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Daily Highlights: 11.5.09

Tyler Durden's picture




 
  • Asian stocks fall as South Korea fuels growth concern.
  • China shares rise for 5th day to 12-week high, extending gains on recovery hopes.
  • Congress giving homebuyers a $6,500 tax break.
  • Fed signals return to growth alone doesn't warrant interest-rate increase.
  • Oil prices slipped below $80 a barrel Thursday in Asia as the U.S. dollar strengthened.
  • US, EU ask WTO to probe Chinese export curbs on 'critical' raw materials.
  • Yen, Dollar rise on concerns jobless gains signal slow recovery.
  • Aetna’s $16.7B contract won in July to provide health insurance to US military personnel
  • Allstate Corp. posts Q3 profit of $221M on far smaller catastrophe, invt losses.
  • Chrysler projects breaking even next year, net profit in 2011.
  • Cisco expects to return to revenue growth for Q2, sees revs up 1-4% YoY.
  • CVS's Sept. quarter rose from $736M last year to $1.0B this year.
  • Deutsche Post reports net loss of euro83M.
  • GM will devise a new restructuring plan for its Opel and Vauxhall units "very soon".
  • Hyatt Hotels Corps IPO raises $950M at $25/sh - third-biggest US IPO of 2009.
  • Merck "actively looking" to buy biotechnology cos in the "single-digit" billions of dollars.
  • Molson Coors's Q3 earnings rose 37% to $235.3M amid a derivative gain, cost cuts.
  • Munich Re's 3rd quarter net income surges to euro651M.
  • Murphy Oil Corp.'s sees Q4 EPS at $0.75-0.90 vs. cons. est of $1.18.
  • New York's attorney general filed antitrust charges against Intel.
  • News Corp. ups Y09 operating profit estimate after Q1 net rises 11% to $571M.
  • Nissan narrows its full-year net loss forecast on higher estimated sales in China, US.
  • Polo Ralph Lauren announces additional $225M stock repurchase authorization.
  • Prudential Fincl boosted Y09 EPS f'cast by 40 cents to $5.40 to $5.60/sh on better results.
  • Qualcomm's qtrly net falls 8.5% to $803M, triggered by charges. Revs down 18%.
  • Time Warner's Q3 profit fell 38% to $661M as advertising sales continued to slide.
  • Toyota sees lower Y09 loss at 200B yen (prev 450B yen) on stimulus measures.
  • Transurban rejects $6B offer from Canada Pension Funds; shares rise.
  • Unilever reports 36 percent fall in net profit for third quarter.
  • Whole Foods f'casts Y09 EPS at $1.05-1.10, vs. cons. est. of $1.11.
  • Zurich Fincl Srvcs Q3 net rises almost 6x to $909M on fewer catastrophe claims.

Recent Egan-Jones Rating Actions

THERMO FISHER SCIENTIFIC (TMO)
CHARLES RIVER LABORATORIES (CRL)
CLOROX CO (CLX)
DAVITA INC (DVA)
TRW AUTOMOTIVE HOLDINGS (TRW)
CON-WAY INC (CNW)
KRAFT FOODS INC (KFT)
ROYAL CARIBBEAN CRUISES LTD (RCL)
VULCAN MATERIALS CO (VMC)
HERBALIFE LTD (HLF)
JOHNSON & JOHNSON (JNJ)
NEWMONT MINING CORP (NEM)
AMERICAN AXLE & MANUFACTURING (AXL)

Data provided by Egan-Jones Ratings and Analytics

 

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Thu, 11/05/2009 - 09:35 | 120714 HEHEHE
HEHEHE's picture

I've taken my beating on shorting the Chinese.  I give up.  They win. 

Thu, 11/05/2009 - 09:37 | 120716 Bearish Spirits
Bearish Spirits's picture

Whew.  Thankfully we had the EUR magically strengthen overnight to keep the markets positive prior to the data this morning. 

Remember: Productivity is skewed by C4C.  Also, as more manufacturing jobs are cut with a shrinking force, productivity goes parabolic.  Capacity utilization continues to stay low.  No matter what Liesman says, this throws off warning signs.

The indices continue up after bad same-store sales reports from Kohl's and JCPenney's.  Uh huh.

Thu, 11/05/2009 - 09:51 | 120723 reading
reading's picture

parabolic seems to be an understatement...they will stop at nothing to continue to hold this thing up at all costs.

Thu, 11/05/2009 - 10:01 | 120729 Anonymous
Anonymous's picture

Took my beatings with China. Their eCONomy has issue but the weak dollar, bank loaning stimulas, and belief that China will save the world are helping prop up their markets. Eventually, they will topple over but not before the market takes a few more dollars from the shorters. Wait until the market starts to go down and miss the first 10% move.

Thu, 11/05/2009 - 10:09 | 120733 glenlloyd
glenlloyd's picture

As a very good example of why bailouts don't work and how circumventing the system has negative consequences, witness GM now deciding not to sell Opel / Vauxhall. Had we not bailed out GM there would have been no question.

For all the new GSE's out there sucking at the govt. teet, likely in perpetuity, there are no consequences...no failure.

Fri, 11/06/2009 - 11:16 | 122208 Anonymous
Anonymous's picture

"No question" at all - and now look at the wave's this crappy deal has caused. http://www.newsy.com/videos/gm_opts_to_keep_opel

Thu, 11/05/2009 - 10:41 | 120752 Anonymous
Anonymous's picture

I'm assuming the chinese export curb on "critical" raw materials has to do with rare earths. I found this op-ed piece two months ago and believe it's an important read and very revelant now. BTW it was written in 2006.

http://www.gwmg.ca/pdf/REE_China_checkmate.pdf

The part I find most interesting is that China announced the restrictions on rare earth mineral exports only a few days before they announced there derivative default stance. And there are no derivatives on rare earths, it's a pure supply and demand scenario and china controls the supply. I bet Goldman would just love to take control of rare earth pricing through derivatives, however, I suspect China won't let that happen.

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