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Daily Highlights: 10.29.09
- 1,578 jewelry retailers, wholesalers and manufacturers fail in US from Jan-Sept'09.
- Asian share markets continued to fall after US markets sapped investors' appetite for risk.
- Fed is ending Treasury purchases that held down yields, stabilized housing.
- New-Home Sales in US unexpectedly falls 3.6% as end of first-time credit nears.
- Norway lifts key rate to 1.5%, becoming first in Europe to reverse easing.
- ABB says outlook remains uncertain as revenue, orders slump.
- Aetna 3Q rose 18% on gains in both commercial and Medicare enrollment.
- AMR said to seek deeper ties with Japan Airlines to keep Oneworld together.
- Apollo Group plunges as SEC starts accounting probe into the company.
- AXA revenue slipped 2% at end-September as US business suffers.
- Bank of China 3Q profit surged 18.8% amid a stimulus-fueled economic rebound.
- ConocoPhillips's Q3 net falls 71% to $1.5B on weak refining margins, lower prices.
- Ford picks China’s Geely as preferred bidder for Volvo unit.
- France Telecom's Q3 profit slides 8% as revs fell 6.7% to€12.7B amid economic slump.
- General Dynamics' Q3 net falls 9.8% to $572M, beats est.; ups Y09 EPS f'cast.
- GlaxoSmithKline's Q3 profit rose 30% to $2.18B after currency gains boosted revenue.
- Goodyear Tire f'casts operating loss in North America this quarter.
- Hitachi posts $562M net loss in 2Q.
- Mazda expects a loss of 17 billion yen ($188M) in the 12 months ending March 31.
- Motorola's Sept. quarter: from a $397M loss last year to a $12M gain this year.
- Newmont's profit climbed to $388M compared with $191M a year ago.
- News Corp., Scripps among frontrunners for Travel Channel with offers of $800M.
- Nintendo cut its annual profit forecast 23% on lower sales.
- PetroChina's Q3 profit falls 24% on oil price, misses estimates.
- Shell's third-quarter profit declines 62% on lower oil, natural gas prices.
- Sprint Nextel's Sept. quarter: from a $326M loss last year to a $478M loss this year.
- SPX Corp. lowered its full-year earnings forecast after Q3 profit fell 61% to $46M.
Economic Calendar: Data on GDP, Initial Claims, Continuing Claims to be released today.
Earnings Calendar: ABB, ABX, AEP, AET, AGL, AN, AYE, CL, DB, DTE, EGN, ELY, GNW,
IM, K, MFE, MOT, NRG, PCG, PDE, RDEN, UHS, XEL.
Recent Egan-Jones Rating Actions
NEWELL RUBBERMAID INC (NWL)
CIT GROUP INC (CIT)
NEW YORK TIMES CO/THE (NYT)
BEMIS CO INC (BMS)
VALERO ENERGY CORP (VLO)
FLEXTRONICS INTERNATIONAL (FLEX)
UNITED STATES STEEL CORP (X)
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Risk orgy back on, in full effect.
Still think there's going to be more dollar short covering ahead of the FED, so not convinced by the fluff up in futures.
The Fed is ending Treasury purchases? Really? I will believe it when the FedMs open their books under a full GAO audit. Call me ignorant, but I don't see either happening this year or next.
Art Cashin a few wrong ticks from meltdown yesterday.
http://www.cnbc.com/id/15840232?video=1312237461&play=1
It's all about whether the dollar spikes, eh?
It's all about whether Banana Ben is done pushing it down, is my thoughts.
Thanks for the link. I missed Art's comments yesterday.
It's very troubling to know that the dollar must continue to decline for the rally to be supported. A strong dollar or even the appearance of a rebound could be considered a national threat to the banks and insurers. What do they care? They are hedged against devaluation.
Add Olshams Foundation Repair to that failed business list--46 employees--40 years in business here in kansas city.......death by a thousand cuts.
This may provide the longs one last opportunity to get out
Yes indeed. One last opportunity for the longs.... of course until the next last opportunity and the next and the next...
I guess you just don't get it. Wake up and get off the ZH Doom Train. Traders trade !
"Fed is ending Treasury purchases that held down yields, stabilized housing."
That is a sham propagandist move to try to get people to rush to buy housing. They will extend credits and do all in their power to keep rates low. Expect them to rumble louder about raising rates to get people to hustle to buy homes and other rate sensitive items.
People buy houses when they have a modicum of security and/or visibility about their employment prospects. Prices and interest rates are out of anyone's control. An $8000 tax credit is a nonstarter.
You should amend this entry to include the GDP beat. Oh, sorry, forgot that you don't report anything that goes against the ultra-bearish zerohedge consensus.
I use a news clipping service, one of the searches is for layoffs, and for the last month I've been seeing layoff and proposed layoff/furlough articles. Most are regarding cities, municipalities, and school systems for the 2010 budget shortfalls. Don't see this being talked about much, but seems like it could be significant and widespread. Does anyone have any insight on this with better data?
Is there a way to show GDP WITHOUT the beneficiaries of Clunkers and Home credit?