Daily Highlights: 11.24.2010
- Asia stocks continue retreat on Korea clash; shelling adds to uncertainty.
- China orders crackdown on commodity speculators in widening anti-inflation campaign.
- Euro drops to 2-month low against US dollar amid concerns.
- Fed considered long-term rate target in secret; Numerical inflation objective also discussed.
- Fed officials disagreed on benefits of $600B stimulus, FOMC minutes show.
- Fed trims 2011 outlook on growth, jobs : FOMC Minutes.
- Ireland credit rating cut two levels to A by S&P as bank bailout adds debt.
- Oil hovers above $81 in Asia as US GDP growth, higher crude supplies.
- Portugal, Spain borrowing costs jump amid strike, market fears about economy.
- US Treasuries fall as reports may show consumer spending, goods orders rose.
- Alcatel-Lucent to sell €500M of Jan-16 bonds to partially refinance a 2011 convertibles.
- Broadridge signs agreement to acquire Matrix Financial Solns for $201M in cash.
- Cabot Oil & Gas Corp. said it sold its remaining investment in Canada for $61.3M.
- Caterpillar is planning a 1B yuan ($150.6M), two-year bond issue in Hong Kong.
- Centerbridge Capital said to seek $1B for loan servicer Green Tree.
- Cerberus said to be seeking buyers for Chrysler's former auto lending unit.
- Danone SA buy YoCream International Inc. for $103M.
- Dublin to take majority stake in Bank of Ireland.
- Guess? Inc. raised its 2011 EPS f'cast to at least $3.02 (cons estimate $2.93)
- Hormel Foods' Q4 net rises 17%; sees FY11 EPS at $3.10-3.20 (cons $3.05).
- J Crew agreed to be bought by two PE firms for $43.50/sh, or about $3B.
- McMoRan Exploration to issue $900M of equity-linked securities after acquisition of Plains Exploration & Production Co.’s assets.
- Medtronic's Q2 net fell 35% to $566M on lawsuit settlements. Revs rose 1.7% to $3.9B.
- SAP ordered to pay Oracle $1.3B for illegally downloading software.
- Transcat enters into letter of intent to acquire Wind Turbine Tools; terms undisclosed.
- Verigy issues downside guidance for Q1, sees EPS of $(0.03)-0.02, (cons $0.17).
- Zale Corp.'s Q1 loss widened to $97.9M amid debt-related charge. Revs dipped 0.7%.
Economic Calendar: Data on Personal Income-Spending, PCE Prices, Durable Orders-Oct to be released today.
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Data provided by Egan-Jones