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Daily Highlights: 9.9.09

Tyler Durden's picture




 
  • Asian stocks fall on share sales; Alibaba slumps as Chairman pares stake.
  • China looking at investing part of its $300B sovereign-wealth fund in US realty.
  • China plans first offering of yuan sovereign debt outside mainland China, in Hong Kong.
  • China's steel output rises 2% as state spending spurs demand.
  • Euro rises toward 9-month high versus Dollar on speculation of recovery.
  • Japan to hike fees it pays to aluminum producers by 53% - highest in 14 yrs.
  • OPEC Committee to recommend keeping quotas unchanged: Kuwait Minister.
  • American Electric sees FY09 EPS of $2.75-3.05 vs. cons. est. of $2.88.
  • Atheros to acquire semiconductor company Intellon Corp for $244M.
  • BMW, Audi, Mercedes-Benz continued to suffer from lackluster sales in August.
  • Buffett's Berkshire adds coverage of risky homes amid real estate slump.
  • BusinessWeek, put up for sale by McGraw-Hill, gets interest from 93 potential buyers.
  • China sends back Tengzhong's application to buy Hummer.
  • Fairfax Fincl Hldg to sell $1B in stock to fund its proposed purchase of Odyssey Re.
  • FuelCell Energy's Q3 loss narrowed to $14.9M as expenses rose lower than revs.
  • Geely Holding makes $2B offer for Ford Motor Co.’s Volvo Cars unit.
  • Kraft said to seek $8B in financing for possible Cadbury takeover.
  • Lenovo's shares fall 5.5% on stake sale by TPG, General Atlantic & Newbridge Capital.
  • Neiman Marcus's Q4 loss widens to $168.5M on charges, sharp discounts.
  • NYSE Euronext plans to sell stakes in American stock exchange options unit.
  • PetroChina's parent CNPC receives $30B loan for overseas expansion.
  • RBS has hired Goldman to find a buyer for its aircraft-leasing business.
  • Smithfield Foods' Q1 loss widened to $107.7M amid continuing weak demand.
  • Taiwan Power to spend $9B to expand, upgrade grid in the next 6 years.
  • Valero Energy paring back operations, jobs as it tries to maintain profitability.
  • Vivendi SA offers $3B for Brazil's GVT to expand into Latin America space.
  • Wing Hang Bank seen as takeover target as China banks set sights on Hong Kong.

Economic Calendar: Data on Crude Inventories, Fed's Beige Book to be released today.

Earnings Calendar: KFY, LAKE, MW, RSC, SHFL, SWHC, TLB, UNFI, ZLC.

Companies to watch: Korn Ferry Intl, Men's Wearhouse, Rex Stores, Shuffle Master, Smith & Wesson, Talbots, United Natural Foods, Zale Corp.

Recent Egan-Jones Ratings Actions
BARRICK GOLD CORP (ABX)
PACCAR INC (PCAR)
EOG RESOURCES INC (EOG)
CUMMINS INC (CMI)
NATIONAL FUEL GAS CO (NFG)
ATMOS ENERGY CORP (ATO)
SMITHFIELD FOODS INC (SFD)
KRAFT FOODS INC (KFT)
DEVON ENERGY CORP (DVN)
SWIFT ENERGY CO (SFY)
CONAGRA FOODS INC (CAG)
MANITOWOC CO INC/THE (MTW)
CHIQUITA BRANDS INTERNATIONAL INC (CQB)

Data provided by Egan-Jones Ratings And Analytics

 

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Wed, 09/09/2009 - 08:44 | 63315 aldousd
aldousd's picture

Asian Stocks Fall on Share Sales? You mean that's it? Just selling them?  There has to be some quasi green shoot explanation other than that. 

Wed, 09/09/2009 - 08:45 | 63316 long-shorty
long-shorty's picture

for anyone watching CNBS... isn't it uncanny how much Grover sounds like Mohammed Al-Arian?

Wed, 09/09/2009 - 08:51 | 63317 jesusonline
jesusonline's picture

'Euro rises toward 9-month high versus Dollar on speculation of recovery'
Rather dollar gets whacked some more? Is this the last "sugar high" move to sweeten stocks a bit before the correction? A lot of people seemed to have jumped on the bandwagon of forecasting dollar weakness till the year end - that's with a 10-15% downside in stocks. I mean then the Fed has to announce additional monetizing or something - what else should stocks move up/dollar go down on?

 

 

Wed, 09/09/2009 - 08:57 | 63318 SWRichmond
SWRichmond's picture

Euro rises toward 9-month high versus Dollar on speculation of recovery.

In the story of "Whose banks are more scroomed", why do they try to keep us on the see-saw?

Atheros to acquire semiconductor company Intellon Corp for $244M.

Does this mean that now all embedded Intellon devices will eat all my cycles, too?  That's just great.

Smithfield Foods' Q1 loss widened to $107.7M amid continuing weak demand.

If you've never had black-eyed peas slow-cooked with a chunk of Smithfield ham, you don't know what good is, and I fell genuinely sorry for you.

Edit: and cornbread.

Wed, 09/09/2009 - 09:03 | 63322 Bearish Spirits
Bearish Spirits's picture

DXY pierced 77 a little earlier.  Could be a scary day for either the dollar or equities.

It sure is nice of Goldman to come out and raise price targets on GE and other industrials/conglomerates.  Those guys just want people to make money...what patriots.

Wed, 09/09/2009 - 09:00 | 63324 Anonymous
Wed, 09/09/2009 - 09:09 | 63329 Anonymous
Anonymous's picture

Barrick Gold and JPM... Gold price manipulation?

http://jessescrossroadscafe.blogspot.com/2009/09/barrick-capitulates.html

Wed, 09/09/2009 - 09:46 | 63347 SWRichmond
SWRichmond's picture

Barrick is the incarnation of evil on earth.

Do NOT follow this link or you will be banned from the site!