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Daily Highlights: 8.05.09
- Land prices are on the rise again in China, helped by easy credit.
- Asian stock markets were mixed on Wednesday as investors eye US econ data.
- Australia's trade deficit narrowed in June to a smaller-than-expected gap.
- Auto dealers are citing tight inventories as a threat to "Cash for Clunkers."
- Number of homes listed for sale declined again in many U.S. cities last month.
- Axa 1H profit slumps 39% as life, asset management fees decline.
- Cathay Pacific swings to 1H profit of $105M on fuel-hedging gains.
- Citigroup Chief said bank plans to sell 20 businesses in the consumer finance area.
- Dollar Thrifty's Q2 net rises 15% to $12.4M; rental revs down 10.6% at $399.6M.
- Dow Chemical sells $2.75B in debt; to pay off Rohm & Haas bridge loan.
- SEC fines GE $50M for falsely claiming they sold more than 100 locomotives.
- GM opposition to Magna's Opel purchase bid weakening, German officials say.
- HealthSouth Corp. ups Y09 EPS f'cast to $1.15-1.25 (prev $0.85-0.90).
- Honda Motor to build about 90,000 more vehicles as emerging markets pace a recovery.
- Kraft Foods' Q2 net rises 11% to $827M; revs down 5.9% on a strong dollar.
- MDU Resources Group, Inc. says it has acquired the assets of Total Corrosion Solutions Inc.
- PepsiCo to buy bottlers Pepsi Bottling Group, PepsiAmericas Inc for $7.8B.
- Petronas said to be planning sale of $4.5B of Five, 10-Year bonds.
- Societe Generale's Q2 net falls 52% to $445M as loan-losses provisions almost tripled.
- Swiss Re posted a Q2 loss of $359M on investment losses, impairments.
- UAL Corp reports July consolidated passenger load factor of 86.9%.
- Unum Group Q2 profit rises 11% to $267.2M on gains from investments.
- Vornado Rlty Trust misses by $0.02, posts Q2 FFO/sh of $1.07. Revs up 0.6% at $678.4M.
- Whole Foods Q3 net income 25c vs. 24c; revs up 2% at $1.88B.
Economic Calendar: Data on Initial Claims to be released today.
Earnings Calendar: ACF, AGU, ALL, ANDE, ARII, ASCA, AXL, BHI, BYD, CGNX, CNP, CSCO,
CWEI, DF, DVN, EE, IOC, KELYA, KNDL, MUR, NDN, OC, RRD, TESO, XTO.
Companies to watch: Agrium Inc., American Axle & Mfg, AmeriCredit Corp., Ameristar Casinos,
Andersons Inc, Baker Hughes, Boyd Gaming, Cognex, Dean Foods, Interoil Corp.,
Orix Corp, Owens Corning, PG&E Corp, P&G, RR Donnelley, XTO Energy.
Recent Egan-Jones Rating Actions:
ARCHER-DANIELS-MIDLAND CO (ADM)
PEPSIAMERICAS INC (PAS)
PEPSI BOTTLING GROUP INC (PBG)
PEPSICO INC/NC (PEP)
AMERISOURCEBERGEN CORP (ABC)
PRECISION CASTPARTS CORP (PCP)
TYSON FOODS INC (TSN)
UNISYS CORP (UIS)
FREEPORT-MCMORAN COPPER (FCX)
STANDARD PACIFIC CORP (SPF)
AVERY DENNISON CORP (AVY)
BECTON DICKINSON AND CO (BDX)
WEYERHAEUSER CO (WY)
Data provided by: Egan-Jones Ratings And Analytics
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And the Wall Street Journal wants me to subscribe to their mullet wrapper just read that GE is a criminal enterprise.
goldman sachs wives hate to wait:
http://www.nypost.com/seven/08052009/gossip/pagesix/goldman_sachs_wives_...
great title for a novel.
These are the 'elites' that should probably be Ruth Madoff'd and their husbands sent to prison.
Bloomberg's Betty Loooooo asking probing questions about Warren Buffett's succession. Apart from her horribly annoying voice and tendency to read off of the tele-prompter syll-ab-le by syll-ab-le it occurred to me that when the big guy finally does head off to spend eternity in that special vault that has been prepared for him - will the hype around his funeral be bigger than Michael Jackson's.
http://www.bloomberg.com/apps/news?pid=20601087&sid=azB7kHpYKRy4
GS had trading loss days - two of them. Huh. How did that happen?
Pete
Goldman Sachs $100 Million Trading Days Reach Record in Quarter
By Christine Harper
Aug. 5 (Bloomberg) -- Goldman Sachs Group Inc.
made more than $100 million in trading revenue on a record 46 separate days during the second quarter, breaking the previous high of 34 set in the prior three months.
Trading losses occurred on two days during the months of April, May and June, compared with eight days in the first quarter, the New York-based bank said today in a filing with the U.S. Securities and Exchange Commission.
Goldman Sachs, which was the biggest U.S. securities firm before converting to a bank last year, posted the biggest profit in its history during the second quarter as revenue from trading and equity underwriting reached all-time highs. The company, which has returned $10 billion to the U.S. Treasury plus $1.42 billion in dividends and to cancel warrants, also made its largest market bets during the period.
In fiscal year 2008, the firm had 90 days in which traders made more than $100 million, compared with 88 in 2007. In fiscal 2006, the figure was 49 days, up from 18 in 2005 and 14 in 2004. Goldman Sachs changed its fiscal year in 2009 to end in December instead of November.
Goldman Sachs’s trading results reflected the firm’s willingness to take on more risk during the period. Value-at- risk, an estimate of how much the firm could lose in any given day, rose to an average of $245 million in the second quarter from $240 million in the first quarter and $184 million in the second quarter of 2008. Most of the increase in the second quarter came from bets on equities, the company said.
Banks such as Goldman Sachs are benefiting from lower borrowing costs after the Federal Deposit Insurance Corp. in October started guaranteeing bank debt issues that mature within three years. Goldman Sachs issued about $30 billion of debt guaranteed by the FDIC between November and March, according to company filings.
Token loss days. Just to throw everyone off the scent of blood.
In all the material I've ever read about trading (particularly day trading, which is what the GS figures appear to purport to), no one can possibly attain that percentage of winning trades/days and continued amounts.
Unless their name is Ponzi, Madoff, they have inside knowledge of the market or the name of the company is Goldman Sachs it would seem.
China going up because of US, US going up because of China. What a nice, forever-sustainable, feedback loop!
What a dichotomy... so many unemployed... and the chosen becoming ultra-wealthy...it is a very sad world we live in right now. The 'trickle-down' theory is very broken.