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Daily Highlights: 4.23.10

Tyler Durden's picture





 
  • Euro, Asian finance stocks fall on Greece concerns.
  • Eurostat agency suggested Greece's debt crisis is worse than investors believed.
  • Geithner harnesses G-20 behind Yuan push as India, Brazil raise pressure.
  • Greece may seek Euro-region bridge loan as $11.3B redemption looms.
  • Japan's bank minister not too keen on financial regulation.
  • Air China swings to profit in 2009 of $709.4M on fuel hedging gains.
  • Amazon.com's Q1 profit jumped 68% to $299M on a 46% rise in revs to $7.13B.
  • Amdocs announces $700M share repurchase program authorization.
  • American Express beats by $0.09, Q1 EPS at $0.73. Revs rose 11.5% to $6.61B.
  • Arthur J. Gallagher beats by $0.04, posts Q1 EPS of $0.28. Revs up 20.3% at $482.4M.
  • CenturyTel agreed to buy Qwest for $10.6B in stock- one of the biggest telecom deals in yrs.
  • Cheesecake Factory reports Q1 EPS of $0.31 (cons $0.26); revs up 3.2% at $405.4M.
  • Ericsson reported a 27% drop in 1Q profit.
  • Fairfax plans to maintain its holdings in Wells Fargo and US Bancorp – CEO Watsa
  • Honda plans to sell its Insight and CRZ hybrid models in China by 2012 - CEO Ito
  • J.M. Smucker raises its quarterly dividend to $0.40 from $0.35/sh.
  • Johnson Controls improved from a $193M loss last year to a $271M gain this year.
  • Kia Motors' Q1 profit quadrupled to $358M on stronger sales.
  • Macarthur Coal grants Peabody Energy Corp. access to a data room to conduct due diligence.
  • Microsoft's Q3 profit grew 35% helped by release of Windows 7 operating system.
  • NCR Corp.'s Q1 loss widens to $2+M on pension expenses. Revs up 2% at $1.03B.
  • Nissan will raise production capacity by almost 70% in China even as it expects sales growth to slow.
  • Pfizer discontinues Phase 3 trial of Sutent in advanced hepatocellular carcinoma.
  • Phillips-Van Heusen announces pricing of its 5M common stock issue at $66.50/sh.
  • US Airways discontinues merger talks with United after "several months" of discussions.
  • Xerox's March net income declined from a $42M gain last year to a $42M loss this year.

Economic Calendar: Data on Durable Orders, New Home Sales to be released today.

Earnings Calendar: CMS, CTIC, DOV, E, EXC, HON, IR, JCI, MDC, SLB, TASR, TROW, UBCP, XRX.

RECENT RATING ACTIONS

UNITED RENTALS INC (URI)
PACKAGING CORP OF AMERICA (PKG)
VERIZON COMMUNICATIONS INC (VZ)
QWEST COMMUNICATIONS (Q)
BIOGEN IDEC INC (BIIB)
TUPPERWARE BRANDS CORP (TUP)
CENTURYTEL INC (CTL)
MORGAN STANLEY (MS)
ELI LILLY & CO (LLY)
NABORS INDUSTRIES LTD (NBR)
KEYCORP (KEY)
EASTMAN KODAK CO (EK)

Data provided by Egan-Jones Ratings and Analytics

 


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Fri, 04/23/2010 - 08:43 | Link to Comment suteibu
suteibu's picture

FM Kan is Japan's Geithner.  Postal Reform minister Kamei runs the Postal Bank. They want to double the deposit limits of the Post Bank so they has access to more of those sweet, sweet Japanese savings that everybody keeps talking about to swap for JGBs to finance an historic budget.  The last thing they want is more regulations on their activities.  Besides, Goldman assured the Japanese that they didn't sell any of that fraudu....er...toxi...eh... AH!...disputed assets in Japan so no need to worry there.

Kan's latest proposal is to lower the corporate tax rate and pay for that by doubling the consumption tax because, according to the IMF, Japan needs to spur consumption.  Still can't figure out how that works but I'm sure Kan can.  And besides, he talks to Geithner ALLLLLL the time.

Fri, 04/23/2010 - 08:31 | Link to Comment viator
viator's picture

The real news of the day..

Unadjusted Year Over Year: Producer Price Index Up 6.1%

http://jessescrossroadscafe.blogspot.com/2010/04/unadjusted-producer-pri...

 

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