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Daily Highlights: 3.12.10
- Americans' net worth rised 1.3 percent in the fourth quarter to $54.2 trillion.
- Asian shares mixed, Japan stocks gain on speculation central bank to add funds.
- Eurozone industrial output jumps by massive 1.7 percent in January.
- Money fund assets fell by $36.22 billion to $3.090 trillion in latest week.
- Obama to nominate Yellen to post of vice chairman of Federal Reserve.
- Oil drifts above $82 in Asia as month-long rally loses momentum amid weak US crude demand.
- Retail sales probably fell as blizzards kept US shoppers home.
- Democrats resolve disputes over Obama's health overhaul plan; still hunting for votes.
- Total US household debt fell 1.7% in 2009 to $13.5 trillion - fastest pace in a decade: Fed.
- Agrium to terminate offer to acquire CF Industries.
- Air China Ltd. announces plans to raise $954M in a share sale to help fund new planes.
- Air Methods' Q4 profit fell 27% on a sharply higher income-tax bill. Revs up 1.1% at $120M.
- Caterpillar considering relocating some heavy-equipment overseas prodn to a new US plant.
- Discover Fincl Srvcs expects to report Q1 loss on $305M increase in loan-loss reserve.
- Exxon Mobil said it would expand its oil and natural gas production by 3-5% this year.
- Fannie Mae sold $6B of three-year notes in a benchmark issue.
- India's Ranbaxy targets $3B in consolidated revenue in 2012.
- Komatsu says China sales of mining machinery to increase by 50% in 2010.
- Lehman Brothers hid off-balance-sheet transactions to understate its leverage.
- Lenovo will focus on mobile Internet, sales in faster-growing emerging markets.
- Lyondell to reorganize based on a company value of $15.2B after a judge overruled objections.
- Lyondell to tap the debt markets.
- National Semiconductor's Q3 net more than doubled to $53.2M as revs grew 24% to $362M.
- Pall Corp misses by $0.05, posts Q2 EPS of $0.42. Revs rose 3.1% to $560.4M.
- Potash Corp. of Saskatchewan sees Q1 EPS at $1.30-1.50 vs. prev view of $0.70-1.00.
- Quiksilver's Q1 loss narrowed sharply to $5.4M, revs slipped 2.4% to $432.7M.
- Sell-down of unwanted assets by Citigroup may not impose a drag on profit: Bank.
- Smithfield Foods returns to the black, posts Q1 profit of $37.3M on margin strength.
Economic Calendar: Data on Retail Sales, Mich Sentiment & Business Inventories to be released.
Earnings Calendar: ANN, BPZ, HH, HIBB, KIRK, LACO, NWPX, UXG.
RECENT RATING ACTIONS
TEEKAY CORP (TK)
KROGER CO/THE (KR)
ZIONS BANCORPORATION (ZION)
US CONCRETE INC (RMIX)
NAVISTAR INTERNATIONAL CORP (NAV)
ALLERGAN INC/UNITED STATES (AGN)
MARSHALL & ILSLEY CORP (MI)
HUNTINGTON BANCSHARES (HBAN)
COLLECTIVE BRANDS INC (PSS)
ANHEUSER-BUSCH INBEV NV (ABI BB)
PARKER DRILLING CO (PKD)
CHEVRON CORP (CVX)
Data provided by Egan-Jones Ratings and Analytics
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Retail sales UP in February. WTF?? Surely the only things being sold were snow shovels? Who goes to the friggin mall in the middle of a blizzard?
SNOW alert.
The intense blizzards lead to an increase in consumer sales.
SNOW is now good.
beware of April showers.
love those unadjusted numbers ex auto - 2.4% m/m retial -1.5%
unadjusted food/beverage -6%; adjusted +1.3% adjusted?????? snow
gas -6% unadjusted vs. +0.3% adjusted
Sporting goods -17% m/m unadjusted vs. +1.2% adjusted.
http://www.youtube.com/watch?v=lpqbn6xWH_g
More handiwork from The Bureau of Making Shit Up.
Americans' net worth rised (sic) 1.3 percent in the fourth quarter to $54.2 trillion.
Yeah, that's believable. As long as I'm going to pretend that I'm "richer" can I also pretend that I look like Brad Pitt and am hung like John Holmes? Those are both about as close to reality as the notion that I'm actually "richer".
Main daily highlight as of now... Given the Lehman's news of fraud and the German Finance Minister comments that countries that do stuff Greece has done should be kicked out of the euro-zone (although not referring directly to Greece)... the pre-market is UP, UP, UP... including the XLF.
F*&$ it.
rised?
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