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Morning Market Briefing | Wed Mar 10 09:01 2010 |
Commentary
Mar 10, 2010 Stocks Poised For Lackluster Open Amid Light News Day - U.S. Commentary
Stocks are likely to open Wednesday's session little changed, as the markets have little to go on ahead of some economic data this morning. The major index futures are nearly unchanged, with the Dow futures down by 4 points. Full Article
Stocks are likely to open Wednesday's session little changed, as the markets have little to go on ahead of some economic data this morning. The major index futures are nearly unchanged, with the Dow futures down by 4 points. Full Article
Economic News
Mar 10, 2010 U.K. Industrial Production Drops Unexpectedly In January
Industrial production in the U.K. registered an unexpected decline at the start of the year, showing the first monthly fall since August 2009. Full Article
Industrial production in the U.K. registered an unexpected decline at the start of the year, showing the first monthly fall since August 2009. Full Article
Mar 10, 2010 German Exports Drop For First Time In Five Months
German exports dropped sharply in January due to weather effects, ending increases in four consecutive months, data released by the Federal Statistical Office showed Wednesday. Full Article
German exports dropped sharply in January due to weather effects, ending increases in four consecutive months, data released by the Federal Statistical Office showed Wednesday. Full Article
Mar 10, 2010 Chinese Exports Jump 45.7% In February
China's exports grew substantially in February, but dropped from the previous month suggesting a persistent weakness in foreign demand. Full Article
China's exports grew substantially in February, but dropped from the previous month suggesting a persistent weakness in foreign demand. Full Article
Mar 10, 2010 Australian Consumers Remain Upbeat
Consumer confidence in Australia rose slightly in March despite the Reserve Bank of Australia's decision to raise the cash rate, according to the latest Westpac - Melbourne Institute consumer sentiment survey. Full Article
Consumer confidence in Australia rose slightly in March despite the Reserve Bank of Australia's decision to raise the cash rate, according to the latest Westpac - Melbourne Institute consumer sentiment survey. Full Article
Mar 10, 2010 Japan Jan Machine Orders Ease 3.7% On Month
Core machinery orders in Japan were down a seasonally adjusted 3.7 percent in January compared to the previous month, the Cabinet Office said on Wednesday. Full Article
Core machinery orders in Japan were down a seasonally adjusted 3.7 percent in January compared to the previous month, the Cabinet Office said on Wednesday. Full Article
Mar 10, 2010 Brown Warns Against Real Risks To U.K. Recovery
The U.K. economy may face bumps in the road ahead, but the government will not let the economy fail, Prime Minister Gordon Brown said Wednesday. "Although the economy is now growing, recovery is still in its early stages - and remains very fragile," Brown said in a speech in London. "There will be many months ahead of conflicting statistics, false hopes and mixed signals." Full Article
The U.K. economy may face bumps in the road ahead, but the government will not let the economy fail, Prime Minister Gordon Brown said Wednesday. "Although the economy is now growing, recovery is still in its early stages - and remains very fragile," Brown said in a speech in London. "There will be many months ahead of conflicting statistics, false hopes and mixed signals." Full Article
Earnings News
Mar 10, 2010 American Eagle Outfitters Q4 profit rises, meets estimates; guides Q1 EPS
Wednesday, American Eagle Outfitters, Inc. (AEO) posted a 81% surge in fourth-quarter profit that came in line with analysts' estimate, as total sales grew 7% from the previous year. Comparable store sales for the quarter climbed 5%. The company noted a 550 basis points improvement in gross margin, reflecting better merchandise margins on lower markdowns. For the first quarter, the company provided earnings guidance range, with the consensus estimate falling at the low end of the range. Full Article
Wednesday, American Eagle Outfitters, Inc. (AEO) posted a 81% surge in fourth-quarter profit that came in line with analysts' estimate, as total sales grew 7% from the previous year. Comparable store sales for the quarter climbed 5%. The company noted a 550 basis points improvement in gross margin, reflecting better merchandise margins on lower markdowns. For the first quarter, the company provided earnings guidance range, with the consensus estimate falling at the low end of the range. Full Article
Mar 10, 2010 Brown-Forman Q3 profit down 13% on higher costs; narrows FY10 EPS View
Wednesday, Brown-Forman Corp. (BF-B) posted a 13% decline in third-quarter profit, hurt by higher expenses. Quarterly sales grew 10% to surpass the Street view. Further, the company narrowed its 2010 earnings guidance range. Full Article
Wednesday, Brown-Forman Corp. (BF-B) posted a 13% decline in third-quarter profit, hurt by higher expenses. Quarterly sales grew 10% to surpass the Street view. Further, the company narrowed its 2010 earnings guidance range. Full Article
Mar 10, 2010 Navistar Q1 profit plummets, backs FY10 EPS view, ties up with GE Capital in U.S.
