This page has been archived and commenting is disabled.

Daily Highlights: 5.3.09

Tyler Durden's picture




 
  • BP PLC is being hit by massive losses from the spill.
  • CAN Financial's March results: $226M loss last year and $245M gain this year.
  • Continental and United announce a merger.
  • Glencore considering a merger with Xstrata.
  • Goldman is being defended by Buffett.
  • ITT's March net income declined from $184M last year to $146M this year.
  • Sysco's March net income rose from $226M last year to $248M this year.

RECENT RATING ACTIONS

PNC FINANCIAL SERVICES (PNC)
CONTINENTAL AIRLINES INC (CAL)
NEWELL RUBBERMAID INC (NWL)
SCHLUMBERGER LTD (SLB)
STARWOOD HOTELS & RESORTS (HOT)
KELLOGG CO (K)
BP PLC (BP/ LN)
CONSOL ENERGY INC (CNX)
TRINITY INDUSTRIES INC (TRN)
ETHAN ALLEN INTERIORS INC (ETH)
MANITOWOC CO INC/THE (MTW)
FORTUNE BRANDS INC (FO)

Data provided by Egan-Jones Ratings and Analytics

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 05/03/2010 - 08:16 | 328886 Sudden Debt
Sudden Debt's picture

BP had 266B in revenues (ttm). Then the next line shows they had $2.65 per shr (ttm)... Anybody know why such a descrepency??? They only have 3.13B shrs outstanding... I assume their revenues were 266B ttm... I realize, they pay a decent dividend... But, with that much revenue. They are in piss poor shape financially... It shows they only have $6.8B in cash... With $32B debt.. It looks like somebody has been doing a piss poor job of running this Co. all along... With where oil prices have been for the last 2 yrs.. They must have just been giving the money away, for them to still have a $32B debt??? When looking at their revenues, you would think... While its devestatings to those states effected, it really wouldn't be that big a deal to BP... Yet, when you see they don't have but $6.8B cash... They may end up in a financial bind, before all this plays out... Lets just hope they get that well capped before long... If they don't get it capped this wk, which it don't look like is going to happen...I don't care what nobody says.. I don't want to own it at any price...

Mon, 05/03/2010 - 08:53 | 328932 colorfulbliss
colorfulbliss's picture


'end up in a financial bind'. Ha! That may well be the understatement of the year! I'll be surprised if they remain a corp beyond this summer.

Mon, 05/03/2010 - 09:27 | 328963 Popo
Popo's picture

This thing is a black swan moving in slow motion.   Latest estimates are that economic damage will "exceed Katrina".

Can I get a 'holy shit'?

Have the markets priced in the equivalent of a second cat-5 hitting the gulf coast?  How about cat-5 plus?

 

 

Mon, 05/03/2010 - 10:55 | 329065 dark pools of soros
dark pools of soros's picture

how do you price in another chernobyl??

 

Mon, 05/03/2010 - 11:37 | 329121 Oso
Oso's picture

have the markets priced in the fact that hurricane season starts in a few weeks?  any bets on when the entire gulf coast goes up in flame from an errant lightning strike?

Mon, 05/03/2010 - 12:16 | 329175 Popo
Popo's picture

Actually I've been wondering how an oil spill affects water temperatures.   Black stuff, spread across tens of thousands of square miles of water, soaking up the sun... Seems like it would increase the possibility of hurricane formation.  ...But I am most certainly not an expert on the subject. 

Mon, 05/03/2010 - 16:13 | 329584 omi
omi's picture

Compare income with 32B of debt. It's not short term debt either, it's a mix of long and short-term debt. That's 1:4.7 which is fine.

Mon, 05/03/2010 - 19:18 | 329865 doublethink
doublethink's picture

 

Goodbye Margaritaville

 

GULFPORT, Miss. — Scientists say the Gulf oil spill could get into the what's called the Loop Current within a day, eventually carrying oil south along the Florida coast and into the Florida Keys.

Nick Shay, a physical oceanographer at the University of Miami Rosenstiel School of Marine and Atmospheric Science, said Monday once the oil enters the Loop Current, it likely will end up in the Keys and continue east into the Gulf Stream.

Shay says the oil could affect Florida's beaches, coral reefs, fisheries and ecosystem within a week.

 

http://www.huffingtonpost.com/2010/05/03/oil-spill-to-hit-florida-_n_561...

