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Daily Highlights: 8.07.09

Tyler Durden's picture





 
  • Most major Asian stock markets move lower ahead of US jobs data.
  • BoE to inject an addln $85B in new money into the U.K. economy.
  • Car shoppers can purchase via $2B 'cash-for-clunkers' program through Aug.
  • Initial claims for jobless benefits fell by 38,000 to 550,000 last week.
  • Fewer layoffs expected in July as recession winds down, but few new hires.
  • German exports up 7 percent on the month in June, biggest rise in nearly 3 years.
  • Oil slips to near $71 in Asia as investors eye US unemployment data.
  • Payrolls in US probably dropped at a slower pace; Unemployment climbed.
  • Retailers posted generally lower sales for last month, but beat estimates.
  • Television ad sales skid 15% or more as US networks close upfront deals.
  • Allianz's Q2 profit falls 16% to $2.68B on non-life unit.
  • Beazer Homes' Q3 loss narrowed to $28M on reduced write-downs, debt-cancellation.
  • CBS' Q2 net falls 96% to $15.4M vs. year-ago gain from stake sale. Revs fell 11%.
  • China Construction Bank to cut new loans by 70% as risks rise.
  • Comcast Corp.'s Q2 profit rose 53%, helped by solid revenue growth and a tax gain.
  • DBS Group Holdings' Q2 net drops 15% to $384M on bad-debt charges.
  • DirecTV's Q2 net falls 11% to $407M on lower margins. Revs up 8.6% at $5.23B.
  • El Paso Corp.'s Q2 earnings fell 59% to $89M as revs decreased 15% to $973M.
  • Fannie Mae to draw $10.7B in Treasury capital following 8th straight qtrly loss.
  • Frontier Oil Q2 profit falls 16% to $49.8M as revenue falls 38% to $1.1B.
  • Japan Airlines' net loss widens to 99B yen from just over 3B yen a year earlier.
  • Nvidia's posts Q2 loss of $105.3M; sees Q3 revs 5-7% lower than cons view of $776.5M.
  • RBS posts 1st-half net loss of $1.7 billion; makes progress on restructure.
  • Target Corp. maintained its woes with a June same-stores sales declining by 6.5%.
  • TJX Cos.' beat cons est. with a 4% increase in same-store sales in July.
  • Wendy's/Arby's Grp posted a second-quarter profit of $14.9M on improved margins.
  • Zale Corp. closed 118 weak-performing stores in Q4; takes in a $50M pretax charge.

Economic Calendar: Data on Hourly Earnings, Nonfarm Payrolls, Unemployment Rate to
be released today.

Earnings Calendar: ABK, ABR, AIG, AYR, AZ, CNK, DNE, EIX, HH, LINTA, MGA, MIR, REIS, TU.
RECENT RATING ACTIONS
CENTEX CORP (CTX)
DR HORTON INC (DHI)
KRAFT FOODS INC (KFT)
BAKER HUGHES INC (BHI)
EMERSON ELECTRIC CO (EMR)
PEPSICO INC/NC (PEP)
PULTE HOMES INC (PHM)
ARCHER-DANIELS-MIDLAND CO (ADM)
PEPSIAMERICAS INC (PAS)
PEPSI BOTTLING GROUP INC (PBG)
PEPSICO INC/NC (PEP)
AMERISOURCEBERGEN CORP (ABC)
PRECISION CASTPARTS CORP (PCP)

Data provided by: Egan-Jones Ratings And Analytics

 


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Fri, 08/07/2009 - 08:36 | Link to Comment Ben_the_Bald
Ben_the_Bald's picture

Unemployment down to 9.4%, NFP down only 247K. I bet revisions will not look pretty for this one.

Fri, 08/07/2009 - 08:41 | Link to Comment Sqworl
Sqworl's picture

Is U3 captured here? 

Fri, 08/07/2009 - 08:51 | Link to Comment Ben_the_Bald
Ben_the_Bald's picture

U3 is 9.4%

U6 is 16.3%

Fri, 08/07/2009 - 08:52 | Link to Comment texpat
texpat's picture

People not in labor force jumped by like 600,000.

LOL

Fri, 08/07/2009 - 08:46 | Link to Comment Anonymous
Fri, 08/07/2009 - 08:51 | Link to Comment Bodhi
Bodhi's picture

Once you roll off the dole you're shoved into the 'shadow inventory' of humanity.

