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Daily Highlights: 8.12.09
- Asian stocks fall as weaker profits fuel valuation concern
- China's money market rates drop on signs Central Bank to delay tightening
- Fed may acknowledge faster growth, pledge to keep rate 'exceptionally' low.
- Europe industrial production unexpectedly drops, suggesting slow recovery
- French inflation rate remains negative for third month on energy and energy retail
- US electricity prices plummet 40% in 1H as recession sends demand lower.
- Advanta Corp. swings to Q2 loss of $330.1M as card volume dives 47%.
- Applied Materials swung to a loss in Q3 at $54.9M, revs down 38.9% at $1.13B.
- BHP Billiton's full year net profit fell 61.8% to $5.88B; revs down 15.6% at $50.2B.
- Brookfield Properties to raise $900M through public common stock offering.
- Bunge commenced a 10M share common stock offering.
- Cemex SAB gets a breather; refinances close to $15B in short-term debt.
- Clearwire Corp.'s Q2 loss narrowed slightly to $73.4M; avg rev per subscriber steady.
- Cree Inc.'s Q4 profit rose 15% to $9.7M on higher margins. Revs up 9% at $148.1M.
- E.ON's 1H profit rises 4% $4.95B on growth outside Germany, ups Y09 EPS f'cast.
- Fluor Corp.'s earnings fell 19% on prior-year gains. Revs fell 8.3% to $5.29B.
- Hannover Re to strengthen capital by 26% through retaining earnings.
- ING Groep posts Q2 profit at €71M, down 96%; sees signs of recovery.
- Kia Motors' Q2 profit more than quadrupled on a weaker won to $280M.
- Nestlé S.A. 1H net profit slips 2.4% to $4.69B; revs dip 1.5%.
- RealNetworks lost a key ruling on whether it can sell a DVD-copying tech - RealDVD.
- SABMiller Chief Mackay says he's ready for mergers, predicts slow recovery.
- Toll Brothers July revenues decline from $931M last year to $461M this year. Backlog declines by 47%.
- Van der Moolen Holding NV files for bankruptcy.
Economic Calendar: Data on Trade Balance, Crude Inventories, FOMC Rate Decision to
be released today.
Earnings Calendar: AAP, BHP, CACI, GBG, HI, ING, KGC, LIZ, M, SLE, TOL.
Recent Egan-Jones Rating Actions
DISH NETWORK CORP (DISH)
BORGWARNER INC (BWA)
BUNGE LTD (BG)
SYSCO CORP (SYY)
MCDERMOTT INTERNATIONAL INC (MDR)
ENTERGY CORP (ETR)
SYSCO CORP (SYY)
BALL CORP (BLL)
ADECCO SA (ADEN VX)
CIT GROUP INC (CIT)
HILL-ROM HOLDINGS INC (HRC)
MCDONALD'S CORP (MCD)
ACUITY BRANDS INC (AYI)
Data provided by: Egan-Jones Ratings and Analytics
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US electricity prices fall 40%!
I wish the UK's prices would do the same, seems they still are out to squeeze the UK consumer for all they can and the government don't bother to do anything about it
Not in Florida, rates got raised in January and they haven't been cut yet.
Raised it here in Toronto....they are raising prices for everything that has become a necessity.
Meritocracy!!! Empire run by monarchs!
From Forbes article:
>"The central bankers have this textbook belief that the only inflation is the kind that appears in consumer price indexes," said Simons. "They don't believe what they're doing could cause an asset price bubble."
For now, Fed chief Ben Bernanke and other central bankers can console themselves for now with stable consumer price inflation readings in major economies.
But comparing the bankers with a driver pulled over for speeding for the umpteenth time, Simons said, "At some point, you have to say maybe your speedometer's broken."<
The Fed and ZB's mantra is CPI which is absolute BS - because inflation is alive and well in many forms. They massage the CPI anyhow, but compare the fall of incomes vs. a supposed fall in prices and income still doesn't keep up with current prices. The current $3 gas will bust this economy's ass, let alone the debt inflation masked in many forms including "liquidity."
UK BoE say recession worse than they expected.
Hmm, they didn't see it coming so what did they expect to expect after that track record?
Like the ecomomists who are now saying the recession is over?
Oh the same one they didn't see coming was it?
then why the hell are they extending QE
More and more people I talk to on the street are using the D word, as many of us know that we are in a depression. Based on track records and bureaucrats propensity to analyze data in the most archaic manner, it will be a couple of years before the "depression" is acknowledged. I'll take intuition and common sense over flawed b.s. (the gov't quantifying the data) anyday.
re: common sense
walked past a well known neighborhood bar last nite at 9:15PM and stuck my head in. they do karaoke on Tue nite and there was only 1 person inside. the bartender.