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Daily Highlights: 12.10.2010
- Asian stock markets were mostly lower Friday, on rate hike fears from China.
- China regulators warn of risk linked to real-estate trusts.
- China's trade surplus sharply narrowed in November to $22.9B from $27.1B in Oct.
- India’s factory output grows 10.8%, fastest pace in three months.
- Italy's Draghi warns of risks in ECB bond buying.
- Oil rises to near $89 in Asia as traders eye OPEC crude output policy at meeting.
- US cos held $1.93 trillion in cash and short-term assets at the end of Q3.
- Bank of America said it restarted 16,000 foreclosure cases across the U.S. on Monday.
- Borders Q3 loss widened to $74.4M as revenue fell 17.6% to $470.9M.
- Cablevision Systems to replace King Pharmaceuticals Inc. in the S&P 500.
- CapitalSource announces $150M stock repurchase plan; to amend CSE sr. sec notes.
- Community Health Sys offers to acquire Tenet Healthcare for $6/sh in cash and stock.
- ConAgra scales back 2011 EPS outlook on sharper than expected rise in input costs.
- Crown Holdings Board authorized repurchase of up to $600M of stock through 2012.
- Dell in exclusive talks to acquire data-storage firm, Compellent, for $27.50/sh or ~$875M.
- Diageo in early-stage discussions to buy Turkey's Mey Icki for $2-2.5B.
- Energen raises 2011 EPS earnings guidance to $3.25-3.65 vs. $3.57 consensus.
- Goldman CDS trading activities under fire; probe uncovers discussion of ‘squeeze’ strategy.
- Green Mountain Q4 net nearly doubled to $27M as sales soared 73% to $373.1M.
- Harsco formalizes 25-yr JV agreement in China with China's Taiyuan Iron & Steel.
- J&J recalled more than 13M packages of Rolaids after consumers found contamination.
- Mosaic to redeem $455M 2014 senior notes; co will record a charge of ~$19M in Q3.
- National Semi beats by $0.02, misses on revs; guides Q3 revs below consensus.
- Pall Corp.'s Q1 profit rises 6.6% to $71.4M on 10.7% jump in revs to $605.5M.
- Sinopec to buy 100% of Occidental Petroleum's Argentina subsidiary for $2.45B.
- Smithfield Foods swings to profit in Q2 at $143.7M; Revs up 11% on strong pork pricing.
- Trinity Ind authorized new $200M share repurchase program replacing current $132.5M plan.
- United Tech reaffirms expected 2010 EPS of $4.70 vs. cons est. of $4.72.
Economic Calendar: Data on Trade Balance, Mich Sentiment-Dec to be released today.
Earnings Calendar: CUB, ESL, MEI, PLL, TAYD.
RECENT RATING ACTIONS
COMMUNITY HEALTH SYSTEMS (CYH)
TENET HEALTHCARE CORP (THC)
DEAN FOODS CO (DF)
OFFICE DEPOT INC (ODP)
CIMAREX ENERGY CO (XEC)
LEXMARK INTERNATIONAL INC (LXK)
CIENA CORP (CIEN)
PENN NATIONAL GAMING INC (PENN)
EASTMAN KODAK CO (EK)
TORO CO/THE (TTC)
STRYKER CORP (SYK)
GREIF INC (GEF)
Data provided by Egan-Jones
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Spain is in default. Sell spain and go away
Walter Wriston [former CEO of Citibank] circa 1976,"sovereign governments don't default".
You were probably in diapers back then, right hugo?
The rain of Trichet does not fall squarely on the Spain.
Well, it's official.
NYA clears to a new, 2-year high. And a weekly close to boot.
Bears continue to get firehosed by the Infinite Fiat spewed forth the "The Ben Bernank."
For those who constantly diss the 5 posters here who remain bullish on stocks, I present the following Xtranormal video which documents how I dropped my "Permabear" status back in 2004, and learned to follow the tape instead.
Furthermore, I retired in 2009 and started trading stocks for a living, which means I became a "Robot Trader", following the direction of the tape, which is essential to survival as a trader if you are engaged in it full time.
;
Now let's check out the market condition:
Financials have cleared to new highs for the move:
Retail stocks still strong:
Absolutely no reason to be bearish right now.
Anyone thinking we are near a market top with full retail participation? I suggest you get a copy of Bill Fleckenstein's Mania Chronicles and read about the booming job market, ultra-strong economy, and wild-eyed fascination with stocks going on at that time.
We are nowhere near that. People are still negative on stocks.
As long as we have this wall of worry, its all good for equity investors.