Daily Highlights: 12.15.09

• Airline loss forecast for 2010 widens to $5.6B on fuel, IATA says.
• Chinese government will target “excessive” growth in property prices in some cities.
• Dubai bonds show more aid needed from Abu Dhabi to repay 2010, 2011 debt.
• German Investor confidence falls as recovery weakens, Greece roils markets.
• Gold futures down $7.90 at $1,115.90 an ounce.
• Major Asian markets decline, Hang Seng falls 1.2% as China developers fall.
• Singapore Job firings slow, employment vacancies rise as economy improves.
• U.K. to buy 22 Boeing Chinook helicopters to bolster forces in Afghanistan
• ArcelorMittal, is looking to eliminate about 10,000 jobs, with cuts likely in Europe, US.
• Avnet raises Q2 EPS view to $0.56-0.62 from $0.52-0.60; revs seen at $4.325-4.725B (cons $4.46B).
• Bank of America more likely to tap insider for CEO as BNY's Kelly opts out.
• Charles Schwab warns on Q4 profit, cites fee waivers, drop in trading volume.
• Citigroup bailout exit clouded by $617B of assets at Citi Holdings.
• Deutsche Bank sees pretax profit €10B for 2011.
• European Union antitrust regulators poised to clear Oracle's bid for Sun Microsystems.
• Exxon agreed to buy XTO Energy for $31B in stock, bets on natural gas as the next driver.
• Ford restores salary increases, pension-savings match as business improves.
• Glencore unit agrees to buy 50.8% stake in Chemoil Energy for $233M
• Google in talks with Deutsche Telekom's T-Mobile USA to sell its upcoming phone.
• Homex SAB sees 2010 revenue rising 12-14% YoY amid government financing for housing.
• Mitsubishi UFJ prices new shares at $4.83, deal could raise up to $11.58B.
• Global truck market has started to recover: Daimler.
• ON Semiconductor Corp. will acquire California Micro Devices Corp. for $108M.
• Toyota, Hitachi among Japanese companies forced to sell stakes or buy full control of listed subsidiaries under proposed legislation.
• Wells Fargo to repay entire $25B TARP invt; announces $10.4B common stock offering.

Economic Calendar: Data on PPI, Capacity Utilization, Industrial Production to be released today.

Earnings Calendar: ADBE, BBY.

Recent Egan-Jones Rating Actions
TEEKAY CORP (TK)
TITAN INTERNATIONAL INC (TWI)
TERADYNE INC (TER)
BRITISH AMERICAN TOBACCO (BATS LN)
PHILIP MORRIS INTERNATIONAL (PM)
FERRO CORP (FOE)
PHILIP MORRIS INTERNATIONAL (PM)
YRC WORLDWIDE INC (YRCW)
CITIGROUP INC (C)
XTO ENERGY INC (XTO)
AMERIGAS PARTNERS LP (APU)
AMERICAN TOWER CORP (AMT)
MCKESSON CORP (MCK)

Data provided by Egan-Jones Ratings and Analytics

Comments

[E pluribus unum]

The airlines will only lose $5.6B next year? No wonder the stock prices have jumped 60% in the last month! Buy. Buy. Buy.

[Oso]

PPI lookin rather inflationary, and yet Empire manufacturing at 2.55 vs 24 expected?!?!?

How tight are the Fed's hands being tied right now?? I hope they lose circulation.

DXY close to breaking 77.

[john_connor]

First person to short Wells Fargo wins a door prize.

[Spitzer]

There was a Sanntelli Liseman dust up on a few minutes ago. Damn it was good.

[Anonymous]

The dollar climbing, gold tanking and oil holding? Why? Oh that's right up is down so dow up 100 today!