Tuesday, Navistar International Corp. (NAV) reported a steep fell in first-quarter profit that came in well below the Street view, reflecting lower military orders. The year ago results were boosted by a substantial settlement with Ford Motor Co. Quarterly sales and revenues slid 5% to also fall short of analysts' estimate. Looking ahead, for the full year, Navistar reiterated its earnings outlook. The company also announced the same day that it will form a financing alliance with GE Capital for obtaining retail financing solutions to support sales of its trucks and school buses in the U.S. Full Article
Tuesday, Navistar International Corp. (NAV) reported a steep fell in first-quarter profit that came in well below the Street view, reflecting lower military orders. The year ago results were boosted by a substantial settlement with Ford Motor Co. Quarterly sales and revenues slid 5% to also fall short of analysts' estimate. Looking ahead, for the full year, Navistar reiterated its earnings outlook. The company also announced the same day that it will form a financing alliance with GE Capital for obtaining retail financing solutions to support sales of its trucks and school buses in the U.S. Full Article
Mar 10, 2010 J. Crew swings to profit in Q4, beats estimates; guides Q1, FY10 EPS
Tuesday, J. Crew Group, Inc. (JCG) said it returned to a profit in the fourth quarter, as sales grew 19% and markdowns and promotional selling decreased from the previous year. Both quarterly earnings and revenue came in easily above the Street view. Further, the company provided earnings outlook range for the first quarter, with the analysts' estimate falling at the low end of the range. J. Crew guided fiscal 2010 earnings above the consensus estimate. Full Article
Tuesday, J. Crew Group, Inc. (JCG) said it returned to a profit in the fourth quarter, as sales grew 19% and markdowns and promotional selling decreased from the previous year. Both quarterly earnings and revenue came in easily above the Street view. Further, the company provided earnings outlook range for the first quarter, with the analysts' estimate falling at the low end of the range. J. Crew guided fiscal 2010 earnings above the consensus estimate. Full Article
Corporate News
Mar 10, 2010 Abbott to buy Facet Biotech for $722 mln in cash for stock deal
Tuesday, Abbott Laboratories (ABT) made a move to buttress its hold in immunology and oncology markets as it agreed to buy Facet Biotech Corp. (FACT) for a total purchase price of $722 million. The purchase price includes $272 million of Facet's cash and securities, resulting in a net deal value of about $450 million. Earlier, Facet had rejected Biogen Idec Inc.'s(BIIB) unsolicited offer in December, stating that the bid undervalued the company. Abbott also indicated that it was not altering its earlier full year 2010 earnings guidance. Full Article
Tuesday, Abbott Laboratories (ABT) made a move to buttress its hold in immunology and oncology markets as it agreed to buy Facet Biotech Corp. (FACT) for a total purchase price of $722 million. The purchase price includes $272 million of Facet's cash and securities, resulting in a net deal value of about $450 million. Earlier, Facet had rejected Biogen Idec Inc.'s(BIIB) unsolicited offer in December, stating that the bid undervalued the company. Abbott also indicated that it was not altering its earlier full year 2010 earnings guidance. Full Article
Mar 10, 2010 China Mobile to buy 20% of Pudong Bank for US$5.83 bln
Wednesday, China Mobile Ltd. (CHL) said it agreed to buy a 20% stake in Shanghai Pudong Development Bank Co. for Yuan 39.8 billion or US$5.8 billion, in order to expand its electronic-payment business. The company further noted that its unit, Guangdong Mobile, will buy 2.21 billion new shares in the banking company at Yuan 18.03 each, representing a 13% discount to Shanghai Pudong's last traded price. Full Article
