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Daily Highlights: 1.8.10
- Asian stocks gain, led by retailers, Japanese exporters; Copper declines.
- Beijing's per capita GDP expected to top $10,000.
- China central bank hiked interest rate on its 3-month T-bills by about 0.04 point, to 1.3684%
- China's exports may post first gain in 14 months, highlighting Yuan policy.
- Gold declines for second day as dollar gain curbs alternative asset demand.
- India expects GDP to grow at 7-7.5% for the fiscal year ending March 2010.
- Office vacancies in the U.S. surged to a 15-year high in the Q4-- Reis Inc.
- South Korea's central bank keeps key interest rate unchanged at record low.
- US House may tax payrolls, drop wealth levy to finance Health Plan.
- Yen rises from 4-month low after Prime Minister, Hatoyama says rapid moves 'not good'.
- Abercrombie & Fitch's December same-store sales fell steeply by 19%.
- American Airlines raised its offer to invest in Japan Airlines by $300M to $1.4B.
- Amgen under focus after USFDA's plan to re-examine the safety of its anemia drugs.
- Boeing's customers ordered just 142 commercial airplanes last year.
- Constellation Brands' Q3 profit fell 47% on restructuring-related costs, weaker US wine sales.
- Delta Air Lines' December traffic fell 7.5% amid weakness on all routes.
- Dept of Education cited “six findings & one concern” on Apollo Group's financial-aid policies.
- Ferrero SpA in talks with Hershey Co. over possible joint deal for Cadbury PLC.
- Global Payment beats by $0.10, posts Q2 EPS of $0.71. Revs rose 11.7% to $409M.
- Google raised its offer to acquire On2 Technologies to roughly $132M up from $106.5M.
- Japan Air slumps for third day on report government may support bankruptcy.
- JC Penney December same-store sales fell 3.8%; sees Q4 EPS at $0.77-0.82 (prev $0.83).
- Lawson Software f'casts Q3 EPS that missed cons est., to buy Healthvision Solns for $160M.
- Lennar Corp.'s CEO sees a trend in rising prices; co. to be profitable this year.
- Li Ka-Shing's Hutchison offers to buy out telecom unit for $545M.
- Marriott sees Q4 revs per available room outside N. America fell 14-16%.
- RBS to sell part of its asset-management business to Aberdeen for £84.7M.
- Reliance Industries hikes bid amt to $13.5B from earlier $12B for stake in LyondellBasell.
- Saks Inc. said its sales in stores open at least a year rose 9.9% in December.
- TJX Cos.' Dec. same-store sales rose 14%; sees Y10 EPS at $2.72-2.74 (prev $2.55-2.61).
- Wal-Mart De Mexico 2009 sales up 10% to record MXN269.4B.
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Every Marriott headline reads "better than expected" or "lifts RevPAR outlook in Q4"
Actual report:
Marriott International (NYSE:MAR - News
) said it expects North American hotels' revenue per available room will drop by 13 to 14 percent in the fourth quarter, a slight improvement over earlier projections. In October, Marriott projected that RevPAR, a measure of profitability in the hotel industry, for hotels in North America would fall between 13 percent and 16 percent.
The company's hotels elsewhere in the world are expected to see RevPAR fall by 14 to 16 percent for the fourth quarter, in line with Marriott's earlier outlook, the hotelier said in a release on Thursday.
...
Interesting January issue of Harper's. There's an account of Warren Buffett's annual stockholders meeting, a story about about the people behind the Liberty Dollar, and an essay on the apparel industry in the Third World. Good reading.
Tyler, the #1 story of the day, beyond a doubt, was the decision by Chinese regulators to allow margin trading and derivatives. The enormity of this cannot be overstated. We should be talking about what this means for this country and the world of finance. http://www.nytimes.com/2010/01/09/business/global/09trading.html?hpw