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Daily Highlights: 4.13.10

Tyler Durden's picture




 
  • Asia stocks, metals decline as Alcoa sales miss estimates; Yen strengthens.
  • China may float Yuan by June 30, avoid one-off revaluation, Bloomberg survey.
  • China's biggest banks face $70B capital shortfall, ICBC's Yang says.
  • Global IT spending expected to rise 5.3% in 2010 - Gartner.
  • Hu says China to follow own path on Yuan as Obama pushes for 'market' rate.
  • Profits for big banks dimmed by home-equity loan loss seen at $30B
  • World oil demand to hit record high this year
  • Yen strengthens on speculation demand at Greece's debt auction to be weak.
  • Alcoa's Q1 misses est., revs up 18% at $4.89B (cons $5.23B); posts a loss of $201M.
  • Ambac Fincl posts Q4 net of $558.1M, reflecting a tax benefit & unrealized derivative gains.
  • Apache Corp to buy Devon Energy assets in Gulf of Mexico for $1.05B.
  • Boots & Coots to be bought by Halliburton Co. for about $240.4M in stock and cash.
  • California Pizza Kitchen is reviewing options including a possible sale.
  • ConocoPhillips to form U.A.E. alliance to bid for Caspian Oil gas fields
  • CF Industries sees Q1 sales below cons expectations on a 6% drop in volume.
  • CVS to double number of in-store clinics after Health-Care Law
  • Dollar General files for 22M share common stock offering.
  • DSG gains on speculation TV and Computer chain may be target for Home Retail
  • DynCorp Intl agreed to be acquired by Cerberus Capital for about $1.5B, incl. debt.
  • Fujifilm forecasts 10% growth at medical unit on emerging-market demand
  • Harrah's debt soars to highest level since buyout as gambling slump eases
  • Infineon Q2 seen better than expected, will up FY guidance.
  • LVMH shares surge to highest in 10 years on Louis Vuitton and champagne cales
  • Macarthur: Arcelor undecided on Gloucester deal.
  • Maxim Integrated to acquire privately held Teridian Semiconductor Corp. for $315M cash.
  • Popular Inc sees Q1 net loss of $85M, narrowing from Q4 loss of $213.2M.
  • Sinopec agrees to buy ConocoPhillips's stake in Syncrude for $4.65B.

Economic Calendar: Data on Export-Import Prices, Trade Balance to be released today.

Earnings Calendar: BDCO, CSX, FAST, HCSG, INTC, LLTC, OKSB, PACW, TLB, WABC.

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Data provided by Egan-Jones Ratings and Analytics

 

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Tue, 04/13/2010 - 08:42 | 297915 Kina
Kina's picture

"Global IT spending expected to rise 5.3% in 2010 - Gartner."

 

I keep seeing that but I wonder have they considered that cash strapped governments and states will be winding back their IT budgets, sticking with what they have rather than go through the usual progression?

Tue, 04/13/2010 - 08:49 | 297926 jesusonline
jesusonline's picture

There was some news in the morning about Democratic Party of Japan wanting to conjure up a bill about fighting deflation (which they have been trying for the last 20+ years, i guess). They want to make Bank of Japan and Ministry of Finance to use all means necessary and, if needed, devalue yen up to the tune of 110 - 120. This info was on Reuters i think.

Tue, 04/13/2010 - 09:02 | 297942 aldousd
aldousd's picture

On Bloomberg last night they showed whatshisname the japanese finance minister saying they were 'researching how raising taxes might be used to fight deflation' adding that once they figured something out they'd 'start seeking public support.'  Does that sound like throwing darts to you?  Though, admittedly they can probably withstand austerity better than Greece, it didn't sound like they planned to stop stimulus, but just raise taxes in addition.  Robin Hood anyone?

Tue, 04/13/2010 - 09:11 | 297957 suteibu
suteibu's picture

That's correct.  They want to raise the consumption tax and pump another 1 trillion yen stimulus into the economy.  They have doubled education allowances for every child from K thru HS...even for children who don't actually live in Japan.  The pension funds will be net sellers of J-bills so they raised the limits on deposits into the Japan Post Bank to create a larger pool of private savings to finance the scheme. 

Tue, 04/13/2010 - 09:05 | 297946 suteibu
suteibu's picture

FM Kan has made that his goal, brokered a meeting between PM Hatoyama and BOJ Gov. Shirakawa last week to coordinate efforts, and has been mentioned as Hatoyama's successor by Kozo Watanabe, influencial DPJ operative.  Hatoyama has been tanking in the polls over about every issue he faces.  Our friend Richard Koo and RENGO, the largest union in Japan, have the ear of the BOJ and the Hatoyama administration.  The situation there mirrors that of the US.  They've all gone globalist.  Who knows what they will do to try to weaken the yen.

Tue, 04/13/2010 - 08:56 | 297936 nedwardkelly
nedwardkelly's picture

"World oil demand to hit record high this year"

That's probably the most important point on the list. Demand still hitting record highs, production - not so much.

Demand is at record highs with the conomy in the shitter, things will be fun if the 'global engine' gets humming again.

Tue, 04/13/2010 - 10:20 | 298054 Hulk
Hulk's picture

It's probably the most important point on the list

It is the most important item on the list.

Gasoline consumption in China up 27% for Jan, YOY. The shit is about to hit the fan. No QE for peak oil. Prepare for resource wars, they are a coming......

Tue, 04/13/2010 - 10:35 | 298074 jesusonline
jesusonline's picture

Here it is:

Yen slides, Japan party panel says seeks 120 yen

LONDON, April 13 (Reuters) - The yen slipped against the dollar and other currencies on Tuesday after a draft by a panel of Japan's ruling party said it should try to keep the dollar's level against the yen around 120 yen.

http://www.reuters.com/article/idUSLDE63C0FX20100413

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