Daily Highlights: 10.29.2010
- Asian stocks decline as Sharp, Samsung Electronics stoke earnings concern.
- Japan Factory Output slide, deeper deflation are 'negative surprise' for economy.
- Tokyo Stock Exchange said there has been suspicious trading activity in shares of companies that have recently announced capital raising plans.
- AIA shares climb 11.5% in debut trade in Hong Kong, after raising $17.8B in IPO.
- AutoNation's Q3 net dips 12.4% to $56.9M on higher advt exps. Revs up 13%.
- Bunge Ltd.'s Q3 profit slid 8.6% to $212M on debt repayment, other one-time charges.
- Cliffs Natural Q3 profit $2.18 a share vs 45c; revs at $1.3B vs $666.4M last year.
- Coinstar Q3 beats est., f'casts 2011 EPS of $3-3.50, topping estimates of $2.93.
- Daimler ups full-year EPS f'cast after reporting Q3 profit of €1.61B vs. year-ago's €56M.
- Dow Chemical Co. Q3 profit fell 25% to $597M on divestitures a year ago.
- Dresser-Rand misses by a cent, Q3 EPS at $0.46 as revs fell 21.1% to $483.1M.
- Eastman Chem reported Q3 EPS of $2.33 (cons $2.23); revs rose 29.3% to $1.73B.
- Eastman Kodak narrowed its Q3 loss to $43M on $210M in IPR receipts.
- Enel Green Power IPO price cut to €1.60 apiece vs. prevs price range of €1.80-2.10.
- Exxon reported profit of $7.35B, up 55.3% YoY. Revs rose 16% to $95.3B.
- FDA rejected Vivus's obesity drug Qnexa.
- Fortune Brands is open to dialogue with Ackman - its largest shareholder.
- Franklin Resources' Q4 net up 1.5% at $372.9M despite 23% jump in revs to $1.53B.
- Great Plains Energy beats by $0.16, posts Q3 EPS of $0.96. Revs up 24% at $728.8M.
- Halliburton and BP knew risk before spill; Gulf of Mexico well had ‘unstable’ cement.
- Ingram Micro beats by a cent; posts Q3 EPS of $0.44. Revs up 14.5% at $8.45B.
- Merck's Sept. net income declinesfrom $3.4B to $342M.
- Microsoft's Q1 net jumps 51% to $5.41B- beating estimates, on strong demand.
- Potash Corp. beats est., Q3 net up 62% at $402.7M. Sales rose 43% to $1.58B.
- ResMed beats by $0.04, reports Q1 EPS of $0.36. Revs rose 14.6% to $282M.
- Samsung Elec Q3 net rises 17% to $3.98B on strong chip demand. Sees tough 2011.
- Sony second-quarter net income 31.1 Billion Yen, beats estimate.
- Stamps.com raises FY10 EPS view to $0.70-0.90 (cons $0.75).
Economic Calendar: Data on GDP-Q3, Employment Cost Index, Chicago PMI to be released.
Earnings Calendar: ACI, ACTL, AON, AXL, CPN, D, DTE, EIX, EL, GRO, HMC, LNT, LPNT,
LYB, MRK, PC, PNM, POM, PPC, SNE, TOT, WY.
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Data provided by Egan-Jones