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Daily Highlights: 8.11.09
- Asian stocks gain for the second day on speculation profits will increase.
- Bad assets still threaten bank stability, congressional watchdog says.
- Bank of Japan keeps key rate at 0.1%, focuses on risks to economy, prices.
- "Cash for clunkers" program generates more than 245,000 vehicle sales in 2 weeks.
- China backs off from allegations that Rio Tinto cost it $102B in overcharges.
- China buys record Oil, Iron ore on refining, steel demand revival.
- Despite stimulus, China's exports still fall 22.9% in July, imports off 14.9%.
- Euro higher at $1.4173 in European morning trade as investors await Fed statement.
- Productivity in US probably accelerated, cutting companies' labor costs.
- Yen gains a second day as China July industrial output grew 10.8% (cons 11.5%).
- Adecco posts unexpected Q2 loss of $208M, offers $178M for UK's Spring Group.
- Asarco's creditors might collect more than $2B owed them; CEO.
- Barnes & Noble pays $460M for Barnes & Noble College Booksellers.
- BofA Chief faces more Merrill queries as $33M agreement with SEC delayed.
- CNPC, Cnooc to offer $17B for all of Repsol's stake in Argentine unit YPF.
- Danske Bank posts Q2 loss of $157M vs. a cons. est. of a profit.
- Dish Network's Q2 net falls 81% to $63.4M despite subscriber gains.
- Dynegy posted a wider Q2 loss of $345M on write-downs. Revs up 53% at $493M.
- E.ON AG likely to sell Thuega unit, which holds minority stakes in 110 utilities.
- EW Scripps swings to a profit of $2.3M due to prior-year write-downs.
- GMAC plans to provide lease financing on various 2009, 2010 models in 45 states.
- Hormel sees FY09 EPS at $2.36-2.42 (prev $2.15-2.25); cites improving sales.
- InterContinental Hotels swung to a Q2 loss of $56M; revs fall 27% to $375M.
- LabCorp announces $250M stock repurchase program.
- McDermott beats by $0.03, posts Q2 EPS of $0.40. Revs fell 12.7% to $1.56B.
- McDonald's Corp.'s same-store sales rose 4.3% in July.
- Priceline.com net rises 35% to $67M amid increased bookings.
- Resolution Ltd. to buy Friends Provident for $3B, sees more transactions.
- Sprint Nextel prices $1.3B senior notes with a 8.375% coupon due 2017.
- Sysco Corp.'s Q4 earnings fell 5.6% to $315.3M on declining revenues.
- Tellabs intends to repurchase up to $200M in common shares.
Recent Egan-Jones Rating Actions:
HILL-ROM HOLDINGS INC (HRC)
MCDONALD'S CORP (MCD)
ACUITY BRANDS INC (AYI)
YRC WORLDWIDE INC (YRCW)
PRICELINE.COM INC (PCLN)
CVS CAREMARK CORP (CVS)
TRW AUTOMOTIVE HOLDINGS CORP (TRW)
RR DONNELLEY & SONS CO (RRD)
KING PHARMACEUTICALS INC (KG)
CSX CORP (CSX)
AMERICAN INTERNATIONAL GROUP INC (AIG)
CIT GROUP INC (CIT)
AMERICAN GREETINGS CORP (AM)
Data provided by: Egan-Jones Ratings And Analytics
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This reaffrims my puts on FXI & Ford.
Tyler, how about the new release fom GM about the Volt (230 mpg)?
At 28k euros and 4-6 euros a gallon, the Volt might fit very nice in Europe. Much nicer than in the US. Not to mention Europeans are usually much more into treehugging than Americans. Can the Volt really save GM? I was very skeptical about the Volt, but at 230 mpg... Of course, other automakers will take notice and come up with similar models, but still...
230 mpg is fun with numbers (they even detail it in the article).
This car, like the Smart car, makes sense in Europe but it has significantly less value in the United States where most states are the same size as 40% of the entire European Union ...
You have travelled thru Europe? Not just Western Europe?
Well there's your answer right there: smaller states! We can tuck them all up in one corner and use the rest of the space for storage.
You failed to list that Saturn's rings are going to disappear tonight. We will finally get to see where the dish and the spoon ran off to. CNBC is reporting that this is a sure sign that the economy is turning into a bull market.
If the US consists of roughly two and a half states, then yeah most states are the same size as 40% of the european union.
"Productivity in US probably accelerated, cutting companies' labor costs."
Wonder how that's happening--the incomparable engine of American innovation?
I picture cheap knock-offs of the Big Gun Wall Street put to the world's head to extort $trillions now making their way to the street thugs, i.e., your boss and mine. Having a gun to your head makes you a way more productive worker!
Is this more of the Genius of Capitalism?
No mention of S & P downgrading the Baltic States credit ratings?
Standard & Poor’s, the credit-rating agency, cut Latvia’s rating to “BB” and warned that its economy will contract by a further 16pc this year. The public debt will vault from 19pc of GDP last year to 80pc by 2011. “This very fast increase in debt is unprecedented,” said Moritz Kraemer, S&P’s head of sovereign ratings. Courtesy AEP, UK Telegraph.
F*cking GMAC, totally financed by the government to make auto loans to people who have no business buying a new car. This sure sounds like something we just went through with housing....
GMAC is the new Fannie/Freddie, and it's going to get worse.
Pequot referred to SEC 45 times in four years
"Stock exchange monitors referred Pequot Capital Management to the Securities and Exchange Commission for possible securities violations, including insider trading, at least 45 times between 2005 and this year, the commission has revealed in a letter to the US Congress.
http://www.ft.com/cms/s/0/b4a427fc-8603-11de-98de-00144feabdc0.html
The real AIG problem was that DoJ never broke down the doors at AIG after the prior accounting scandal where they were found to be fraudulently 'smoothing' earning.
The Rich says"
good articles;
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