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Daily Highlights: 3.2.10

Tyler Durden's picture




 
  • Asian stocks climb on US consumption, improving economic outlook, semiconductor sales.
  • Australia raises benchmark rate to 4% as recovery withstands debt concerns.
  • Brazil stocks gain as commodities, metals surge.
  • Colombia eyes up to $800M 2010 debt issues.
  • EU sets clock ticking on Greece as Merkel talks near.
  • Global semiconductor sales surprisingly rose 0.3% in Jan from the previous month.
  • Japan's Jobless rate unexpectedly declines to 4.9% as exports spur hiring.
  • Oil hovers below $79 in Asia as investors eye mixed signals from US economy.
  • Pound declines for sixth day on prospect of political deadlock; Yen drops.
  • World-wide hotel rates fell 14% last year as the recession continued to dent travel.
  • ABM Industries' Q1 EPS comes in at $0.27 (cons $0.32); revs fell 2.0% to $869.9M.
  • AIG sells its Asian operations in a govt-approved $35.5B deal to Prudential PLC.
  • ArvinMeritor says underwriters purchase 2.6M shares at $10.50/sh.
  • CF Industries offers $4.7BforTerra.
  • CIT Group expects $900M loss in 4Q, $4B for year.
  • Daimler, BYD Co. to jointly develop an electric vehicle to be sold in China.
  • Diageo to buy stake in Sichuan Shui Jing Fang Co., one of China's oldest spirits brands.
  • General Motors to recall 1.3M compact cars to fix power steering.
  • GM expected to announce a shake-up of its sales and marketing operations.
  • Hebei Iron & Steel Group is in talks to invest $6B in an iron ore project in Brazil.
  • LyondellBasell Board said to reject $14.5B Reliance Industries bid.
  • McDermott Intl reported Q4 sales of $1.46B, missing avg. analyst est. of $1.56B.
  • Nortel's Chapter 11 trustee objects to proposed 'extraordinary' bonuses.
  • OSI Pharmaceuticals' Board rejects Astellas Pharma's $3.5B hostile takeover offer.
  • Qualcomm plans to buy back as much as $3B of shares, ups qtrly dividend by 12% to $0.19/sh.
  • Singapore's GIC, Abu Dhabi face $10B loss on UBS, Citigroup stakes.
  • Sony says about two thirds of its PlayStation 3 video-game consoles (20M) may have a glitch.
  • Toyoda: Key reason for quality problems was an excessive focus on market share, profits.
  • US Treasury Dept scheduled a March 3 auction of BoA warrants granted to it.
  • Watson Pharma to divest its ownership position in ScinoPharm Taiwan for $94M.

Economic Calendar: Data on Auto Sales to be released today.

RECENT RATING ACTIONS

OFFICE DEPOT INC (ODP)
SOTHEBY'S (BID)
FOSTER WHEELER AG (FWLT)
EL PASO CORP (EP)
LAMAR ADVERTISING CO (LAMR)
VALASSIS COMMUNICATIONS INC (VCI)
INTERPUBLIC GROUP OF (IPG)
REPUBLIC SERVICES INC (RSG)
COMMERCIAL METALS CO (CMC)
RANGE RESOURCES CORP (RRC)
MILLIPORE CORP (MIL)

Data provided by Egan-Jones Ratings and Analytics

 

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Tue, 03/02/2010 - 09:44 | 250854 deadhead
deadhead's picture

Don't worry about any bad news cuz it has NOTHING to do with the economy or structural financial matters, it's all due to snow.

If you don't believe me, even Larry Summers (he being the "smartest guy in the room") said to pretty much disregard the NFP number Friday because it is due to snow.

 

Extrapolating just a bit, there is no need to worry about any future bad news as April showers are soon to arrive and as we all know, those showers can dampen the growing and glowing aura of our strong economic recovery.  

