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On the one hand, you'll likely never find anything so aptly named in finance. It is indeed a beige book. But its real title is the Summary of Commentary on Current Economic Conditions by Federal Reserve District. About two weeks before the Federal Open Market Committee meets to decide on interest rates, Fed governors get a compilation of how individual Federal Reserve banks view their economic health. (Actually, a different Fed bank is responsible each time to put it together, so they pass the workload around like roommates deciding who'll do the dishes.)
Obviously, it's important stuff. Since it's rather timely, many stock traders and economists use it to gauge whether the Fed has the same view of economic conditions as the market seems to.
But it's not scientific -- even the Fed admits that it's "anecdotal." And the Beige Book is the result of dozens of interviews with economists, bank branch managers, market experts and business leaders. As a result, a survey of pessimists in a district can paint a decidedly glass-half-empty picture. What's more, the Beige Book surveys all 12 Fed districts, and economic conditions in Cleveland can be much different than, say, Richmond, Va.
As a result, the Beige Book is rarely a market-mover, unless it contradicts a bunch of other data. So, check out the summary, but you can find better reports to read before nodding off.
Home / Markets / Industries / Finance
Tuesday, July 22, 2008
Adam Townsend Named Executive Vice President, Investor Relations for CBS Corporation
Comtex
NEW YORK, July 22, 2008 /PRNewswire-FirstCall via COMTEX/ ----Adam Townsend has been named Executive Vice President, Investor Relations for CBS Corporation (NYSE: CBS.A and CBS), it was announced today by Leslie Moonves, President and CEO, CBS Corporation and Marty Shea, Executive Vice President, Investor Relations, who has led CBS Investor Relations since CBS became a stand-alone company in January 2006.
An experienced financial services executive who most recently led E*Trade's Investor Relations and Corporate Strategy operations, Townsend will now oversee CBS's daily outreach to the investment community, reporting to Moonves and Shea.
"Adam brings a unique perspective to the Investor Relations role, having served on both the buy-and-sell sides of the business," said Moonves. "He has more than 10 years of experience covering online consumer-driven business models, as well as significant background in-house, including being involved in more than $5 billion of transactions at his previous role with E*Trade. I'm confident that working with Marty, Adam will do terrific work in sharing our story with the investment community."
"Adam is very well regarded in the industry," added Shea. "We look forward to all he'll do in this key role in the Investor Relations department."
Townsend most recently served as Managing Director of Investor Relations and Corporate Strategy for the E*Trade Financial Corporation, which included working with its CEO on identifying global expansion opportunities, providing quarterly presentations to its board of directors on the company's competitive positioning, public/investor perception, stock valuation and analyst research coverage. He also oversaw E*Trade's communications strategies through more than $5 billion in transactions over four years. Before that, Townsend handled the company's financial communications, including news releases, quarterly earnings calls, shareholder presentations and investor marketing materials.
Previously, Townsend worked as an Equity Research Analyst for JP Morgan Securities' Financial Institutions Group, where he was responsible for primary research coverage of publicly traded companies in the online trading and investing technology sector, performed company valuation analysis, authored equity research reports and built financial models to forecast financial performance of companies he covered. Before that he worked as a Management Trainee on the buy side for Franklin Templeton Investments.
Townsend graduated in 1995 with a bachelor's of science degree from the University of California, Los Angeles.
About CBS Corporation
CBS Corporation (NYSE: CBS.A and CBS) is a mass media company with constituent parts that reach back to the beginnings of the broadcast industry, as well as newer businesses that operate on the leading edge of the media industry. The Company, through its many and varied operations, combines broad reach with well-positioned local businesses, all of which provide it with an extensive distribution network by which it serves audiences and advertisers in all 50 states and key international markets. It has operations in virtually every field of media and entertainment, including broadcast television (CBS and The CW - a joint venture between CBS Corporation and Warner Bros. Entertainment), cable television (Showtime and CBS College Sports Network), local television (CBS Television Stations), television production and syndication (CBS Paramount Network Television and CBS Television Distribution), radio (CBS Radio), advertising on out-of-home media (CBS Outdoor), publishing (Simon & Schuster), interactive media (CBS Interactive), music (CBS Records), licensing and merchandising (CBS Consumer Products), video/DVD (CBS Home Entertainment), in-store media (CBS Outernet) and motion pictures (CBS Films). For more information, log on to www.cbscorporation.com.
SOURCE CBS Corporation
http://www.cbscorporation.com/
Copyright (C) 2008 PR Newswire. All rights reserved ********************************************************************** As of Friday, 07-18-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated a DOWNTREND on 05-27-2008 for CBS @ $22.69. For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright � 2004-2008 Comtex News Network, Inc. All rights reserved.
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