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Daily Highlights: 10.22.2010

Submitted by Tyler Durden on 10/22/2010 07:49 -0400

Asian stocks rise as US earnings, Jobless claims boost growth optimism.
California plans to sell $10B of notes in mid-November to pay bills.
Fed's Bullard proposed the central bank buy $100B in long-term Treasuries in Nov.
German two-year government note yield rises to 1%, first time since April.
Gold set for first weekly decline in six as Dollar's strength cuts appeal.
Hoenig says US economy is in recovery and 'growing modestly'.
AIG said to raise $17.8B as AIA unit completes record Hong Kong IPO.
Align Technology sees Q4 EPS at $0.15-0.17, trailing the $0.19 cons. estimate.
Amazon's Q4 op. income view lower than est. on higher marketing, warehousing costs
American Express said it remains "cautious" in its view of the economic outlook.
Amex's Q3 net jumps 70% to $1.09B on write back of $548M in loss provisions.
Boeing plans to increasing prodn of 737 single-aisle jet to 40 a month from 31.5 now.
Canada urged to block bid for PotashCorp; Saskatchewan fears negative impact.
Caterpillar to acquire German engine supplier MWM for $810M.
Cephalon exercised its options to acquire BioAssets Development for $12.5M.
Cheesecake Factory said Q3 EPS were $0.37, which topped cons est. of $0.34.
Cnooc, Ghana Natl make a $5B bid to buy Kosmos Energy LLC’s assets in Ghana.
Disney's ABC blocks Google TV access to shows as networks seek more fees.
Dynegy shareholder Seneca Capital blocks proposed buyout of the co. by Blackstone.
EasyLink acquires PGiSend, PGiNotify units from Premiere Global Srvcs for $105M.
eBay sells $1.5B of bonds in debut offering.
Hutchison Whampoa sells $2B of perpetual notes at 6%.
Leggett & Platt's Q3 net fell 12.7% to $47.4M despite 6.9% rise in revs to $866.5M.
McDonald's Corp. plans to raise menu prices to blunt higher costs.
Mitsubishi UFJ Trust sets 1.92% coupon on 15-Year 20B yen bond sale.
Nestle: 5% organic growth for food & bev. in 2010; sticking to full-year guidance.
SanDisk reported adj earnings of $1.30/sh, topping avg est. of $1.05 a share.
Southwest Airlines reports 3Q profit, projects strong travel demand in the coming months.

Earnings Calendar: AAI, BPOP, EXC, GAP, HON, IR, KEY, SJR, SLB, TROW, VZ, WSB.

RECENT RATING ACTIONS

FREEPORT-MCMORAN COPPER (FCX)
ABBOTT LABORATORIES (ABT)
UNITED PARCEL SERVICE INC (UPS)
BOEING CO/THE (BA)
CATERPILLAR INC (CAT)
GOODRICH CORP (GR)
MORGAN STANLEY (MS)
AT&T INC (T)
MCDONALD'S CORP (MCD)
EATON CORP (ETN)
ALTRIA GROUP INC (MO)
SONOCO PRODUCTS CO (SON)

Data provided by Egan Jones

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Fri, 10/22/2010 - 07:57 | 669278 buzzsaw99

http://www.crainsnewyork.com/article/20101021/FREE/101029962

Fri, 10/22/2010 - 08:02 | 669283 HelluvaEngineer

Arrests ETA: 2016

Fri, 10/22/2010 - 08:20 | 669308 buzzsaw99

yeah, if ever. The "untouchables" are now the crooks.

Fri, 10/22/2010 - 07:57 | 669279 goldfreak

Gold set for first weekly decline in six as Dollar's strength cuts appeal.

dollar strength?

Fri, 10/22/2010 - 08:06 | 669287 99er

Charts

Gold http://99ercharts.blogspot.com/2010/10/gold_22.html

More... http://www.zerohedge.com/forum/99er-charts

Good luck.

Fri, 10/22/2010 - 08:06 | 669291 eigenvalue

Gold and silver are extraordinarily weak this weak. In the morning, gold was beaten to $1315.02 and silver broke $23 and touched $22.81. It almost scared me to incontinence...The PMs cartel is rather powerful. I should have been with it not against it. What a tragedy...

Fri, 10/22/2010 - 08:15 | 669298 HelluvaEngineer

Dude, it's WAY overbought. I lightened my positions. If it gets down to 1220 or so I'm going to back up the truck again.

