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Daily Highlights: 9.28.09

Tyler Durden's picture





 
  • Asian stocks decline on concern at US economy, Yen strength.
  • China formally starts investigating some "unfair" imports of chicken products from US.
  • China Investment Corp.. to invest about $1B with Oaktree Capital Management.
  • Companies indicating willingness to spend more on tech: reports.
  • Consumer sentiment, new-home sales showed signs of improvement; while sales of durable goods fell.
  • G-20 unites on bank rules, aligning policy as focus moves away from crisis.
  • India to extend the seven month ban on sugar futures beyond December.
  • U.S. commercial banks earned $5.2B trading derivatives in the second quarter.
  • Abbott to pay $7.1B for pharmaceutical unit of Belgian conglomerate Solvay.
  • Affiliated Computer Services to be purchased by Xerox for $6.4B.
  • Barclays in talks to buy some of Citigroup Inc.'s retail-banking assets in Portugal.
  • Dexia SA to cut 602 jobs; on target to save €200M in 2009.
  • Fidelity National Financial sold its technology unit and will reduce debt by $200M.
  • Fortis to resume 40%-50% dividend policy; capital "appropriate" for now.
  • Infigen Energy plans to sell its US wind power business for $2.2B.
  • KB Home's Q3 loss narrowed to $66M, aided by lower write-downs.
  • Kraft poised to launch hostile 11B pound Cadbury bid: report.
  • Myer Group, Australian department store chain, to raise $2.02B through an IPO.
  • Novartis' new smoker's cough drug gets EU panel backing.
  • Sinochem bids $2.4B for Australia's Nufarm in China's second attempt at control.
  • SK Telecom to sell its 3.8% stake in China Unicom; stake sale to raise $1.28B.
  • Sumitomo expects a narrower-than-expected Q2 net loss on increased orders.
  • UniCredit SpA to hire Merrill, UBS, Goldman to manage a $5.9B stock sale.

Earnings Calendar: CALM, CRFT, NBG, TRR.

Companies to watch: 3Com, ArcelorMittal, AZZ Inc., Barclays PLC, Dynatronics, Fortis, Hercules Offshore, H-P, KB Home, Kraft Foods, SK Telecom.

Recent Egan-Jones Rating Actions
CHARMING SHOPPES INC (CHRS)
KNOLL INC (KNL)
BOWNE & CO INC (BNE)
KB HOME (KBH)
HOVNANIAN ENTERPRISES INC (HOV)
UNUM GROUP (UNM)
TERRA INDUSTRIES INC (TRA)
SARA LEE CORP (SLE)
ABBOTT LABORATORIES (ABT)
AMERICAN GREETINGS CORP (AM)
CENVEO INC (CVO)
AUTOZONE INC (AZO)
CORN PRODUCTS INTERNATIONAL INC (CPO)

 


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Mon, 09/28/2009 - 08:39 | Link to Comment Gubbmint Cheese
Gubbmint Cheese's picture

So, asian markets down across the board and U.S. Futures are up this morning? Nice.. Back to the games I see.

Mon, 09/28/2009 - 08:57 | Link to Comment MountainHawk
MountainHawk's picture

US market makers have god-like power...to infinity and beyond!

Mon, 09/28/2009 - 15:56 | Link to Comment Gilgamesh
Gilgamesh's picture

Not just US MMs; they have gotten Euros involved lately.  No need to let the East Coast early (pre-PPT buying) wakers see red futures anymore.  Gives a new meaning to global cooperation.

 

"We pledge to avoid destabilizing booms and busts in asset and credit prices and adopt macroeconomic policies, consistent with price stability, that promote adequate and balanced global demand."

http://www.reuters.com/article/topNews/idUSTRE58O6G020090925?sp=true

 

Not sure how they are avoiding the boom part, but they certainly are promoting balanced global demand - for SPY futures.  Good to see that pure socialists still care about the markets, though.

Mon, 09/28/2009 - 08:56 | Link to Comment London Banker
London Banker's picture

<img src="http://img.printfection.com/13/46120/JI0Ak.jpg" alt="" title="" />

Saw this today.  It would make a great t-shirt.

Mon, 09/28/2009 - 08:57 | Link to Comment London Banker
London Banker's picture

Sorry about the image link not working.  The image is a Dali-esque melting Federal Reserve logo.

Mon, 09/28/2009 - 16:19 | Link to Comment Hephasteus
Hephasteus's picture

Did someone throw liquidity on the wicked witch of the north? LOL

Mon, 09/28/2009 - 09:19 | Link to Comment rhinotrader
rhinotrader's picture

feels like a up 200pt day

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