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Daily Highlights: 10.18.2010
- Asian stocks slip, Dollar gains on Fed stimulus speculation; Oil declines.
- Euro down to $1.3889 due to effects of Bernanke comments on Fed action.
- Oil falls below $81 in Asia as US dollar recovers.
- Key Chinese data due this week. G-20 meet, Australian central bank minutes also on tap.
- US structured-note sales surge to $38.4B to break record of 2008.
- Allergan: Botox approved by US FDA for treatment of chronic migraines.
- Aluminium Bahrain seeks to raise $541M from initial share offering.
- BHP Billiton and Rio Tinto cancel plans for a $120B joint venture in Australia.
- BP to sell assets in Venezuela, Vietnam to its Russian JV TNK-BP for $1.8B.
- China investors line up for AIA stakes; Mainland groups seek shares in $20B IPO.
- Concho Resources acquires addln oil, gas assets in the Permian Basin for $285M.
- Delta Air to add 1,000 attendants on new jobs.
- Ford in talks to sell a large part of its 11% shareholdings in Mazda Motor Corp.
- Halliburton's Sept. net income rises from $262M to $544M.
- KKR offers $1.73B for Australia's Perpetual to tap pension savings.
- Mattel's Q3 net rises 23%, stock falls amid slumping sales at its Fisher-Price division.
- News Corp., Cablevision will resume talks Monday after cutting Fox signal.
- Philips Electronics' Q3 net roughly tripled; cautious for rest of the year.
- Rio Tinto, BHP scrap iron-ore alliance amid opposition from regulators.
- Royal Bank of Canada to buy fixed-income fund manager BlueBay for $1.54B.
- SABMiller's 1H lager vols grew 1%, excluding the impact of acquisitions and disposals.
- Severstal plans to sell $1B of bonds at 6.7% yield.
- TerreStar Corp considers Chapter 11 protection.
- Toyota considering to set up new facilities in Mexico in 2013 to produce small cars.
- WD-40 beats by $0.03, posts Q4 EPS of $0.41. Revs up 3.7% at $80.7M.
- Yahoo plans to mimic a strategy used by Facebook, to help drive traffic to its site.
Economic Calendar: Data on Industrial Prodn, Capacity Util, NAHB Housing Market Index to be released.
Earnings Calendar: AAPL, ATX, BBX, BRO, C, CACH, CCK, CEO, HAL, HAS, IBM, KMP, LUB, MYE, STLD, STU, WSB, ZION.
RECENT RATING ACTIONS
MBIA INC (MBI)
GANNETT CO INC (GCI)
MATTEL INC (MAT)
JB HUNT TRANSPORT SERVICES (JBHT)
ADVANCED MICRO DEVICES INC (AMD)
OTTER TAIL CORP (OTTR)
SEAGATE TECHNOLOGY PLC (STX)
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WASHINGTON POST CO/THE (WPO)
Data from Egan-Jones
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Gold and silver are knocked down greatly. It seems that the EE has succeeded...
Not sure dropping to levels held 2 days ago is significant unless someone trades the metal daily which is extremely difficult to do with the physical aspect. Physical precious metals are not like stocks...nor should they be treated as such. They should be traded on a bi weekly or monthly basis at the most. Chasing daily or even weekly blips just doesn't make sense. Physical metals are long term movers.
Though with South Korea's announcement this morning gold won't be 'down' for very long.
"South Korea would join other Asian countries including China, India, Thailand and Bangladesh in adding gold to its reserves. With emerging market countries buying gold and central banks in Europe halting their programmes of sales, central banks are set to become net buyers of goldthis year for the first time since 1988, according to GFMS, the precious metals consultancy."
http://www.ft.com/cms/s/0/74576bd6-da90-11df-81b0-00144feabdc0.html
Even if you are long physical silver, it will still be painful to see pullbacks. We know silver and gold face great resistance at $25 and $1400 respectively but the correction is still a bit too violent.
I only get pissed when there is a pullback right after I get more physical. Feel like I should be writing Blythe Masters a nice letter asking her to crank the price down before I step into the market each time :)
In the end the price will go to the moon so not worried about he long term play.
Quick! Everyone run to the other side of the bus! Whhheeeeeee!! Thump.
:) +1000
You just explained the entire logic of the stock market these last 3 years :)
Toyota considering to set up new facilities in Mexico in 2013 to produce small cars
Time for the anti-union auto-workers in TN, KY, and MS to put up or shut up when their jobs get south-sourced. Don't look to us for sympathy about how Corker, Bunning, Shelby, and McConnell had their way with your 'right to work' when you hit the streets, kids.
Tomorrow, a bank—not your bank, but any bank—could evict you from your home. Even if you didn’t know the bank was foreclosing. Even if your mortgage is paid off. Even if you never had a mortgage to begin with. Even if the bank doesn’t hold a single piece of paper that you signed. And major banks not only know this fact, but have spent millions of dollars to defend it in court. Why? The answer starts with a Jacksonville homeowner named Patrick Jeffs
http://dailycaller.com/2010/10/14/thedc-op-ed-one-nation-under-fraud/
Very solid, very long article that breaks it all down. Pass it along.
Shocking stuff, CM. Hard to believe that this could happen in America.
"Fascism should more properly be called corporatism because it is the merger of state and corporate power." - Benito Mussolini
Only in America...
Man, Botox is just the gift that keeps on giving. One of Mother Nature's most powerful neurotoxins, it was used in the 80's to treat certain types of blindness inducing neuro-muscular spasms in the eye, then as a cosmetic, muscle inhibitor and now headaches.
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