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Daily Highlights: 8.19.09
- Asia stock markets mixed on uncertain Chinese outlook, improving US economic state.
- Big retailers reported that American consumers are continuing to hunker down.
- Crude oil falls, reversing gains, as Chinese equities decline
- IMF has described a “nascent” global recovery, warns on ending fiscal stimulus.
- Natural-gas futures fell to a fresh 7-yr low as a glut of the fuel and tepid demand.
- Nikkei falls to 3-week closing low
- UK Banks' bad loans won't peak before 2010 at earliest: KPMG.
- US Home construction fell 1% in July on weakness in the multifamily category.
- US-UBS, Swiss tax probe targets more Europe banks.
- Yen rises against Euro as decline in Chinese stocks spurs demand for safety.
- Bristol-Myers $125M Plavix accord wins Judge's preliminary approval.
- Cardinal Health's Q4 profit slips 14% on weak sales; sees Y09 EPS of $1.90-2.00.
- Cargill's Q4 net falls 69%, weighed by declines at fertilizer, processing ops.
- CSL Ltd.'s full-year profit rises 63% on currencies, demand for plasma products.
- Deere's July profit declines from $575M to $420M.
- Delphi Fincl Group priced 3M share offering at $21/sh.
- ExxonMobil signs $41.03B LNG supply deal worth over 20 years with PetroChina.
- Flagstar Bancorp Inc., prodded by Fannie, may sell mortgage-billing contracts for loss.
- HP's qtrly profit fell 19% as sales fell at most of its business segments.
- Lilly halts development of Arzoxifene for bone loss after efficacy doubts.
- Microsoft files motion to stay injunction that, if upheld, could bar it from selling Word.
- Qantas to reduce costs by $1.5B to counter drop in passenger travel.
- Shareholders of Pulte, Centex approved Pulte's plan to buy Centex for $1.4B in stock.
- Sony cuts price of PlayStation 3 by 25% to $299, introduces PS3 slim model.
- Target Corp. reported a 6.4% drop in Q2 profit on weak demand.
- Tishman Speyer-led partnership in debt default tied to office portfolio in Washington area.
- TJX's Q2 net rises 31% to $261.6M as shoppers seek discount goods.
- Toyota seeks to close California assembly plant it owns jointly with GM.
- Woodside Pertroleum's H1 profit slips 12% to A$898M, hit by lower crude prices.
- Qwest Communications Int’l would end its mobile phone service in October
Economic Calendar: Data on Crude Inventories to be released today.
Recent Egan-Jones Rating Actions
HEXCEL CORP (HXL)
SAFEGUARD SCIENTIFICS INC (SFE)
SAKS INC (SKS)
TEXAS INDUSTRIES INC (TXI)
TARGET CORP (TGT)
MARSHALL & ILSLEY CORP (MI)
TENNECO INC (TEN)
AGILENT TECHNOLOGIES INC (A)
AMERICAN AXLE & MANUFACTURING (AXL)
DILLARD'S INC (DDS)
VALSPAR CORP (VAL)
CIT GROUP INC (CIT)
HOME DEPOT INC (HD)
Data provided by Egan-Jones Ratings And Analytics
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Maybe green shoots flavored with MSG make not so healthy Chinee food...
The PPT will be very busy today
Was watching CNBC around 7am today and they kept showing yesterday's market numbers (S&P +9), but they wouldn't show that futures were down -10pts. I oringinally saw it and thought 'Oh the market is going to be up today' and then realized that's yesterday's data.
Are they going that much out of their way to put a positive spin on things?
If you want a possible blueprint of where the S&P is headed, do an overlay comparing the year 2000 double top in the Hang Send index with the 2007 double top in the S&P. Use the troughs of the two patterns to align them....You'll notice, that in terms of time, these two formations match up well. Hence, I expect a double bottom in the S&P down to 700 over the next 11 months....And, if we continue with the Hang Seng extrapolation, we could quadruple off the 700 lows in six or seven years based on hyperinflation....I believe both gold and the S&P will reach the 3000 level in seven years.
Sounds like a roller coaster.
SCMP is my midnight snack...