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Daily Highlights: 9.16.09
- Americans Back Obama's health goals even as they doubt chances for success.
- Asian stocks were higher Wednesday after Wall Street closed at its best levels for '09.
- Bank of England is still considering a reduction in the bank's deposit rate.
- Bernanke says US recession 'very likely' has ended, economy still weak.
- China shares fall on liquidity doubts.
- Credit default swaps lose disaster stigma as confidence in market rebounds.
- European new car registrations rose 2.8% in July, followed by a 3% rise in August.
- Gold, Silver rally as economic rebound fuels resurgent inflation concerns.
- German retail sales decline 1.7% as consumers opt for savings accounts.
- Greenspan says Congress may hamper Fed, adding inflation threat to bonds.
- Russia cut its key lending rates by 25 bps to 10.5% - sixth time since April.
- Actel narrows Q3 revs guidance to up 3% (prev view -2% to 4%).
- Adobe Systems to acquire Omniture for $21.50/sh cash valuing the deal at $1.8B.
- AirAsia shares decline most in 6 weeks after selling shares at 6% discount.
- Best Buy raised its forecast for annual earnings, offering hope for strong Holiday sales.
- Blockbuster Inc. may close 960 stores by the end of 2010.
- Capital One US credit-card delinquencies rise in August to 5.09% from July's 4.83%.
- Citigroup said to plot exit from FDIC debt program as deadline approaches.
- Eaton Corp. expects $1B in addln revenue over the next 2 years from stimulus program.
- Genworth Fincl sells stock at $11.75/sh, raises $564M, beats estimate.
- Harrah's bought $140M of debt tied to Planet Hollywood Resort & Casino in Las Vegas.
- Illinois Tool boosts Q3 view on better pricing; revs down 21% in Q2.
- Japan Airlines confirms it's tie-up talks with foreign carriers, to cut work force by 14%.
- Lehman says Barclays got at least a $5B windfall in brokerage deal.
- Rogers Corp sees Q3 EPS at $0.28-0.34 vs. cons. view $0.16. (prev view $0.11-0.21).
- Stanley Furniture expects Q3 operating loss to widen sequentially due to lower sales.
- SunTrust Banks: Consumer-related, construction charge-offs to increase further.
- Taiwan Mobile Co. to buy Kbro Co. from Carlyle for $1B.
- TNK-BP Hldg's 1H net profit fell by 52% to $2.29B on lower oil prices.
- Tullow, Anadarko poised to reveal a new oil field off West Africa.
- Volkswagen expects full-year vehicle sales to reach last year's level of 6.2M in 2009.
Recent Egan-Jones Rating Actions
KROGER CO/THE (KR)
CAPITAL ONE FINANCIAL CORP (COF)
HORMEL FOODS CORP (HRL)
PARKER DRILLING CO (PKD)
NOBLE CORP (NE)
CAMPBELL SOUP CO (CPB)
LUBRIZOL CORP (LZ)
DIRECTV GROUP INC/THE (DTV)
PRUDENTIAL FINANCIAL INC (PRU)
HERSHEY CO/THE (HSY)
MICRON TECHNOLOGY INC (MU)
HJ HEINZ CO (HNZ)
NATIONAL SEMICONDUCTOR CORP (NSM)
Data provided by Egan-Jones Ratings and Analytics
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Im an American and DO NOT BACK BAM'S INSURANCE PLANS....Everything the government touches turns to crap.
that story is from a Bloomberg Poll: (what is interesting is that no data is given on the sample, margin of error etc.) I wonder what political gift is awaiting Mayor Michael for this
Obama Gets 56% Job Approval Amid Deficit Concerns, Poll Shows ...
he poll also probes attitudes on climate change, finding that 40 percent of Americans view it as a major threat, compared with 31 percent who say it’s a minor threat and just 27 percent who say it’s no real threat at all.
To contact the reporter on this story: Heidi Przybyla in Washington at hprzybyla@bloomberg.net
http://bloomberg.com/apps/news?pid=20601087&sid=aTFObXUOJj1c
not the market.....yet anyway.
