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Daily Highlights: 4.1.10

Tyler Durden's picture




 
  • Asian shares traded higher with Japan data showing improved business conditions.
  • China’s PMI expanded at a faster pace in March, from 55.1 from 52 in February.
  • Fed reveals Bear Stearns, AIG data after backlash over lack of disclosure.
  • Japan manufacturers least pessimistic since 2008 as rebound drives exports.
  • Acuity Brands Q2 net drops 46% on charges; Sales edge lower.
  • AutoNation: Q1 performance far exceeded cons est., sees auto market recovering.
  • Baosteel's 2009 profit fell 10% because of a sharp drop in export demand.
  • Bharti Airtel agrees to buy Zain's assets in Africa for $9B in cash.
  • China's Bright Food Group Co. raised its offer for CSR Ltd.’s sugar unit to $1.6B.
  • Cnooc Ltd. posted a 34% fall in 2009 net profit due to lower crude oil prices.
  • Dollar General's Q4 earnings rose 6.5% to $87.2M on 12% rise in revs at $3.19B.
  • General Growth files to seek approval of $6.55B investment proposal.
  • Horizon Therapeutics said near deal to buy Switzerland’s Nitec Pharma AG.
  • Lihir Gold Ltd. rejected a $8.4B cash and stock takeover from Newcrest Mining Ltd.
  • Macarthur Coal rejects Peabody's $3B takeover approach, to press on instead with its planned takeover of Australia's Gloucester Coal.
  • Micron Technology swung to Q2 profit of $365M, as revenue nearly doubled to $1.96B.
  • Pentagon is extending by 60 days its deadline for bids on a $35B contract for refuelling jets.
  • RIM qtrly net rose 37% to $710.1M, but results were shy of investor expectations.
  • Rite Aid Corp.'s Q4 loss narrowed to $208.4M, more than cons. est. Revs fell 3.7% to $6.44B.
  • Samsung Electronics completed acquisition of Samsung Digital Imaging for ~$880M.
  • Toyota plans to extend no-interest loan and may make free maintenance for all US buyers.

Economic Calendar: Data on Continuing & Initial Claims, Construction Spending, ISM Index & Auto Sales to be released.

Earnings Calendar: ABK, KMX, MOV, PFIN, SCHL, TBUS, WOR.

RECENT RATING ACTIONS

STAGE STORES INC (SSI)
COEUR D'ALENE MINES CORP (CDE)
CARPENTER TECHNOLOGY CORP (CRS)
CONOCOPHILLIPS (COP)
CNH GLOBAL NV (CNH)
HCP INC (HCP)
TITAN INTERNATIONAL INC (TWI)
UNISYS CORP (UIS)
COMPUTER SCIENCES CORP (CSC)
DANAHER CORP (DHR)
FOOT LOCKER INC (FL)
ENERGIZER HOLDINGS INC (ENR)

Data provided by Egan-Jones Rating and Analytics

 

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Thu, 04/01/2010 - 08:24 | 282849 DavidC
DavidC's picture

"Asian shares traded higher with Japan data showing improved business conditions."

I find this all very confusing with reading in various places that Japan is still in a precarious position and issuing record amounts of money (wasn't it 20-odd trillion of Yen?).

Are we going to see massive Global hyperinflation, with all the major countries/nations seeing who can get there first?

DavidC

Thu, 04/01/2010 - 08:24 | 282851 Aiken Drum
Aiken Drum's picture

This is unconfirmed, but here's a major kick in the nads to the british empire.

http://cityunslicker.blogspot.com/2010/03/exclusive-uk-to-sell-falkaland...

Thu, 04/01/2010 - 08:46 | 282858 Sisyphus
Sisyphus's picture

04/01/2010 or 01/04/2010

Thu, 04/01/2010 - 08:40 | 282854 dark pools of soros
dark pools of soros's picture

no ZH april fool's article??  could of said you were bought out by CNBC and changed the header/logo

Thu, 04/01/2010 - 08:59 | 282864 Cognitive Dissonance
Cognitive Dissonance's picture

Still early bro.

Thu, 04/01/2010 - 08:44 | 282856 Ivanovich
Ivanovich's picture

Futures rocketing again.  No end in sight.

Thu, 04/01/2010 - 08:45 | 282857 fuggetaboutit
fuggetaboutit's picture

Probably not that big a deal, but challenger job cuts up 60% month on month, effectively ties it with highest level of job cuts since August 2009.

Likely this has no correlation to the ugly miss on ADP ysty, which no one predicted, yet everyone summarily dismissed.

Huuuuuuuuuuge number coming tomorrow, regardless of the fact that objective non-government data tells us private sector is still shedding jobs and the pace of layoffs jumped meaningfully last month.

Thu, 04/01/2010 - 08:58 | 282862 A Man without Q...
A Man without Qualities's picture

Crude up another percent today - good luck with that recovery with $100 oil....

Thu, 04/01/2010 - 09:06 | 282870 Racer
Racer's picture

The market doesn't care about recovery.. after all it hasn't for the last year so why bother now?

Thu, 04/01/2010 - 09:02 | 282866 RobotTrader
RobotTrader's picture

Today could be the day when the NY Composite breaks out to new highs.  Last night, most of Asia broke out to new annual highs.

Global Indexes and Futures

Thu, 04/01/2010 - 09:05 | 282869 Racer
Racer's picture

Looks like it is 'who cares about jobs or the lack of them' day again... jobs are not for the peasants, after all they have no money and the only thing that matters now is bonuses and how high can we make this go...

Thu, 04/01/2010 - 09:58 | 282916 Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

Same Depression, different day. We had a similar disconnect in the stock market too before its grind down.

 

Godspeed everyone.

Thu, 04/01/2010 - 10:01 | 282919 Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

Oh and holy FUCK have groceries gotten expensive. (You guys are my virtual buddies so here's my rant).

I have been buried in work for literally a couple of months and have been ordering in, buying groceries off Amazon, and only going to the convenience store.

 

I finally stumbled into a large grocery chain yesterday night and could not believe my eyes! Everything was up 20-25%!! Its not like I live in Manhattan either. Holy crap.

 

So my fellow Sara Connor syndrome sufferers, its weird to be kayaking amongst the boiled frogs, ain't it?

Thu, 04/01/2010 - 10:18 | 282941 Cognitive Dissonance
Cognitive Dissonance's picture

Did you notice the package sizes were reduced on average 19% without a similar price reduction over the past year?

Repeat after me, there is no food, energy or medical price inflation, there is no food, energy or medical price inflation, there is no.........

Thu, 04/01/2010 - 11:31 | 283073 dark pools of soros
dark pools of soros's picture

I found it is cheaper to just buy a good meal or two for $10-20 a day than to bother with the grocery store.. just hit the local produce for some apples or whatever that doesn't rot in a few days and sell your fridge

 

Mon, 04/12/2010 - 04:42 | 296097 mark456
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