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Daily Highlights: 9.22.2010

Tyler Durden's picture




 
  • Asia stocks mixed after Fed said it was ready to do more to recharge the US economy.
  • Fed hinted it is becoming uneasy about the outlook, but deferred taking any new steps.
  • Fed suggest it could buy more bonds; Way eased for new programme of QE.
  • Iceland cuts base rate by 0.75% to 6.25%.
  • Las Vegas home sales fall as area unemployment lingers near 15%
  • Oil hovers above $75 in Asia after report shows US supplies unexpectedly rose last week.
  • UK Business Secretary plans to announce a review of takeovers, executive pay.
  • US Corporate debt-default rates are expected to fall below 3% by the end of the year.
  • Ace Ltd. in talks to buy NY Life Insurance Co.’s assets in Asia after two rivals dropped out.
  • Adobe sees Q4 revs of $0.950-1.000B vs. $1.03B consensus estimates.
  • American Airlines struggles with costs, unions as mergers boost rivals.
  • Analogic beats by $0.17, reports Q4 EPS of $0.56 as revs rise 19.8% to $117.8M.
  • AutoZone's Q4 net jumps 14% to $268.9M as revs rise 9.5% to $2.45B.
  • Blockbuster is in the final stages of preparing a bankruptcy filing.
  • Carnival Corp.'s Q3 net rises 22% to $1.3B as revs rose 6.9% to $4.4B.
  • ConAgra's earnings fell 12% to $146.4M amid rising costs. Revs fell 2.4%.
  • Darden's Q1 net rose 20% to $113.1M as sales rose at Olive Garden and LongHorn Steakhse.
  • Deutsche Bank expects net loss for Q3, on revaluation of its investment in Deutsche Postbank.
  • eBay sees Q3 EPS guidance near the high end of prev view of $0.35-0.37.
  • Infineon lifts revenue forecast again as it expects Q3 sales to rise 15% over Q2 levels.
  • Microsoft raises quarterly dividend 23% to 16 cents.
  • PMC-Sierra lowers Q3 rev guidance to $161-163M vs. cons est. of $173.36M.
  • Progress Software sees FY11 EPS at $2.50-2.60 (cons $2.54); revs at $555-565M.
  • Providence Service raises Q3 EPS view to $0.20-0.22 vs. cons est. of $0.06.
  • Prudential Fin nears deal to buy 2 Japanese life-insurance cos from AIG for $4-5B.
  • RIM could unveil its new tablet and the OS that will power it—as early as next week.
  • Sinochem looks to spoil BHP’s Potash bid; Chinese group appoints advisers to evaluate move.
  • Textron to cut another 700 staff at its Cessna unit; reduce production on lower demand.
  • Thales SA and OHB Technology AG may sign a weather-satellite contract worth €1.3B.
  • Visa announces decision to fund litigation escrow account with $800M.

Economic Calendar: Data on Crude Inventories to be released.

Earnings Calendar: BBBY, CPRT, DRI, DYNT, GIS, IHS, JEF, KMX, RHT, SCS.

RECENT RATING ACTIONS
CONAGRA FOODS INC (CAG)
WESTPAC BANKING CORP (WBC AU)
DAVITA INC (DVA)
ISTAR FINANCIAL INC (SFI)
LENNAR CORP (LEN)
OWENS-ILLINOIS INC (OI)
CLOROX CO (CLX)
WEATHERFORD INTERNATIONAL (WFT)
DELUXE CORP (DLX)
SHAW COMMUNICATIONS INC (SJR)
ROCK-TENN CO (RKT)

Data provided by Egan-Jones

 

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Wed, 09/22/2010 - 07:52 | 596747 Internet Tough Guy
Internet Tough Guy's picture

usd index under 80

Wed, 09/22/2010 - 09:00 | 596856 PeaBird
PeaBird's picture

Not that I put much faith in correlations, since ZH has shown well that implied correlation is ridiculous at the moment, but could it be following the same trend as the gold:silver ratio? That is, down?

USDX 50 day exp mov avg 82.46, 200 day exp mov avg 82.01, so the 50 day is still above the 200 but is looking like it will cross.

Gold:Silver ratio 50 day exp mov avg 64.51, 200 day 65.26, so the 50 day has already crossed below the 200 for the Gold:Silver ratio.

Could the USDX be following suit? What are the odds? Evens?

Wed, 09/22/2010 - 08:03 | 596752 newstreet
newstreet's picture

yeah, how you dollar bulls doing this morning?  Guess I'll take a few of those longs off your hands with DX below 80.

Wed, 09/22/2010 - 08:26 | 596792 spanish inquisition
spanish inquisition's picture

Probable Fed meeting aside - "I think the current issue is we (or other divisions) issue almost all the worlds money (haha, debt) and ask the market to compare and buy our products with our products. We now are currently manipulating the value of the products in relationship to each other so that we can save our distribution/franchisee system (the financial system along with captured government agencies and politicians). Obviously the cost of rebuilding a structure like that is prohibitive, so if you have to break a few rules, so be it. But, people are starting to see that in this system we control the value of things and are losing confidence in the confidence game. Well, we have a partial solution, we need to push our government friends that anyone not using our products for commerce will be branded a terrorist. That will buy us a another year at best."

Wed, 09/22/2010 - 08:41 | 596820 Sudden Debt
Sudden Debt's picture

And what about the BDI that is going downhill bonanza style?

Wed, 09/22/2010 - 08:49 | 596831 Bold Eagle
Bold Eagle's picture

It's game over for the US bonds & stocks. Who will backstop our bond auctions?

Wed, 09/22/2010 - 09:12 | 596880 Battleaxe
Battleaxe's picture

The Fed can just buy all of the bonds at every auction, then the Treasury can buy all of the stocks in every US market. Problem solved! They just have to keep all of the numbers good.

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