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Daily Highlights: 11.2.2010

Tyler Durden's picture




 
  • Fed likely to announce $500B of securities purchases: Bloomberg survey.
  • India's central bank raised interest rates by 25 bps - for a sixth time this year.
  • Yen declines against Euro as Asian recovery signs reduce demand for refuge.
  • Alberto-Culver's Q4 net rises 31% on 12% jump in sales.
  • Altra Hldgs sees FY10 EPS of $0.95-1.00 (cons $0.88); revs at $512-517M.
  • Anadarko Petroleum reported Q3 EPS of $0.21, 28% below the average analyst estimate.
  • Archer-Daniels-Midland's Sept. net income declined from $496M to $345M.
  • Baker Hughes’ Q3 profit quadrupled to $255M as revs jumped 83% to $4.08B.
  • BBVA agrees to purchase 24.6% stake in Garanti Bank for $5.8B.
  • BHP reportedly gets Investment Canada approval for Potash Corp buyout.
  • BP Q3 net profit $1.79B vs $5.34B; sales $70.61B vs $66.22B.
  • China Construction Bank to raise $9.2B in scaled-back rights offer.
  • Corning's Q3 profit jumped 22% to $785M on higher margins. Revs rose 8.3% to $1.6B.
  • Exco Resources' CEO offers to take company private, values it at $4.4B.
  • GM seeks to raise $10B in landmark IPO; common shares to be priced between $26-29 raising up to $10.6B.
  • Humana's third-quarter profit rose 30% as revenue rose on increases in enrolment.
  • ICE's Q3 earnings rose 10% to $96.3M on record trade on its US futures markets.
  • Lloyds impairments continue to decline into Q3; sees good underlying income growth.
  • Medco Health's Sept. net income declines from $335M to $377M.
  • Metro AG sees 2010 sales falling short of 6% goal; Q3 sales at€16.3B (+4.5% YoY).
  • New York Times may sell $200M of bonds to repay Carlos Slim loan ahead of schedule.
  • Northrop Grumman Corp. sold $1.5B of notes in a three-part transaction.
  • Pfizer's Sept. net income declined from $2.7B to $866M.
  • Prestige Brands buys Blacksmith Brands from Charlesbank for $190M.
  • Sanmina-SCI beats by $0.08, posts Q4 EPS of $0.46. Revs rose 24.7% to $1.69B.
  • SEC is investigating a $1.1B deal sold by J.P. Morgan Chase, as part of a wider probe.
  • Swiss company, Nycomed to take control of China's Guangdong Techpool for $214M.
  • Universal American Corp reports inline, posts Q3 EPS of $0.63. Revs up 16.6% at $1.34B.
  • UPS to hike rates by net 4.9% in 2011.
  • Vulcan Materials misses by $0.10, posts Q3 EPS of $0.08. Revs dip 9.3% to $669.8M.

Earnings Calendar: ABC, ACTU, ADM, ARJ, BNE, BP, CACH, CLX, CNO, DISCK, EMR, GAS, K, LNC, MA, MHS, MLM, MRO, PFE, TEVA, THC, WYNN.

RECENT RATING ACTIONS
SHERWIN-WILLIAMS CO/THE (SHW)
LEVEL 3 COMMUNICATIONS INC (LVLT)
BORGWARNER INC (BWA)
TENNECO INC (TEN)
AMERICAN AXLE & MANUFACTURING (AXL)
PPG INDUSTRIES INC (PPG)
EXCO RESOURCES INC (XCO)
COOPER TIRE & RUBBER CO (CTB)
PIONEER NATURAL RESOURCES (PXD)
COLGATE-PALMOLIVE CO (CL)
AMBAC FINANCIAL GROUP INC (ABK)
ESTEE LAUDER COS INC/THE (EL)

Data provided by Egan-Jones

 

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Tue, 11/02/2010 - 08:23 | 692729 66Sexy
66Sexy's picture

QE will result in more development of china-like ghost cities here in america. this will further hinder the housing market in a vicious cycle of market supply glut. there is emerging evidence of continued development in areas that are already mired with deserted, recent construction homes i.e. arizona.

in other words, housing prices aint never coming back; not for at least a decade.

cash gluts and cheap credit will result this in type of ruinous development-inflation. entire cities that are deserted, with more development on the way.

but hey, we're growing right? chinese style. 

 

Tue, 11/02/2010 - 08:33 | 692737 Sudden Debt
Sudden Debt's picture

LAS VEGAS II!

At least the US prostitutes unemployment numbers will improve!

Another 25% of the US economy saved! :)

 

And if they would find a way to fuck the rest of the 75% the US will be out of the woods!

A "cash for Trio" programm? Take a blond and get a brunette for free?

Just thinking out loud...

Tue, 11/02/2010 - 08:23 | 692731 Sudden Debt
Sudden Debt's picture

500 bil. $ for 2010 will be enough.

 

Tue, 11/02/2010 - 08:31 | 692736 66Sexy
66Sexy's picture

that will certainly disappoint .. we will see a market collapse of several hundred points if they dont take it over $1 trillion.

 

500B is a 'sell on news' number.

Tue, 11/02/2010 - 08:34 | 692752 Sudden Debt
Sudden Debt's picture

it will be the time period that matters. 500 for 12 months would be bad.

500 for 2 months would be good :)

Tue, 11/02/2010 - 08:34 | 692750 wiskeyrunner
wiskeyrunner's picture

We should all learn if the market sells off during the day, reat assured the stock index futures will rise overnight stocks will gap up on the open and the nasty selloff is gone. The magic index futures, a free markup for stock with little effort. Stock specialists gap there stocks problem solved.

Tue, 11/02/2010 - 08:47 | 692781 Cdad
Cdad's picture

AH flash crash on Archer Daniels...prints $21...a 34% dip for some lucky or privileged dude.

Sweet.

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