Market Gawk

An independent proxy advisory firm on Tuesday recommended eliminating Level 3 Communications Inc.’s so-called ‘’supermajority vote” requiring 67 percent of the outstanding shares to amend the company’s bylaws.

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Game site shifts its revenue model to boost results.

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Once again, the Canadian, Australian and New Zealand dollars are stronger across the board. In fact, the Canadian dollar hit a new 11 month high today and is closing in on its 29 year high.

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Weaker Japanese machinery orders should have exacerbated the rallies in the yen crosses today but on a day with so much volatility in the Dow, we actually saw limited activity in the yen crosses.

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As we expected, the softer PPI numbers from yesterday correctly foreshadowed the weaker CPI numbers today. The strength of the British pound is clearly driving inflationary pressures lower throughout the UK which explains why the Bank of England failed to notch up their degree of hawkishness at the last monetary policy meeting.

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The Euro staged a very strong rally today thanks to the growing dichotomy between US and Eurozone growth and monetary policy. In contrast to the slowdown that we have been seeing in the US , Eurozone growth is holding very steady at enviable levels.

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§ This week our carry trade basket accumulated nearly $150 on interest payments but was relatively unchanged in value. § The most profitable trade was the long position in the AUDUSD with 86 pips gain. § The biggest loss was taken the Sterling with a 79 pips drop. § We are concerned with the performance of the US dollar against the Hong Kong dollar but decided not to make any change in the components of the carry trade basket until we see further economic data that confirms the current price action. § The 3 month interest rate differential between New Zealand and Japan is now close to 738 basis points and with the market pricing another RBNZ rate hike, the NZD/JPY could see more gains in the week ahead.

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Billionaire investor Carl Icahn, who has a history of buying large stakes in companies and then influencing how they manage their operations, has sold his 6.8 million shares of Federated Department Stores Inc.

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Unless its financial position changes soon, NetWolves Corp. could be in for a long year. Company executives told the Securities and Exchange Commission that it may have to cease operations by the end of March 2008.

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SAN FRANCISCO (MarketWatch) — ESL Investments Inc., a hedge fund run by Edward Lampert, disclosed a big stake in Citigroup Inc. in a Securities and Exchange Commission filing on Tuesday.

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