Daily Highlights: 12.9.09
- Asian shares were down Wednesday in the wake of weak US closing, Japan GDP nos.
- Dubai companies' bonds decline as credit swaps display 33% risk of default.
- Japan's economy grew 1.3% last quarter, less than initial estimate of 4.8%.
- China plans to require all the nation’s steel mills to have at least 1M tons of capacity
- Oil rises above $73 after expected US crude supply drop suggests demand recovery.
- 3M's 2010 profit forecast meets analysts’ estimates, says recovery is occurring “slowly.”
- Aeon Co. gained the most in 6 months after company said it would divest its stake in Talbots.
- Brown-Forman Q2 profit rises 3% to $147.3M, revs fell to $892.9M from $934.7M a year ago.
- Chesapeake Lodging Trust’s $250M IPO shelved, after its underwriters failed to get support.
- CIT Group says judge approves reorganization plan; to exit bankruptcy protection Thurs.
- Dexia SA said to join European firms weighing sale of private banking assets.
- Diedrich Coffee to be acquired by Green Mountain for $35/sh cash ($290M).
- Dr Pepper Snapple Group said it will get $900M to license certain brands to PepsiCo Inc.
- Dubai Utility may face £1.2 B debt bill
- GE said earnings from its finance unit would be flat next year as credit losses peak.
- Intl Rectifier sees Q2 revs tracking toward high end of prev guidance of $185-200M.
- Kimco Realty expects $300M from share issue, money to be used to repay some debt.
- Kroger swings to a quarterly loss of $874.9M, hurt by $1.05B in asset write-downs.
- Lukoil's Q3 earnings falls 41% to $2.06B on lower oil prices; revs down 32% at $21.94B.
- Marriott to sign deal that will add 36 new Fairfield Inn hotels throughout Mexico.
- McDonald's Corp.'s global same-store sales rose a scant 0.7% last month.
- Men’s Wearhouse Inc. forecast a fourth-quarter loss of at least 15 cents a share.
- Mortgage, credit-card delinquencies expected to gradually retreat next year: TransUnion.
- Nakheel posts 1H loss of $3.65B as revenue fell and it wrote down the value of land.
- Simon Property Group to buy Prime Outlets Acquisition Co. for $2.33B including debt.
- Standard Chartered sees no `material' impairment from exposure to Dubai
- Texas Instruments raises 4Q profit and sales targets
- Volkswagen to buy 20 percent stake in Japan's Suzuki for $2.5B.
- Wells Fargo Chief Executive said he expects the bank's credit losses to peak in 2010.
- Xilinx sees raises Q3 sales up 16-20% QoQ (prev 6-10%) vs. cons est. of 8.6%.
Economic Calendar: Data on Wholesale Inventories, Crude Inventories to be released.
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Data provided by Egan-Jones Ratings And Analytics