Daily Highlights: 10.9.09

• Asian stock markets rose Friday on US gains, with resource and energy stocks leading.
• Bernanke says Fed ready to tighten monetary policy when economy improves.
• Dollar rises for first time in 5 days after Bernanke says Fed ready to 'tighten' policy.
• Initial Jobless claims in US decrease 33,000 to 10-month low of 521,000.
• Japan Machine Orders increased 0.5% in August, rebounding from record low.
• Treasuries decline, set for weekly drop, after Bernanke signals tightening.
• Trichet signals he won't raise ECB rates as Europe emerges from recession.
• Aeropostale reports September same store sales +19.0% vs. +12.3% cons est.
• Barnes & Noble plans to unveil its own brand of electronic-book reader.
• Chevron reports in interim update that earnings for Q3 2009 to be better than of Q2 '09.
• GM said to be near selling Hummer to Tengzhong for $150M.
• GM’s Vauxhall seeks two-shift production guarantee from Magna.
• Gymboree raises Q3 EPS view; sees EPS at $1.05-1.10 (cons $1.08).
• Infineon: Increasing output capacity In Dresden by 10%.
• Levi Strauss' profit slumped 41% in Q3 due to a stronger dollar and slower sales.
• Liz Claiborne agreed to license its namesake brand exclusively to J.C. Penney.
• Marriott swings to Q3 loss of $466M on timeshare write-downs. Revs dip 17%.
• Neiman Marcus reports Sept same store sales declined 16.9% YoY.
• PepsiCo anticipates earnings per share growth of 11-13% in 2010.
• Target expects Q3 EPS to exceed the current median cons. est. of $.0.43/sh.
• UK antitrust regulator ruled against the proposed merger of Ticketmaster, Live Nation Inc.
• Vivendi SA likely to consider selling its 20% stake in NBC Universal this year.
• Volkswagen says car market won’t recover before 2013.
• Wal-Mart de Mexico's Q3 net rises 18% as the company cut operating expenses.
• Wynn tests Hong Kong stock betting appetite as Adelson's Sands plans IPO.
• Wynn Macau shares jump 13% in HK debut

Economic Calendar: Data on Trade Balance to be released today.

Earnings Calendar: CMP, INFY, TTO.

Companies to watch: Aeropostale, Chevron, Gymboree, Liz Claiborne, PepsiCo, Vivendi SA,
Wynn Resorts.

Recent Egan-Jones Rating Actions:
SPEEDWAY MOTORSPORTS INC (TRK)
INTERNATIONAL SPEEDWAY CORP (ISCA)
JACK IN THE BOX INC (JACK)
AMERICAN FINANCIAL GROUP INC/OH (AFG)
WELLPOINT INC (WLP)
MARRIOTT INTERNATIONAL INC/DE (MAR)
USG CORP (USG)
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)

Data provided by Egan-Jones Ratings and Analytics

Comments

[SDRII]

NEM might be preparing a hostile bid for Newcrest Mining Ltd. (NCM:AU), the Australian Financial Review reported - this will be interesting

[Miles Kendig]

Link please.

[AN0NYM0US]

I post this article from Alphaville as it contain terms and concepts that North America will soon need to familiarize itself with

Carbon indicators

[Anonymous]

I simply can't believe 'tightening' is in the cards, earlier this week he claimed to want to leave rates low for an 'extended period'. The statements he makes and his actions have put him in contention to be a bigger 'flip flopper' than the commander in chief. Sheeeit between BB, TG, and BO, they flip flop enough to open a sandal shop.

[deadhead]

Okay boys and girls, who is the administration going to roll out today to jawbone ole' bucky?

romer? goolsbee (sp?)? joe biden (which could get comical)?  Obama himself? nancy pelosi?  how about the guy that picks up the Obama pet dog's shit out of the Rose Garden?

[small watcher]

<snark topic="npp">

Obama! Is there anything he can't do?

</snark>

[Danz Gambit]

The Treasury secretary had made clear “our commitment to a strong dollar based on strong fundamentals”, Mr Summers said.

ding ding we have a winner

(that was yesterday actually, but its pretty clear the US is committed to a strong dollar) ha ha

[Miles Kendig]

http://www.ft.com/cms/s/0/33c5f692-b498-11de-8b17-00144feab49a.html

[Gilgamesh]

The man himself!  Calling for more transparency on bank loans...  Oh, the irony.

[Ivanovich]

Levi Strauss' profit slumped 41% in Q3 due to a stronger dollar and slower sales.  Beg pardon?  Stronger what?

[MountainHawk]

"Bernanke says Fed ready to tighten monetary policy when economy improves." So what? Bernanke's and all the other criminals have said the same thing before. Isn't stating that kind of obvious? Also, I think he mentioned no tightening until late 2010, no?