Daily Highlights: 4.30.09

• Asian stocks advance as earnings improve, Greek debt crisis eases.
• Greece has agreed with the IMF and the EU to take additional austerity measures.
• Japan Household Spending, Wages rise as consumer prices tumble for the 13th month.
• Steel futures in Shanghai heading for biggest monthly drop since January on demand woes.
• UK consumer confidence falls to three-month low as election approaches.
• Yen weakens as Greece aid talks, economic outlook revive demand for yields.
• Barclays' Q1 net rises 29% to $1.7B, helped by growth at its investment banking operations.
• Brazil's Embraer posts Q1 net profit of $35.3M vs. year-ago loss of $23.4M.
• Bristol-Myers' Q1 profit rises 16%, but outlook slips on reform costs.
• China Construction Bank plans to raise $11B in Asia’s biggest-ever rights offer.
• Dr Horton's March results: $108M loss last year, $11M gain this year.
• Exxon posts 38% jump in Q1 profits, to $6.3B, on higher crude oil prices.
• Fiserv's Q1 earnings rose 17% to $121M on fewer charges and lower expenses.
• Goldman Sachs under scrutiny of Federal prosecutors reviewing suit by SEC.
• Kodak posts profit of $119M in Q1, helped by patent settlement proceeds. Revs up 31%.
• L'Occitane is said to raise $707M in first French IPO in Hong Kong.
• Metlife swings to $805M profit, reversing $574M loss year ago, on higher revs, invt returns.
• Motorola swung to Q1 profit of $69M on better performance at its networks, enterprise divisions. Total phone shipments fell 43% to 8.M.
• Regal Ent Q1 profit slides 23% to $21.3M on higher costs. Revs up 8.1% at $719.8M.
• Samsung Electronics' Q1 profit grew more than six fold to $3.6B on 21% rise in revs.
• Sunoco swings to Q1 loss of $63M on charges related to sale of chemical biz; but beats view.
• Symantec to buy two privately held email- and data-encryption companies for $370M cash.
• Takefuji Corp. sues Merrill Lynch for $309M, claiming failure to provide sufficient explanation of a financial transaction.
• Total SA's Q1 profit rose 14% to €2.61B as sales increased 25% to €37.6B.

Economic Calendar: Data on Employment Cost Index, Chicago PMI, Mich Sentiment to be released.

Earnings Calendar: AGN, AGP, AON, AXL, B, BYD, CEG, CVX, DHI, DISCK, JOUT, LPNT, NDAQ, NWL, SWIR, TOT, UNS, VFC.

RECENT RATING ACTIONS
STARWOOD HOTELS & RESORTS (HOT)
TEREX CORP (TEX)
ETHAN ALLEN INTERIORS INC (ETH)
MANITOWOC CO INC/THE (MTW)
FORTUNE BRANDS INC (FO)
DOW CHEMICAL CO/THE (DOW)
THERMO FISHER SCIENTIFIC (TMO)
HEWLETT-PACKARD CO (HPQ)
COMCAST CORP (CMCSA)
JONES APPAREL GROUP INC (JNY)
EI DU PONT DE NEMOURS & CO (DD)
PPL CORP (PPL)

Data provided by Egan-Jones Ratings and Analytics

Comments

[doublethink]

China's Bubble

According to multiple reports from Xinhua and China Daily, Beijing has just announced a one apartment per family rule. That's right. You can't have a second apartment. And this doesn't just mean mortgage-buyers. Cash buyers, too, can't buy multiples.

Read more: http://www.businessinsider.com/beijing-just-unveiled-uber-draconian-one-house-per-family-rules-to-curb-bubble-2010-4#ixzz0maVn8uvQ

[tip e. canoe]

look whats buried in Dodd's bill:

Subtitle G of the Dodd discussion draft bill requires that records be maintained and reported “for each branch, automated teller machine at which deposits are accepted, and other deposit taking service facility with respect to any financial institution, the financial institution shall maintain a record of the number and dollar amounts of deposit accounts of customers.”

http://biggovernment.com/capitolconfidential/2010/04/29/bailout-bill-wou...

(courtesy of george at urban survival)

sneaky bastards