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Daily Highlights: 2.19.10
- Asian stocks, US Futures fall on concern Fed move signals stimulus exit.
- Australia has less room for growth without inflation: Australian Central Bank.
- Consumer Prices in US probably climbed in January on higher energy costs.
- Dollar touches 9-month high versus Euro after Fed raises discount rate.
- Fed raised the rate it charges banks for emergency loans by a quarter percentage point.
- Greece replaces debt chief Papanicolaou as deficit crisis batters markets.
- Japan stocks fall sharply on Fed emergency loan rate hike; Nikkei down 2.1 percent.
- Oil falls below $78 in Asia as Fed emergency loans rate hike triggers dollar rally.
- Singapore says 2010 economy may expand 4.5% to 6.5%, faster than expected.
- Alcatel to pay $137M to avoid US prosecution for graft.
- Anglo American posted 52% fall in 2009 net at $2.43B, suspends dividend.
- Barrick Gold to buy a 25% stake in Cerro Casale gold mine for $475M from Kinross.
- Carrefour said qtrly profit unexpectedly slid 70% on impairment charges linked to closing stores in Italy.
- CBS Corp. reversed more than 2 years of declines in its TV-advt revenue.
- Cnooc, Sinopec said to weigh bids for Devon stake in Azerbaijan oil field.
- Daimler AG posted an unexpected loss in Q4 of €352M; scraps its full-year dividend.
- DirecTV posts Q4 loss of $32M on charges related to its merger with Liberty Entertainment. Plans $3.5B stock buy back.
- First Solar's Q4 net rose 6.7% to $141.6M as revs surged 48% to $641.3M.
- Goodyear Tire's Q4 loss narrowed to $27M as sales grew 7% to $4.4B.
- Ingram Micro swung to Q4 profit of $107M following a prior-year $742.6M in write-downs.
- Japan Airlines Corp. closed at 1 yen before delisting, wiping out shareholder wealth.
- MGM Mirage's Q4 revs fell 11% to $1.45B, posts a loss of $433.9M amid Las Vegas woes.
- Morningstar misses by $0.13, posts Q4 EPS of $0.29. Revs rose 2.8% to $122.6M.
- P&G's CEO expects stronger sales in coming months as P&G unveiling new products.
- Schlumberger Ltd. in advanced talks to buy Smith International Inc.
- Toyoda will appear before House Panel as US probes Toyota's recalls.
- Wal-Mart's Q4 net rises 22% to $4.63B, sees soft sales persisting through till April.
Economic Calendar: Data on CPI to be released today.
Earnings Calendar: AGP, APL, BRC, CROX, HUN, JCP, LEAP, NVDA, PCG, PLA.
RECENT RATING ACTIONS
INGERSOLL-RAND PLC (IR)
SEAGATE TECHNOLOGY (STX)
SINCLAIR BROADCAST GROUP (SBGI)
XTO ENERGY INC (XTO)
RITE AID CORP (RAD)
GOODYEAR TIRE & RUBBER (GT)
QUANTUM CORP (QTM)
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Data provided by Egan-Jones Ratings and Analytics
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OK, so why are the FTSE and the DAX not following this huge move in Asia (-2.05% on the Nikkei and -2.59% on the Hang Seng), and why are US futures not down significantly more than they closed at the aftermarket?
I am not sure I get exactly how this Fed move KICKS THE LIVING CRAP OUT OF ASIA OVERNIGHT while leaving its own country with less than half the damage and not even touching Europe (yet).
The market must be just waiting to drop the next shoe. Still, I find it hard to believe that the S&P would fall <1% in the aftermarket last night and yet be merrily treading water in the premarket this morning after what happened in Asia overnight.
just like on Sunday nights, some optimistic soul bought some futures contracts...chart courtesy of Daneric...
http://2.bp.blogspot.com/_TwUS3GyHKsQ/S35pJaWkFdI/AAAAAAAAEBU/BLj5tYfLrX4/s1600-h/2010-02-19-TOS_CHARTS.png
Mark one up for the PPT, I guess. Didn't realize they were as busy on Thursday nights as they are Sunday nights.
On the bright side, it did help me get out of some of my longs safely this morning, so I'm certainly not complaining.
EDIT 10 AM EST:
Hmm, never mind, here's the plunge, exactly as anticipated.
Amazing how easy this game is sometimes.
Down 0.5% so far. Will be interesting to see if it moves an additional 1.5% to match Asia.
I'd expected Europe was putting off a down move until the US markets opened so they could use each other as an excuse, but the FTSE and the DAX are not mirroring this US/Asian move AT ALL from what I can tell.
This toothless rate hike was for political show. The Fed has been blatantly politicized. This was done under "instruction", to do something blatant to support the dollar in the very, very short term, while within weeks the administration tries to go reconciliation on a massive, new, dollar crushing entitlement program.
Look at the timing. Everything is a blocking and tackling scheme for government run healthcare...everything.
Negative core CPI. Huge PPI increase. Stagflation? Maybe Obama can give a malaise speech.
Interesting. I am taking this as an indication that inflation has started but has not yet been passed on to the consumer.
I'm not so sure the consumer can handle increased prices. My hunch is this round of inflation will be eaten solely by business. I can't figure out how that is good for stocks. It also means no hiring anytime soon.
The european markets have "acting weird" all day.
Big move in US either way today is my guess.
Moody’s does δομημ?νη χρηματοδ?τησηBad news for Greece.
Moody’s, the only rating agency that still has Greece at the A level, has just placed almost every single triple-A rated Greek structured finance and covered bond deal on review for a downgrade.
New Head For Greece Debt Agency (Another GS Tentacle?)
Meet Petros ChristodoulouHe’s the new head of Greece’s debt management agency. From Forbes:
Vampire squid,
vampire squid.
Does whatever a vampire squid does.
Can it swing
from a web?
No, it can't:
it's a squid!
A Big X.
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