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Daily Highlights: 10.14.09
- Bank of Japan holds rate at 0.1%, doesn't comment on ending credit steps.
- Baucus Health Overhaul plan is passed by Senate panel with Snowe's support.
- China to curb steel output to reduce oversupply: Wuhan, China's third-largest mill.
- China's exports drop by least in nine months as global economy strengthens.
- China's central bank says foreign reserves hit record high $2.273T shortly.
- China shares rise on hopes for better 3Q corporate earnings, led by financials, property.
- Gold hit records, other precious metals rally to multimonth peaks, as dollar weakens.
- Japan's Producer Prices fall for ninth month as corporate demand declines.
- Most Asian stocks fall, led by banks on valuations.
- Treasuries rise on speculation Fed won't raise rates until late next year.
- U.K. annual consumer price inflation slumped to its weakest rate in 7 years in Sept.
- World stock markets rise as China export slump eases; oil hits new 2009 high.
- Cargill's Q1 net falls 65% to $525M on lower demand, lower net at Mosaic Co.
- Cisco said it has agreed to buy Starent Networks for $2.9B.
- CSX's Q3 net falls 23% to $293M on 15% dip in freight volumes. Revs fall 23% to $2.3B.
- Diageo reports fall in quarterly sales, braces for worker protest at AGM.
- Domino's Q3 net rose 76% to $17.8M as it retired debt. Revs rose 6.5% to $302.7M.
- Ford is expanding a recall by addln 4.5M vehicles, to fix a fire hazard.
- Ford reaches tentative deal with the UAW that would freeze entry-level wages.
- Intel expects Q4 revs at $10.5B vs. cons. est of $9.5B.
- Intel: Back-To-School sales 'exceeded expectations'.
- IPO of RailAmerica Inc. struggled on its listing day, closes down 8% from IPO price.
- J&J's net rose 1.1% as weakness in generic drugs were offset by better sales of devices.
- Johnson Controls expects 2010 revs to beat cons. est., aided by stimulus-funded projects.
- McGraw-Hill reaches agreement to sell BusinessWeek magazine to Bloomberg.
- Motorola, Nokia won a total $4.8B judgment against Turkish members of the Uzan family.
- Rio iron ore production rises 12% on record demand from China steelmakers.
- Rio Tinto to double its interest in Ivanhoe Mines to 19.7%, invests $388M.
- Unilever sees more opportunity for acquisitions, emerging market growth.
- Vale SA may seek partnership with Bolivia to exploit the world’s largest lithium deposit.
- Vivendi Board may decide to sell NBC Universal stake, triggering GE's exit.
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"China's exports drop by least in nine months as global economy strengthens"
Wow this proves there IS a government that lies more than ours!
http://www.politico.com/news/stories/1009/28241.html
Bernanke Speed bump before getting run over by bus...
Oh come on. You don't honestly expect Bernanke to be found guilty of perjury, or to even have any connection to that - when we know he all did, do you? He'll skate out of it, either through emails that were "omitted" or some sort of loop hole. As much as we all hope he gets hit by this bus (and I'd settle for a REAL bus), he won't.
Bloomberg also went with the CNBC route. Everything is coming up roses!!!
Well then it's official... 2 out of 3 says 'coming up roses'... so roses it is...
You can piss on a whore's face and she'll tell you it's raining...
China to curb steel output to reduce oversupply: Wuhan, China's third-largest mill.
Rio iron ore production rises 12% on record demand from China steelmakers.
Tis a schizophrenic day indead. Let's call it growthpression.
Someone keep an eye on Intel. They are up to something. 90nm to 65 nm took 2 months to break 50 pecent yields and it's taking 3 and 4 months to reach risk yield levels of double digit. I couldn't find out what exactly is up but something is going on.
"This quarter we introduced a change to our earnings process by posting earlier today to our investor website additional management commentary and context about our quarterly results. This was done in an effort to create better understanding of the results prior to the call, something we felt would improve the interactive dialog with management during this meeting. We hope this change is helpful and as always would love to hear your feedback so we can continue to try and improve our disclosure practices."
Are they pulling accounting gimmicks along with Apple this quarter?
Expect all sorts of gimmicks and continued massive insider selling across the board through this quarter.
How can you participate in this market?
I mean really !!!?!?!
Let's have a discussion of that.
How do you seriously participate, bull or bear, now given that this market is a circus fantasy. I don't see traditional fundamental or technical analysis working.
The market just goes up...i mean floats up on light vol and HFT manip. all bad news is spun positive by the MSM scum and the so called 'educated' investor managers buy it...the news and the stocks.
What I see on the street, physically and what I hear from friends in many industries, is that THERE IS NO RECOVERY.
Things only sell at deep discounts, or they don't sell.
Factory order and food orders are down 30-40% from normal.
Car sales...we know that one.
Travel...DOWN.
Even wedding crap...the bridal industry is WAY down and banquet halls that charged 170/head in 2006 are now begging for 100/head.
So,
When will this end? How can anyone trade this, let alone invest in this.
Lets talk.
Retail Sales the raw numbers
graph from prior year (not that prior year means anything LOL)
http://www.census.gov/retail/marts/www/img/adv10909.gif (Graph)
http://www.census.gov/retail/marts/www/retail.html (release)
http://www.census.gov/retail/marts/www/download/text/advt1.txt (data text)
http://www.census.gov/retail/marts/www/download/excel/table1.xls (data Excel)
http://www.census.gov/retail/marts/www/timeseries.html (time series data)
JPM FICC business another $5 billion which is double their peak performance in record 2006. Onteresting that the loan book and deposit base is running off (namely time deposits). Coporate investment securities portoflio up to $350 billion vs. $330 billion vs. $119 billion last year. Where is this money being investeed - over $200 billion increase in that portoflio in a year.
An *overnight* term deposit for 170bn EUR with 0.8% p.a.:
http://www.ecb.int/mopo/implement/omo/html/20090092_all.en.html
Contrast this with 0.25% p.a. for the ECB standing deposit facility (overnight).
Contrast this with 0.742% p.a. (Euribor 3 months).
WTF? Someone please explain?
Just watched CNBC claim it will be "Amazing!" if the dow doesn't hit 10,000 today. At least they never claim to be fair and balanced.
Ronald A. Gettelfinger says on cnbc this morning....
we have great product. now if we could just get the consumer to come in and buy.
oh really? what is your great product? the consumer is tapped and can't find a job.
what planet do these people live on?
JPM saying ibank revenu to normalizew. Now the FICC line is 2x what it was at the peak of the credit bubble. Seems incredulous, too good to be true. There is simply no way to know what is washing into this line. Dimon is clearly talkin the line down in hopes of having provisioning ocme down and offset the incremental $3 billion in a quarter or so in capital market revenue. Just seems way to convenient that this line has been $5 billion or so for the past 3 quarters..
"Better than expected" is the last refuge of total failure.
Sort of like describing a fat and ugly woman as having a "sparkling personality."