Daily Highlights: 11.11.2010
- BoE: Inflation is likely to fall back toward its 2% target over its two- year forecast period.
- China PBOC drains net CNY30B from money market this week.
- China's inflation hit a two-yr high in October, up 4.4% YoY.
- Global container shipping industry set to grow further in 2011: AP Moeller-Maersk.
- France along with Germany is pushing for investors to share sovereign bailout pain.
- Irish, Portuguese under increased pressure on dimming fortunes of euro zone.
- Japanese core machinery orders fell 10.3% in September, undershoots f'casts.
- Oil jumps above $88 a barrel in Asia as US stockpiles drop.
- US deficit plan looks to cut $4,000B; Social security and Medicare targeted.
- US jobless claims fell last week to lowest level since July.
- US Sept trade deficit narrowed more than f'cast as exports rose to highest level in 2 yrs.
- Advance Auto reported Q3 EPS of $1.03 (cons $0.92); revs rose 11.4% to $1.41B.
- Aegon's Q3 earnings more than tripled to $907M on investment gains, dollar strength.
- AFC Entrps beats by $0.05, raises FY10 EPS to $0.81-0.83 (prev view $0.75-0.79).
- American Electric reaffirms 2010 ongoing EPS guidance of $2.95-3.05 vs. cons of $3.03.
- Boeing suspends Dreamliner test flights after cabin fills with smoke.
- Brinker International Board authorizes an additional $325M in share repurchases.
- Bronco Drilling: Oct Utilization for the drilling fleet was 94% vs. 79% in September.
- BT Group raises earnings forecast due to strong performance in global services operations.
- Campbell Soup lowers 2011 EPS growth to 2-4% (prev 5-7%) on weak US sales f'casts.
- Cisco stock falls as CEO cites weakening orders from cable-TV operators, govt agencies.
- Dexia S.A. Q3 profit fell 26% to $279.7M on restructuring charges.
- E.ON AG that it will sell more assets and reduce dividends.
- Industrial & Commercial Bank of China to raise $1.68B via rights issue.
- ING plans IPOs for insurance arms; with separate flotations for its European, US units.
- Ingersoll-Rand will replace Pactiv in the S&P 500 index.
- Istar to attempt a debt exchange.
- Kohl's reports Q3 EPS in-line at $0.63. To repurchase $1B of shares.
- Repsol Q3 profit rises 70 percent on higher margins, increased gains in Argentina.
- RIM will roll out its "PlayBook" tablet computer at a price of under $500.
- UniCredit's Q3 net profit falls 15% to $460.2M due to lower net interest income.
Economic Calendar: Data on Initial & Continuing Claims to be released today.
Earnings Calendar: BLD, COWN, CPKI, DIS, KSS, NVDA, PBR, REP, SI, TSEM, UPG, VIA.
RECENT RATING ACTIONS
PORTUGAL (1174Z PL)
VF CORP (VFC)
SONIC AUTOMOTIVE INC (SAH)
DELL INC (DELL)
MOHAWK INDUSTRIES INC (MHK)
DEAN FOODS CO (DF)
INTERNATIONAL GAME TECHNOLOGY (IGT)
AIRTRAN HOLDINGS INC (AAI)
WARNACO GROUP INC/THE (WRC)
AMERICAN TOWER CORP (AMT)
MAGNA INTERNATIONAL INC (MG CN)
TRW AUTOMOTIVE HOLDINGS (TRW)
Data from Egan-Jones