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Daily Highlights: 10.1.09

Tyler Durden's picture




 
  • ADP said the U.S. lost 254,000 private-sector jobs in September.
  • Asian stock markets were mixed Thursday in cautious trade after mild losses on Wall Street.
  • Bank of Japan holds key interest rate unchanged, upgrades economic assessment.
  • Baucus health overhaul would spare insurers gov't competition, cost less for others.
  • British retail sales unexpectedly flat in August, annual rate of increase moderates.
  • Chicago Purchasing Managers' Index unexpectedly fell to 46.1 in September.
  • China Manufacturing grows for seventh month on stimulus, loans.
  • IMF raises 2010 global f'cast to 3.1% From 2.5% as Asia leads recovery.
  • IMF: U.S. growth may be `sluggish' 1.5% in 2010 as unemployment rises.
  • Ameriprise to buy Columbia stock and bond funds from BofA for $1.2B cash.
  • Bharti Airtel, MTN abandon $23B merger after South Africa objects to terms.
  • Chinese automaker BYD says it aims to zoom past Toyota, become industry leader.
  • Cisco to buy Tandberg, a videoconferencing-gear maker, for about $2.98B.
  • Comcast said to discuss NBC Universal stake purchase with GE.
  • Constellation Brands' Aug. net income rises from a $23M loss last year to $100M profit.
  • Diamond Foods Q4 net rises 60%; may sell up to $250M of securities.
  • GM will shut Saturn after Penske ends acquisition talks on supply concerns.
  • Infineon: Sector has passed the worst of the slump, but a long haul ahead.
  • Kodak announces debt offerings expected to raise up to $700M to shore up finances.
  • Macquarie to buy Fox-Pitt Kelton Cochran Caronia Waller LLC, for ~$146.7M.
  • Michelin: recent world economic recovery is shaky and could soon fade.
  • Nortel plans to sell by "open auction" all of its global ops using GSM/GSM-R standard.
  • Oracle reluctant to give up MySQL database to gain antitrust clearance in Europe.
  • PepsiCo taking 'very disciplined' approach to acquisitions: CEO Nooyi.
  • RBS, Lloyds injected $4.4B into their Irish units in past 10 months amid rising losses.
  • Sanofi-Aventis to acquire Fovea Pharmaceuticals for $542M.
  • TransCanada Pipelines to build $1.2B power plant in Southern Ontario.
  • UAL Corp. to sell 19M new shares and $175M in notes in two public offerings.
  • UBS AG warned that third-quarter earnings will be hurt by losses on its own credit.
  • UK regulator issued Kraft a 6-week deadline to either make a formal bid for Cadbury.

Economic Calendar: Data on Personal Income-Spending, Initial Claims, ISM Index, Auto Sales

Recent Egan-Jones Rating Actions
ROCKWELL AUTOMATION INC/DE (ROK)
DEERE & CO (DE)
NIKE INC (NKE)
AMERIPRISE FINANCIAL INC (AMP)
MICRON TECHNOLOGY INC (MU)
POLO RALPH LAUREN CORP (RL)
OXFORD INDUSTRIES INC (OXM)
RELIANCE STEEL & ALUMINUM CO (RS)
CALPINE CORP (CPN)
PHILLIPS-VAN HEUSEN CORP (PVH)
OXFORD INDUSTRIES INC (OXM)
POLO RALPH LAUREN CORP (RL)
MBIA INC (MBI)

Data provided by Egan-Jones Ratings And Analtics

 

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Thu, 10/01/2009 - 08:44 | 85024 docj
docj's picture

Heh: More Funemployed... (From Yahoo! Finance front page...)

First-time claims for jobless benefits rose more than expected last week, a sign employers are reluctant to hire and the job market remains weak.

That's not news to anyone outside Fraud Street and DC of course.  But it's still fun to watch reality intrude on their parade from time to time.

Thu, 10/01/2009 - 09:01 | 85038 bruce wayne
bruce wayne's picture

Oil supposedly jumped because gasoline stocks were unexpectedly drawn down.

In reality, it jumped when the market came off the lows as the dollar got spanked hard and I think a bit of short covering combined with the normal gestations of the herd caused it to run.  Dollar is up overnight and oil is beginning to retrace the fundamentals based decline we saw all last week.

 

 

Thu, 10/01/2009 - 09:23 | 85056 Gilgamesh
Gilgamesh's picture

Bruce has it right; I don't have the timestamps, but it appeared that once the markets really tanked on the 'official' PMI release - the dollar was in turn tanked hard out of the blue and oil/gold/silver immediately saw what was going on and spiked big time.  I believe Silver went from in the red to +3% in a very short time, right after horrible PMI; go figure.  Still have to make money while fighting the Fed.

Thu, 10/01/2009 - 08:59 | 85036 I need more cowbell
I need more cowbell's picture

CNN right on top of the story ( well, maybe just a wee bit late )

http://www.cnn.com/video/#/video/business/2009/09/29/mcedwards.us.real.estate.cnn

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