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Daily Highlights: 12.8.09
- Asian shares were mostly lower Tuesday with bank stocks weighing on some markets.
- Bernanke reaffirmed plans to keep interest rates near zero for "an extended period".
- Bernanke sees 'formidable headwinds' for economy on tight credit, job woes.
- China’s stocks fell for the first time in three days, led by raw-material producers.
- Consumers shed debt for the ninth month in October, but at a slower rate.
- Dubai stocks tumble most in world on Nakheel debt restructuring concerns.
- Euro falls further to $1.4803 in European morning trade; Fed expects economy to struggle.
- Global advt market will start to stabilize next year, following double-digits declines in 2009.
- India's vehicle sales surge 72 percent in November on low base, economic recovery.
- Japan unveils $81B stimulus plan on signs economic recovery waning.
- Japan shares fall after 6-day winning streak, little reaction to stimulus package.
- Oil drops below $74 in Asia as investors eye volatile US dollar.
- Aeropostale Inc's board approved increasing its share repurchase plan by $250M.
- AIG taps Fed line a third time for $200M loan to ILFC leasing unit.
- AsiaInfo Hldgs Inc. to acquire Linkage Technologies Intl in a cash, stock deal valued at $733M.
- Casey's General Stores' Q2 earnings rises 23.1% to $33.6M, revs dip 17.2% to $1.15B.
- Citigroup told that it needs to raise $20B in common stock to exit TARP scheme.
- Citigroup's Pandit said to push for agreement this week on bailout payment.
- Dubai World may raise some money to pay down its debt by selling assets in UAE, overseas.
- Exxon Mobil, partners approve development of a $15B Papua New Guinea LNG venture.
- FedEx signaled further strengthening in global freight market, boosts Q2 EPS by more than 10%.
- GM invests $336M to prepare Detroit plant for Chevy Volt production.
- Heineken ties up with India's United Breweries to make and sell its own brand of beer in India.
- Lukoil reports 41 percent drop in 3Q profit to $2.1 bln on lower oil prices.
- Mandarin Oriental Intl may buy more brands as industry struggles amid decline in spending.
- Pep Boys reports a $2.1M gain for Oct.
- Research In Motion to customize BlackBerry for China, expand distribution.
- Tesco PLC's Q3 same-store sales grew 2.8% vs. cons est. of 2.5-3%.
- United Co. Rusal failed to get approval for its $3B IPO in Hong Kong.
- Volkswagen to hire 1,300 workers at India plant, add Polo car.
- Weyerhaeuser sells Warrenton, OR lumber mill to Hampton Affiliates; terms undisclosed.
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I see GS raised target for S&P today, I thought a week or so ago they had lowered it?
SCUMBAGS
Meredith is the hottest thing in finance. F'in unbelievable.
"Bernanke reaffirmed plans to keep interest rates near zero for "an extended period".
Bernanke sees 'formidable headwinds' for economy on tight credit, job woes."
The above perfectly illustrates the "speaking out of both sides of your mouth" phenomenon practiced by the various players and gamers of this Ponzi. On the one hand, things are getting better, profits are returning, stocks should continue to go up, consumers are beginning to spend more etc.
On the other hand, as illustrated by the above quotes, there are serious problems ahead for commercial and personal mortgages, consumer credit, municipal budgets, corporate bonds etc.
As in all cons, it begins with confidence, with appearances and illusions. Tell people what they want to hear, say it with a strong voice and a steady eye and people will reject what they're personally experiencing and go with the flow. I guess things are better.
At least that was how it worked, particularly over the past 40 years, since Nixon and friends took America off the international gold standard and began the greatest experiment in international finance. The big con.
"Bernanke reaffirmed plans to keep interest rates near zero for "an extended period".
Bernanke sees 'formidable headwinds' for economy on tight credit, job woes."
They seem consistent, am I missing something? He says the economy has not recovered enough so he will keep interest rates low for "an extended period". What exactly is contradictory about that?
I'm in the metal construction business. And thrust me, November is the worst month ever and december looks even worse.
My clients are Cat, Ge, Fast... thrust me I'm shorting this market since friday!