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Daily Highlights: 12.2.09
- Alwaleed says 'mature' banks made wrong assumptions about Dubai debt risks.
- Asian stocks rose for a third day, lifting the MSCI Asia Pacific Index to a 6-week high.
- Economic reports signal modest growth ahead
- Stocks climb as falling dollar boosts commodities
- US may reap $3.17B from the first auctions of warrants for bailing out banks
- Gold hit an exchange-record above $1,200 at one point, before settling just below it.
- Pending Sales of Existing Homes in US unexpectedly climb on tax credit.
- US Manufacturing expands for a fourth month as factories propel recovery.
- AIG cuts debt by $25B through transfer of overseas insurance units.
- Barrick Gold accelerated plans to eliminate hedges against declines in gold price.
- Caltex Australia's planned $277M purchase of Exxon Mobil filling stations blocked by regulator.
- Copart beats by a cent, posts Q1 EPS of $0.42. Revs fell 3.2% to $185.5M.
- Daimler to shift C-Class work to Alabama plant from Germany starting 2014
- Delta Lloyd aims to sell first Dutch mortgage-backed securities since 2007.
- Ford: Q1 N. American prodn will increase 58% YoY to 550,000 vehicles.
- Gannett Co. to ask some workers take a one-week unpaid furlough during Q1.
- GE returns to roots as it looks to spin off NBC
- GM, Ford, Toyota November US sales beat estimates as economy stabilizes.
- Henderson resigns after CEO is said to flunk Board's review on fixing GM.
- Isle of Capri beats by $0.11, posts Q2 EPS of $0.06. Revs fell 1.7% to $247.4M.
- JP Morgan to convert $500M debt from Inland Western Retail REIT into CMBS offering.
- Morgan Stanley shortlisted bidders for its stake sale in CICC, deal valued at $1B.
- Northrop Grumman told Pentagon it might not bid on a $40B contract to supply tanker jets.
- Progress Energy to shut 11 coal-fired power plants at four sites in North Carolina by 2017.
- Staples' Q3 earnings rose 71.9% to $269.4M, revs fell 6.2% to $6.52B.
- Total SA, Europe’s 3rd-largest oil producer, to keep capex at $18B next year.
- UnitedHealth sees improvement with smaller decline in 2010 commercial plan
- Vanguard Natural Resources prices 2.25M share public offering at $18/share.
Economic Calendar: Data on ADP Employment, Crude Inventories, Fed Beige Book to be released.
Earnings Calendar: ARO, CHRS, CWST, JAS, PSS, PTRY, SEAC, SNPS.
Companies to watch: Aeropostale, Casella Waste Systems, Collective Brands, Jo-Ann Stores.
Recent Egan-Jones Rating Actions
PINNACLE WEST CAPITAL CORP (PNW)
MOTORS LIQUIDATION CO (MTLQQ)
GENERAL ELECTRIC CO (GE)
LSI CORP (LSI)
COMCAST CORP (CMCSA)
STEWART ENTERPRISES INC (STEI)
NISOURCE INC (NI)
OTTER TAIL CORP (OTTR)
OFFICE DEPOT INC (ODP)
STAPLES INC (SPLS)
XEROX CORP (XRX)
FOREST OIL CORP (FST)
SERVICE CORP INTERNATIONAL/US (SCI)
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Alwaleed
correction: Prince Al-Waleed bin Talal bin Abdul Aziz Al Saud
How did you miss this one? Goldman Bankers Get SEC Subpoena For Insider Trading
http://online.wsj.com/article/SB1000142405274870410710457456997424797767...
your comedy bit for today on the insolvent US banking sector.
Credit Suisse upgrades STI, BBT.
Citi upgrades one of Robo's favorites, FITB
Competitive devaluations threaten a trade war -FT
Although few analysts believe the euro to be undervalued against the dollar – indeed, most believe it is more likely to be overvalued – it is nonetheless forced to bear the brunt of US dollar adjustment by further appreciation. This means that both the US and eurozone countries suffer from currency intervention and competitive devaluations elsewhere, with little room to adjust. Once again it seems we are going to make the same mistake. Countries that can expand their share of global demand by competitive devaluations are seeking to do so.
http://www.ft.com/cms/s/0/24b5c0c6-dead-11de-adff-00144feab49a.html
Written by Simon Johnson December 1, 2009
When the Bank of England’s Andrew Haldane speaks of a “doom loop,” he is describing the declining future for our middle class. Powerful financiers, by and large, did just fine during the Great Depression.
That guy Alwaleed is literally one of the worst investors on the planet. Who gives a crap about that guy's analysis on anything?
"Northrop Grumman told Pentagon it might not bid on a $40B contract to supply tanker jets."
Last time it was Boeing who threatened to take their ball and go home if the Air Force wouldn't twist the rules in their favor, now it's Northrop Grumman/Airbus/EADS.
If we look at the business world as we would a room of 5 year old children, it begins to make much more sense.
The tanker contract is actually US / European elites fighting over the spoils from a waived unawknowledged Special Access Program ('black' SAP). Anyway you might find these links interesting...
NSIAD-93-162 DOD Special Access Programs
http://www.gao.gov/cgi-bin/getrpt?GAO/NSIAD-93-162
Government Executive August 15, 2009
Total Purchases: $377,545,789,635
http://www.govexec.com/features/0809-15/0809-15s3s1.htm
Thanks PM,
I was aware of this but few in the public are, thus there is the public PR release and the private conversations. Layers upon layers within layers.
Still, it really does look like 5 year old children (at least mentally and emotionally) fighting over turf, power and the ball.
Here's a little ditty to start your day:
Gold and Silver (Gold-Silver.US)
Based on Lyrics by J. Cahn and S. van Heusen
Performed by Frank Sinatra and Al Bundy
Adapted by JoeSixPack.me
Gold and silver, Gold and silver
Go together like a horse and carriage
This I tell you brother
You can't have one without the other
Gold and silver, Gold and silver
It's a currency you can't disparage
Ask the local gentry
And they will say it's bimetalism
Try, try, try to separate them
It's an illusion
Try, try, try, and you will only come
To this conclusion
Gold and silver, Gold and silver
Go together like the horse and carriage
Dad was told by mother
You can't have one, you can't have none, you can't have one without the other!
No Sir!