Tue, 03/02/2010 - 09:59 | 250864 JohnKing
JohnKing's picture

Don't forget that global warming caused the snow! Next thing you know, they'll be selling cap and trade as stimulus.

Tue, 03/02/2010 - 11:34 | 250952 spekulatn
spekulatn's picture

Extrapolating just a bit, there is no need to worry about any future bad news as April showers are soon to arrive and as we all know, those showers can dampen the growing and glowing aura of our strong economic recovery.

In conclusion, "buy in May and go away." (because April showers bring May flowers)

Tue, 03/02/2010 - 09:48 | 250856 Going Down
Going Down's picture

 

Quote of the Day

 

“They will fit in well with the Fed and come to be supporters of Bernanke and the policies he’s trying to follow,” said Gramley, now senior economic adviser with Potomac Research Group in Washington.

 

http://www.bloomberg.com/apps/news?pid=20601087&sid=a6kDhLnSfF8w&pos=5

 

Ja wohl, mein Führer.

Tue, 03/02/2010 - 09:57 | 250862 Going Down
Going Down's picture

 

Still Unsafe At Any Speed

 

The twin swelling heads of Empire and Oligarchy are driving our country into an ever-deepening corporate state, wholly incompatible with democracy and the rule of law.

 

http://www.counterpunch.org/nader03012010.html

Tue, 03/02/2010 - 10:00 | 250865 Anonymous
Tue, 03/02/2010 - 10:09 | 250870 DavidC
DavidC's picture

"Asian stocks climb on US consumption, improving economic outlook, semiconductor sales."

OK, so GM Recalling 1.3 Million Vehicles, February 2010 Federal Tax Withholdings plunging to multiyear low, last weeks horrible job figures, bank (lack of) stress tests last year, massive QE, potential CRE crisis and more home foreclosures this year are all indicative of an improving economic outlook? Just want to know.

Certainly the stock markets are behaving as if inflation is on the way rather than deleveraging/deflating.

DavidC

Tue, 03/02/2010 - 11:36 | 250953 spekulatn
spekulatn's picture

Shhhhhhhhhhhh. Quiet, fella. American Idol is on the telly.

Tue, 03/02/2010 - 10:14 | 250880 Anonymous
Anonymous's picture

Greece braces for more strikes
ATHENS - GREEK civil service unions announced plans for a barrage of strike action this month, as thousands of taxi drivers protested on Tuesday against measures to boost tax revenues for the debt-ridden government.

The Adedy union, which has around 300,000 members, called for a 24-hour strike on March 16, the same day that the European Commission is due to deliver its verdict on Greece's attempts to tackle a crippling debt crisis.

The strike would be the third major protest since Prime Minister George Papandreou unveiled radical tax hikes and benefit cuts aimed at slashing Greece's record-high public deficit by four percentage points this year.

Greece is expected to unveil additional austerity measures on Wednesday in a bid to reassure the European Union and foreign investors, news reports said.

Adedy said rallies would also be held on March 3, March 8 and March 12. Meanwhile the main tax service union, which has a membership of some 15,000, said it would hold a 48-hour strike lasting from March 8 until March 9. The powerful union has already held three strikes in the past month.

The new calls for protest action came as drivers of around 30,000 taxis across Greece protested against a reform that would force them to provide receipts and keep accounts in order to increase tax income and eliminate fraud. -- AFP

Tue, 03/02/2010 - 11:40 | 250962 Anonymous
Anonymous's picture

God forbid the Greek taxi drivers pay taxes and give receipts just like everybody else!

Tue, 03/02/2010 - 12:09 | 251005 Hephasteus
Hephasteus's picture

I think the most humiliating part of modern life is the fact that they make you do accounting and bookkeeping to give money to theives and gansters. Just the mere fact that people put forth any effort before giving up the money is rediculous while the financial system makes it all up as they go.

I guarantee you those taxi cab drivers will flat deck their books 2 days before tax day just like the financial system does.

Fri, 04/16/2010 - 10:12 | 303815 Tom123456
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