Fed Cuts Discount Rate

Fed Cuts Discount Rate:

The Federal Reserve reduced the rate it charges banks who want to borrow from it, saying financial market conditions have deteriorated, and tighter credit and increased uncertainty have the potential to hinder economic growth.

The Bleeding has stopped for now.

Bleeding…

My portfolio is bleeding thanks to the emotional panicky lot we call Wall Street.

Class action lawsuit against Limelight.

The Brualdi Law Firm Announces Class Action Lawsuit Against Limelight Networks, Inc.:

The Complaint alleges that defendants, including the Company’s top executives and the co-lead underwriters of its IPO, negligently violated the federal securities laws by issuing a Prospectus in connection with its June 8, 2007 initial public offering (“IPO”) that was materially misleading regarding adverse business events that were affecting the Company, including: (a) that revenues were suffering due to greater reliance on television-related sales, which are seasonal; and (b) that Limelight Networks was being forced to resort to deep discounting its services in order to attract and maintain customers for its premier services because of those customers’ resistance to paying adequate prices, a development that will impact the Company’s June 30, 2007 quarter, and will continue to adversely impact the Company going forward. When the truth about these matters was revealed, Limelight Networks shares dropped substantially.

Does this lawsuit hold water? I’d like to think so. Unfortunately I don’t have enough legal knowledge to know if it does. I suppose I’m automatically a member of this class:

To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.

Cramer Meltdown – Screams for the Feds to cut rates

Market Crash

According to an article on Money other markets around the world was affected by the crash here yesterday:

The problems in the U.S. markets mirrored heavy selling in Asia and Europe that obliged central banks in Japan, Australia and Europe to inject cash to keep their banking systems operating smoothly.

Oh yeah and the Feds have stepped in to help:

The Federal Reserve offers $38 billion in assistance to prevent the credit markets from seizing up. But stocks tumble after news of growing problems facing Countrywide Financial and Washington Mutual. The SEC is probing Wall Street banks for hidden subprime losses.

Limelight below 10 per share

I bought Limelight on July 20 for $17 per share. It’s been down ever since Akamai reported it’s earnings, which met Analysts expectations BTW. Akamai shares plunged 19% on that day.

So back to Limelight which has reported it’s earnings recently. It’s shares went down after a disappointing third quarter outlook:

Shares of Limelight Networks Inc. on Thursday plunged to their lowest price since the network services provider went public in June, after the company issued a disappointing third-quarter outlook.

It’s still plunging. It’s still tumbling today along with everything else I own. Looks like I’ll be losing on this one.

Sell Garmin

Sold Garmin at 100.21 per share for an 83% basic gain. Wish I would have done the same with Apple a couple of weeks ago.

iPhone rumors not true..

Apple iPhone Suppliers See No Order Cuts:

Apple’s Taiwanese suppliers say there have been no order cuts related to the iPhone

The stock however is still very much down form it’s 52 week high of $150/share.

What’s up with the Apple rumors?

Yesterday, there was a rumor that Apple has cut back on iPhone productions and the stock took a plunge.

Scott Moritz offers the latest news on Apple’s iPhone plans (here’s a recap). According to the video, the rumors might be right that production is cut but that might be to give way to new models of the iPhone.

Apple stocks are often very active and the company is always surrounded with rumors. Every year around October, or near Halloween time, new products are released. This year that might be an iPhone that’s in the $300 range. Obviously as previously announced the new OS will be available to the public and possibly new models of MacBook or MacBook Pros.