Sometimes the side streets are more interesting than Main Street

5:03 AM, Monday — Sometimes the best place to look for what’s happening on the street, won’t be found on page one of The Wall Street Journal.
For instance, today the Journal has three lead stories, which I’m sure the street will be buzzing about today concerning Swiss pharma Roche trying to snap up the remaining 45% portion of Genentech that it doesn’t already own; as well as some finger-pointing going on in the fed’s direction concerning the FDIC being listed among the lenders who gave out some predatory subprime mortgage loans; and a story that Ken Wilson,  the senior financial institutions banker at Goldman, is taking a leave to give some advice to Treasury Secretary Henry Paulson.
None of this news surprises me. An overseas company making a bid to acquire a U.S. company during our weak dollar is nothing new; and the fact a large lender, such as the FDIC, may have also given out some subprime loans during the “everybody can own a home under my administration” Bush regime, is hardly worth the effort to even raise an eyebrow; and that Paulson is reaching out to the head exec of Wall Street’s “Golden Goldman” only shows Paulson is finally rolling up his sleeves and getting serious about tackling this mortgage mess.
So while the street is busy focusing on these lead stories, I’ll be directing my attention to see how  MarketWatch’s report that Occidental Petroleum Corp. plans to buy back 20 million shares of its company’s common stock will affect the OXY ticker. My guess is that the street generally likes a company buying its own shares, and may wish to hop in to take the ride. 
In other words, while you’re checking out what’s happening on Main Street, don’t forget to pay attention to what’s going down on the side streets.
Just always remember the usual disclaimer: Don’t base any of your investment decisions on anything in my blog, do your own due diligence before planking down any of your money, or hire a professional to do it for you.

One Response

  1. […] said citing people familiar with the …Top 10 Business News Stories –|||Sometimes the side streets are more interesting than Main Street.… among the lenders who gave our some predatory subprime mortgage loans; and a story that Ken […]

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