Wednesday, July 27, 2011

Late afternoon news briefs: Markets tank, probably because the Mets are about to trade Carlos Beltran; S&P cuts Greece's credit rating, yet again

The day started here at TNM with severe thunderstorms and power outages. It is ending with severe thunderstorms and power outages. Oh, and a flood warning that is popping up on my iPad.

The markets have closed at if you are in investor this wasn't a good day. The Dow sank 198.75 points, or just over 1.5 percent, and the Nasdaq fell 75.17 points, or just over 2.5 percent.

Analysts are, of course, pointing to the debt ceiling impasse as the reason. But if nothing changes on that front tomorrow, and the market goes up, what will they say about that? Apple, right?

Cyprus had its credit rating cut because,
well, just because.

Greece had its credit rating cut today by Standard & Poor’s. The rating was already in junk category so no doubt S&P cut it just for the publicity involved in the move.

Meanwhile, Moody's cut the rating for Cyprus. Really? Cyprus?

The New York Times just tweeted that the Mets and the Giants are "on the verge of completing a trade that will send Carlos Beltran to the Giants in exchange for a top prospect who is likely to be Zack Wheeler, a right-handed pitcher taken in the first round of the 2009 draft."

As a Giants fan I suppose that is great news. But that will leave the team with, what, one good good bat in the line-up. Look for Beltran to break the major league walk record if the deal is completed.

In the U.K., The Independent is reporting that The Court of Appeal has upheld a judge's ruling that media monitoring services which provide summaries of news, which originate from the websites of newspapers, need licenses from the newspapers themselves.

The case involves the Dutch-based media monitoring company Meltwater, its UK subsidiary Meltwater News UK Ltd, and the Public Relations Consultants Association, but it will interesting to see if this has ramifications broader than just this ruling.

I know that if such a ruling were to occur in the U.S. there would be a number of companies severely hamstrung, including the e-newsletter company SmartBrief. Then there is that guy that steals whole articles and sends them out every evening (we won't link to or even mention his name).