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Daily Highlights: 10.8.09
- Asian stocks rise on Australian jobs report, Alcoa earnings; alumina gains.
- Australian firms unexpectedly add jobs, driving bets of second rate rise.
- China car sales growth will slow in 2010: China Auto Logistics Chief says.
- Consumer credit outstanding fell $12B in Aug, reflecting reluctance to hold debt.
- Dollar slips against rivals ahead of ECB, BOE meetings.
- Gold advances to third record, oil gains on outlook for weakening dollar.
- Luxury-goods brand’s sales are “booming” in China and elsewhere in Asia, while the U.S. market is “slightly positive.” – Hermes Chief Thomas
- US banks slow to take losses on battered commercial real-estate loans: Fed report.
- The U.S. government ended its 2009 fiscal year with a deficit of $1.4 trillion, the biggest since 1945.
- Vacancies at U.S. shopping centers rose in the third quarter to a 17-year high as jobless cut spending.
- Acuity Brands beats by $0.11, posts Q4 EPS of $0.68. Revs fell 19.2% to $422.6M.
- Adobe reaffirms; sees EPS at $0.33-0.39 (cons $0.37). Revs $690-740M (cons $723M).
- Alcoa reports unexpected Q3 profit of $77M on cost cuts. Revs fell 34% to $4.62B.
- Ciena makes a $521M bid for most of Nortel's optical networking, ethernet assets.
- ConocoPhillips cuts spending plan by 12%, will sell $10B in assets .
- Costco Wholesale beats est., Q4 net falls 6% to $374M. Revs dip 3.1% to $21.9B.
- Eli Lilly settles lawsuit brought by South Carolina over claims of improperly marketing Zyprexa.
- EU signaled it would accept a settlement proposal outlined this summer by Microsoft.
- Family Dollar's fiscal-fourth quarter earnings rose 13% amid improved margin.
- GM falling short on several important goals, incl. worker reductions, sale of failing brands: CEO.
- HSBC in advanced talks to buy RBS's operations in China, India, and Malaysia.
- Justice Dept begins inquiry into monopolistic behavior in mainframe market by IBM.
- Marriott's Sept. results: $94M gain last year, $466M loss this year.
- PGE SA, Poland’s largest power utility, prepares to raise $1.8B in an IPO.
- Pepsi's Sept. net income rose from $1.57B last year to $1.71B this year.
- Telefonica bids $3.74B for Brazil's GVT, challenging Vivendi offer.
- Teva Pharmaceutical Industries Ltd.’s Copaxone drug can cut the likelihood OF MS.
- Triad Guaranty to sell mortgage insurance operating platform to Essent Guaranty.
Recent Egan-Jones Rating Actions
ALCOA INC (AA)
NATIONAL OILWELL VARCO INC (NOV)
PEPSI BOTTLING GROUP INC (PBG)
ANHEUSER-BUSCH INBEV NV (ABI BB)
AIRTRAN HOLDINGS INC (AAI)
MONSANTO CO (MON)
ACUITY BRANDS INC (AYI)
COSTCO WHOLESALE CORP (COST)
YUM! BRANDS INC (YUM)
CIENA CORP (CIEN)
FREEPORT-MCMORAN COPPER (FCX)
NEWMONT MINING CORP (NEM)
BARRICK GOLD CORP (ABX)
Data provided by Egan-Jones Ratings And Analytics
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I stated this before but with the six month commodity bubble why would anybody be surprised by an Australian rate increase or an increase in Australian jobs. Do you see that continuing? How much copper can Chinese farmers stockpile?!?!?
While Street shills and their [TV] media stooges brayed that Alcoa earnings were fabulous and a sign of economic strength, the details of the earnings clearly shoutinflationary recession or worse .
BN: The average price of the metal used in cars, planes and cans was 83 cents a pound in the third quarter, up 24 percent from 67 cents in the second quarter, according to Deutsche Bank AG estimates.
Inflation boosted Alcoa sales. Metal prices increased 24% in Q3 but revenue increased only 2.15%.
Alcoa Q3 shipments DECLINED 4.5%, to 1.230m metric tons vs. 1.288m metric tons in Q2!
BN: Alcoa posted adjusted losses of 26 cents a share in the second quarter, 54 cents in the first quarter and 28 cents in the fourth quarter of 2008.
Alcoa says: It will save $320 million from job cuts this year and 75% of the cuts are permanent; 22,200 cuts are planned; 19k have occurred; market remain extremely depressed; cost cutting produced the most
of the earnings gain; revenue was about $100m more than expected on soaring metal prices (+24% q/q).
Call for predictions:
Expansion and recovery are going to hit a wall because...
Tyler,
I'd love to hear your take on the retail September sales, especially following the huge Alcoa numbers. I don't understand how the sales could be so good. I know there must be something missing in the reporting because these numbers don't jive with the reality of the consumer. Can we believe these numbers.