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Daily Highlights: 1.22.10

Tyler Durden's picture





 
  • Asian stocks, oil fall on China rates concern, Obama bank plan.
  • Asia-Pacific bond risk jumps on Obama bank threat, China growth.
  • China is expected to soon surpass Japan as No.2 economy on its revision of 2008 GDP.
  • China’s growth surge may make inflation task tougher: Chinese Premier.
  • Gold heads for biggest weekly slump in six on Dollar's gain, China outlook.
  • Iraq signs Zubair oil field deal with Italy's Eni, US firm Occidental and SKorea's KOGAS.
  • Japan court rejects tobacco lawsuit, notes health dangers while refusing damages.
  • Obama calls for limiting size, risk-taking of financial firms.
  • Oil trades near $76 as US refiners reduce processing on weak fuel demand.
  • US unemployment claims unexpectedly surged in the latest week, up 36,000.
  • AmEx Q4 profit nearly tripled to $716M, as loan-loss provisions fell 47% on flat revs.
  • AMP Ltd. almost doubled its residential mortgage-backed securities sale to $902M.
  • Bids for MGM turned out a shade better than expected, but offers aren't close to
  • British Sky lost its latest attempt to stop UK govt forcing it to divest a 17.9% holding in ITV.
  • Burlington Northern's Q4 profit drops 12.8% to $536M on 15.8% dip in revs to $3.68B.
  • Consolidated Edison posted 26% rise in Q4 net at $202M as revs grew 9% to $3.27B.
  • EU cleared Oracle's $7.4B takeover of Sun Microsystems.
  • GE's Dec. net income declined from $3.7B in 2008 to $3.0B in 2009.
  • Google's Q4 revenue grew 17% to $6.67B, profits more than quintupled to $1.97B.
  • JPMorgan, Goldman may be forced to sell buyout units under Bank proposal.
  • McDonald's Dec. net income rose from $985M in 2008 to $1.2B in 2009.
  • Metro-Goldwyn received bids from $1.5B to $2.5B, but still short of covering debt.
  • Rusal raised $2.24B in first Hong Kong IPO by Russian company.
  • Sony Ericsson's Q4 net loss narrowed to €167M despite a 40% fall in revs to €1.75B.
  • Southwest Airlines posts Q4 profit of $116M helped by lower fuel bills.
  • Target curbs new store expansion; to spend $1B in remodelling its existing shops.
  • Toyota will recall about 2.3M vehicles in US to fix sticking accelerator pedals.
  • UnitedHealth's Q4 net jumps 30% to $944M helped by 6.5% rise in revs to $21.78B.
  • Xerox says it is only seeing "modest" improvement in sales, will cut more jobs in 2010.

Earnings Calendar: APD, AVX, BBT, EXC, GE, HBAN, HOG, JCI, KMB, MCD, SLB, STI.

RECENT RATING ACTIONS
BLOCKBUSTER INC (BBI)
PUBLIC SERVICE ENTERPRISE (PEG)
US BANCORP (USB)
CSX CORP (CSX)
AMR CORP (AMR)
BRINKER INTERNATIONAL INC (EAT)
GREENBRIER COS INC (GBX)
ENTERPRISE PRODUCTS (EPD)
BANK OF AMERICA CORP (BAC)
HARMAN INTERNATIONAL (HAR)
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INTERNATIONAL BUSINESS (IBM)

Data provided by Egan-Jones Ratings and Analytics

 


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Fri, 01/22/2010 - 09:55 | Link to Comment Anonymous
Fri, 01/22/2010 - 10:30 | Link to Comment bbbilly1326
bbbilly1326's picture

Here's an interesting WaPo story today :

"Geithner's Influence on Bank Reform Wanes"

Senior administration officials say there is now broad consensus for tougher restraints advanced by former Fed chairman Paul Volcker.

http://www.washingtonpost.com/wp-dyn/content/article/2010/01/21/AR2010012104935.html?hpid=topnews

Simon Johnson is happy, and the banking "industry" is disheartened...........sounds promising:

 

"Advocates of Volcker's ideas were delighted. "This is a complete change of policy that was announced today. It's a fundamental shift," said Simon Johnson, a professor at MIT's Sloan School of Management. "This is coming from the political side. There are classic signs of major policy changes under pressure . . . but in a new and much more sensible direction."

Industry officials, however, said they were startled and disheartened that Geithner was overruled, in part because they supported the more moderate approach Geithner proposed last year."

 

That was quick, we'll see how really true it is by what happens next............

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