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Daily Highlights: 11.3.09

Tyler Durden's picture





 
  • China said to plan review of developer loans on concern at surging prices.
  • EU raises 2010 GDP forecast as deficits, jobless soar.
  • Euro higher to $1.4800 in European morning trade as ECB expected to hold rate.
  • IMF sold 200 metric tons of gold to India's central bank for about $6.7B.
  • Korean Won leads Asia currency gains as US data spurs demand for higher yields.
  • Most Asian stocks fell as concern over the withdrawal of stimulus measures.
  • Oil hovers near $78 in Asia as investors welcome positive US figures.
  • US business bankruptcy filings jumped in Oct, reversing 2 consecutive months of declines.
  • AIG's Q3 estimates tripled by Credit Suisse on gains in investments, incl in hedge funds.
  • Aviva plans to raise $1.8B selling shares of its Dutch unit Delta Lloyd NV in an IPO.
  • BMW 3Q net profit falls 74 percent to $115 million as recession saps car sales.
  • Burlington Northern to be purchased by Buffett.
  • Chesapeake Energy's Q3 net falls 94% on $166M hedging loss, lower revenues.
  • Chinese invt group acquires Delphi Corp.'s brake and suspension unit for about $100M.
  • Cisco to buy set-top box business of DVN (Holdings) Ltd. of China, for up to $44.5M.
  • Clorox beats by $0.16, posts Q1 EPS at $1.11. Revs fell 0.9% to $1.37B.
  • CNOOC considering building battery-changing stations for electric vehicles.
  • Commerzbank posts Q3 loss of $1.55B, on charges related to Dresdner Bank acquisition.
  • Constellation Brands in talks to merge its Australian, UK ops with rival Australian Vintage.
  • Duke Energy in talks with Chinese cos on US power investments, for Latin America ops.
  • Ford has earnings of $997M, says 2011 will be 'solidly profitable'.
  • Ford to raise $3.3B, while paying down and pushing back the maturity of a $10.7B credit line.
  • Humana's Q3 net rises 65% to $301.6M on boosts from Medicare Advantage program.
  • Lloyds to raise $34B to avoid control by U.K.
  • Loews, CNA insurance unit swung to profits in Q3 on significantly lower investment losses.
  • Qwest Communications to save $100M via pension, pay freeze.
  • Southern Co. to sell about $2.5B of debt next year to refinance existing borrowings.
  • Taxpayers unlikely to recover their investment in GM, Chrysler: govt investigators.
  • Toyota's October U.S. sales fell from a year earlier, a senior executive said Monday.
  • UBS reports fourth straight quarterly loss, missing analysts' estimates.
  • UTS Energy to sell for $231M its 50% stake in oil sands leases to Imperial Oil and Exxon Mobil.

RECENT RATING ACTIONS
DENBURY RESOURCES INC (DNR)
STANLEY WORKS/THE (SWK)
BLACK & DECKER CORP (BDK)
DOMTAR CORP (UFS)
LOEWS CORP (L)
CUMMINS INC (CMI)
TERRA INDUSTRIES INC (TRA)
COOPER TIRE & RUBBER CO (CTB)
PROGRESSIVE CORP/THE (PGR)
FORD MOTOR CO (F)
CIT GROUP INC (CIT)
ASHLAND INC (ASH)
PROCTER & GAMBLE CO/THE (PG)

 


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Tue, 11/03/2009 - 09:12 | Link to Comment SDRII
SDRII's picture

Buffet: "I hate stock deals" but I'll gladly use my overvalued stock to hedge my purchase premium. with all that cash on the balance sheets the pattern seems pretty clear - use inflated stock deals to consolidate peers to pad top line and continue copst cutting - circling the drain

Tue, 11/03/2009 - 09:16 | Link to Comment heatbarrier
heatbarrier's picture

RBS, Lloyds Get $51 Billion in Second Bank Bailout http://www.bloomberg.com/apps/news?pid=20601087&sid=a5nRbfrx7ZQc

Links, like in Frontrunning, would be very useful in this column, Tyler.

Tue, 11/03/2009 - 09:23 | Link to Comment Edna R. Rider
Edna R. Rider's picture

Manic SPY buying this morning.  What fun.

Tue, 11/03/2009 - 09:34 | Link to Comment Anonymous
Tue, 11/03/2009 - 09:55 | Link to Comment Anonymous
Tue, 11/03/2009 - 14:58 | Link to Comment MyKillK
MyKillK's picture

You mixed up your numbers. They are selling 400 tonnes of gold, which works out to about $13-14 Billion

 

 

Tue, 11/03/2009 - 12:33 | Link to Comment bonddude
bonddude's picture

Looks like ALI G new what he was doing pushing the global warming issue.

In light of M att T's article on G S and Bubbles I think the linkage to ALI G is

interesting. The guy who lives in a 24,000 sq. ft. house really cares about the planet, huh?

I especially like the reference to the carbon trading exchange.

 

http://www.nytimes.com/2009/11/03/business/energy-environment/03gore.html

 

Tue, 11/03/2009 - 13:46 | Link to Comment Anonymous
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