Daily Highlights: 11.11.09

• Asian stocks, currencies rise on Japan, China economic data; gold advances.
• China's industrial production output grew 16.1% in October, its fastest pace in more than a year.
• Job openings in U.S. remain close to record-lows
• Oil prices fell $79 a barrel in Asia amid rising U.S. oil inventories and a weaker dollar
• Swiss rules to tie bonuses to profit will apply only to the nation’s 12 largest banks
• Unfilled positions climb to most since June as US companies delay hiring.
• USDA trimmed its production forecast and raised its price outlook for crops.
• Adobe to cut about 680 full-time positions or about 9% of its total work force.
• AIG’s CEO Robert Benmosche, after just 3 months, is ready to quit over pay constraints
• ArvinMeritor narrowed its Q4 loss to $12M as cost cuts helped offset weak auto prodn.
• Beazer Homes swung Q4 profit of $33.8M on gains from repaying debt.
• Blackstone and KKR to prepare share sale for Denmark phone company TDC.
• Bristol-Myers pays more than $1B for rights to develop, sell rheumatoid arthritis treatment  developed by Alder Biopharmaceuticals.
• Crédit Agricole's Q3 net falls 21% on charge at its Greek subsidiary Emporiki.
• European Union trade regulators consider breaking up Eni Spa's gas pipeline network.
• Gazprom expects demand for the natural gas to rise in in the next 2 or at most 3 years.
• Geely develops turnaround plan for Volvo that centers on China production base.
• HSBC Holdings Plc’s 3Q profit was “surprisingly ahead” of the bank’s own expectations
• Logitech International SA said it would spend $405M to buy LifeSize Communications Inc.
• Macy's reports a $35M loss for Oct. compared to a $44M loss last year.
• Nortel gives potential acquirers more time to make an offer for its optical-networking unit.
• Prudential Financial Inc. increases dividend 21% to 70 cents after third straight profit
• Qatar Petroleum takes stake in Shell's petrochemical ventures in Singapore
• Singapore Telecom's Q2 net rises 10.1% on stronger operating revenue.
• Sodexo f'casts flat revenue in current fiscal, after beating f'casts with 4.5% rise in 2009.
• Tyco Intl's Q4 profit slid 53% to $205M as revs fell 16% to $4.4B.
• Westpac Banking Corp has raised A$2.5 billion ($2.3 billion) in bonds for sale

Economic Calendar: Data on Factory Orders, Auto Sales to be released.

Earnings Calendar: AAP, AMAT, BLD, CSC, FLO, ING, M, MSN, RA, XRIT.

Recent Egan-Jones Ratings Actions
CORN PRODUCTS INTERNATIONAL (CPO)
ROCKWELL AUTOMATION INC/DE (ROK)
SARA LEE CORP (SLE)
TESORO CORP/TEXAS (TSO)
AMBAC FINANCIAL GROUP INC (ABK)
MBIA INC (MBI)
FLUOR CORP (FLR)
PRICELINE.COM INC (PCLN)
UNISYS CORP (UIS)
RADIOSHACK CORP (RSH)
KRAFT FOODS INC (KFT)
APPLIED MATERIALS INC (AMAT)
NEWS CORP (NWS)

Data provided by Egan-Jones Ratings and Analytics

Comments

[ChickenTeriyakiBoy]

these china numbers have been smelling like fish sauce for a while now

[Bearish Spirits]

Yes, and the business media continue to slavishly report the numbers as truth to support the "recovery" fallacy.  Exports are down 20% or so, but production is up AFTER the traditional Christmas shipping season.  Right.

[deadhead]

is there anybody on the face of this planet stupid enough to believe anything said by the chinese?  for phuck's sake, they have mastered the art of prevarication.  Geithner ought to take a few lessons from the chinese about how to lie.

Geithner, by the way, in case I haven't made myself clear in other threads, is a filthy rotten piece of fecal matter LIAR.

[Bearish Spirits]

Exactly.  Aren't the Chinese tactics torn right out of the USSR playbook?  We're not looking much better these days, either. 

[AN0NYM0US]

Chanos shorting China

Is China headed toward collapse?
By: Eamon Javers
November 10, 2009 05:19 AM EST

http://dyn.politico.com/printstory.cfm?uuid=DAB3DF2E-18FE-70B2-A8C736A21...

[ChickenTeriyakiBoy]

i saw that article, and i agree with chanos's thesis. the blog post from pekingduck.com mentioned in that politico article is here and is a worthwhile read:

http://www.pekingduck.org/2009/03/chinas-luxury-mall-calamity/comment-pa...

[buzzsaw99]

Ben is cut from the same cloth as Greedscam.

[m.g. turner]

any comments on natural gas??