"SunTrust Banks: Consumer-related, construction charge-offs to increase further."
and RF's guy says differently about his bank. how interesting.
disclosure...i think both of them fall in the p.o.s. category.
Richard Parsons, chairman of Citigroup Inc., is joining private-equity firm Providence Equity Partners as a senior adviser but will remain in his Citigroup post, according to a person familiar with the situation...At Citigroup, where he became chairman in February, Mr. Parsons will recuse himself from any business decisions related to Providence, a longtime client of the bank. Indeed, Citigroup was a lead lender in funding the $51 billion buyout of BCE Inc., the Canadian telecom giant. That deal, which would have been the largest leveraged buyout ever, fell apart last year at the eleventh hour.
http://online.wsj.com/article/SB125309955404215531.html
ITS A HERO-FEST ON CNBC THIS MORNING...
BECKY: Who do you think the biggest heroes (of the financial crisis) are?
BUFFETT: Well, I think the heroes are-- are-- (Federal Reserve Chairman) Bernanke. I think (former Treasury Secretary) Paulson's a hero. I think (Treasury Secretary) Geithner’s a hero are-- I-- I-- you know, you can look back and say you could have done this a little differently or that a little differently, but at the time I called it an economic Pearl Harbor and in the end we got through Pearl Harbor. And-- and it could have turned out a lot differently.
I just lost whatever little respect I had left for Buffett. The guy is nothing but a CRONY CAPITALIST and a tool. What a moron.
I can assure you Mr.Buffet that IT WILL turn out A LOT differently. You ain't seen nothin' yet. And Rest assured, Berkshire Hathaway WILL NOT EXIST within the next 5-10 years.
If you want to keep your seat at the table, you'd better be a team player.
Well, the table Buffett is sitting at will soon be relegated to the dustbin of history.
more buffoonery? good.
Buffet didn't like the tech bubble, probably didn't play flip this house, but THIS is the kind of market he can get behind?
I'd probably feel pretty good if I was him simply based on his GS perpetual preferred/warrant play.
Am I the only one who hates the term "charge-offs" with a passion? Why can't we call it what it is; BAD DEBTS
Robbing Peter to pay Paul
U.K. bank Barclays PLC (BCS) Wednesday announces the restructuring of $12.3 billion of credit market assets by a sale of the assets to Protium Finance LP. MAIN FACTS: -Protium is a newly established fund whose objective is to purchase credit market assets from third parties and manage those assets over time to benefit from their long term cash flows. -The activities of Protium will initially be supported by $450 million of new funding provided by the partners of Protium and by a 10-year loan to Protium of $12.6 billion by Barclays. -The loan will be used primarily to fund the purchase of the assets from Barclays. -As part of the transaction any excess cashflows following repayment of the loan to Barclays will accrue to the partners of Protium. -The assets will remain on balance sheet for regulatory purposes; consequently the transaction will not reduce the regulatory capital required for these assets and may lead to an increase. -The assets will be sold at current fair values and therefore Barclays expects it will record neither a gain nor a loss on completion of the sale. -Barclays will not consolidate Protium for accounting purposes and will derecognise the assets. -Assets comprise structured credit assets insured by monolines ($8.2 billion), RMBS/Other ABS assets ($2.3 billion) and residential mortgage assets ($1.8 billion) held in Barclays Capital.
The market propaganda machine is out in full force. Obama is everywhere pushing his agenda, Timmay G. going so far as Good Morning America? WTF. Buffet making comments that CNBS and Bloomberg can turn into "see I told you so" bullish headlines.
Friday is end of qtr triple witch, which to me means this market could get real silly.
Next week should be a big test to see if the Bears want to come out and fight.
As for Bloomberg.com and Bloomberg TV, they have lost all credibility and have gone the way of the financial variety show.
Bloomberg has certainly become less and less credible except mostly Tom Keene "On the Economy" guests. Maybe because election day is near for Mike Bloomberg and its time to ratchet up the reelection machine.
daily highlight: Zion's bank is speculated to own all the gold in the world and not, as previously thought, real estate in Vegas, Arizona and California.