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Daily Highlights: 10.23.09
- Asian stocks rise as earnings boost outlook for recovery.
- China says employment is “stable” and will add 2 million more urban jobs this year.
- EU approved the proposed tie-up of Merck & Co. and Schering-Plough.
- Oil prices held above $81 a barrel Friday in Asia.
- Treasuries fall a third day as Asia stocks gain, US homes sales to rise.
- 3M Co.'s Q3 net fell 3.4%, beats est., raised its full-year EPS view now to $4.50-4.55.
- Amazon.com reported a 69% gain in Q3 profit and forecast healthy holiday gains.
- Amex reported a 22% drop in earnings.
- AT&T's Q3 net declined 1.2% to $3.2B amid continued weakness in its wireline business.
- BNP Paribas said to weigh management changes, salary cuts in Japanese unit.
- BP said to consider bid for Ghana Jubilee field stake, hire Goldman Sachs.
- Delta Air Lines' Q3 loss widened to $161M in the face of surging interest costs.
- Dole Food Co.'s IPO of 35.7M shares prices at $12.50, below expected range of $13-15.
- Dow Chemical Co.'s Q3 profit soared 86% to $796M on divestiture gains.
- EMC Corp.'s Q3 net falls 24% to on increased charges; expects Q4 EPS at $0.30 (cons $0.21).
- Exelon's Sept. net income rose from $700M to $757M.
- Fifth Third Bancorp posted a wider Q3 loss of $97M on 18% drop in interest income.
- Fortune Brand's Sept. net income declined from $335M to $124M.
- Honeywell's Sept. net income dropped from $719M to $608M.
- Las Vegas Sands seeks $2B in funds to resume Macau Cotai expansion.
- Leggett earned $54.3M in the 3Q, up from $32.7M.
- McDonald's posts 5.9% rise in quarterly profit as sales trends remained positive across.
- Nucor posts third straight loss (-$29.5M) on higher raw-material costs, demand drop.
- Philip Morris Intl's Q3 net fell a less-than-expected 13% to $1.8B, revs down 4.6%.
- Schering-Plough's Q3 earnings down 16% to $515M on charges. Revs dip 1.7% to $4.5B.
- Schlumberger's Sept. net income declined from $1.5B last year to $787M this year.
- Tishman Group moves closer to default after losing ruling on rent increase.
- UPS reported a 43% drop in Q3 profit, sees some freight-industry improvement.
- Wal-Mart Stores Inc. plans to reduce prices heading into the holiday season.
- Whirlpool 3Q profit fell 47%.
- Xerox's Q3 profit fell 52% to $123M as revs fell 16% to $3.68B.
Recent Egan-Jones Rating Actions
CHOICE HOTELS INTERNATIONAL INC (CHH)
DOW CHEMICAL CO/THE (DOW)
SCIENTIFIC GAMES CORP (SGMS)
AIR PRODUCTS & CHEMICALS INC (APD)
DANAHER CORP (DHR)
DELTA AIR LINES INC (DAL)
LEGG MASON INC (LM)
AT&T INC (T)
ALLIANCE ONE INTERNATIONAL INC (AOI)
ALTRIA GROUP INC (MO)
NORTHROP GRUMMAN CORP (NOC)
LOCKHEED MARTIN CORP (LMT)
OMNICOM GROUP INC (OMC)
Data provided by Egan-Jones Ratings and Analytics
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Hot Damn! China's got jobs. I don't speak Chinese, but no problem-o. I am going to move there and just demand that everything that I need be translated into American English. EVERYTHING!
Gettin' busy packing my bags and chopsticks...
Just stay here: I'm sure that you can get a job at the Amazon warehouse. They must be shipping i-Pods 24 hours a day, seven days a week!!!!!!!!
Amazon, Apple, Microsoft - all at 52 week highs! I am totally amazed
Remember 20 or so years ago when the first rumbling of a new term called the "service" economy was making its way into the mainstream media?
Looks like we'll all be "servicing" everyone else pretty soon. I can't wait until the day when the Chinese and Indians open their first call centers in the US to take advantage of the cheap and abundant labor and the great exchange rate.
Mark my words, it's coming.
Has there ever been a bigger load of BS than "service economy."
It's no coincidence that there has been zero income growth since we bought this load of crap.
speaking of Microsoft, read an interesting news piece today that Latvia's govt is considering ditching them and going open-source:
http://bit.ly/3CY7xZ
A friend who "did time" (as he calls it) at Microsoft told me last year that, at least in his department section, you did not mention the words "open source" at work.
He said it would lead to convoluted speech between workers when referring to this direct assault upon the Microsoft Empire, such as "you know what I mean" or "it" or "the death" and so on.
Hilarious example of corporate dysfunction and denial when you can't even openly discuss your worst nightmare. Kind of hard to plan for something that's not discussed.
The "did time" thing reminds me of my last stint in Corporate America. We sait in cubicles, but I called them cells. It felt like a prison, and you couldn't wait to leave everyday. You were expected to be an ass kissing, yes man, pretty boy that under no circumstances say anything close to the truth; if it was bad, or they didn't want to hear it.
We were forced to take a class (put on by our corporate masters) called "leading with emotional intelligence" or some stupid ass name (that is close) where you sat in a room with all the other soon to be trained robots, and taught that under no circumstances could you talk negative about anything - including potential problems. Everyone was expected to have a positive attitude at all times and only speak good of everything.
A month or two later, sitting in a meeting with the Director of our department (facility that manufactured tooling for the rest of the company) I spoke up about some problems that could potentially cause a lawsuit against the company. We had them before, and they were costly (it could involve death to customers) and in my opinion, moral duty, to bring this up. They got pissed off, told me they didn't appreciate the "negativity" and shut down the meeting.
Nothing got fixed, we never had another meeting, and the problems are still there today. Oh, and I don't have the job. If you speak up, you are doomed. I have a hunch that isn't the only company that works in this manner. Sad.
I understand completely. I never did play well with others and was usually either kicked out of the sand box or I left before being expelled.
"it-who-must-not-be-named"
http://project-voldemort.com/
now i get the humor in the project name.
bits & bytes just want to be free.
Whirlpool 3Q profit fell 47%
No problem, buy buy buy, up 4 1/2 percent pre-market. This must be the new good.
Why is oil and the dollar up?
Seems nothing makes sense anymore.
Flip that House 2010.
People throwing out perfectly good appliances ala 2005 to spruce up their soon to be foreclosed properties in order to create bidding wars because once people hear "bank owned" they'll KNOW they are getting a good deal.
If your house has a new dishwasher it will "sell" much faster than your neighbor who has no pipes because they were copper and he figured he'd rip them out and sell them before he lost the house.
News in advance. Things are that predictable.
Any chance of lottery results?
Regards.
Edit: Date changed :-)
China produces the usual BS statistics on it's wonderful growth and how a credit bubble is so good. Meanwhile stock markets rise on fantasies and delusions while real people the world over are getting screwed over and don't even seem to care. To surreal to believe. That's change I believe in, green shoots of weed! Woo hoo!
UK GDP. Estimated + 0.2%. Actual -0.4%.
Result: 1.5% pop for the footsie.
Conclusion: The Hamptons aren't the only ones with yellow brick driveways.
Regards.