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What have you done for me philately?: Stamp auction raises $9.1 million

In a record-setting one-day stamp auction that raised sales of $9.1 million, billionaire bond fund manager Bill Gross unloaded a series of early British stamps featuring a young Queen Victoria. The proceeds raised were donated as one sum to Doctors Without Borders; it was the medical organization's largest donation ever received in its 36-year history.

The top lot auctioned Monday morning included two items. The first was described as "the largest surviving mint Penny Black multiple still in private hands," consisting of 18 stamps, coupled with a strip of six stamps that were separated from the larger bunch. The two pieces together were ultimately sold for $1 million to an unnamed bidder. Attending the auction were bidders from the U.S., Canada, the U.K., France, Switzerland, Belgium, China, and Italy.

Gross said he began collecting the stamps in question around 2000, spending an estimated $2.5 million on them. While today's auction benefited a charitable cause, it also helped Gross gauge the market for collectible stamps. Mr. Gross is one of the largest U.S. collectors and estimates having spent between $50 million and $100 million on his collection (that's kind of a wide range, but who am I to quibble?).



Continue reading What have you done for me philately?: Stamp auction raises $9.1 million

USPS introduces 'Forever' stamp

Here I am in my early 30s, already complaining about how inexpensive things used to be. While my grandparents would tell me about their 10-cent movie dates or $10,000 homes, I recall the 22-cent stamp fairly vividly (apparently, when I was born, my birth announcements could have been sent for a dime a pop). In my memory, I've seen the price of sending first-class correspondence rise from under a quarter to, as of May 14, 41 cents. In fact, rates have been hiked 13 times in 32 years.

But folks wanting to plan ahead can stock up on the "forever first-class stamp," unveiled this morning at the National Postal Forum. The stamp, featuring an image of the Liberty Bell, will go on sale April 12 for 41 cents but will feature the word "forever" instead of a price. The plan is for this stamp to remain valid into perpetuity, even as postal rates inevitably climb. Introducing the new postage, Postmaster General John E. Potter quipped, "Who said nothing lasts forever?"

Continue reading USPS introduces 'Forever' stamp

Analyst upgrades 2-16-07: Coke & Pepsi upgraded at Goldman

MOST NOTEWORTHY: Rivals Coca-Cola Co (KO) and PepsiCo Inc (PEP), as well as General Mills (GIS), were today's notable upgrades.
  • Goldman Sachs upgraded both The Coca-Coca Co (NYSE: KO) and PepsiCo Inc (NYSE: PEP) to Buy from Neutral: The upgrade for Coca-Coca was to reflect the company's recent strong results, and Pepsi's upgrade was to reflect Gatorade's expected profit re-acceleration by the second half of 2007.
  • General Mills Inc (NYSE: GIS) was upgraded to Market Perform from Underperform at BMO Capital Markets with a $58 target based on achievable outlook and absence of any negative catalysts.
OTHER UPGRADES:
  • Bank of America upgraded Colgate-Palmolive Co (NYSE: CL) to Buy from Neutral with a $74 target. The firm believes Colgate's long-term growth rate can accelerate to 12-13% from 10% on margin upside.
  • Prudential upgraded shares of Avon Products Inc (NYSE: AVP) to Neutral from Underweight to reflect the company's improving fundamentals; the firm believes that news over the last six months has been getting more positive.
  • Buckingham upgraded Tween Brands Inc (NYSE: TWB) to Accumulate from Neutral.
  • CIBC upgraded Cablevision Systems Corp (NYSE: CVC) to Buy from Hold. Raymond James raised Lithia Motors (LAD) to Strong Buy from Market Perform following its Q4 report and guidance.
  • First Albany upgraded Stamps.com Inc (NASDAQ: STMP) to Buy from Neutral, with a $19 target.
  • Deutsche Bank upgraded International Paper Co (NYSE: IP), Packaging Corp of America (NYSE: PKG) and Smurfit-Stone Container Corp (NASDAQ: SSCC) to Buy from Hold. The firm believes momentum is turning and backlogs and pricing are emerging from the winter doldrums stronger than expected.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

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Last updated: December 01, 2008: 09:21 PM

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