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Daily Highlights: 6.22.10
- Asian, European stocks fell for the first time in 9 days; Euro weakened against Yen.
- German business confidence rises on increased export expectations.
- US home sales likely to weaken with the end of the tax credits: Bloomberg
- Japan targets balanced budget by 2020 to contain debt.
- Oil declines as optimism fades over boost to global economy from Yuan plan.
- Russia cut natural gas supplies to Belarus after Minsk failed to pay off debts.
- Aegon says it will explore strategic options for its life reinsurance business, incl sale.
- Barnes & Noble, Amazon cut prices of their e-reader in competition to iPad.
- California Pizza lowers Q2 EPS view to $0.10-0.15 (prev $0.24-0.26) on lower sales.
- Carlsberg expects Russian beer sales to fall by 10-13% this year, on hike in beer taxes.
- Covidien announces pricing of $1.5B senior notes offering.
- FTC to suspend administrative trial proceedings against Intel. Weigh possible settlement.
- Gazprom sees gas export revenue rising to more than $45B this year.
- Lockheed Martin: US Defense awards $5B contract for logistics support services.
- PetSmart to repurchase $400M of shares.
- Ralcorp Holdings Inc. agreed to buy American Italian Pasta Co. for $1.2B.
- Samsung Mobile to invest about $2.1B in new production line for mobile-phone displays.
- Sonic Corp.'s reported a 35% drop profits at $11M; revenue slumped 19% to $145.9M.
- Station Casinos Judge refuses to block bankruptcy auction.
- Steelcase misses by $0.02, posts Q1 loss of $0.08/sh. Revs fell 0.7% to $541.8M.
- Toyota suspends prodn at a plant in southern China due to worker strikes.
Economic Calendar: Data on Existing Home Sales, FHFA Housing Price Index to be released.
Earnings Calendar: ADBE, APOG, CCL, FLOW, FUL, JBL, JEF, PALM, RHT, SXE, WAG.
RECENT RATING ACTIONS
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Data provided by Egan-Jones Ratings and Analytics
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"Japan targets balanced budget by 2020 to contain debt."
Indeed...
How does someone say that with a straight face? That has to be one of the funniest/saddest statements I have ever read. They need to be like the US- just stop trying.
WTF....no Minsky Pinsky????
BP rebalancing its budget with a horribly falling share price turning it radioactive to all who touched it.
Housing in the US just gives up any pretence.
The Brits about to make Austerity a word to be feared with a Budget that shakes down everyone
and the markets (like me) are weary of the hype that fails to turn a friendly card.
Other than that - Lets make some money by keeping it in our pockets.
You should write something up on BDIY (Baltiic Dry Bulk Index)
which has declined for 18 days in a row.
nice link to Roubini on catch-22 of fiscal austerity + opinions on deflation http://wallstbeat.com/
1) On Feb. 13, BP told the minerals service it was trying to seal cracks in the well about 40 miles (64 kilometers) off the Louisiana coast, drilling documents obtained by Bloomberg show. Investigators are still trying to determine whether the fissures played a role in the disaster.
The company attempted a “cement squeeze,” which involves pumping cement to seal the fissures, according to a well activity report. Over the following week the company made repeated attempts to plug cracks that were draining expensive drilling fluid, known as “mud,” into the surrounding rocks.
2) In early March, BP told the minerals agency the company was having trouble maintaining control of surging natural gas, according to e-mails released May 30 by the House Energy and Commerce Committee, which is investigating the spill.
3) On March 10, BP executive Scherie Douglas e-mailed Frank Patton, the mineral service’s drilling engineer for the New Orleans district, telling him: “We’re in the midst of a well control situation.”
http://www.bloomberg.com/news/2010-06-17/bp-struggled-with-cracks-in-gul...
Russia cut natural gas supplies to Belarus after Minsk failed to pay off debts
GO FOR THE EYES, BOO