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Daily Highlights: 5.12.10
- Argentina backs off $1B global bond sale plan after surge in yields.
- Asian stocks rise on Toyota profit forecast, record gold price.
- European stocks rise as earnings reports outweigh national deficit concern.
- German economy unexpectedly grew in first quarter on exports, investments.
- Gold climbs to record for second day as Euro risk fuels demand.
- Osborne to set out $9B in emergency UK budget cuts within 50 days.
- Barclays agreed to settle a lawsuit in Singapore with Pagoda Partners for failing to a S$365,000 ($264,000) fee for a banker it hired from Merrill Lynch
- Church & Dwight Co.'s Q1 earnings rose 28% to $80M on improved sales and margins.
- E.ON AG's Q1 net falls 7.3% to €2.28B on €900M in impairment charges. Revs up 1.1%.
- easyJet posted a narrower net loss in H1, lowers FY f'casts on disruption to air travel from volcanic activity in Iceland.
- Electronic Arts reports Q4 EPS of $0.07 (cons $0.05); revs rose 39.6% to $850M.
- Electronic Arts sees April industry sales down sharply.
- Blackstone, Thomas H. Lee Partners and TPG Capital are in talks to pay more than $15 billion including debt for Fidelity National Information Services.
- French-Belgian bank, Dexia SA's, Q1 net down 14% at €216M; exposure to Greece at €3.7B.
- GM may return to auto-lending business more than 3 years after selling control of GMAC.
- Google in talks with Verizon to develop a tablet computer to compete with iPad.
- Group incl Blackstone, in talks to pay more than $15B including debt for Fidelity National Information Services Inc.
- ING posts first-quarter profit of $1.68B, beating analyst estimates.
- InterContinental Hotels' Q1 net doubled to $54M as revs rose 3.1% to $362M.
- Massey Energy receives court approval to acquire Northern Appalachia coal reserves.
- Morgan Stanley denies allegations it misled mortgage-derivatives investors.
- Nissan posts $125M Q4 loss; analysts estimated profit.
- Triad Guaranty Q1 loss narrows to $27.8M; Needs $733M (up 17%) more for obligations.
- Walt Disney beats by $0.02, reports Q2 EPS of $0.48. Revs rose 6.1% to $8.58B.
Economic Calendar: Data on Trade Balance, Crude Inventories & Treasury Budget to be released.
Earnings Calendar: BRFS, CACH, COWN, CPII, CSCO, DRYS, DT, HELE, IOC, JACK, KELYA, M, SMI, SPTN, STS, SUPX, TSEM, UPG, WFMI, XRIT.
RECENT RATING ACTIONS
BECTON DICKINSON AND CO (BDX)
ASSURED GUARANTY LTD (AGO)
DEAN FOODS CO (DF)
BANK OF NEW YORK MELLON (BK)
PRICELINE.COM INC (PCLN)
EXCO RESOURCES INC (XCO)
LEGG MASON INC (LM)
FERRO CORP (FOE)
DISH NETWORK CORP (DISH)
INTERPUBLIC GROUP OF (IPG)
LOUISIANA-PACIFIC CORP (LPX)
CBS CORP (CBS)
Data provided by Egan-Jones Ratings and Analytics
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http://www.nytimes.com/reuters/2010/05/12/business/business-us-markets-stocks.html?_r=2
No mention of the Spanish public's reaction.
"European stocks rise as earnings reports outweigh national deficit concern."
Hilarious!
"Morgan Stanley denies allegations it misled mortgage-derivatives investors"
Like anyone expects a banker to tell the truth or admit they commited fraud? LOL
One of the items MS was selling that is being investigates was named after Andrew Jackson....per CNBC
Irony can be so ironic, eh?
Good afternoon / evening wherever you may be.
I think, as a new member, it is only polite to introduce myself prior to posting around.
I am based in Europe, worked on the markets from 1976-1996, trading precious metals, t-bonds, currencies and the S&P 500.
Funnily enough, I gave up because I thought things (hedge funds) were getting out of hand.
Little did I know......
What a mess. But how clever "the boys" have been.
I enjoy reading all your comments and will not be a prolific poster...I am just glad to have found a "home" in which a lot of my thoughts are echoed/pre-empted by more perceptive observers.
Good luck to all. We are all going to need it.
best wishes
Maddeafandblind