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Daily Highlights: 1.27.10
- CBO pegged the 2010 US budget deficit at $1.35 trillion.
- China’s stocks fell, sending Shanghai Composite Index briefly below 3,000 - first time since Oct. 30
- Commodities stocks, metal prices drop as China curbs growth.
- Japan exports rise for first time in 15 months, beating estimates on China.
- Oil falls to near $74 a barrel in Asia amid concerns over weak recovery in oil demand.
- Several Chinese banks have ordered some branches to suspend lending for this month.
- Altera posts Q4 EPS at $0.34 (cons $0.29); revs rose 16.1% to $365M.
- Cemex swings to Q4 profit of $265M on FX gains, financial instruments. Revs fell 17%.
- GM to sell Saab to Dutch carmaker Spyker for $74M.
- J&J's Q4 earnings fell 19% to $2.21B on restructuring charges. Revs up 9% at $16.55B.
- Oracle plans to hire 2,000 sales and engineering employees; to develop new line of high-end computer systems.
- Rusal Ltd., the world’s largest aluminum producer, shares fell in its Hong Kong trading debut.
- Sunoco Logistics misses by $0.12, posts Q4 EPS at $1.30. Revs up 5.6% at $1.66B.
- Toyota halts US sale, output of eight models as reputation 'tarnished' over recalls.
- Travelers Cos's Q4 net rises 60% on absence of catastrophe costs, gains in invt portfolios.
- Verizon Comm swings to Q4 loss of $653M; to cut 13,000 more jobs.
- Yahoo swings to Q4 profit, despite 4% decline in revs at $1.73B.
Economic Calendar: Data on New Home Sales, Crude Inventories, FOMC Rate Decision to be released.
Earnings Calendar: ABT, ACF, ATI, BA, BLK, BMC, CACI, CAJ, CAT, CCI, COP, EGN, ETFC, GD, ISIL,
Recent Egan-Jones Rating Actions
MUR, PJC, PX, STJ, SYMC, UAUA.
RECENT RATING ACTIONS
AMGEN INC (AMGN)
ZIONS BANCORPORATION (ZION)
CONSOLIDATED EDISON INC (ED)
ZIONS BANCORPORATION (ZION)
ASHLAND INC (ASH)
KIMBERLY-CLARK CORP (KMB)
LEGG MASON INC (LM)
PACKAGING CORP OF AMERICA (PKG)
QUEST DIAGNOSTICS INC/DE (DGX)
AMGEN INC (AMGN)
SVB FINANCIAL GROUP (SIVB)
EXELON CORP (EXC)
AK STEEL HOLDING CORP (AKS)
Data provided by Egan-Jones Ratings and Analytics
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On Bloomberg Radio in the 8 o'clock hour
Robert Shiller (Case/Shiller) who has been a "V/U" shaper sees probability of a double dip recession. There is no momentum in the economy and housing has more downside.
Yup - you can try pumping all the money you want into this economic nightmare, but deleveraging is deflationary. Just ask Japan.
I'm glad to see that dick bove upgraded another bank to buy...BBT
He was on CNBC the other day spewing his shit - funny stuff - http://www.cnbc.com/id/15840232?video=1395474065&play=1
Is anyone else convinced that Buffett manipulated S&P into adding BRK to the index? This addition makes very little sense, especially considering that BRK already owns 33 S&P constituents as part of its holding company. Not to mention the fact that this just made Buffett's purchase of BNI a lot cheaper...awfully coincidental. OH, and according to S&P, they've known for weeks they were going to add BRK/B, but decided to wait until right before the averaging period before the BNI closing to announce this??? I'm sure BNI holders are really psyched they just got approx. 5% fewer BRK shares than they thought they were getting yesterday.