Lehman initiated coverage of CMG this morning with a market perform rating. The report is full of respect for the brand and growth of the company, but is cautious of valuation, upcoming comps, cost pressures and a challenging consumer environment. See my updated notes here.

ICE was weak yesterday apparently in conjunction with new proposed regulatory changes that might put more restrictions on who can trade its products and to what extent these participants will be governed.

I have taken a short position in MCO and it has worked well since I put it on early in the day yesterday. My post on MCO states I have no position in the stock which was true at the time of writing. Due to time constraints I do not plan on updating all posts when my position in the name changes.

I think FIG is trading much in step with BX. Since Blackstone is now back to the level it priced the IPO at, I expect both stocks to stabilize here as the underwriters will have a vested interest in supporting prices so their chances of bringing KKR and others public will remain strong.

I’m heading to the beach with the family this afternoon for our annual getaway. I anticipate spending some morning time researching and posting, but will be goofing off the rest of the day. I’ll still try to reply to any comments or emails but may be a bit more delayed than normal.