Daily Highlights: 11.3.09
- 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.
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on Tue, 11/03/2009 - 08:12
#118154
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
on Tue, 11/03/2009 - 08:16
#118156
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.
on Tue, 11/03/2009 - 08:23
#118159
Manic SPY buying this morning. What fun.
on Tue, 11/03/2009 - 08:34
#118165
TYLER--?!!!!!
Can you PLEASE do a post about the very urgent and horrific move of Congressman Mel Watt to GUT THE BILL to Audit the FED????
This is so very important, and just illustrates how much our leaders are completely bought and paid for by the Banking lobby.
We need your help in bringing this issue and his accountability to the fore-front!!!!
Thanks--
on Tue, 11/03/2009 - 08:55
#118169
the indian gold story is insteresting. the imf is gradually unloading $400B+ of gold to raise cash, with a secondary goal of not disturbing (i.e., stabilizing) the gold price. the indian purchase is half. when the imf is finished, the central bank purchasers or gold the world around will have to go back to the market to make their purchasers... price swings will return in gold.
on Tue, 11/03/2009 - 13:58
#118572
You mixed up your numbers. They are selling 400 tonnes of gold, which works out to about $13-14 Billion
on Tue, 11/03/2009 - 11:33
#118315
Looks like ALI G new what he was doing pushing the global warming issue.
In light of M att T's article on G S and Bubbles I think the linkage to ALI G is
interesting. The guy who lives in a 24,000 sq. ft. house really cares about the planet, huh?
I especially like the reference to the carbon trading exchange.
http://www.nytimes.com/2009/11/03/business/energy-environment/03gore.html
on Tue, 11/03/2009 - 12:46
#118417
Warren Buffet's purchase of Burlington makes sense especially in a situation where fuel prices skyrocket (e.g 4$/gal gas). Trains are the most fuel efficient transport by land. I wonder what he thinks about peak oil.