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Daily Highlights: 8.28.09
- Asian stocks advance on higher commodity Prices, Dell earnings.
- Banks on the FDIC's sick list top 400.
- China’s stocks retreat, Index heads for fourth weekly decline.
- Consumer Spending in US probably climbed in July on `Cash for Clunkers'.
- Euro heads for second monthly gain versus the dollar on recovery optimism.
- Japan's jobless rate climbs to record 5.7% in blow to Aso on election eve.
- Acer Inc.'s Q2 net falls 20% to $69.7M on slump in demand for PCs.
- AIG may raise less than $2B target in sale of Taiwan insurance unit.
- AIG's Benmosche said he won't rush to sell units in an effort to repay the govt.
- Bank of China Ltd. plans to slow credit growth in the second half of this fiscal.
- Baosteel to buy 15% stake in iron ore and coal co., Aquila Resources Ltd., for $240M.
- Caltex Australia's H1 net rises 52%, scraps dividend on weaker outlook.
- CVC Capital Partners raises bid for National Express, valuing the co. at $1.11B.
- Dell's Q2 profit falls 23% to $472M on lower sales (-22%) at $12.76B.
- Dollar Financial swings to Q4 loss of $31.2M on $57.5M legal costs.
- Ford to raise output at 2 plants as part of a previously announced plan to boost prodn.
- Harley-Davidson, faced with declining sales in U.S., plans to enter India.
- Harvey Norman Holdings qtrly net falls 40% to $180M, beats estimates.
- J. Crew Group's Q2 revs up 6% at $357.6M, boosted by new-store openings.
- Marvell sees Q3 EPS of $0.18-0.26 (cons $0.17); revs of $680-730M (cons $648.39M).
- NYSE Euronext to acquire trading technology subsidiary Nyfix for $144M.
- Sonic Healthcare sees profit to rising in Y09 by as much as 15% to $304M, beating est.
- Toll Brothers' Q3 loss widened sharply to $472.3M amid tax charges, write-downs.
- Toyota shuts first plant in 72-year history as GM California venture fails.
- TiVo Inc. sues Verizon, AT&T on alleged used of its patented TV "time-warping" tech.
- Toyota recalls about 95,700 vehicles in US because of possible brake problems.
- Economic Calendar: Data on Personal Income-Spending, PCE Core, Mich Sentiment-Rev.
Earnings Calendar: BNS, FRO, GLNG, PTR, SHLO, TIF.
Recent Egan-Jones Rating Actions
CROWN HOLDINGS INC (CCK)
STANLEY WORKS/THE (SWK)
SNAP-ON INC (SNA)
GREAT ATLANTIC & PACIFIC TEA CO (GAP)
SAFEWAY INC (SWY)
JC PENNEY CO INC (JCP)
TOLL BROTHERS INC (TOL)
SINCLAIR BROADCAST GROUP INC (SBGI)
LAMAR ADVERTISING CO (LAMR)
TENET HEALTHCARE CORP (THC)
HARSCO CORP (HSC)
ISLE OF CAPRI CASINOS INC (ISLE)
MEDTRONIC INC (MDT)
Data provided by Egan-Jones Ratings and Analytics
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Risk orgy set to continue today, it would seem. 100% up room to go, free money? :)
As of 8am this am they are already gunning the big 5 squiditities. AIG up another $5, BAC up .22, C up another .20. FRE and FNM, .10 and .05 respectively. Good morning.
Deleted - stupid question
Super Bull Batron Biggs on Bloomberg just now:
"we are back to a world comparable to pre-Lehman"
"the markets are behind reality"
"1200 S&P is the next stop"
"American companies have done a remarkable job of cutting costs so that the sustained ROE is 15% for the S&P trading at 17 times earnings"
"this is not necessarily a new super secular bull...but should we be at 1020? not a chance"
"however this is not sustainable unless retail activity in the US strengthens - more consumer spending"
"everything we can tell is that back to school spending is beginning to pick up - July was an aberration"
"the banks are trapped in 2003"
"the next bubble will be emerging markets"
"there will be a lot of mini bubbles"
"growth in the world ... in developing countries that's where you want to be"
What an ass-clown! "S&P trading at 17x earnings". S&P, on its own website (download the Excel sheet) states the trailing PE of the index at 125x!!!
Yep, those are some "assets" I'd want to own!
Barton needs to take his dementia meds on a regular basis...he just can't remember to.
he gets the junior jackass award for the day. the minute you have people making these kinds of unsupportable claims is about the time you make for the exits.
R U sure that wasn't Dennis Kneale?
TGIBFF! (thank god it's bank failure friday)