 

Mon, 05/03/2010 - 08:19 | 328888 E pluribus unum
E pluribus unum's picture

On the bright side, it looks like unemployment in Louisiana, Mississippi and Florida will drop to zero while every avaailable hand is out there scrubbing greasy pelicans

Mon, 05/03/2010 - 08:23 | 328891 ZackAttack
ZackAttack's picture

What a clusterf*ck.

Hoping BP gets torn apart by piranha.

Mon, 05/03/2010 - 08:27 | 328894 LoneStarHog
LoneStarHog's picture

We Report, You Decide -- FauxNews

 

May 1, 2010

US Orders Blackout Over North Korean Torpedoing Of Gulf Of Mexico Oil Rig

By: Sorcha Faal, and as reported to her Western Subscribers

A grim report circulating in the Kremlin today written by Russia’s Northern Fleet is reporting that the United States has ordered a complete media blackout over North Korea’s torpedoing of the giant Deepwater Horizon oil platform owned by the World’s largest offshore drilling contractor Transocean that was built and financed by South Korea’s Hyundai Heavy Industries Co. Ltd., that has caused great loss of life, untold billions in economic damage to the South Korean economy, and an environmental catastrophe to the United States.

Most important to understand about this latest attack by North Korea against its South Korean enemy is that under the existing “laws of war” it was a permissible action as they remain in a state of war against each other due to South Korea’s refusal to sign the 1953 Armistice ending the Korean War.  

To the attack itself, these reports continue, the North Korean “cargo vessel” Dai Hong Dan believed to be staffed by 17th Sniper Corps “suicide” troops left Cuba’s Empresa Terminales Mambisas de La Habana (Port of Havana) on April 18th whereupon it “severely deviated” from its intended course for Venezuela’s Puerto Cabello bringing it to within 209 kilometers (130 miles) of the Deepwater Horizon oil platform which was located 80 kilometers (50 miles) off the coast of the US State of Louisiana where it launched an SSC Sang-o Class Mini Submarine (Yugo class) estimated to have an operational range of 321 kilometers (200 miles).

On the night of April 20th the North Korean Mini Submarine manned by these “suicidal” 17th Sniper Corps soldiers attacked the Deepwater Horizon with what are believed to be 2 incendiary torpedoes causing a massive explosion and resulting in 11 workers on this giant oil rig being killed outright.  Barely 48 hours later, on April 22nd , this North Korean Mini Submarine committed its final atrocity by exploding itself directly beneath the Deepwater Horizon causing this $1 Billion oil rig to sink beneath the seas and marking 2010’s celebration of Earth Day with one of the largest environmental catastrophes our World has ever seen.

To the reason for North Korea attacking the Deepwater Horizon, these reports say, was to present US President Obama with an “impossible dilemma” prior to the opening of the United Nations Review Conference of the Parties to the Treat on the Non-Proliferation of Nuclear Weapons (NPT) set to begin May 3rd in New York.

This “impossible dilemma” facing Obama is indeed real as the decision he is faced with is either to allow the continuation of this massive oil leak catastrophe to continue for months, or immediately stop it by the only known and proven means possible, the detonation of a thermonuclear device.

Russian Navy atomic experts in these reports state that should Obama choose the “nuclear option” the most viable weapon at his disposal is the United States B83 (Mk-83) strategic thermonuclear bomb having a variable yield (Low Kiloton Range to 1,200 Kilotons) which with its 12 foot length and 18 inch diameter, and weighing just over 2,400 pounds, is readily able to be deployed and detonated by a remote controlled mini-sub.

Should Obama choose the “nuclear option” it appears that he would be supported by the International Court of Justice who on July 8, 1996 issued an advisory opinion on the use of nuclear weapons stating that they could not conclude definitively on these weapons use in “extreme circumstances” or “self defense”.

On the other hand, if Obama chooses the “nuclear option” it would leave the UN’s nuclear conference in shambles with every Nation in the World having oil rigs off their coasts demanding an equal right to atomic weapons to protect their environment from catastrophes too, including Iran.  

To whatever decision Obama makes it remains a fact that with each passing hour this environmental catastrophe grows worse. And even though Obama has ordered military SWAT teams to protect other oil rigs in the Gulf of Mexico from any further attack, and further ordered that all drilling in the Gulf of Mexico be immediately stopped, this massive oil spill has already reached the shores of America and with high waves and more bad weather forecast the likelihood of it being stopped from destroying thousands of miles of US coastland and wildlife appears unstoppable.

