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Daily Highlights: 12.4.09

Tyler Durden's picture




 
  • Asian stocks, oil retreat as US service economy slows; Korean Won gains.
  • Crude oil fell for a third day on report showing US Srvcs industries unexpectedly contracted.
  • Payrolls in US probably decreased at slower pace in November: Bloomberg Survey.
  • Venezuelan banks seem to be on the verge of a crisis, stoking fears of nationalization.
  • Abercrombie, Macy’s report drop in business in Nov as discounts failed to persuade shoppers.
  • Bank of America raises $19.3B in biggest US stock sale since 2000.
  • China Shipbuilding plans to raise as much as $2.15B in Shanghai IPO.
  • Citigroup said to need Treasury to sell stake before TARP can be repaid.
  • Family Dollar Stores expects Q1 same-store sales to rise 2.4% from prev view of at least 3%.
  • Finisar Corp.'s Q2 loss narrowed to $31.4M as write-downs dropped sharply.
  • GM, SAIC to expand their partnership beyond China by setting up a joint venture in India.
  • Marvell Tech Q3 profit nearly triples on tax benefit, margins; sees Q4 revs at $820-850M.
  • Novell Q4 loss widens to $255.7M on $279M charge, revenue fell 12% to $215.6M.
  • Panasonic Corp. is in talks with about 10 automakers to supply lithium-ion batteries.
  • RBS, Lloyds failing to meet loan targets after rescue, National Auditor says.
  • Shell pulls out of talks to join Sinopec, Kuwait Petroleum in a $9B Chinese refinery project.
  • Smith & Wesson swings to Q2 profit of $13.3M as revs jumped 49% to $108.8M.
  • Take-Two cuts Q4 EPS view, sees more red ink in 2010.
  • Toll Brothers' Q4 loss widened to $111.4M amid write-downs. Revs fell 30%.
  • Valero may buy ethanol plant, sell Paulsboro refinery because of margins: CEO.
  • Whitacre said to re-assign Lutz, executives in GM management restructuring.

Economic Calendar: Data on Nonfarm Payrolls, Unemployment Rate, Factory Orders to be released today.

Earnings Calendar: BIG, RY.

Companies to watch: Bank of America, Big Lots, Citigroup, Marvell Tech, Royal Bank of Canada, Toll Brothers, Valero Energy.

Recent Egan-Jones Rating Action

GENERAL ELECTRIC CO (GE)
POTASH CORP OF SASKATCHEWAN (POT)
LUBRIZOL CORP (LZ)
MASSEY ENERGY CO (MEE)
WATSON PHARMACEUTICALS INC (WPI)
RITE AID CORP (RAD)
COOPER INDUSTRIES PLC (CBE)
SUNTRUST BANKS INC (STI)
BB&T CORP (BBT)
AVISTA CORP (AVA)
EMPIRE DISTRICT ELECTRIC (EDE)
SUNTRUST BANKS INC (STI)
LEGGETT & PLATT INC (LEG)

Data provided by Egan-Jones Rating and Analytics

 

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Fri, 12/04/2009 - 09:35 | 152170 Project Mayhem
Project Mayhem's picture

Venezuela has a terrible inflation problem.  There is basically an official bolívar exchange rate and a black market exchange rate.  What it comes down to is price controls / exchange controls create black markets and induce capital flight.

 

Capital flight:   Coming to the U.S. in 2010 - 2011

Fri, 12/04/2009 - 09:37 | 152172 Anonymous
Anonymous's picture

Unemployment drops to 10%, looks like a boat load of individuals just stopped being counted by the government.

Either that or they took part-time work as a door greeter at Walmart to help deal with all of those holiday shoppers...hey, wait a minute!

Fri, 12/04/2009 - 09:40 | 152175 I am a Man I am...
I am a Man I am Forty's picture

Why is Paulson bullish on B of A??  Makes no sense to me at a macro level, or any other level for that matter.

Fri, 12/04/2009 - 09:40 | 152176 BoeingSpaceliner797
BoeingSpaceliner797's picture

BLS:  "Yes, but our job losses (only) go to 11(k)."

Fri, 12/04/2009 - 09:48 | 152190 Anonymous
Anonymous's picture

# Toll Brothers' Q4 loss widened to $111.4M amid write-downs. Revs fell 30%.

But they're selling lots of McMansions don'tchaknow.

# Smith & Wesson swings to Q2 profit of $13.3M as revs jumped 49% to $108.8M.

LoL Too funny.

Fri, 12/04/2009 - 09:50 | 152196 Anonymous
Anonymous's picture

Only 10 % unemployment, and the EU markets goes balistic.
The dollar to strangly enough

Fri, 12/04/2009 - 09:52 | 152200 gatopeich
gatopeich's picture

Gold sunk down 1% in the same minute euro indexes and dollar jumped 1%!

What's the news???

Fri, 12/04/2009 - 10:00 | 152222 mdtrader
mdtrader's picture

Jobs are coming back, big time. My only surprise is that the number just missed being positive. There's your Christmas present headlines. Now go forth and spend, spend like there is no tomorrow.

Fri, 12/04/2009 - 09:52 | 152201 Anonymous
Anonymous's picture

Is this a bear trap or a bull trap ?

Fri, 12/04/2009 - 09:56 | 152213 Anonymous
Anonymous's picture

To the world we look to be the most corrupt of all. These BLS numbers are so blatantly manipulated that we are fast approaching a crisis of confidence where nobody believes the government on any data. I don't think we are far away now from a time where whatever data that is released it is ignored.

Fri, 12/04/2009 - 10:03 | 152225 Anonymous
Anonymous's picture

Our Great Leader spoke and unemployment went down. Pretty much like Moses.

Fri, 12/04/2009 - 10:13 | 152241 Anonymous
Anonymous's picture

OIL and the dollar up ???

Fri, 12/04/2009 - 10:39 | 152287 Anonymous
Anonymous's picture

smith and wesson revs up 49% oh yeah buddy its on . maybe its the GS secret santa christmas party shopping thats driving the numbers !

Sat, 12/05/2009 - 21:29 | 154169 Hephasteus
Hephasteus's picture

Damn I really wish I had gone hard on guns and ammo companies over the last year and half.

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