Daily Highlights: 11.1.2010
- Asian stocks, emerging currencies, oil climb on China manufacturing, Korea data.
- Chinese factories get busy; Official PMI shows surprise gain, sends stocks higher.
- South Korea's inflation rate climbs to 20-month high, exports accelerate.
- US unemployment probably hovered near 10% as Fed discusses additional easing.
- 3M is using acquisitions, its own labs to diversify into areas as biometrics and fuel cells.
- Ambak to file for bankruptcy if prepackaged plan is unsuccessful.
- Bancorp of New Jersey announces special $0.33 cash dividend.
- Chevron Q3 earnings fell 1.6% on weaker U.S. dollar and higher costs. Revs up 7.5%.
- China Citic Bank said Q3 profit increased 51% to $972M, on continued growth in lending.
- China Construction Bank's Q3 net rises 31% to record $5.93B on higher lending.
- Colgate-Palmolive plans $438M debt offering.
- Corning's Sept. net income rises from $643M to $785M.
- Constellation Energy swings to Q3 loss on $2.5B in write downs to value of nuclear generation plant.
- DISH Network and Fox Networks reach comprehensive programming agreement.
- Enel raises about $3.1B in renewable energy initial share offering.
- ICBC paid $1 to acquire the Prime Dealer Srvcs unit of Fortis Securities from BNP Paribas.
- Lukoil plans to sell $800M of 10-year bonds at 6.25%.
- Merck's Q3 net dropped 90%, hurt by a $950M reserve booked for its pain drug Vioxx.
- Nomura slumps to 28-year low after profit tumbles 96% on overseas losses.
- Northeast Utilities raised 2010 EPS to $2.10-2.20 vs. $2.01 cons, up from $1.95-2.05.
- Oracle seeks $2.3B in SAP 'humiliation' trial over downloaded code.
- Ryanair raises 2010 profit guidance to €380-400M, after Q3 net climbs 32%.
- TransDigm that’s buying rival McKechnie Aerospace, is seeking $1.98B in bonds, loans.
- Weyerhaeuser posts Q2 net of $1.12B on ~$1B in income-tax adjustments. Revs up 20%.
- WPP joined peers in signalling a recovery in ad industry by saying that Q3 sales rose 12%.
Economic Calendar: Data on Personal Income & Spending, ISM Index, Construction Spending to be released.
Earnings Calendar: ACV, AES, APC, APL, CGNX, CTB, ED, HUM, IOC, L, RE, ROG, SANM, UWBK, VMC, WINN, Y.
RECENT RATING ACTIONS
ESTEE LAUDER COS INC/THE (EL)
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OWENS & MINOR INC (OMI)
NORFOLK SOUTHERN CORP (NSC)
STARWOOD HOTELS & RESORTS (HOT)
EASTMAN CHEMICAL CO (EMN)
CELGENE CORP (CELG)
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FLOWSERVE CORP (FLS)
GENERAL MOTORS CO (GM)
BRIGGS & STRATTON CORP (BGG)
Data provided by Egan-Jones
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