Talking Turkey

 

• With U.S. markets closed, consider these items. Yesterday, the S&P 500 made its 38th new high for the year (the record in any one year was 1995 with 77). Year to date breadth remains very positive at 449 issues higher (the record was 458 in 2003). The best performing S&P stock so far this month (that won’t be an S&P stock next week) is JC Penney, +34.4 percent.

• Overnight, without the Americans directing the action, most markets moved higher with the Nikkei up more than 1 percent. The Japanese index has tacked on almost 1300 points since the beginning of the month (compared with a bit more than 500 points on the Dow).

• Other items of news include the first IPO in five years out of Portugal, German unemployment ticks higher for four months in a row (but the unemployment rate unchanged); Microsoft, according to reports, is leaning toward Ford’s Mulally to be the company’s new CEO; Saputo’s A$9.20 bid has been topped by the dairy co-operative by 30 Australian cents; and a deal in media this morning with DHX Media buying Family as well as Disney XD, Disney Junior (French and English) from Bell Media (the parent of BNN) for $170 million cash. We’ll be talking to the CEO of the company about 10:15 am ET this morning. DHX shares are up 140 percent this year alone. DHX recently purchased the rights to Teletubbies (you remember Dipsy, Laa-Laa, Po and Tinky Winky) and is also well known by little ones for Caillou.

• In Moscow’s Red Square an iconic image of luxury and wealth was constructed to house a travelling exhibition of Louis Vuitton’s history. The giant 9 metre by 30 metre building is covered with the gold-on-brown pattern familiar to Baryshnikov, Annie Leibovitz, Catherine Deneuve and Sean Connery (among others) but not necessarily ever used by the ordinary Russian who Vladamir Putin has recently been courting. This box was constructed right next door to Lenin’s tomb. The Russians weren’t impressed. Apparently the charity which was to receive the proceeds from the travelling show is run by the Russian fiancé of the son of the CEO of LVMH. It is being taken down as Mr. Putin wasn’t pleased. I wonder what happened to the bureaucrat who gave the approval for the construction.

source: http://www.bnn.ca/Blogs/2013/11/28/Talking-Turkey-with-Frances.aspx