| Another bailout — this time for us all
Two weeks ago, it was a $200 billion cash-for-bond swap for the banks. Last week, it was a $200 billion bond-for-bond swap for the big investment houses. If they keep this up, pretty soon you'll be able to walk into any Federal Reserve bank and hock that diamond brooch you inherited from Aunt Mildred. Forget all that nonsense about the Bernanke Fed being too timid or behind the curve. In the face of what is turning into the most serious financial market crisis since the Great Depression, the Fed has been more aggressive and more creative in using its limitless balance sheet — in effect, its ability to print money — than at any time in history. We can argue until the cows come home about whether this is a bailout for Wall Street. It is, but only to the extent that it also is a bailout for all of us, meant to prevent a financial and economic meltdown that drags everyone down with it.
CEMEX Provides Guidance for the First Quarter of 2008
CEMEX, S.A.B. de C.V. (NYSE: CX) announced today that it expects EBITDA for the quarter ending March 31, 2008 of around US$920 million, an increase of about 6% versus the same period last year, while operating income is expected to be close to US$420 million, 25% lower than the same period a year ago. Sales for the first quarter are expected to be in excess of US$5.3 billion, an increase of about 24% versus the same period last year. Adjusting for the fewer business days versus the same period last year as a result of the earlier occurrence of religious holidays, which last year took place during the second quarter, sales and EBITDA would be expected to increase by about 27% and 10%, respectively, versus first quarter 2007. On a pro-forma basis for the continuing operations, adjusting for the consolidation of Rinker, sales and EBITDA for the quarter are expected to decrease 1% and 22%, respectively, in U.S.
Fitch Rates Memphis-Shelby County Airport Auth (Tennessee) $90MM . Ref dg Revs A+ ; Outlook Stable
Ref dg Revs A+ ; Outlook Stable 19/03/2008 19:00:00 Business Wire Fitch Ratings assigns an A+ rating to the Memphis-Shelby County Airport Authority, Tennessee s (the authority) approximately $90 million airport refunding revenue bonds, series 2008A.
Fitch also affirms its A+ rating on the authority s approximately $526.8 million of outstanding general airport revenue bonds (GARBs).
The Rating Outlook is revised from Negative to Stable.
The series 2008A bonds are scheduled for negotiated sale during the week of March 24.
Proceeds from the issuance will refund all of the authority s outstanding series 1999A and 1999B variable-rate demand debt.
The bonds are secured by the net revenues generated by the operation of Memphis International Airport (the airport).
DJO Incorporated Announces Financial Results for Fourth Quarter and . (9º)
Fiscal Year 2007 24/03/2008 11:35:00 Business Wire (4) Includes the impact of changes in methodologies used to estimate accounts receivable reserves, primarily in connection with the DJO Merger.
(5) Primarily includes income related to fluctuations in foreign currency.
(c) Other adjustment items are comprised of the following: Transaction expenses (6) $ 9,712 Minority interest 415 Pre-acquisition EBITDA (7) 106,561 Other (28) --------- Subtotal other items 116,660 Cost savings (8) 66,673 --------- Total other items $183,333 ========= ------------------------------- (6) Includes $4.8 million of expense related to the termination of interest rate swaps in connection with refinancing DJOFL s debt in connection with the DJO Merger, $3.0 million for monitoring fees paid to Blackstone and $1.9 million related to other merger and acquisition activities.
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