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Daily Highlights: 7.29.09

Tyler Durden's picture





 
  • Home Prices in US cities post monthly rise; consumer confidence declines.
  • Japan stocks edge up amid corporate earnings, investors await US GDP data.
  • Shanghai's index fell by 5% on disappointing corporate profits, lower commodity prices.
  • US dollar mostly higher, gold falls in European morning trading.
  • Akzo Nobel 2nd quarter net profit down 13 percent to $220M, shares rise on margins.
  • AIG unit keeps $2.4B from asset sales as taxpayers wait for payment.
  • American Fincl ups FY09 EPS f'cast to $3.80-4.10 from prev. view of $3.70-4.00.
  • Arcelor Mittal misses by $0.36, reports revs in-line; expects 3Q09 EBITDA of 1.4-1.8B.
  • Baxter announces a $2B share repurchase program.
  • Bayer reports Q2 profit of $757 million, down slightly from year ago.
  • Cadbury profit rises to $513 million on gain from beverage business.
  • Chinese construction company, world's biggest IPO of 2009, soars as trading starts.
  • Daimler has Q2 loss of $1.51 billion, result beats analyst estimates.
  • Ecolab beats by $0.02, posts Q2 EPS of $0.50. Revs fall 8.2% to $1.44B.
  • GM, GMAC are eyeing an Aug. 1 return to the auto-leasing market.
  • Honda's profit plunges to $79.8M but raises full-year forecasts.
  • IBM to buy SPSS for $1.2B ($50-a-share).
  • Office Depot posts Q2 loss of $82M, higher than expected; Revs slip 22% to $2.8B.Las
  • Vegas-based Station Casinos filed for bankruptcy protection.
  • Nissan reports 16.5 billion yen loss in fiscal first quarter, notes some recovery signs.
  • Peugeot Citroen posts H1 net loss of $1.37 billion: sees industry slump through 2010.
  • Qwest's June net income rose from $188M to $212M.
  • Sanofi-Aventis ups Y09 EPS f'casts after reporting a 4.9% rise in Q2 net.
  • Sprint Nextel unveiled a $420M deal to acquire Virgin Mobile USA.
  • Tata Steel first-quarter net declines to $163 million on lower prices.
  • Time Warner's 2nd-quarter profit tumbles 34 percent to $519 million as revenue drops.
  • Time Warner Cable 2Q profit rises to $316 million on higher subscription revenue.
  • US Steel Corp. f'casts a third straight loss for the current qtr. Q2 loss at $392M.
  • Universal Health raises EPS guidance for FY09 to $4.40-4.55 vs. cons. est. $4.17.
  • Valero Energy Corp. swung to a Q2 loss of $254M as revs slid 51% to $17.9B.
  • Viacom Inc.'s Q2 profit fell 32% to $277M on weakness in its media networks.

Recent Egan-Jones Actions
TEXTRON INC (TXT)
ECOLAB INC (ECL)
BE AEROSPACE INC (BEAV)
OFFICE DEPOT INC (ODP)
AMGEN INC (AMGN)
OLIN CORP (OLN)
CRANE CO (CR)
NORTHROP GRUMMAN CORP (NOC)
RADIOSHACK CORP (RSH)
CORNING INC (GLW)
AMETEK INC (AME)
AGILENT TECHNOLOGIES INC (A)
VERIZON COMMUNICATIONS INC (VZ)

Data provided by: Egan-Jones Ratings And Analytics

 


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Wed, 07/29/2009 - 09:06 | Link to Comment Anonymous
Wed, 07/29/2009 - 09:24 | Link to Comment Anonymous
Wed, 07/29/2009 - 14:57 | Link to Comment brandy night rocks
brandy night rocks's picture

Maybe some of the difference is due to Ben having paid his federal income taxes in prior years, the silly rabbit.

Wed, 07/29/2009 - 14:57 | Link to Comment brandy night rocks
brandy night rocks's picture

double

Wed, 07/29/2009 - 09:12 | Link to Comment slore
slore's picture

economic calendar: 

MBA Purchase Applications, Durable Goods Orders, Beige book, EIA Petroleum status

Wed, 07/29/2009 - 09:28 | Link to Comment Arm
Arm's picture

All are coming in worse than expected.   Let them turn off the bots and see where we come in at the end of the day

Wed, 07/29/2009 - 09:15 | Link to Comment Anonymous
Wed, 07/29/2009 - 09:37 | Link to Comment Arm
Arm's picture

Look at that opening bell drop.   They must really need to get more buyers for the bond issue

Wed, 07/29/2009 - 09:20 | Link to Comment buzzsaw99
buzzsaw99's picture

Bag of shame gone? Yay!

Wed, 07/29/2009 - 09:21 | Link to Comment john bougerel
john bougerel's picture

Tyler,

 

That was the best damn disclaimer I ever read.

 

To paraphrase, relying on ZH as a childern's party clown will result in will result in civil and criminal actions naming me as the defendant.

Wed, 07/29/2009 - 10:18 | Link to Comment mdtrader
mdtrader's picture

Unstoppable bulls now. I reckon they would still be buying even if the 4 minute warning was sounding. Astonished to see them bid up on the back of minus 5% China, oil, gold down, euro down ect.

Wed, 07/29/2009 - 10:09 | Link to Comment Anonymous
Wed, 07/29/2009 - 10:14 | Link to Comment Mos
Mos's picture

Ouch at China market, did the bubble just prick or is this a minor pullback?

Wed, 07/29/2009 - 10:19 | Link to Comment mdtrader
mdtrader's picture

Rumours of stimulus being pulled.

Wed, 07/29/2009 - 10:51 | Link to Comment Gilgamesh
Gilgamesh's picture

Pricked.  There's probably more updated stories about it by now, but this was from overnight:

 

http://www.forbes.com/feeds/afx/2009/07/28/afx6712186.html

 

Every Shanghai IPO listed this year (which were 1000000x oversubscribed and opened up 800%) is now trading under its IPO price.  Bubble, what bubble?  China's going to grow the world back into a boom...

Wed, 07/29/2009 - 11:10 | Link to Comment mdtrader
mdtrader's picture

So crude is down about 7% since yesterday's high, on the back of China being down 5% overnight, and the US stocks barely flinch. Something is not right.

Wed, 07/29/2009 - 11:37 | Link to Comment mdtrader
mdtrader's picture

Looking for S&P 960, perhaps 942 if things turn ugly.

Wed, 07/29/2009 - 11:49 | Link to Comment KC
KC's picture

July 29 (Bloomberg) -- Goldman Sachs Group Inc., the bank that makes the most money from commodities, fixed-income and currency trading, said attempts to curb speculation may be “disruptive” to markets.

“The role that is played by non-traditional participants such as index investors and other financial participants often has been mischaracterized,” Don Casturo, a Goldman Sachs managing director, said today at a Commodity Futures Trading Commission hearing in Washington.

The testimony to CFTC Chairman Gary Gensler, a former Goldman Sachs employee, is part of the second day of hearings on excessive market speculation and how to respond. Gensler, who said yesterday that speculators contributed to a commodity “asset bubble,” is considering new position limits in energy markets after crude oil futures rose to a record $147.27 a barrel in 2008 on the New York Mercantile Exchange.

 

GS just infests everything............

Wed, 07/29/2009 - 11:57 | Link to Comment Soldier of Fortune
Soldier of Fortune's picture

I smell GDP manipulation.

Wed, 07/29/2009 - 18:49 | Link to Comment Anonymous
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