Daily Highlights: 11.2.09

• Asian stocks fell, extending MSCI APAC Index’s first monthly decline since Feb'09.
• China manufacturing grows at fastest pace in 18 months on stimulus, loans.
• China's Chen warns of world slump if economic stimulus withdrawn too early.
• Euro rises against Yen as signs of global recovery spur demand for yield.
• AEP sees 2010 ongoing EPS of $2.80-$3.20, forms Transmission company.
• CF Industries adds cash for Terra Industries offer, hikes bid price by $200M to $4.1B.
• Chevron Corp. reported a 51% drop in Q3 profit at $3.83B on lower oil, natural gas prices.
• Chrysler Group confirmed about 23,000 hourly workers will receive buyout offers.
• CIT Group files bankruptcy, seeks to cut $10B in debt.
• CIT's bankruptcy may help bondholders, erase taxpayer, shareholder stakes.
• Cummins posts better-than-expected Q3 nos; warns of a tough 2010.
• Ford reports a Sept. profit of $997M compared to a $129M loss last year.
• Ford UAW workers said to reject concessions that would match GM, Chrysler.
• Goldman is in talks to buy millions of dollars of tax credits from Fannie Mae.
• Las Vegas Sands China may raise $2.5B in Hong Kong IPO.
• Linde AG's Q3 net falls 4.5% to €169M; sales down 6.9% at €2.28B.
• NYSE Euronext's qtrly net falls 28% as it cut prices to counter falling trading volume.
• Pernod Ricard sees 2010 recurring organic profit at +1% to +3%.
• RBS said near to deal permitting early exit from UK asset insurance plan.
• Ryanair Q2 profit advances 35% to $370m after fuel hedging lowers costs.
• SEC investigates Zale's accounts after it restates 2008, 2009 earnings.
• Suzuki Motor's net plunged 63.4% in 1H on a 31.3% fall in revenues.
• Sysco's Sept. net income rises from $277M last year to $326M this year.
• Terra Industries received an increased purchase offer from CF Industries.
• TNT NV's Q3 net falls 12.4%, better than exp., to €99M.

Economic Calendar: Data on Construction Spending, ISM Index, Pending Home Sales to be released.

Earnings Calendar: APC, ASF, AU, CAR, CHK, CLX, CNA, CSE, CTB, DF, DLLR, F, FST, HUM, KGC, KND, L, NU, ROG, UDRL, VMC.

Recent Rating Actions:
CIT GROUP INC (CIT)
ASHLAND INC (ASH)
PROCTER & GAMBLE CO/THE (PG)
EXPEDIA INC (EXPE)
TENNECO INC (TEN)
SPRINT NEXTEL CORP (S)
MOTOROLA INC (MOT)
TRINITY INDUSTRIES INC (TRN)
ILLINOIS TOOL WORKS INC (ITW)
STANLEY WORKS/THE (SWK)
FLOWSERVE CORP (FLS)
BORGWARNER INC (BWA)
ALCOA INC (AA)

Data provided by Egan-Jones Ratings And Analytics

Comments

[Anonymous]

In this post there is a list of companies under the heading of "Recent Rating Actions:"

Is the detail on the ratings actions available somewhere free of charge? Or do I need to subscribe to an Egan-Jones product to get more info?

[bonddude]

Jesus,

This schmuck is looking at 20 years and BofA (and for that matter probably JPM and GS on other deals), who received TARP $ and huge bonuses get amnesty ?????????????????

http://www.bloomberg.com/apps/news?pid=20601109&sid=auHFr7xQK9lg&pos=10

[Anonymous]

cramer's comments about CIT this morning in his opening article - unreal. "CIT bankruptcy? No kidding, that's been with us for months, and only the stooges playing the common are fooled."

[spanish inquisition]

According to my internal web bot the drums of war seem to be abating for now. My surfing this weekend noticed this trend. The powers that be seem to be shifting strategies. 

My first thought is the world getting tired of the US et al  (Isr and UK to mention a few) games. People are wary of the let us give you money and democracy, now put your neck under our boot. But, we don't really care what other people think and war still looked like a done deal.

What I actually think set this in motion, it looks like Tony Blair will not be able to war monger as head of the EU. My theory is that there is provision for unilateral action by the President of the EU for police action, assistance for member state treaties or soon as the EU congress is seated you are at war on terrorism and you don't even know it yet. You probably want to reread a few spots.

To prove us right, we will be concentrating on destabilizing them internally through "terrorist" attacks on schools and hospitals. So we can then go, "See! We told you so! You really do need us".

It's early and I may be a little overly cynical.

[convexity]

okay, we bears are going to take it in the pail this moring after that ISM and the housing numbers.  I'll be very curious to see if the great Bear spin machine that is ZH can just accept that on this day we are wrong or if it has something up it's sleeve.  Fair and balanced? we'll see

[Screwball]

It's all about the dollar.  Dollor up, stocks down.  Dollar down, stocks up.  Becoming a Forex trader seems to be the one solution.