Daily Highlights: 10.21.2010
- Baltic Dry Index falls for fourth day as rents for all vessel types slide.
- Beige Book: Despite high unemployment and persistent weakness in housing market, consumer spending edges up.
- China’s economy grew 9.6% in Q3 - the smallest gain in a year.
- Euro-zone Oct. composite PMI falls to 53.4 - fresh one-year low.
- US 30-year yields near 1-week low as longer maturities attract.
- Abbott profit falls 40% to $891M on acquisition, recall costs. Revs rose 12% to $8.68B.
- Akzo Nobel's Q3 net rises 21% to €238M on 13% jump in revs to €3.9B.
- Alcon reaffirms guidance for FY10, sees EPS of $7.58-7.68 vs. $7.63 consensus.
- Altria's Q3 profit rises 28% to $1.13B amid improved sales. Revs up 3.3% at $4.5B.
- BASF raised its 2010 guidance; sees sales at €63B and EBIT of over €8B.
- BB&T Q3 earnings rise 38% to $210M.
- CNH Global swings to Q3 profit of $83M, raises 2010 outlook.
- Credit Suisse's Q3 profit slumps 74% to $633M on low market vols, subdued client activity.
- Delta Air Lines Inc. predicted it will post its first fourth-quarter profit in a decade.
- Deutsche Bank sells $856.6M in bonds tied to commercial properties.
- Eaton Corp. said Q3 earnings jumped 39% to $268M on higher demand, margins.
- Fiat Q3 profits jump to $267M on higher truck and tractor sales, lifts outlook.
- Genzyme's Q3 net more than quadrupled to $69M on lower costs.
- Goldman Sachs considering repaying a $5B investment from Berkshire Hathaway.
- Nokia swings to profit in Q3 to $737.9M.
- Novartis' Q3 profit rises 10% to $2.31B on new products. Revs up 13% at $12.58B.
- Peugeot raised its full-year earnings f'cast as Q3 revs jumped 10%.
- Seagate's Q1 net falls 17% to $149M despite 1.3% rise in revs to $2.7B.
- Terex misses by $0.19, posts Q3 loss of $0.34/sh despite 15.2% rise in revs to $1.08B.
- Toyota to issue a voluntary safety recall on hundreds of thousands of vehicles
- United Rentals hikes size of bond offering to $750M, to be sold at yield of 8.25-8.50%.
- United Tech's Q3 net rises 13% to $1.2B as revenue grew 1.1% - less than expected.
- UnitedHealth Group plans to sell $750M of debt - its first bond offering since Feb'08.
- Xilinx Inc. sees Q3 revenue to be as low as $594.9M vs. cons f'cast of $624.9M.
Earnings Calendar: AMZN, APD, AXP, BAX, BBT, BBX, BJRI, CA, CAKE, CAT, CB, CBE, ELX, GSK, JBLU, KOF, LLY, LYTS, MCD, NUE, NVS, PDS, PM, T, TRV, UPS, XRX.
RECENT RATING ACTIONS
MEDIA GENERAL INC (MEG)
COMERICA INC (CMA)
UNITED RENTALS INC (URI)
GILEAD SCIENCES INC (GILD)
DELTA AIR LINES INC (DAL)
BOSTON SCIENTIFIC CORP (BSX)
TUPPERWARE BRANDS CORP (TUP)
WEATHERFORD INTERNATIONAL (WFT)
BANK OF AMERICA CORP (BAC)
OCCIDENTAL PETROLEUM CORP (OXY)
HARLEY-DAVIDSON INC (HOG)
NEW YORK TIMES CO/THE (NYT)
Data provided by Egan-Jones