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Daily Highlights: 2.18.10
- Asian stocks drop, Yen rises on Greece, concern Fed may withdraw stimulus.
- Bank of Japan leaves policy unchanged, resisting pressure to ease further.
- Fed sets goal of 'eventual' exit from housing finance to protect autonomy.
- Gold declines for second day on IMF's plans for open-market bullion sales.
- Leading Economic Index in US probably increased for 10th straight month.
- Michigan state public retirement funds is $50B short
- Oil falls below $77 as US distillate supplies rise
- US Treasury: Foreclosure-prevention program has cut mortgage payments for about 947,000 households.
- Advance Auto Parts posted Q4 EPS excluding items of $0.39, trailing cons est. by 15%.
- AIG’s talks over the $15B sale of a unit to MetLife to be delayed on Tax issue
- America Movil, Telefonica SA along with 5 others sign up for Mexico’s auction of wireless airwaves.
- Analog Devices' Q1 net rises to $120.5M on higher margins & 27% jump in revs at $603M.
- Applied Materials swings to profit in Q1 at $83M as sales surged 39% to $1.85B.
- Axa SA posts 2H profit of €2.28B, helped by rally in financial markets.
- Babcock Intl may raise its offer for VT Group to more than $1.9B; reports.
- Barnes & Noble Board voted unanimously to reject Burkle's bid to raise his stake to 37%.
- Burger King to raise the price of its $1 double cheeseburger to $1.19 starting in April.
- Fairfax is close to purchasing Zenith.
- HP's qtrly net rises 25%, ups 2010 revenue goal to $121.5-122.5B (prev $118-119B).
- Las Vegas Sands' Q4 loss narrowed to $67.4M on strong revenue growth in its Macau ops.
- Nvidia Corp. said it has seen no indications that its customers are building chip inventories.
- O'Reilly Automotive expects 2010 EPS of $2.50-2.56, while analysts est. were for $2.61.
- Priceline.com expects Q1 earnings of $1.54 to $1.64 a share with revenue up 23% to 27%.
- Qantas Airways to scrap first-class cabins on most routes after 1H net falls 72%.
- Societe Generale posts Q4 profit of €221M vs. €87M year-ago period, beats forecasts.
- Terex Corp.'s Q4 loss--its fifth in a row--narrowed to $142.8M following prior-year write-down of $459.9M. Revs fell 36% to $1.06B.
- Toyota may add Corolla to recall list after US probe on power steering.
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UK Discovers Contagion
The yield on Britain’s 10-year gilt just shot up to about 4.2 per cent, according to Reuters data.
Unfortunately you can’t see it in the below Bloomberg charts, since the data service appears to still be using a March 2019 benchmark (Reuters is using a 2020 one), but they should give you some idea.
Using the 4.2 per cent Reuters yield, then, the spread between 10-year gilts and German bunds is now about 100bps. Oh dear.
http://ftalphaville.ft.com/blog/2010/02/18/153291/spreading-in-the-uk/
But Terex is on the conviction buy list! GS wouldn't lie to us, would they?
BK Double Cheeseburger from $1.00 to $1.19!! Hyperinflation! Buy gold!
Need to get a price-wage spiral started first. Show the receipt to your boss and demand a COL raise.
Well FWIW it is a 20 percent increase on those who live off dollar burgers. Plus tax, that's about 21-22 percent increase in food costs for a good portion of America who can least afford it. If you eat these every day it amounts to about $250 dollar increase per person per year.
I eat them all the time, had two of them last night. I've basically lived off them (and other 99cent burgers) the last few months. Didn't have to per se, but it allowed me enough to save for this shiny new i7 920 @ 4ghz I just finished building <1 month ago.
Even worse at least here in AZ, some republicans are trying to lower the minimum wage for people under 22. So, in effect, in an area where youth discrentionary spending and construction account for much of our economy, you're going to see 20 percent increase in this age bracket's food costs (which dollar burgers are a staple of), while seeing their minimum wage (if passed) dropped from 7.25 to about 5.50.
Just wait until they use statistical models to show how this 'helped' employment, rofl. Yeah right.
Don't understimate how much this will impact people. My guess, drop BK, and add McDonalds. Whoever has the dollar menu will win more (or lose less). Margins might be worse, but you'll get the traffic.
It may not affect YOU, but such actions DO affect millions. But this isn't the sky falling, just another example of those who can afford the least, getting screwed even more. (and it won't stop there)
The worst part of the minimum wage decrease, is that there is a 3 month clause in it, which means if the employer doesn't want to pay for the increase (back to normal minimum wage) they can fire them. What a nice way to treat those who are sure to be in even more debt than you were.
Make them feel lucky to work for 5.50/hr, so much so, that they have to prove they are worth the extra money. Of course I can see some real scum bags just making a living of firing people after 3 months to keep labor costs down, regardless of performance.
Also pretty much screws any hard working hs student who is trying to save for college during the summer break (which is gasp...3 months...meaning they would all be working for slave labor every summer).
But most already are, had minimum wage kept up with inflation, it would be 25/hr now. (anyone making 25/hr or less is working for less than minimum wage....and how many would take offense to that...when in reality it's in support of them). It's because they forgot what they are worth.
But this will make you work harder. You make nothing, and are in debt. Thus you need to work harder and be more productive. Except that won't change anything.
One final thing, that 250 dollar increase for double cheeseburgers in a year, is basically a full week of working for slave labor (40-50 hrs) for these poor young suckers. So, if they work 3 months a year, roughly 1 week of that, or 1/12th of what they work for, sucked up by the increase by only 19 cents to a double cheeseburger. Small amounts add up, especially when you work for crap.
Poo-pooing the increase is just bad analysis.
When folks finally see that they can’t just get someone else to pay for all this, there will likely be a huge tax rebellion
which will cause more short term problems, but may in the long term (hopefully) have the effect of getting the government to manage our money better. In the meantime, let’s hope we don’t have too many large national disasters, military conflicts, pandemics or the like to deal with. This country is in a lot of trouble and we need to start thinking like Americans instead of Republicans or Democrats if we’re going to get through this mess……Meanwhile experts say the market will crash sometime this year..
Fasten your seatbelts...
Unemployment -- up
Inflation -- up
SPX -- up, over 1100 for options exp. on Friday
Shorts -- sidelined
PPT a.m. mission -- accomplished
"Who ARE those guys?"
http://www.youtube.com/watch?v=ZIie9OosnEM
Is this a misstatement? - Gold declines for second day on IMF's plans for open-market bullion sales.
I thought the IMF was prohibited from open market sales? Am i wrong?
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