Fri, 10/22/2010 - 08:29 | 669320 unum mountaineer

i'm a knuckledraggin' novice but there seems to be a little of a disconnect with silver and gold relationship. there's a turd in the pool. if the chinese are going to be hoarding it's more reason to load up on ag. can't put my finger on it,but i'm more interested in silver..call me a poor hillbilly..something about not repeating but sure as hell rhyming is resonating with me. again though, in my most humblest of opinions.

Fri, 10/22/2010 - 08:22 | 669310 Kina

Today another bank gives a gold estimate.

http://www.bloomberg.com/news/2010-10-20/gold-to-reach-1-420-in-december...

Australia & New Zealand Banking Group Ltd. forecast gold prices will reach $1,420 an ounce in the December quarter, raising its estimate by 7 percent. The metal may peak at $1,550 an ounce in the September quarter, up 13 percent from a previous estimate, the bank said in an e- mailed report today.

Fri, 10/22/2010 - 08:23 | 669312 working class dog

Check out the head and shoulders pattern on the DX,

The daily chart shows a potentcial bullish run due on the DX, what does this mean for commodities and commodity based countries, Australia, Canada, Brazil, ?

Fri, 10/22/2010 - 08:26 | 669317 Kina

I make an additional tidy profit on my PMs for every cent the AUD falls.

Locally they have estimated the AUD as 27% over valued.

Fri, 10/22/2010 - 09:00 | 669373 nedwardkelly

Locally they have estimated the AUD as 27% over valued.

Relative to what? Historical norms?

Fri, 10/22/2010 - 09:55 | 669508 Cognitive Dissonance

Relative to what? Historical norms?

Exactly.

When you've stepped over into the twilight zone, please explain your standard of reference and why it's relevant?

Fri, 10/22/2010 - 08:23 | 669313 Kina

I am sort of hoping for a further correction. Have some more gold miners I would like to buy.

Long term gold has to be a good hold.

Fri, 10/22/2010 - 08:52 | 669360 Oh regional Indian

"Long term gold has to be a good hold."

That is a dangerous way to look at things Kina. Nothing has to behave in any particular way.

In fact, I think (and I'm a convert through an a-ha moment), that gold will be their lever. And they control physical as well. Maybe not the "member" banks but the individual PTB folks.

I predict that Gold will be crushed early in the second week of November, not to resurface for many years actively in the world of finance/money.

Silver, on the other hand, will shine brighter and brighter. I said this another day on another post, but these are dark times and getting darker, literally and figuratively. Moon shines at night, right?

ORI

http://aadivaahan.wordpress.com

Fri, 10/22/2010 - 08:26 | 669318 Oh regional Indian

"McDonald's Corp. plans to raise menu prices to blunt higher costs."

Ah......finally, the sheeple revolt trigger shows itself.

No more 99c meals? Where's dem guns honey, gotta git me to the Capitol fast....sumpums up!

ORI

http://aadivaahan.wordpress.com

Fri, 10/22/2010 - 08:32 | 669322 unum mountaineer

that's exactly what I was thinking..no more cheap food that doesn't attract bacterium when left out for months

Fri, 10/22/2010 - 08:31 | 669326 Buttcathead

None of this matters, the gubmint will buy anything and everthing. It is Utopia !!!

Fri, 10/22/2010 - 08:38 | 669334 working class dog

Drawing a trend line across the bottoms of the head at the neckline shows if this pattern continues than the USD-/DX

will rise to 81.10 or so from present level of 77.545 within a few weeks max. Than crash time. What happens in two weeks let me think. Oh thats right QE 2 and November midterm elections. Ya think?

Fri, 10/22/2010 - 08:42 | 669342 Oh regional Indian

Probably not! Or not in some meaningful or lasting way anyways.

I highly recommend folks spend 10 bucks and get Cliff High's latest at halfpasthuman.

Eye-popping and planning time-frame changing.

ORI

http://aadivaahan.wordpress.com

Fri, 10/22/2010 - 10:02 | 669509 99er

Fear of Flying

Crocodile on board; 19 killed.

http://www.telegraph.co.uk/news/worldnews/africaandindianocean/democrati...

Wed, 11/10/2010 - 06:09 | 715571 cheap uggs for sale

Daily Highlights: 10.22.2010

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