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Daily Highlights: 10.27.09
- Asian stocks fall on commodity price decline, Hong Kong's property curbs.
- China sees faster production gains in fourth quarter.
- China state fund investing $500 million in Canada-based coal miner in Mongolia.
- Dollar falls as China Output report sparks demand for high-yielding assets.
- EU approves Pepsi bottlers merger, no concerns of dominance in Europe.
- Euro rises to $1.4905 in European morning trade.
- Milk glut has dairy farmers killing hundreds of thousands of cows to reduce demand.
- Oil lingers below $79 in Asia as investors eye volatile US dollar.
- OPEC may increase production targets in Dec as oil rises above $75/bbl: Group President.
- Akzo Nobel reported a surprise increase in Q3 net helped by cost cutting measures.
- Ares Capital Corp. to buy Allied Capital Corp. for about $648M in stock.
- BP's Q3 earnings decline 34% to $5.34B on lower oil prices amid weak refining margins.
- Canon's Q3 net falls 55% to $399.5M as revs tumbled 22%.
- Caterpillar starts rehiring, expects demand increases in the coming months.
- Dassault Systemes to buy part of IBM's sales and customer support ops for $600M cash.
- DryShips reported Q3 revenue of $228.2M, exceeding cons. est. by 8.4%.
- FairPoint Communications files for bankruptcy with plan to cut debt.
- Honda triples full-year profit forecast on Japan, China stimulus measures.
- IAC/ Interactive's Sept. results: $15M loss last year and $22M gain this year.
- Johnson Control's Sept. net income rose from $16M last year to $300M this year.
- Limited Brands expects Oct same-store sales declines to be “negative low-to-mid single digits”.
- Lloyds said to gauge investor interest in $37B investment package.
- Michelin's Q3 revenue falls 11% to €3.75B, targets positive free cash flow for 2H.
- United Technologies said to lead bidding for GE Security unit.
- US Steel's Sept. net income declines from a $919M gain last year to a $303M loss this year.
- Verizon said profit fell 30% to $1.18B on higher merger and restructuring costs.
- VF Corp.'s Sept. net income drops from $234M last year to $218M this year.
- Winn-Dixie Stores reduced Y09 f'casts, sees EBITDA at most at $160M.
Economic Calendar: Data on Durable Orders, CaseShiller Home Price Index to be released today.
Earnings Calendar: ACE, ACTL, AGCO, AJG, AKS, APOL, BEAV, BEN, BP, BYD, CAS, CE, CHE, CNC, CQB, CVG, DAI, ECL, ETFC, FISV, HMC, IACI, MCK, RYN, TXT, V, VLO, WYNN.
Recent Egan-Jones Rating Actions
JETBLUE AIRWAYS CORP (JBLU)
AMERICAN EXPRESS CO (AXP)
TUPPERWARE BRANDS CORP (TUP)
FORTUNE BRANDS INC (FO)
CELESTICA INC (CLS)
PITNEY BOWES INC (PBI)
RADIOSHACK CORP (RSH)
CORNING INC (GLW)
HONEYWELL INTERNATIONAL INC (HON)
DIAMOND OFFSHORE DRILLING (DO)
SCHLUMBERGER LTD (SLB)
AMAZON.COM INC (AMZN)
UNION PACIFIC CORP (UNP)
Data provided by Egan-Jones Rating Actions
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Typo: Killing cows reduces supply, not demand
But if there's an excess of supply, why not use it for feeding some of the billion plus people that are malnourished. Or is that too philanthropic an idea?
China state fund investing $500 million in Canada-based coal miner in Mongolia
Gotta off load those dollars somewhere before the USS Titanic sinks. Might as well purchase something of "tangible" value rather than something of "financially engineered" valued.
Stephen Roach on China (Oct. 27 Bloomberg)
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aOFvDkxrhQTY
How would killing cows reduce demand? "Supply" perhaps?
I'm confused... How does killing cows reduce demand for milk? Wouldn't farmers want to increase demand for milk in a SUPPLY glut?
USDZAR still perky, needs to get above 7.65. Yield chasing dollar bears watch out.
everything about this article makes me laugh. Apparently shrinking only 14.3% instead of >20% means a recovery is in place.
http://www.bloomberg.com/apps/news?pid=20601110&sid=an4AKAfplZcs
The stock market is living in a suspended dream, supported by big oil, AAPL, IBM, and a few other sturdy companies. The economy has now been made = to the stock market, and the stock market = price of oil. While this would injure my portfolio I wish those Obamans would quash oil speculation for about 3 months and let the S&P take a nice steady drop towards 600.