esta é a vantagem da ambição:
Podes não chegar á Lua
Mas tiraste os pés do chão...
Podes não chegar á Lua
Mas tiraste os pés do chão...
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BCE e BoJ injectam mais $ nos mercados
UPDATE: ECB Allots EUR47.665 Billion At 4.06% And Higher
(this updates an item which ran at 0926 with background and analysis)
FRANKFURT -(Dow Jones)- The European Central Bank and the Bank of Japan pumped fresh liquidity to markets for a third day Monday, with markets watching whether the U.S. Federal again follows suit.
The European Central Bank added EUR47.665 billion in funds Monday at rates of 4.06% and above. The ECB received 59 bids worth a total EUR84.452 billion, signaling continued strong demand.
The tender amount was less generous than those last week, as expected by markets. Monday's quick tender follows unscheduled injections of nearly EUR95 billion Thursday and EUR61.05 billion Friday.
The Bank of Japan earlier Monday injected 600 billion yen into its money market.
The central banks provided markets with fresh liquidity last Thursday and Friday, as anxiety about fallout from the U.S. subprime debt market spilled over into global markets.
The Monday tender follows an earlier announcement that the ECB would closely monitor money market conditions, the same phrase that heralded ECB action on Thursday and Friday. But the ECB gave markets a hint that Monday's allocation was likely to be lower than those last week.
"The ECB notes that money market conditions are normalizing and that the supply of aggregate liquidity is ample. With this fine tuning operation, the ECB is further supporting the normalization of conditions in the money market," the ECB said Monday.
The maximum accepted bid rate was 4.10%, the ECB said. That is below the market rate in Monday morning trade of around 4.15%, and is still above the ECB's refinancing minimum bid rate of 4.00%.
Following the tender, the overnight rate fell back to 4.05%-4.10%.
"We're satisfied, the ECB came in with a good amount, and that should be enough," one state-owned bank trader said, adding that the ECB will likely come into the market one more time on Tuesday alongside its regular weekly tender scheduled for that day.
Friday, ECB President Jean-Claude Trichet promised the ECB would keep a close eye on market developments, and would give markets "appropriate" liquidity, in an interview with Ouest France newspaper.
Commerzbank AG economist Christoph Balz said it isn't yet clear whether the ECB will provide markets with another one-day tender on Tuesday, which would be in addition to its regular weekly refinancing operations.
"Markets are volatile and can be easily pricked by new speculation," Balz said.
On Friday, the ECB added EUR61.05 billion to money markets, following a one- day add of nearly EUR95 billion Thursday. Demand for cash is "still out there," the trader added.
European stocks headed higher at the Monday open after Wall Street bounced back Friday.
-By Monica Houston-Waesch; Dow Jones Newswires; +49 69 29 725 520; nikki.houston@dowjones.com (Emesa Bartha contributed to this item)
(END) Dow Jones Newswires
08-13-070630ET
Copyright (c) 2007 Dow Jones & Company, Inc.
(this updates an item which ran at 0926 with background and analysis)
FRANKFURT -(Dow Jones)- The European Central Bank and the Bank of Japan pumped fresh liquidity to markets for a third day Monday, with markets watching whether the U.S. Federal again follows suit.
The European Central Bank added EUR47.665 billion in funds Monday at rates of 4.06% and above. The ECB received 59 bids worth a total EUR84.452 billion, signaling continued strong demand.
The tender amount was less generous than those last week, as expected by markets. Monday's quick tender follows unscheduled injections of nearly EUR95 billion Thursday and EUR61.05 billion Friday.
The Bank of Japan earlier Monday injected 600 billion yen into its money market.
The central banks provided markets with fresh liquidity last Thursday and Friday, as anxiety about fallout from the U.S. subprime debt market spilled over into global markets.
The Monday tender follows an earlier announcement that the ECB would closely monitor money market conditions, the same phrase that heralded ECB action on Thursday and Friday. But the ECB gave markets a hint that Monday's allocation was likely to be lower than those last week.
"The ECB notes that money market conditions are normalizing and that the supply of aggregate liquidity is ample. With this fine tuning operation, the ECB is further supporting the normalization of conditions in the money market," the ECB said Monday.
The maximum accepted bid rate was 4.10%, the ECB said. That is below the market rate in Monday morning trade of around 4.15%, and is still above the ECB's refinancing minimum bid rate of 4.00%.
Following the tender, the overnight rate fell back to 4.05%-4.10%.
"We're satisfied, the ECB came in with a good amount, and that should be enough," one state-owned bank trader said, adding that the ECB will likely come into the market one more time on Tuesday alongside its regular weekly tender scheduled for that day.
Friday, ECB President Jean-Claude Trichet promised the ECB would keep a close eye on market developments, and would give markets "appropriate" liquidity, in an interview with Ouest France newspaper.
Commerzbank AG economist Christoph Balz said it isn't yet clear whether the ECB will provide markets with another one-day tender on Tuesday, which would be in addition to its regular weekly refinancing operations.
"Markets are volatile and can be easily pricked by new speculation," Balz said.
On Friday, the ECB added EUR61.05 billion to money markets, following a one- day add of nearly EUR95 billion Thursday. Demand for cash is "still out there," the trader added.
European stocks headed higher at the Monday open after Wall Street bounced back Friday.
-By Monica Houston-Waesch; Dow Jones Newswires; +49 69 29 725 520; nikki.houston@dowjones.com (Emesa Bartha contributed to this item)
(END) Dow Jones Newswires
08-13-070630ET
Copyright (c) 2007 Dow Jones & Company, Inc.
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