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Daily Highlights: 8.20.09
- Appliance makers counting on "cash for clunkers"-type rebate program to revive sales.
- Asian stock markets were mixed on Thursday. Shanghai's index rebounds 2.1%.
- China's first-half current-account surplus reported down 32%.
- Crude oil futures hit 2-month high as US inventories fell unexpectedly by 8.4M barrels.
- Democrats prepare to go it alone on health care overhaul without GOP support.
- GDP in OECD countries stabilized in Q2, with support from exporters Germany, Japan.
- Obama administration to cut 2009 budget-deficit estimate to $1.58 trillion.
- Obama administration developing plans to wind down clunker rebates program.
- Ahold net profit falls 42 percent in Q2 but sales, operating profit up.
- BBVA wins a US government auction for Guaranty Financial Group.
- BJ's Wholesale's Q2 net falls 3.9%, hurt by decline in sales, lower prices.
- China Mobile's 1H net edges up 1.5% to $8.1B, as competition intensified.
- E*Trade shareholders approve $1.7B debt exchange with Citadel.
- Eaton Vance beats by a cent; posts Q3 EPS of $0.28. Revs slip 19.2% to $228.4M.
- Fidelity assets rise 8% to $2.8 trillion; expands its market share.
- Hedge funds have nearly doubled bearish bets on Volkswagen since mid-July.
- Limited Brands' Q2 net drops 27% to $74.3M; sees Q3 loss of $0.07-0.12/sh.
- Lincoln Natln Corp. to sell its asset management unit to Macquarie Group for $428M.
- Macquarie Infrastructure may split into two separate, listed entities.
- News Corp., Scripps Networks, NBC said to bid for Cox's Travel channel.
- Northrop seek a buyer for its TASC advisory unit; sale could fetch $1B.
- PetSmart sees Y09 EPS at $1.37-1.45 vs. cons est. of $1.53.
- Rio Tinto's first-half profit falls nearly 65 percent on falling commodity prices.
- Royal Ahold NV's Q2 net falls 42% to $277M, beats expectations.
- RWE expects Poland to soon deregulate domestic power prices.
- Sears Holdings reports a $94M loss for the Aug. quarter compared to a $65M gain.
- Stora Enso to permanently close 2 sawmills; incur restructuring chrgs of $836.4M.
- Switzerland to sell $5.6B UBS stake after US tax-lawsuit accord.
- UBS to give 4,450 US account holders names as part of US-Swiss tax-evasion deal.
- Viacom announces a debt offering of $750M of senior notes.
Economic Calendar: Data on Initial Claims, Leading Indicators to be released today.
Recent Egan-Jones Rating Actions:
BOYD GAMING CORP (BYD)
ARVINMERITOR INC (ARM)
US CONCRETE INC (RMIX)
OVERSEAS SHIPHOLDING GROUP INC (OSG)
KIRBY CORP (KEX)
CHATTEM INC (CHTT)
ALBERTO-CULVER CO (ACV)
HESS CORP (HES)
GATX CORP (GMT)
CARDINAL HEALTH INC (CAH)
COMERICA INC (CMA)
TJX COS INC (TJX)
DEERE & CO (DE)
Data provided by Egan-Jones Ratings and Analytics
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The sse shangai composite rebounded 4.52%.
I am not sure that is the index you are talking about though.
im glad to see the algos are getting started early today.
So anyone who believed these stories missed some great moneymaking opportunities.
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
HARARE, Aug 20 (Reuters) - Zimbabwe's central bank governor Gideon Gono on Thursday proposed the introduction of a gold-backed local currency, which was destroyed by hyperinflation and replaced by multiple foreign currencies in January.
http://tinyurl.com/mlomus
Somebody needs to hold back the bonuses for the analysts covering Sears. Seems they forgot to lower their expectations enough.
Google Finance
yea, 4.52
Maybe the Chinese went so far they can actually plan stock market rallies and drops! They probably just said "OK, lets do a 38% retrace here" and so they did. Maybe they are the HFT king with all the tech that is invented in US but made in China, not GS.
Appliance makers counting on "cash for clunkers"-type rebate program to revive sales.
Everybody should have stainless steel appliances. Oh, and granite countertops, double sinks, and hardwood floors.
I get such a charge out of watching those house hunter shows on hgtv.
Your watching dated TV...those shows are three years old.....The newer version has people fleeing US to latin america...;-)
funny you mention that sqworl....my wife is the one who watches these and whenever i sit in, the first thing i bitch about is that the shows are not dated.....it's pretty easy to differentiate between the older and newer versions....i like that marine look-a-like realtor who does the real estate interventions. he basically tells people that they are phucked because they bought too high and are stuck now.
Several friends produced these shows during the bubble. Today, the advert money has dried up and so the format has changed to a "survivor" type reality show...;-)
Here's the WSJ coverage of the potential split between MIG and Macquarie Group
http://online.wsj.com/article/SB125072735420244729.html#articleTabs%3Dar...
Of note: "Analysts have said that MIG's gearing is too high and its U.S. assets could be sold for a nominal amount as little as A$1."
I don't want to read the article...is GS involved in this?
Thanks for the laugh. No, GS is not involved, however the article is interesting nonetheless if you are familiar w/ Macquarie and MIG.
http://www.macquarie.com.au/au/mig/asset_portfolio.htm
Every equity and bond market in the world has become that child who moves back in with the parents at age 35; nobody can make it on their own with Dad and Mom's help.
Now China rallies simply bcause the government says it will print new money and use it to buy stocks. On their own, every market is asymptotically approaching zero.
This cannot possibly end in anything short of disaster.
here we go again
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
http://www.egan-jones.com/?referral=Zero_Hedge - but, they are wearing 'suits' they MIGHT be useful, if not truthful, what is truth ?