• Hand to Hand Combat in the Options Pits
    RobotTrader
    03/10/2010 - 15:22
    Things are really starting to get wild. CNBC should just eliminate the NYSE trading floor shots and replace them with battle scenes from "Hamburger Hill" or some of the medieval battles in "Lord of the Rings". Basically, everyone is out for blood today as panicked put and call holders are getting barbecued with Goldman's flamethrowers or getting bludgeoned to death by spiked clubs.
  • Party Boy Roubini Worries About Double Dip
    Econophile
    03/10/2010 - 15:04
    My favorite party boy economist, Nouriel Roubini, just came out with his analysis for the second half and he notes that we may be heading toward a double-dip recession. Too much negative news, he frets. I have been saying this for some time.
  • Your Usual Table, Mr. Papagiorgio?
    Chris Pavese
    03/10/2010 - 14:13
    It would appear that European leaders are back at their usual table. Speaking at the Bookings Institute before meeting with the US administration, Greek Prime Minister George Papandreou blamed “unprincipled speculators” and “ill-regulated” financial markets for pushing Greece to the brink of financial ruin and dragging down the euro. Along the way he convinced France’s Nicholas Sarkozy, that another financial crisis is around the corner if the CDS market is not curtailed. Sadly, we agree with the conclusion, but many European “leaders” are confusing cause and effect. Keith McCullough, at Hedgeye, explained it best yesterday when he said, “markets don’t lie; politicians do . . . hearing politicians talk about markets is like watching a southern belle try to ice fish.”

Daily Highlights: 11.24.09

Tyler Durden's picture
Submitted by Tyler Durden on 11/24/2009 08:11 -0500



  • As banks build capital, Treasury wants TARP to focus on lending.
  • Asian stocks fall on Japan deflation, share-sale concern; Dollar, Yen gain.
  • China shares retreat on policy uncertainty ahead of government economic meeting.
  • China’s 5 largest banks submit plans for raising capital to the industry regulator.
  • Fed said to ask stress-tested banks to submit plans for repaying US aid.
  • Home resales leaped up 10.1% in October, rising far more than expected.
  • Nov. clothing sales weaken vs. 2008's clearance sales, but electronics, online rise.
  • Oil slips to near $77 in Asia as investors eye US dollar, crude demand.
  • Proportion of US homeowners who owe more on their mortgages than the properties are worth has swelled to about 23%.
  • US corporate bond sales climb to record $1.17 trillion as economy grows.
  • Analog Devices Q4 profit down 27% to $105.6M; gives strong Q1 '10 view.
  • Bank of China says it's studying 'various options' to replenish capital.
  • BJ Services swings to Q4 loss of $9.9M as revs declined 42% to $878.2M.
  • Brocade Communications Q4 profit down 5.6% at $33.6M; revenue up 31% to $521.8M.
  • Campbell Soup's Q1 net rose 17% to $304M as margins improved. Revs fell 2.1%.
  • China's Sovereign Fund said to buy $400M of stock in Longyuan IPO.
  • Chubu Electric said to buy Russian coal to diversify supply.
  • Ciena Corp. to buy Nortel division that develops networking gear for $769M.
  • Dycom Industries' Q1 net dropped 67% to $3.5M on lower sales and margins.
  • HP's qtrly net rises 14% to $2.41B as cost cutting boosted profit margins. Revs fell 8.4%.
  • Icahn outbid Penn National Gaming to place a starting bid of $155M for the Fontainebleau.
  • Japan's Chubu Electric Power to buy coal from Russia to reduce reliance on Australia.
  • Lloyds Banking prices rights issue at 37 pence - 60% discount to Monday's closing.
  • News Corp. joined by rivals considering pulling out of Google.
  • Peet's Coffee & Tea Inc. ups offer for Diedrich Coffee to $32/sh in cash, stock.
  • People's United Financial agrees to buy Financial Federal for $738M.
  • Tyson Foods executives expect U.S. beef and pork prices to rise next year.
  • Unilever said it still has as much as $3B in cash to spend on acquisitions.
  • Valspar Q4 earnings jump 28% to $49.9M on cost cuts, sales down 16% at $776.6M.

Economic Calendar: Data on GDP, Consumer Confidence, FOMC Minutes to be released today.

Recent Egan-Jones Rating Actions

TECH DATA CORP (TECD)
CIGNA CORP (CI)
CAMPBELL SOUP CO (CPB)
HESS CORP (HES)
HERSHEY CO/THE (HSY)
JONES APPAREL GROUP INC (JNY)
PHILLIPS-VAN HEUSEN CORP (PVH)
DR HORTON INC (DHI)
DELL INC (DELL)
DRESSER-RAND GROUP INC (DRC)
PULTE HOMES INC (PHM)
MCGRAW-HILL COS INC. (MHP)
LTD BRANDS INC (LTD)

Data provided by Egan-Jones Ratings and Analytics

0
Your rating: None

»


by E pluribus unum
on Tue, 11/24/2009 - 08:16
#140398

If you missed the CNBC interiew with Fred Mishkin this morning (at 8:05 am) you really ought to watch it.

Mishkin was incoheren about why a fed audit was "bad" for America so you just have to trust him that the Fed is looking out for all of us. OK? We should be grateful that the Fed is there for us.

by Anonymous
on Tue, 11/24/2009 - 08:54
#140413

I don't know which is a more frightening prospect. Allowing the fed to continue to operate under near total secrecy for the benefit of a very small group or shedding some light on BS. (Balance Sheet)

by SDRII
on Tue, 11/24/2009 - 09:04
#140421

+100

Amazing that DR didn't go for the jugular on the question re the balance sheet and the toxicity. The best Mishkin could do was that it could casue the inflation expectations to rise or the Fed to withdraw its ease too soon? No mention of the decade plus of easy policy however. if only the sheeple could peal themselves away from biggest loser

by Anonymous
on Tue, 11/24/2009 - 08:49
#140411

"News Corp. joined by rivals considering pulling out of Google."

Still refusing to accept a new shift in the way people get their news. WAKE UP GUYS... your old model is/has been DEAD"

I get much higher quality financial news from ZH and other related sites than I do the bought and paid for junk networks. And lets not even talk about your everyday, MSM non-financial reporting...

by Hephasteus
on Tue, 11/24/2009 - 09:47
#140454

So they finally got enough cash in the mortgage industry to clear out a bunch of counterfeited mortgages?

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