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.

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Anonymous's picture

Bernanke's assets take a hit


Strange that Tiny Tim is wealthier than Bernanke.

Anonymous's picture

Tim did work for the NYFED which is legally a private corporation, so he would have had a more flexible compensation plan. Bernanke still had to remain the public front for the mostly private FED.

A lot of people who would have been paid a lot more in the private sector go into government or quasi-government jobs for power if anything else.

Although, some of them were just compeletely incompetent in the private sector, and were lucky enough to land a government (or Fed puppet) job.

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.

slore's picture

economic calendar: 

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

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

Anonymous's picture

"This Wall Street crash has got me grooving to the beat"

Party like it's 1987 crash!


Arm's picture

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

buzzsaw99's picture

Bag of shame gone? Yay!

john bougerel's picture



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.

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.

Anonymous's picture

From CR
More Happy House Price News
by CalculatedRisk on 7/29/2009 09:06:00 AM

God people housing prices are not going up, instead we have more high end foreclosures selling pulling up the average sale numbers. Doesn't anyone get out in the field and check their numbers? I would love housing to at least flatline, not happening in SoCAL. Appraisers will not agree to appraise a house higher than a previous sale. People are bidding the homes up due to perceived scarcity. The appraiser are bringing the values back down to Reality unless you have cash. The hardest hit areas are slowing the 2 year decline they have seen but new areas are seeing a 30% decline yoy. This is far from over.

Mos's picture

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

mdtrader's picture

Rumours of stimulus being pulled.

Gilgamesh's picture

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




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...

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.

mdtrader's picture

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

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............

Soldier of Fortune's picture

I smell GDP manipulation.

Anonymous's picture

Heh, love this blog, and thanks for the info.

Just one thing - Webmarshal now blocks it as pr0n :(