 

Fri, 08/07/2009 - 08:48 | Link to Comment Anonymous
Fri, 08/07/2009 - 12:29 | Link to Comment phaesed
phaesed's picture

Thanks for the elusive contraindicator... capitulation.

Fri, 08/07/2009 - 08:49 | Link to Comment Anonymous
Fri, 08/07/2009 - 08:49 | Link to Comment RobotTrader
RobotTrader's picture

United Kingdom

Germany

France

Fri, 08/07/2009 - 08:53 | Link to Comment mdtrader
mdtrader's picture

Euro sliding, interest rates rising. Dunno how you get 247k when jobless claims have been up at 550k. Looks like the Obama cheer leading just went up a notch. They are desperate to reignite animal spirits otherwise their game is up. Expect more lies along the way.

Watch for market reversal.

Fri, 08/07/2009 - 08:58 | Link to Comment SWRichmond
SWRichmond's picture

This is a global game of "Last Man Standing", and the rules are "be the last man standing".  Truth went on vacation a long time ago.

Fri, 08/07/2009 - 09:24 | Link to Comment kapillar
kapillar's picture

I don't know how serious you are about your comment - but this is really an interesting thought. However, if global financial markets are really a bullshit contest, which they probably are and have always been, the party should be over once a critical mass of players is short of cash. So as long as the system is sufficiently monetized, the game will continue, since everyone knows it's only game money and there is nothing but game money anywhere. The guy turning the table and declaring game over must have a plausible commercial alternative. What would that be?

Fri, 08/07/2009 - 16:51 | Link to Comment SWRichmond
SWRichmond's picture

I am completely serious about it.  I have always viewed this event as a political one, with global political considerations given commanding consideration by the governments responding to them, including the responses by their respective central banks.

To some extent, global financial markets ARE a bullshit contest.  But at their core, there must be some kind of functioning capital markets that allocate capital to industries and businesses that produce wealth.  The party wil be over when we run out of capital, not cash.  Cash can be printed ad infinitum while capital cannot; this means I disagree with your statement: "So as long as the system is sufficiently monetized, the game will continue, since everyone knows it's only game money and there is nothing but game money anywhere."

The plausible alternative is a (new) producing economy supporting formation of genuine additional capital.

Fri, 08/07/2009 - 08:53 | Link to Comment Anonymous
Fri, 08/07/2009 - 08:58 | Link to Comment Anonymous
Fri, 08/07/2009 - 08:54 | Link to Comment Mos
Mos's picture

Added more jobs through B/D Model in July 2009 than July 2008. Gotta account for that population growth!

Fri, 08/07/2009 - 08:54 | Link to Comment Anonymous
Fri, 08/07/2009 - 08:54 | Link to Comment RobotTrader
RobotTrader's picture

Checkout the Forex markets this morning.

Wonder how the "GridBot" computers are doing????

 

LOL.....

Fri, 08/07/2009 - 08:56 | Link to Comment Anonymous
Fri, 08/07/2009 - 08:56 | Link to Comment Anonymous
Fri, 08/07/2009 - 08:58 | Link to Comment mdtrader
mdtrader's picture

Guess who revised their estimate to 250K yesterday? Yeap 85 Broad. I wonder if they knew lol!

Fri, 08/07/2009 - 08:57 | Link to Comment Anonymous
Fri, 08/07/2009 - 09:00 | Link to Comment Anonymous
Fri, 08/07/2009 - 09:02 | Link to Comment mdtrader
mdtrader's picture

Up 2% last year - market minus 35% odd.

Up 15% YTD

Disaster!

Fri, 08/07/2009 - 09:07 | Link to Comment Mos
Mos's picture

In the short term this report is bullish from a trading perspective, in the long term the truth will rear it's ugly head and we just have to accept the fact that traders are going to rally the market on the headline number.  I happen to live in the realm of reality and know the B/D model is total bullshit but there is nothing I can do convince the delusional otherwise no matter how absurd the model might be.

Fri, 08/07/2009 - 09:14 | Link to Comment Anonymous
Fri, 08/07/2009 - 09:02 | Link to Comment Anonymous
Fri, 08/07/2009 - 09:12 | Link to Comment Anonymous
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