Daily Highlights: 11.20.09

• Asian stock markets fell Friday on concerns over the U.S. economy.
• Asia considers capital controls to stem bubble danger.
• Bank of Japan leaves key rate at 0.1% as government urges deflation fight.
• China raises nonresidential electricity rates; more hikes to promote savings.
• China rebuffs Yuan criticism as Zhou says government is passive on dollar.
• China stocks fell after govt hikes electricity rates - first in 16 months - fuelling concern that recent gains outpaced prospects for earnings growth.
• China's CNPC agrees to expand Sudan refinery, swap oil production assets.
• European stock markets rise ahead of key speech from ECB's Trichet.
• Euro higher to $1.4913 in European morning trade as US economy shows weakness.
• OECD: Global economic recovery will be stronger than previously expected.
• Oil hovers below $78 in Asia as investors look at US dollar, economy.
• Russia considers a tax on cross-border currency transactions to thwart speculative traders.
• US House votes to avert cuts in medicare payments to doctors.
• ADC Telecom's Q4 loss - its fifth in a row - narrowed slightly as margins rose.
• AK Steel announces price increases by $20-30 per ton for carbon steel products.
• Alcoa to temporarily stop prodn at two smelters in Italy, cut 2,000 jobs.
• Altria lost a $300 verdict in a lawsuit brought by a former smoker suffering from emphysema.
• AOL plans to cut about a third of its staff as it attempts to rein in costs.
• Buckle's net improved 14% to $33.3M as same-store sales during the qtr rose 4.3%.
• Dell's profit dropped 54% despite signs of a tech recovery, raising doubts on its strategy.
• Foot Locker misses by $0.03, posts Q3 EPS of $0.10. Revs fell 7.3% to $1.21B.
• GameStop's Q3 profit jumped 12%, driven by new-game and used-product sales.
• Gap announces new $500M share repurchase program.
• Gap posted a 25% rise in profits at $307M as margins improved.
• Infineon swung to a Q4 profit of $20.9M amid absence of charges. Revs fell 18%.
• Intuit Q1 loss widens to $68M on higher expenses; sees weak Q2 revs.
• KKR reports $656.6M profit as buyout investments triple in rebound.
• Microsoft: Windows 7 selling well.
• Mitsubishi Chemical to acquire Mitsubishi Rayon Co. in a stock swap for more than $2B.
• Novellus Systems expects Q4 revs of $225-245M; EPS at $0.25-40.

Recent Egan-Jones Rating Actions
MCGRAW-HILL COS INC. (MHP)
LTD BRANDS INC (LTD)
MILLIPORE CORP (MIL)
PALL CORP (PLL)
SEARS HOLDINGS CORP (SHLD)
AMBAC FINANCIAL GROUP INC (ABK)
MBIA INC (MBI)
BE AEROSPACE INC (BEAV)
TJX COS INC (TJX)
HERSHEY CO/THE (HSY)
JACK IN THE BOX INC (JACK)
BRUNSWICK CORP/DE (BC)
AMBAC FINANCIAL GROUP INC (ABK)

Data provided by Egan-Jones Ratings and Analytics

Comments

[Anonymous]

It looks like the DXY actually printed an 82 overnight, which quickly dissapeared

Thats the second oddball move in the last few weeks

[Racer]

'ICE said that the exchange is cancelling trades on dollar index futures above 76.50, after a spike in the contact that saw it jump to 82.18.'

Can't be having that now can we!

[AR]

TYLER / DOLLAR Trades / Here's a little back office exchange manipulation for you (twice in 2 weeks). On November 3rd, someone (like Goldman) bought roughly 4000-6000 DXZ (Dollar index / December DXZ electronic contracts) at 4:49AM/EST. At the time (11/03), this trade spiked the DXZ up to a print high of 81.345 (8000 total contracts traded). Result: The exchange busted all those trades above 76.50 (of course, they won't tell you why, or who did the "mistake"). Now, here's where it gets interesting again. This morning, once again, between 6:06 and 6:10CST someone came into this market and again bought 2000-4000 DXZ contracts. Today's spike print high was 82.018. We're hearing (again for a 2nd time in 2 weeks) the exchange is busting all those trades today above 76.50.  We can understand some inexperienced 25 year old kid at Goldman pushing the wrong button back on November 3rd. But, twice in 2 weeks is pretty blatant, as the exchange again tries to appease their larger clients and covers their mistake.

[reading]

With all the unemployed "talent" floating around you'd think they could find someone who can actually hit the right button.