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Daily Highlights: 7.31.09
- Initial jobless claims in US increase; total rolls unexpectedly decline.
- US Treasuries fell, heading for a 4th monthly loss on speculation GDP improving.
- Japan's unemployment rate rises to a 6-yr high in June; Consumer prices fell at a record pace.
- Asian stocks rise on profit reports; MSCI Index set for fifth monthly gain.
- AK Steel announces price increase of $40/tonne for its carbon steel products.
- Abraxis posts Q1 EPS of $0.17/sh, beating estimates by 29 per cent.
- Air France Q1 net loss at €431M vs. cons est. of a loss of €194M.
- Anglo American profit falls 31% as metal, commodities, gem prices decline.
- Aon profit fell 11%.
- Arch Chemicals sees FY09 EPS of $1.60-$1.80 vs. prev guidance of $1.85-$2.05.
- Avon Products Q2 net drops 65% to $82.9M, revs beat est., comes in at $2.47B.
- British Airways posts wider-than-estimated loss after revenue declines 12%.
- Cigna Corp.'s Q2 earnings rises 60% aided by $110M in income from its annuity biz.
- Colgate's Q2 earnings rose 14% to $561.6M amid prior-year restructuring costs.
- DTE Energy's Q2 net triples to $83M on energy trading; revs fell 25% to $1.69B.
- Disney CEO: Co sees signs of economic stabilization.
- Dow Chemical swings to a loss of $344M on costs from purchasing Rohm & Haas.
- Embraer's Q2 profit falls 50% to $67.8M on currency losses, more tax expenses.
- Enel profit increases 29% amid lower sales; $14B bond sale planned.
- Exxon Mobil posts its lowest qtrly profit since 2003, net down 66%.
- Ford slows bidding process for its Volvo unit, tries to get a better price.
- HSBC may post 1H loss as US unit pushes bad loans to $15B.
- Kellogg Co.'s Q2 net rises 13% to $354M amid cost cutting steps. Revs dip 3% to $3.2B.
- MetLife swung to a Q2 loss as it recorded another $3.83B of investment losses.
- Nintendo, Sony face pressure to cut prices as Wii, PlayStation sales slump.
- Telefónica Q2 net falls 6.1% to €1.93B ($2.71B) on lower revenue.
- Total's net profit drops 54% in 2Q.
- Travelers Cos.' Q2 net falls 21% on lower revenue and higher claims costs.
- Vedanta profit drops 52%, beats analyst estimates on cost cuts, suspension.
- Wynn Resorts beats by $0.10, posts Q2 EPS of $0.09; revs down 12.3% at $723.3M.
- Weyerhaeuser reorts a 59 cents lossper share.
Recent Egan-Jones Rating Actions
WALT DISNEY CO/THE (DIS)
WYNDHAM WORLDWIDE CORP (WYN)
CABOT CORP (CBT)
AMKOR TECHNOLOGY INC (AMKR)
ACCO BRANDS CORP (ABD)
XEROX CORP (XRX)
AGCO CORP (AGCO)
MASSEY ENERGY CO (MEE)
RYLAND GROUP INC (RYL)
GOODYEAR TIRE & RUBBER CO/THE (GT)
CONOCOPHILLIPS (COP)
PENSKE AUTO GROUP INC (PAG)
MCKESSON CORP (MCK)
Data provided by: Egan-Jones Ratings and Analytics
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dont mean to be a d1ck but jobless claims came out yest morn...
I believe this is just an automatic posting of whatever EJ is sending each morning. Could be wrong, but don't think TD edits it in any way. His news summary is "Frontrunning."
The BEA has revised their GDP calculations..."as well as changes in definitions, classifications, statistical methods, source data, and presentation."
Briefing Report:
http://tinyurl.com/l8j6la
2009 comprehensive revision:
http://www.bea.gov/national/an1.htm
check the bottom of p. 13 on that briefing report.
It appears all we need in order to have strong GDP
growth is hurricanes. Fucking magic. Forget
productivity, just give us a few Cat 5s.
Any big disaster is good for GDP. An earthquake in California or a mass outbreak of that swine flu on the scale they keep promising would do wonders for GDP.
"Initial jobless claims in US increase; total rolls unexpectedly decline."
Isn't this a news from yesterday?
Wake up Tyler...have a cup of coffee :)...
Yeh, it's a repeat, but also an opportunity to drive home yet again what a crock these unemployment numbers are less we forget while waiting for the Jul 31 good lies - I mean - GDP numbers.
Courtesy of Karl Denninger
http://market-ticker.org/archives/1272-Unemployment-Report-FAR-Weaker-Th...
http://market-ticker.org/archives/1276-GDP-Uuuuggghhhh.html
"Three months of in-your-face falsehoods by the mainstream media have just been destroyed in seconds with one data release. The facts are irrefutable; the only remaining question is this: when will we see something approaching balance and honest reporting from the so-called media outlets?
Those "green shoots" were either marijuana plants (and were being smoked by the media) or worse, they have been running around with cans of green spray paint, "colorizing" the dead brown weeds, then pointing at them and screaming "green shoots!" "
Tyler the best thing they can do is keep pushing commodities and selling off the bond market hard...I encourage them to keep doing it...
Think of a boa constrictor...it is slowly choking the american consumer and economy...as soon as cap and trade, health care etc pass....it will be like pelosi putting a bad over the tax payers head in the process ...
Total BS reports .....
GDP down 1%, better than expected...markets gonna ROOAAAAAAAAARRRRRRR today...or this has already been "priced in" by the market??
Q1 revised down to -6.4 from -5.5. Wages not going up, consumers spending even less. Deep fried green shoots.
You don't get it, that means that Q3/Q4 has even better growth potential! Buy buy buy!
I'll vote for you...I don't think we are going to see another deep correction anytime soon. The trend remains up and until another (financial) meteor strikes, the markers will keep making new highs. Going long is not a bad idea (although it stuck me when stocks are already at year highs...sic!).
I think we predicted a down day due to the GDP but that probably won't happen.
Anyone know how TARP was reported into GDP?
Inventories still going down. No wonder insiders have been selling stock hand over fist into this rally.
GDP Military Spending up 13%. Hooray Pacifist Obama!
I wonder if the unemployement rolls going down unexpectedly has anything to do with the fact that many folks have exhausted their benefits? Do those folks get counted as unemployed or do they simply vanish from the face of the earth or do they get counted as ACORN?
I wrote an article about that. Basically, after 26 weeks, they aren't counted in the continuing claims numbers.
If you're interested.
http://seekingalpha.com/article/152765-unemployment-worse-than-advertised
Last day of the month, so ramp early, ramp often.
So what if Q1 was revised markedly downward; you still have to believe this quarter's 'better-than-expected' number is accurate (just lie the jobs numbers, continuing claims, etc.)
Put on a good face for the people and they'll be happy, so paint the close before the statements get sent out.