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Daily Highlights: 9.22.09
- ADB revised its GDP for developing Asia for this year to 3.9% from 3.4%.
- Asia will expand faster than expected through 2010 on stimulus: ADB.
- Asian shares were mixed Tuesday with investors cautious after Wall Street's pullback overnight.
- August passenger revenue taken in by U.S. airlines slid 21% from the year-ago month.
- China stops issuing new licenses to institutions seeking to join bidding for initial public offerings.
- China's auto exports fell 57% to 191,000 in first seven months this year.
- China's stimulus delays restructuring of economy to consumption, ADB says.
- Dollar falls as Asia-Pacific region's economic recovery spurs yield demand.
- Euro up at $1.4758 in European morning trade ahead of G-20 meeting.
- Fed to miss the Oct 1 deadline to prepare review of its structure and governance.
- Oil hangs near $70 in Asia after big tumble on worries Chinese demand is fading.
- AIG showing signs of stabilizing, but still too early: Govt watchdog.
- Biogen launches $356M ($14.50/sh) hostile bid for Facet Biotech Corp.
- BofA to pay $425M to end loss-sharing pact designed to help it digest Merrill Lynch.
- CEO of Cadbury acknowledges that there is some merit in a combination of the two companies.
- China Investment Corp. invests $850M to buy 15% stake in Noble Group, a commodities trader.
- Dana Holding announces public offering of 27M shares of common stock.
- Dell agreed to buy Perot Systems for $3.9B, paying a fat premium.
- Dow Jones & Co. said it plans to close the Far Eastern Economic Review.
- Lennar posted a wider Q3 loss of $171.6M on charges, lower revs; Order backlog improves.
- Nortel plans to auction off some of its carrier networks business assets.
- Pfizer, Wyeth to divest certain animal health assets to Boehringer Ingelheim.
- Pratt & Whitney said Monday it will eliminate 1,000 jobs in Connecticut by 2011.
- RBS may raise as much as $8B in share sale after meeting investors.
- RBS weighing whether to seek modest reduction in govt aid to insure its bad assets.
- Rio Tinto to sell its Alcan Composites business for $349M to Switzerland's Schweiter Technologies.
- Saudi Aramco sees idle oil fields through 2010 on weak demand.
- Sinopharm Group expects net proceeds of $1.09B from Hong Kong listing.
- Synnex Corp.'s Q3 net rises 4.6% on lower exps; sees strong Q4.
- Tenet Healthcare to sell $300M mandatory convertible preferred stock.
- Vivendi may decide to sell its 20% stake in NBC at October board meeting.
Recent Egan-Jones Rating Actions
METROPCS COMMUNICATIONS INC (PCS)
SEACOR HOLDINGS INC (CKH)
DELTA AIR LINES INC (DAL)
LENNAR CORP (LEN)
BURLINGTON NORTHERN SANTA FE CORP (BNI)
WYNN RESORTS LTD (WYNN)
GATX CORP (GMT)
DELL INC (DELL)
CORRECTIONS CORP OF AMERICA (CXW)
GENWORTH FINANCIAL INC (GNW)
ILLINOIS TOOL WORKS INC (ITW)
CARRIZO OIL & GAS INC (CRZO)
AMERIPRISE FINANCIAL INC (AMP)
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This just in from Bloomberg. Zero Hedge (NYSE: ZH) has offered $500 and 10 homemade candles to Vivendi for their 20% stake of NBC. According to anonymous sources involved in the negotiations, Vivendi's board of directors is seriously considering the offer, but same sources state they may try to hold out for 12 candles.
First order of business: Cancel the Kudlow Report; fill the time slot with the Robot Trader Report, filled with of negligee's, thongs & charts, with music courtesy of Marla, of course.
Now that would be must-see TV. Christ, for me, that would be more addictive than crack.
On the CNBC declining viewrship thread last week, I suggested they dump cramer, squawk, and the other junkers they have on there and just have a dominatrix commanding what stocks to buy and sell.
She could be whipping on a guy that is saran wrapped to a chair with his hands tied behind him and making him peck the orders with his nose while her spike heel is pushing into the back of his head and strategically putting clothes pins on his person.
I might watch that.
I see the Singapore sovereign wealth fund has learned how to use the cheat street pump and dump.
Wonder how many of those BAC shares Paulson & Co have already unloaded?
Now the FDIC would rather borrow money from "healthy" banks instead of the treasury?!!!!?
Gee, what next? Will the DEA start funding itself with loans from gangs?
How is this massive conflict of interest not being pointed out?
In a third world country regulators taking money from the regulated is called bribery.
Now banks can make money off the failure THEY created?
This just gets more and more beautifuller every day!
A question to all: why MSM (at least Bloomberg which is not completely in the band wagon)keep on mentioning such famous (or infamous for that matter) analysts,the likes of Dick Bove,in their news about stocks)?Do they ever use the internet?all they have to do is google that guys name and find all his great recommendations about the hidden treasures of the likes of Bear Stern and Lehman, to mention few. And the best of all"no one got hurt from the BAC and ML merger. And what about those people who saw their stocks go down to $3?so all those billions are fine as long as this guy can keep making money in his position. Isn't their a way of a malepractice lawsuit that bankrupt this guy and his company?why is it o.k. that people have malepractice lawsuit against doctors who literally have to go through thousands of variables to get to the problem but can't do it against those corrupt analysts?
Would love to be a fly on the wall in the current Fed meeting. Getting QE right is like trying to build a tower of marbles.
One thing people are forgetting here:
BANKS, little as well as giant, pay FDIC premiums. For smaller banks, most of which are run well and hence were not guilty of bringing on the whole meltdown/meltup, these fees are non-trivial and directly affect the bottom line.
So as the FDIC, which is itself an incompetent, puppet organization, gets ready to take over more banks, who's going to pay the extra premiums? The banks can only absorb so much before they pass it on to the consumer.
Just to be clear:
FDIC fucking up BIG TIME=less profits for GOOD banks=more cost to the consumer.
I know, I know, the Govment will swoop in and save the day by selling out another generation. Sad.