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Daily Highlights: 11.25.09
- Asian stocks rise as Australian Central Bank fuels growth hopes.
- Banks earn $2.8B in 3Q; FDIC says dangers persist -
- Consumer confidence in US unexpectedly gains, easing spending concerns.
- Dollar weakens on global optimism; Aussie gains on RBA's 'upswing' remarks.
- Fed officials say zero interest rates may be fueling undue risk in markets
- Japan property shares fall after developer Anabuki files bankruptcy with $1.58B in debt.
- Japanese exports fall by least in a year as global stimulus boosts demand.
- Russia’s central bank cut key interest rates to record low in the 9th reduction since April.
- Sugar may jump 36% to a 29-yr high on production shortfall in India: Bloomberg.
- US Fed raises growth forecasts, expects less inflation: FOMC Minutes.
- US home prices logged their fifth monthly increase in Sept: S&P Case-Shiller.
- Australian Taxation Office is pursuing more than $620M in taxes, penalties from TPG.
- Allstate Corp. favors corporate debt as it reduces commercial mortgages municipal bonds
- China Shipbuilding to raise almost $1B in Shanghai IPO.
- Dollar Tree beats by $0.10, posts Q3 EPS of $0.76. Revs rose 12.1% to $1.25B.
- France Telecom will pay TDC $2.25 Billion in merger of Swiss Mobile Units
- GM's Saab brand could be headed for junkyard after plan to sell it to Koenigsegg fell.
- Green Mtn Coffee confirms its $32/sh revised cash proposal to buy Diedrich Coffee.
- Halliburton: Drop in business from its primary customer in Mexico would cut Q4 EPS by $0.02.
- Heinz earnings fell 16% to $231.4M amid a year-earlier currency-hedging gain.
- Hormel's profit rises 53% to $103.9M despite sales down 10% on lower input costs.
- Kraft gets exclusivity agreements from banks it is using to finance its bid, leaving contenders with few other banks to choose from.
- Medtronic's Q2 net rises 59% to $868M helped by sales of a new heart stent.
- Royal Dutch's two natural-gas projects in Qatar will increase its cash flow by $4B p.a.
- Sinopec, TPG said to have weighed joint offer for LyondellBasell, challenging Reliance Ind.
- TiVo's loss is narrower than expected at $6.7M as revs fell 12% to $56.9M.
- Toyota recalls 110,000 Tundra pickups over corrosion issues related to spare tires.
- Warner Music Group swung to a surprise Q4 loss of $18M amid a revenue slump.
- Woodside is not for sale, CEO Voelte says amid speculation of bid from BHP.
Economic Calendar: Data on Personal Income-Spending, Initial Claims, New Home Sales to be released.
Recent Egan-Jones Rating Actions
NCR CORP (NCR)
ANIXTER INTERNATIONAL INC (AXE)
HEWLETT-PACKARD CO (HPQ)
CABOT CORP (CBT)
OLIN CORP (OLN)
SHERWIN-WILLIAMS CO/THE (SHW)
SILGAN HOLDINGS INC (SLGN)
PPG INDUSTRIES INC (PPG)
AMBAC FINANCIAL GROUP INC (ABK)
BAKER HUGHES INC (BHI)
NEWMARKET CORP (NEU)
VALSPAR CORP (VAL)
EL PASO CORP (EP)
Data provided by Egan-Jones Ratings and Analytics
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Peronal income rises in the US as transfer payments now become income. Hell of a driver.
durable goods was horrible.
claims were massaged beautifully to offset durable goods and mortgage apps.
futures up. dollar slaughtered. all.is.good.in.ben's.america.
and a lot of jobless will have to be added because of all the mistakes from the birth/death adjustments... but that will be in the future of course
Durable goods orders fall and with dollar this weak? Must be bad! But hopium will be smoked and the dollar will fall and stocks soar.
Must be a lot of greater fools out there willing to buy into this...
Denninger (for whatever reasons a bad name around here) contrasts reported consumer spending figures (which are estimates) with reported Sales Tax revenues from individual states, and questions the validity of the consumer spending numbers. Reporting states had 3rd Quarter sales tax receipts down 8.2% nationwide, with only one state (Massachusetts) showing a small gain (+2.5%). Unless the mix of goods changed considerably and moved away from non-taxed items, someone is lying.
No trust in the dollar anymore here in euroland. You will have hyper inflation very soon.
Europe was saying the same thing in July of 2008 too. They were also gloating about how they avoided the recession...
We will have Weimar V 2.0. No gloating intended
Funny how a spike in the Euro vs USD is okay but not the reverse...
I'm very sorry to inform you people that the markets is terminally ill
Well, we are serving up the US dollar in lieu of a turkey for the holidays. Have a good holday everyone!