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Daily Highlights: 5.27.10

Tyler Durden's picture




 
  • China to have surplus diesel and gasoline next year, accdg. to PetroChina
  • Europe crisis chokes Asia-Pacific loan market on concern exports to slump.
  • Hedge funds inflows to Asian managers will surge this year, accdg. to Barclays
  • Japanese exports increase for fifth month as Asian recovery boosts demand.
  • Asian shares gain as global sell-off eases; Won, Kiwi advance against Yen.
  • China's $300B sovereign fund will maintain investment in Eurozone, Xinhua says.
  • Oil rises a second day as Dollar's decline bolsters demand for commodities.
  • 7-Eleven Australia to buy 295 Exxon outlets to expand its retail presence for $247M.
  • Alcoa workers to picket over health-care cuts as contract deadline looms
  • American Eagle's Q1 net halves to $10.9M on losses from its failed MARTIN+OSA chain.
  • AutoNation authorizes additional $250M for share repurchases.
  • BofA, Citigroup incorrectly hid from investors billions of dollars of debt, documents show.
  • Coinstar sells e-payment services business to InComm for $40M.
  • Costco wholesale net income advances 46%, boosted by international stores
  • Foster's may be $11B takeover target after splitting wine and beer units.
  • GM to develop electric cars for India from Detroit, dropping Reva tie-up
  • Hertz and Avis are raising the pitch in their battle for car-rental rival Dollar Thrift.
  • Honda shuts down all China auto output as workers strike at parts factory.
  • Jo-Ann Stores beats by $0.22, posts Q1 EPS of $0.66. Revs rose 4.4% to $480.3M.
  • Lehman' bankruptcy estate sued JP Morgan, alleging it siphoned billions of dollars from
  • Lehman in the days before it collapsed.
  • Lenovo profit misses estimates on cost of returning to mobile business
  • Telefonica may win Vivo with higher bid as Portugal Telecom shifts stance
  • Toll Brothers' Q2 loss falls to $40.4M; believes a recovery in housing mkt is under way.
  • Verifone sees Q3 EPS of $0.29-0.30 (cons $0.28); revs of $245-250M (cons $235.62M).
  • Wal-Mart's Asda Chain Buys Netto's 193 U.K. Supermarkets for $1.13 Billion
  • Zale Corp. posted narrower Q3 loss of $12.1M on tax gain, slightly better margins.

Economic Calendar: Data on Continuing & Initial Claims to be released today.

Earnings Calendar: BGP, BH, BIG, COST, DLIA, DMND, GCO, GRO, HNZ, NOVL, RSC, TIF.

RECENT RATING ACTIONS
NATIONAL AUSTRALIA BANK LTD (NAB AU)
AUTOZONE INC (AZO)
SEAGATE TECHNOLOGY (STX)
REYNOLDS AMERICAN INC (RAI)
MOLSON COORS BREWING CO (TAP)
ALTRIA GROUP INC (MO)
ALTRIA GROUP INC (RAI)
EMC CORP/MASSACHUSETTS (EMC)
PHILLIPS-VAN HEUSEN CORP (PVH)
WILLIAMS COS INC/THE (WMB)
BAKER HUGHES INC (BHI)
CAMPBELL SOUP CO (CPB)

Data provided by Egan-Jones Ratings and Analytics

 

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Thu, 05/27/2010 - 08:32 | 376480 papaswamp
papaswamp's picture

oooo GDP and unemployment came out both to the ugly side...green shoots!

Thu, 05/27/2010 - 08:45 | 376492 doublethink
doublethink's picture

 

We're Fucked

 

"Before this recession it appeared that absent action, the government’s long-term commitments would become a problem in a few decades. I believe the government response to the recession has created budgetary stress sufficient to bring about the crisis much sooner. Our generation — not our grandchildren’s — will have to deal with the consequences."     -David Einhorn

 

http://www.nytimes.com/2010/05/27/opinion/27einhorn.html?ref=opinion

 

Thu, 05/27/2010 - 08:45 | 376493 ratava
ratava's picture

http://science.slashdot.org/story/10/05/27/0258245/Sudden-Demand-For-Logicians-On-Wall-Street

 

i love the tone of comments. slashdotters have always been quick to catch on.

Thu, 05/27/2010 - 09:32 | 376611 sumo
sumo's picture

After the Pentium floating point bug (http://en.wikipedia.org/wiki/Pentium_FDIV_bug),  Intel recruited mathematicians (formal methods experts) to help create provably correct software and chip designs.

Might be the same deal here: with so much at stake, the Quants may want to know that their algo software really does what they think it does, in all cases.

 

Thu, 05/27/2010 - 09:33 | 376614 johan404
johan404's picture

"China to have surplus diesel and gasoline next year, accdg. to PetroChina" ... please note that this depends on how much oil PetroChina will get, they've only increased refining capacity, not oil extraction or reserves.

Thu, 05/27/2010 - 12:24 | 377010 aaronvelasquez
aaronvelasquez's picture

Perhaps the surplus will be because they aren't using as much.

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