And not just to the environmental catastrophe that is unfolding the only devastation to be wrecked upon the United States and South Korea by this North Korean attack as the economic liabilities associated with this disaster are estimated by these Russian reports to be between $500 Billion to $1.5 Trillion, and which only a declaration of this disaster being an “act of war” would free some the World’s largest corporations from bankruptcy.

Important to note too in all of these events was that this was the second attack by North Korea on its South Korean enemy, and US ally, in a month as we had reported on in our March 28th report titled “Obama Orders ‘Immediate Stand-down’ After Deadly North Korean Attack” and which to date neither the Americans or South Korea have retaliated for and giving one senior North Korean party leader the courage to openly state that the North Korean military took “gratifying revenge” on South Korea.

And for those believing that things couldn’t get worse, they couldn’t be more mistaken as new reports coming from Japanese military sources are stating that North Korea is preparing for new launches of its 1,300 kilometer (807 miles) intermediate range ballistic “Rodong” missile which Russian Space Forces experts state is able to “deploy and detonate” an atomic electromagnetic pulse (EMP) device, and which if detonated high in the atmosphere could effectively destroy the American economy for years, if not decades, to come.   

© May 1, 2010 EU and US all rights reserved

Mon, 05/03/2010 - 08:36 | 328907 Sudden Debt
Sudden Debt's picture

Inlist every unemployed, homeless American and send them over there to kick some ass!

 

Mon, 05/03/2010 - 08:39 | 328910 docj
docj's picture

Well, it sure solved FDR's nagging problem with the "permanent" unemployed.  No?

Mon, 05/03/2010 - 08:43 | 328918 Sudden Debt
Sudden Debt's picture

And it helps decrease the surplus population like scrooge would say :)

Mon, 05/03/2010 - 08:48 | 328926 docj
docj's picture

Indeed it did.

Cheers -

Mon, 05/03/2010 - 09:29 | 328967 Albatross
Albatross's picture

What is this another Putinisque intelligence job trying to

manic markets and some ultra right wing hacks in the US?

 

Look, I'm not defending one nation over another, but claiming

North Korea torpedoed friggin oil rig off Lousiana shore is

plain ridiculous.

 

Mon, 05/03/2010 - 08:28 | 328895 Modus
Modus's picture

agreed

Mon, 05/03/2010 - 08:31 | 328902 docj
docj's picture

Goldman is being defended by Buffett.

Translation: I'm not going down for you killing Jojo the tire man!

Ref: http://www.script-o-rama.com/movie_scripts/b/bad-boys-script-transcript-bay.html

Mon, 05/03/2010 - 08:42 | 328911 Tipo anónimo
Tipo anónimo's picture

Wrong thread

Mon, 05/03/2010 - 08:41 | 328913 Herne the Hunter
Herne the Hunter's picture

Greece is NOT bankrupt, I repeat NOT bankrupt!

"Katla is NOT erupting and there are NO indications that Katla is about to erupt. Information on this page is for the Eyjafjallajökull eruption."

http://hraun.vedur.is/ja/Katla2009/gosplott.html

Mon, 05/03/2010 - 08:45 | 328922 SWRichmond
SWRichmond's picture

An oil company is losing money?  Bail them out, what the hell are we waiting for?

Mon, 05/03/2010 - 08:50 | 328929 Hephasteus
Hephasteus's picture

Only a couple more days till the internet pukes it's guts out all over everything.

http://www.itnews.com.au/News/173412,warning-why-your-internet-might-fai...

Mon, 05/03/2010 - 10:05 | 329011 snowball777
snowball777's picture

Calm thyself. DNSSEC is a GoodThingTM. 

Unless you like typing your CC numbers into Russian mob facades of your favorite sites.

Mon, 05/03/2010 - 12:07 | 329164 Hephasteus
Hephasteus's picture

I know it's a good thing. Probably stolen from the best minds around and then implimented by the biggest fuckups in the known world who work for all the big computer company. Tell me Dell, HP, Compaq and Cisco can't find some way to screw this pooch.

Mon, 05/03/2010 - 12:25 | 329186 doublethink
doublethink's picture

 

Representative Alan Grayson Wants Your Help

 

http://www.dailykos.com/storyonly/2010/5/3/863080/-Who-Got-Our-$1,000,000,000,000

 

Mon, 05/03/2010 - 15:56 | 329559 Grand Supercycle
Grand Supercycle's picture

DOW/SP500 intra day chart gives bullish signal.
Interesting ...

MARKET UPDATES:
http://www.zerohedge.com/forum/latest-market-outlook-0

Do NOT follow this link or you will be banned from the site!