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Daily Highlights: 10.26.2010

Tyler Durden's picture




 
  • Copper climbs to 27-month high on Dollar concern; Zinc at nine-month peak.
  • Home sales picked up in Sept, but long-term picture for housing is growing grimmer.
  • Sweden’s Riksbank hikes key interest rate for a third time since July on stronger economy.
  • UK growth probably weakened last quarter as BOE keeps 'fingers crossed'.
  • US Treasury draws negative yield for first time during 5-year TIPS auction.
  • Aaron's posts Q3 EPS of $0.32 (cons $0.30); revs rose 8.9% to $452.2M.
  • Amgen's Q3 net income fell 11% on higher operating costs, lower sales of key drugs.
  • ArcelorMittal's Q3 profit rose 48% to $1.35B; Revs up 30.1%. Warned the rest of the year to be tough.
  • Bunge Ltd. in talks with banks to refinance $1.25B of loans maturing next year.
  • Cabot Oil & Gas beats by $0.05, posts Q3 EPS of $0.31. Revs up 5.9% at $219.1M.
  • Crane beats by $0.05, raises EPS view for FY10 to $2.50-2.60 (prev $2.35-2.50).
  • Digital River f'cast 2010 EPS of at least $0.87, compared to avg est. of $0.77.
  • Goldman to sell $250M of 50-yr bonds, targeted toward individual investors.
  • Ingersoll-Rand reported a 7.2% rise in Q3 earnings; boosted its full-year profit f'cast.
  • JPMorgan, BofA subpoenaed over foreclosures by Texas Attorney General Abbott.
  • Lorillard's Q3 net rose 17% to $274M on higher prices and shipments.
  • Luxottica's Q3 net rises 35% to $142M as sales rose 20% on higher demand in US.
  • MGM Resorts plans $500M sale of six-year notes.
  • Merck sees 3Q earnings rise 46%.
  • Owens & Minor beats by a cent, posts Q3 EPS of $0.50. Revs rose 1.4% to $2.06B.
  • Popular online travel cos oppose Google's proposed $700M purchase of ITA Software.
  • RadioShack's Q3 profit rose 23% to $46M despite lower margins on 6.2% rise in revs.
  • Rent-A-Center sees Q4 EPS at $0.64-0.70 vs. cons est. of $0.67.
  • Sonoco Products plans $350M of 30-year debt.
  • Staples sees Q3 EPS in-line; reaffirms FY11 guidance; sees FY12 EPS in-line.
  • UBS swung to a Q3 profit of $1.71B, sees a better Q4.
  • United Stationers increases share repurchase authorization by additional $100M.
  • Walgreen said to be seeking sale of pharmacy-benefits management unit.

Economic Calendar: Data on Case-Shiller 20-city Index, Consumer Confidence & FHFA Home Price Index to be released today.

Earnings Calendar: AGCO, AKS, AMTD, ASH, BIIB, BMY, CIT, CMI, CNC, COH, DD, ECL, F, FISV, HSP, JCI, LXK, MEE, MT, MYL, RFMD, SHW, UBS, VLO, X.

RECENT RATING ACTIONS
ITALY (2103Z IM)
AMGEN INC (AMGN)
NORTHERN TRUST CORP (NTRS)
PNC FINANCIAL SERVICES (PNC)
NORTHERN TRUST CORP (NTRS)
THOMAS & BETTS CORP (TNB)
ROPER INDUSTRIES INC (ROP)
LOCKHEED MARTIN CORP (LMT)
EASTMAN CHEMICAL CO (EMN)
RADIOSHACK CORP (RSH)
COMMSCOPE INC (CTV)
ITALY (2103Z IM)

Data provided by Egan-Jones

 

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Tue, 10/26/2010 - 08:41 | 677218 working class dog
working class dog's picture

Forget all housing reports but for only one!,, Building permits, this is where the rubber meets the road!, You have committed capitol when you do a building permit. Permits are down 5.6%

Economy is slowing, also anybody know how the GDP report on England is going to effect their austrian approach to laying off 500,000 workers and raising interest rates? I think the Sterling pound will drop on this situation and thereby cause USD to rise. Any pros out their who can set me straight?

Tue, 10/26/2010 - 08:56 | 677249 hugolp
hugolp's picture

Austrian aproach? in the UK? since when?

There is a big confusion. People are really believing that in Europe there is some sort of austerity. Let me say it clearly: There is no austerity in Europe.

In Europe the governments are rescuing the banks and are spending and running up deficits to acomplish it. At the same time they are rising taxes and cutting in other spending. That has a name, and its not austerity. More like robbery.

In the UK specifically, the last CPI was at 3'1%, yet at the same time the BoE is going to announce more government debt monetization: http://www.bloomberg.com/news/2010-10-16/bank-of-england-will-expand-sti...

Tue, 10/26/2010 - 09:08 | 677278 Conrad Murray
Conrad Murray's picture

More of a lowlight than a highlight, but "Rest in Peace, Paul the Octopus":

http://www.spiegel.de/international/zeitgeist/0,1518,725399,00.html

Tue, 10/26/2010 - 10:45 | 677593 Spitzer
Spitzer's picture

Where is the morning gold fix ?

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