Monday, May 09, 2005

Market Update

Will be brief here...

Duke Energy buying Cinergy in a huge deal. Nothing too exciting about this really.

OPEC report says that they overproduced recently, but in the same report there was a statement that said there was no need to cut back. This really gave some mixed messages.

E*Trade's takeover bid of Ameritrade... consolidation in the online brokerage space was very much expected. The recent price war has really hurt some of the names out there. For example, one of the brokerages I use, HarrisDirect, has decreased their online commissions to $8.95 from $19.95 recently. Will also be interesting to watch Schwab to see if they also decide to participate in this consolidation.

ChevronTexaco is now just Chevron. And, they'll be sporting a new look in the upcoming months.

And, for you online poker people, Cryptologic (CRYP) has secured rights to the Bejeweled slot machine concept as they expand their casino game portfolio.

Market has rebounded a bit in the last hour, let's see if it continues.

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