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Daily Highlights: 8.26.09
- Asian stocks gain on strong Chinese earnings, US Consumer report.
- Euro approaches 11-week high on signs global recession abating.
- Homebuilders buy land after 3 years of selling as US demand returns.
- Oil advances before report forecast to show that U.S. inventories declined
- South Korea Consumer confidence rises to 7-year high on state spending.
- US consumer confidence, Home prices exceed f'casts in sign of recovery.
- US deficit revised to a record of nearly $1.6 trillion for fiscal year ending Sept. 30.
- US Postal Srvcs offers buyouts to thousands of employees as it faces financial losses.
- Anheuser-Busch, MillerCoors to hike beer prices in US.
- Borders Group posted a wider-than-est. Q2 loss of $45.6M; revs fall 18% to $624.7M.
- Burger King expects "soft" sales trend through Christmas; Q4 sales down 2.4%.
- Chevron's $42B gas project wins environmental approval in Australia.
- Chinese supermarket chain Times Ltd. put up for sale by its majority shareholder.
- Dycom Ind Q4 net doubles on prior-year write-down; revs slip 16% to $269.7M.
- Emerson Electric CO. order rate for 3 months ended in July falls 25%.
- Enel SpA plans to sell its high-voltage Spanish power grid, sell stake in renewable energy.
- Heineken reports $699M first-half profit, beating analyst estimates.
- ING said to seek final bids in $1.8B sale of private banking assets.
- International Rectifier swings to Q4 profit of $29.1M on gain from sale of business.
- Lindt's 1H net falls 88% to €2.7M; sales slip 5.4% to €979M.
- Medtronic's Q1 net falls 38% to $445M on charges. Sales rose 6%, beating est.
- Morgan Stanley is said to seek a sale or partnership for Van Kampen Unit
- Natixis SA says parent will guarantee $50B of the bank's riskiest assets.
- NEC Electronics, Renesas Tech to postpone agreement to merge until Sept end.
- OAO Gazprom's Q1 net falls 62% to $3.3B on foreign-exchange losses.
- PE investor Guy Hands in talks to invest up to $350M in EverPower Wind Holdings.
- Suez Environnement H1 profit declines 13% as demand for waste treatment slows.
- Swiss Life to cut 520 jobs in Switzerland after 1H net tumbles 91%.
- Terra Industries rejects CF Industries' latest bid proposal.
- Toyota to cut production capacity in Japan by 220,000 vehicles next year.
- Westfield Group swings to H1 loss of $590M; revs were down 6.0%.
Recent Egan-Jones Rating Actions
TW TELECOM INC (TWTC)
DOMINO'S PIZZA INC (DPZ)
OFFICEMAX INC (OMX)
HARMAN INTERNATIONAL (HAR)
ASHLAND INC (ASH)
NORTHEAST UTILITIES (NU)
STAPLES INC (SPLS)
SUNTRUST BANKS INC (STI)
TITAN INTERNATIONAL INC (TWI)
NEWS CORP (NWS)
TOLL BROTHERS INC (TOL)
SERVICE CORP INTERNATIONAL/US (SCI)
CELESTICA INC (CLS)
Data provided by Egan-Jones Ratings and Analytics
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Finally...some green fields!! was getting tired of green shoots..
If Euro is approaching six week high, does that mean the dollar will skyrocket when this all comes crashing down again?
morning PM; I'm extremely bullish ( short term ) on the dollar; if the fall happens in sep/oct; guess where will all the morons park their $ ----> ( gold and the dollar ). Eur is way overvalued in my opinion and it will ( of course; ultimately ) come crashing down. Excellent shorting opportunity for FX players + long dollar + short indexes + short commodities ( except gold )
I think you are right about the dollar. I could also see selling pressure in gold as well once the new round of deleveraging gets started, but I can't see gold going much below 800-850 , with potential for going much much higher
Oct 103 SPY Puts.
US deficit revised to a record of nearly $1.6 trillion for fiscal year ending Sept. 30. ------> http://www.youtube.com/watch?v=fERekxzkjFE
Is there any chance of actually getting the EJ ratings changes listed here? The link just takes you to the website, and I did not see any further information. And there is no place to sign up or pay for the service.
Help!
You can sign up for the service as long as you are willing to pay a substantial sum of money. I called a sales representative a couple of months ago to obtain ratings on various Life Insurance Companies. Nice gentleman. I laughed to myself when he told me the annual fees. He admitted that the current fee structure excluded the general public. Various financial institutions use their services so you might be able to obtain these reports via your broker's research department. If that option is not available, there are plans to provide on demand content for a fee at some point in the future.
Good morning PM & CB: I read the above with disbelief...as long as FED, Treas continues to decieve us. This is not a game I wish to participate in, unless I am rewarded with Bailout and insider information to gamble away! Have a great day...I owe I owe, its off to work I go!! x
morning Sqworl; you can bet there is another stimulus draft sitting somewhere in BBs and Timmays desk waiting to be passed by the Congress; that's pretty much the only thing that is keeping the world from not exploding.
that stimulus will roll out when Rahm feels the time is perfect to get maximum impact for mid term Congressional elections.
there will likely be a stand alone extension of unemployment benefits bill this autumn.
well, not completely stand alone, gotta get a few earmarks in there...
pretty much; i can see them trashing the equities and then trading sidelines in the bottom til mid-'10 when they roll out a new ( bigger ) stimulus package a boost the bitch to 12-13 000; would not surprise me one bit; more so; i personally think that is the game plan here.
though not discernible from the MSM, the Dems are in a bit of a panic in regards midterms. one of the more respected political oddsmakers, Charlie Cook, said last week that it is feasible for the Dems to lose the House...that's a pretty good sized "wow".
http://newsfrom1930.blogspot.com/
August 26, 1930 (Dow @ 240, ~2 years later Dow@50)
"J.S. Bache & Co. says current optimism has more sound foundation than the misplaced confidence of last spring. Bullish factors include recent gradual improvement in business news, easy credit, strong bond market, passing of drought scare, and declining margin loans. Stock buyers can also take heart from repeated ability of market to resist declining back to last year's lows. This seems a good time to deploy investment funds; if buyers wait until “every element of doubt is removed,” stock prices will be substantially higher; trying to pick exact bottoms is usually futile."
So they couldn't sucker the sideline cash back then either. This system is inherently self destructive. It will need another world war to get it back in investement rebuild mode that makes it work for more than just 20 people out of the entire deal. So I guess you should watch for one country getting it's cash drained to nothing and then getting flushed with cash by central bankers. That will be location of the next germany.
Hephasteus, Yeah, Iran's the next boogie-man.
lol P/E in the triple digits makes great stock market bottoms
um, no mention of the Japanese export data showing zero signs of recovery in ANY of its major markets??? Or how about China talk about curbing over-capacity in its steel, cement, etc industries