Daily Highlights: 1.15.10
- Asian shares were mixed, with tech stocks gaining after solid earnings from Intel.
- China charged US with “backsliding” toward protectionism; warns on Google.
- Chinese equity funds had a third week of outflows as the central bank tightened lending.
- Foreign Direct Investment in China more than doubles to $12.1B in Dec as economy recovers.
- Jobless Claims in US increased 11,000 last week to 444,000.
- Mortgage rates mostly fell in the past week, 30-yr fixed-rate mortgages back toward 5%.
- Oil slips below $79 in Asia as traders eye stronger US dollar, weak crude demand.
- Treasury Secretary Geithner to testify about secretive bailout deals with AIG, banks.
- U.K. retailers are warning of little or no industry growth in 2010.
- US Retail sales fell 0.3% in Dec, leaving 2009 with the biggest yearly drop on record.
- Yen, Dollar gain as China slowdown concern damps demand for higher yields.
- Abington Bancorp Inc. plans to buy back as many as 1M shares, or 5% of its stock outstanding.
- Agricultural Bank of China said to consider shunning foreign investment before IPO.
- Agrium Inc pursues CF Industries after CF drops Terra Industries bid.
- AU Optronics to hire 2,500 new engineers and R&D staff this year, biggest since 2007.
- BHP Billiton won a 38% reduction in copper processing fees from two Japanese smelters.
- CDC Software withdrew a recent offer to buy Chordiant Software, sells its 1.3% stake.
- Commonwealth Bank of Australia's H1 net rises 44% on lower bad debts, rally in equities.
- Daewoo Shipbuilding under focus after Posco said it may bid for the company.
- Delphi Financial prices public offering of $250M of 7.875% senior notes due 2020.
- Hershey is said to accelerate efforts to prepare Cadbury offer.
- Intel's Q4 surged despite a $1.25B settlement with AMD, gives upbeat f'cast for Q1.
- Japan Airlines Corp. procured a loan of $1.6B from state-backed Development Bank of Japan.
- Motorola keeps auction of its biggest business unit on hold; is considering other options.
- Penn National Gaming exits bidding process for Fontainebleau casino-hotel project.
- Rusal's $2.5B Hong Kong share offering said to be fully subscribed.
- SAP AG's Q4 revenue dropped 9%, a smaller decline than the company had projected.
- Shiseido Co. has agreed to acquire Bare Escentuals Inc. for $1.7B.
- Williams-Sonoma sees Q4 EPS of $0.69-0.74 (prev $0.36-0.45); revs at $1.06-1.08B.
Economic Calendar: Data on CPI, Empire Mfg Survey, Capacity Util, Ind Prodn-Dec today.
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Data provided by Egan-Jones Ratings and Analytics