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