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Daily Highlights: 10.7.2010

Tyler Durden's picture




 
  • Bank of England may step away from stimulus exit as UK economy stumbles.
  • China hardens opposition to calls for stronger Yuan, tells EU to back off.
  • EU backs the introduction of an EU-wide tax on bank profits and pay packages.
  • Euro nears $1.40 as dollar plunges on expected Fed move to boost economy.
  • Geithner says Japan intervention not to blame for global currency tension.
  • IMF lifts Euro-zone growth f'casts to 1.7% this year and expects 2011 growth at 1.5%.
  • IMF raises India 2010 economic growth forecast to 9.7% on consumer demand.
  • IMF sees risk in 'mild overvaluation' of Australian housing market gains.
  • Oil closes $84 a barrel in Asia as weaker US dollar fuels gains in commodity prices.
  • Allied Irish raises about $2B after selling 22.4% stake in M&T Bank.
  • ArcelorMittal said Ukrainian govt accused it of violating a 2005 purchase agreement and could seize control of a $4.8B mill it acquired in the county.
  • Constellation Brands' Q2 net drops 8.4% amid slower sales, higher promotion costs.
  • EasyJet raises full year profit f'cast to be above $238.4M on higher travel spends.
  • GE is buying Dresser Inc. from investors led by private-equity firms for $3B.
  • Home Properties makes 3 acquisitions for a combined purchase price of $204.4M.
  • Hot Topic reports Sep same store sales -2.6% vs -4.5% consensus.
  • Immucor lowers FY11 EPS view to $1.08-1.18 (cons $1.28); revs to $320-332M
  • InterMune sells Danoprevir rights to Roche for $175M.
  • Johnson Controls to build $118M automotive battery plant in Chongqing, China.
  • Marriott misses by a cent, reports Q3 EPS of $0.22 as revs rose 7.2% to $2.65B.
  • Monsanto Q4 loss narrows to $143M amid fewer charges; sales rise 3.9% to $1.95B.
  • Renault SA to sell 14.9% holding in Volvo, to use funds to reduce debt.
  • Reynolds group sells $3B of debt to help finance Pactiv acquisition.
  • Robbins & Myers to acquire oilfield-services provider T-3 Energy Srvcs for $422M.
  • Samsung profit misses estimates on chip prices, flat screens; shares drop.
  • Statoil aims to raise as much as NK4.92B in its gas station and transport fuel unit IPO.
  • UPS says US holiday hiring to be unchanged from 2009 with 50,000 workers.
  • US Patent office backs TiVo's DVR claims.
  • Zurich Financial Services warns that third-quarter net profit will be hurt by a lawsuit.

Economic Calendar: Data on Initial & Continuing Claims, Consumer Credit to be released.

Earnings Calendar: AA, ANGO, ISCA, MASC, MU, NAVI, PEP.

RECENT RATING ACTIONS
ACUITY BRANDS INC (AYI)
GENERAL ELECTRIC CO (GE)
ARCH COAL INC (ACI)
OVERSEAS SHIPHOLDING (OSG)
GENERAL MARITIME CORP (GMR)
AGL RESOURCES INC (AGL)
LUBRIZOL CORP (LZ)
MARATHON OIL CORP (MRO)
VALEANT PHARMACEUTICALS (VRX)
OXFORD INDUSTRIES INC (OXM)
FIRSTENERGY CORP (FE)
USG CORP (USG)

Data submitted by Egan Jones

 

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Thu, 10/07/2010 - 08:20 | 631797 unum mountaineer
unum mountaineer's picture

Geithner says Japan intervention not to blame for global currency tension.

It's always about the Chinese eh Timmay?

Thu, 10/07/2010 - 09:06 | 631897 hugolp
hugolp's picture

Bank of England may step away from stimulus exit as UK economy stumbles.

They are jocking right?

I dont have a link but please go check the balance sheet of the Bank of England, and you will see that it is even more aggressive than the Fed. With the difference that the pound is not the reserve currency of the world. Poor english people.

Thu, 10/07/2010 - 11:07 | 632196 Grand Supercycle
Grand Supercycle's picture

Updated FTSE weekly chart:

http://stockmarket618.wordpress.com

Do NOT follow this link or you will be banned from the site!