Daily Highlights: 8.4.10

Tyler Durden's picture
  • Asian shares were mostly lower Wednesday with Yen rising to a fresh 8-mt high vs USD.
  • Federal Reserve Bank of NY is facing the prospect of foreclosing on a number of properties in the coming months.
  • US auto sales up 5.1% in July.
  • US Pending homes sales index fell 2.6% to 75.7 in June.
  • ADM reported a profit jumps to $446M despite 5% decline in revs to $15.7B.
  • Anadarko Petroleum's Q2 loss narrowed to $40M on 36% jump in revenues.
  • Baker Hughes Inc.'s net rises 6.9%, helped by better demand and April buyout of BJ Srvcs.
  • Barnes & Noble put itself on the block, as digital books erode its traditional business.
  • BYD slashed its 2010 auto sales target by 25%, due to softening domestic demand.
  • Coach reported a Q4 profit of $195.5M, up 34% helped by 22% rise in revs to $950.5M.
  • Discovery Comm's Q2 profit falls 40% on charges related to its $3B debt refinancing.
  • Electronic Arts swung to a profit of $96M in Q1 on a 27% surge in revenues.
  • Emerson Electric is considering sale of its appliance and other motors divisions.
  • GM's July sales rose 6.4% to 199,602 cars and light trucks. Ford's rose 3.3%.
  • Marathon Oil's earnings jumped 72% helped by higher prices and margins.
  • Marsh & McLennan swung to Q2 profit of $236M as revenue rose 5.5% to $2.61B.
  • MasterCard's Q2 profit jumped 31%, beating analysts' expectations as revs rose 6.7%.
  • MGM Resorts' Q2 loss widened to $883.5M on $1.12B in write-downs.
  • Molson Coors Brewing Co.'s profit jumped 27% on earnings growth in the US.
  • Och-Ziff's Q2 loss widened slightly to $89.4M, though adj results topped analysts' f'casts.
  • Saudi Arabia ordered a ban on BlackBerry services starting Friday.
  • SocGen's profit for June quarter rises from E309M last year to E1.08B this year.
  • Tenet Healthcare swung to Q2 profit as revenue grew on higher margins, admission rates fell.
  • Toyota's U.S. July sales fell 3.2% and Honda reported its sales fell 2%.

Economic Calendar: Data on ADP Employment, ISM Srvcs, Crude Inventories to be released.

Earnings Calendar: ABMD, AGYS, AMSF, AOL, ATML, AYE, CNP, CNW, DVN, EE, KGC, MUR,

RECENT RATING ACTIONS
BELO CORP (BLC)
RADIAN GROUP INC (RDN)
BOYD GAMING CORP (BYD)
CAMERON INTERNATIONAL CORP (CAM)
DAVITA INC (DVA)
DR HORTON INC (DHI)
TEXAS INDUSTRIES INC (TXI)
PHH CORP (PHH)
STANDARD PACIFIC CORP (SPF)
FIRST HORIZON NATIONAL CORP (FHN)
CELLCO PARTNERSHIP (VZW)
HEXCEL CORP (HXL)

Data provided by Egan-Jones Ratings and Analytics

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snowball777's picture

  • US auto sales up
  • US Pending homes sales index fell 
Living in new SUVs with porta-potty trailing behind?

A Man without Qualities's picture

I would love to know what percentage of vehicles were bought by the government... in GM's case, I bet it's a lot.

glenlloyd's picture

Buying cars with money that was supposed to pay underwater mortgage.

Oh regional Indian's picture

US auto sales up 5.1% in July... just as snowball pointed out above. It's such a Non-sense-ical number given the conditions.

And EA revenues surge. I'm sure that can be blamed on a new game release or some such, but an interesting metric I found out when I ran a mobile company was that Game/Home Entertainment sales went up in a depression, as people stayed home more. Makes sense.

ORI

http://aadivaahan.wordpress.com

Temporalist's picture

I have been saying for a long time that video games are an excellent per/hr entertainment investment.  If one considers going out to see a movie for a family of four is almost $50 just to get in for 2 hours the same cost for a video game can get 100s of hours of entertainment value.  Or even for people that want to go have drinks for an evening, that can cost easily $50 but consider playing a video game over many Fri and Sat nights...hundreds saved and no hangover.

It is certainly a recessionary/depressionary value item.

Shameful's picture

Speaking as a former "gamer" some of us will wait a while for the game to go on sale or buy it used.  I played many great games 6ish months after release for 1/2 the price.  Sure it does nothing for your social life, but it's a cheap way to waste time.

Will argue that cable TV is the same way.  My dad works for a cable company and their residential customer side is doing great.  25-50 a month for all the brain killing TV you can watch, what a steal!  I'm watching cable, when I see people giving that up it's the sign that they are about totally done.

fuu's picture

MMO's being the best value for your money really. Is it any wonder WOW's base just keeps growing and growing?

Bankster T Cubed's picture

none of that shit matters

nothing does

the program rules

Handle with care's picture

 

Not strictly on topic, but I suppose it is news for the day

An ex GS guy posted something on his new tech startup website, which was picked up by Business Insider.

The bit that got my attention was this about the risk management software:

"Unbeknownst to most of the non-strategists, you could see basically every position and holding across the company, whether you were supposed to or not"

Read more: http://www.businessinsider.com/former-goldmanite-this-might-get-me-sued-...

If you go to his site this section has actually been edited already and removed

http://adgrok.com/why-founding-a-three-person-startup-with-zero-revenue-...

I'm pretty sure there are supposed to be walls between different parts of the company, and GS has claimed several times that there's no insider trading based on knowledge of other positions in the firm.

That's completely false based on this guy's post.  In fact its impossible for it to be true

The speed with which he removed it makes me think it could be important.

 

senthil456's picture


There are certainly a lot of details like that to take into consideration.I read and understand the entire article and I really enjoyed it to be honest.
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