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Daily Highlights: 3.15.10

Tyler Durden's picture





 
  • Asia stocks, commodities fall on China tightening speculation.
  • China’s stocks decline to five-week low on tightening concern.
  • Debate brewing in OPEC over what its post-recession production might look like.
  • EU finance chiefs to weigh Greek rescue as ministers seek to avoid bailout.
  • Euro near 5-week high versus Yen on Greece bailout, BOJ policy.
  • Consumer tax hikes hit Greece as EU to discuss debt crisis.
  • The Federal Aviation Administration ordered airlines to perform an emergency inspection of some 600 Boeing 737 airplanes.
  • German January manufacturing jobs fall 4.9%.
  • Japanese govt raised its assessment of the economy for the first time in eight months.
  • Nikkei hits 7-wk closing high.
  • Tire sales growth in China will be three times the global rate in coming years: Sumitomo.
  • US Retail sales increased a seasonally adjusted 0.3% in February from a month earlier.
  • Wen rebuffs US calls for higher yuan, risking retaliation from Congress.
  • Ann Taylor swung to Q4 profit on improved margins. Offers tepid Q1 EPS outlook.
  • Arrow Energy may reject a A$3.3 billion ($3.03 billion) takeover offer from Royal
  • CNOOC says its proposed 50% stake acquisition in Bridas Corp. for $3.1B to help its overseas expansion plans.
  • Glaxo gets EU approval to sell blood platelet booster Revolade.
  • Google appears increasingly likely to shut the China site within week: reports.
  • Munich Re and Swiss Reinsurance projected the highest costs in the industry from the earthquake the struck Chile last month.
  • New study found Novartis' Diovan failed as it modestly lowered the incidence of diabetes.
  • Nortel Networks swings to Q4 profit of $1.78B, helped by gains from divestiture proceeds.
  • Phillips-Van Heusen to buy Tommy Hilfiger from Apax Partners for ~$3B.
  • Smithfield Foods swings to profit of $37.1M on margin strength. Revs fell 14% to $2.89B.
  • Wachovia in talks with Justice Dept over alleged drug-money laundering.

Economic Calendar: Data on Capacity Utilization, Industrial Production to be released today.

Earnings Calendar: APP, ATSC, AWX, BPZ, CACB, COMS, DNE, INSM, TKTM, UXG, WSM.

RECENT RATING ACTIONS

NORTHERN TRUST CORP (NTRS)
NRG ENERGY INC (NRG)
SUPERVALU INC (SVU)
CLIFFS NATURAL RESOURCES (CLF)
HJ HEINZ CO (HNZ)
POTASH CORP OF SASKATCHEWAN (POT)
SIRIUS XM RADIO INC (SIRI)
TERRA INDUSTRIES INC (TRA)
AGRIUM INC (AGU)
AMERIPRISE FINANCIAL INC (AMP)
TEEKAY CORP (TK)
TECH DATA CORP (TECD)

Data provided by Egan-Jones Ratings And Analytics

 


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Mon, 03/15/2010 - 08:39 | Link to Comment Jeff Lebowski
Jeff Lebowski's picture

Submitted to ZH, but very well done piece last evening from the most unexpected of locations...  60 minutes.

 

http://www.cbsnews.com/stories/2010/03/12/60minutes/main6292458.shtml

 

Mon, 03/15/2010 - 09:20 | Link to Comment curbyourrisk
curbyourrisk's picture

"Tire sales growth in China will be three times the global rate in coming years: Sumitomo."

 

I wish you would explain this coment a bit more, I believe it to be misleading.  The way it is written we are expecting a SURGE in Tire sales growth, led by China.  It should be noted that with the shift in production of autos to mainline China, it is not a surge in sales of tires, but a transfer of where they are heading.  We are not going to see MORE tires being needed, but a larger concentration of tires going to China.  This is not bullish.

Wed, 04/14/2010 - 10:05 | Link to Comment mark456
mark456's picture

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