Wednesday, China Mobile Ltd. (CHL) said it agreed to buy a 20% stake in Shanghai Pudong Development Bank Co. for Yuan 39.8 billion or US$5.8 billion, in order to expand its electronic-payment business. The company further noted that its unit, Guangdong Mobile, will buy 2.21 billion new shares in the banking company at Yuan 18.03 each, representing a 13% discount to Shanghai Pudong's last traded price. Full Article
Mar 10, 2010 Chevron plans shedding 2,000 jobs, selling overseas assets
Tuesday, Chevron Corp. (CVX) said it will slash 2,000 jobs from its crude-oil refining and marketing business by 2011 and sell some overseas operations, including the Pembroke refinery in the U.K., in an effort to streamline its loss-making downstream portfolio. Full Article
Tuesday, Chevron Corp. (CVX) said it will slash 2,000 jobs from its crude-oil refining and marketing business by 2011 and sell some overseas operations, including the Pembroke refinery in the U.K., in an effort to streamline its loss-making downstream portfolio. Full Article
Mar 10, 2010 Bank of America to stop charging overdraft fees on debit cards: Reports
Wednesday, Bank of America Corporation (BAC) announced that it would end overdraft fees on debit card purchases, said media reports. The Federal Reserve made rules, which would take effect from July 1, to prohibit banks from charging such fees, without prior permission from the customer. Full Article
Wednesday, Bank of America Corporation (BAC) announced that it would end overdraft fees on debit card purchases, said media reports. The Federal Reserve made rules, which would take effect from July 1, to prohibit banks from charging such fees, without prior permission from the customer. Full Article
Broker Ratings Changes
Todays WS Events
Mar 10, 2010 MetLife To Present At Citi 2010 Financial Services Conference; Webcast At 8:45 AM ET
MetLife Inc. (MET) will make a presentation at the Citi 2010 Financial Services Conference. The event is scheduled to begin at 8:45 AM ET March 10, 2010. To access the live webcast, log on at www.veracast.com/webcasts/citigroup/fs2010/32102218.cfm
MetLife Inc. (MET) will make a presentation at the Citi 2010 Financial Services Conference. The event is scheduled to begin at 8:45 AM ET March 10, 2010. To access the live webcast, log on at www.veracast.com/webcasts/citigroup/fs2010/32102218.cfm
Mar 10, 2010 Cisco Systems To Present At Wedbush Morgan Securities 8th Annual New York MAC Conference; Webcast At
Cisco Systems Inc. (CSCO) will make a presentation at the Wedbush Morgan Securities 8th Annual New York MAC Conference in NY. The event is scheduled to begin at 8:45 AM ET March 10, 2010. To access the live webcast, log on at http://investor.cisco.com/eventdetail.cfm?EventID=78518
Cisco Systems Inc. (CSCO) will make a presentation at the Wedbush Morgan Securities 8th Annual New York MAC Conference in NY. The event is scheduled to begin at 8:45 AM ET March 10, 2010. To access the live webcast, log on at http://investor.cisco.com/eventdetail.cfm?EventID=78518
Mar 10, 2010 US Bancorp To Present At The Citi 2010 Financial Services Conference; Webcast At 10:30 AM ET
US Bancorp (USB) will present at the Citi 2010 Financial Services Conference. The event is scheduled to begin at 10:30 AM ET March 10, 2010. To access the live webcast, log on at www.usbank.com
US Bancorp (USB) will present at the Citi 2010 Financial Services Conference. The event is scheduled to begin at 10:30 AM ET March 10, 2010. To access the live webcast, log on at www.usbank.com
Mar 10, 2010 Walt Disney Annual Meeting At 11:00 AM ET
The Walt Disney Co. (DIS) will host the annual meeting of shareholders, including remarks by management regarding the Company. The event is scheduled to begin at 11:00 AM ET March 10, 2010. To access the live audio webcast, log on to www.disney.com/investors
The Walt Disney Co. (DIS) will host the annual meeting of shareholders, including remarks by management regarding the Company. The event is scheduled to begin at 11:00 AM ET March 10, 2010. To access the live audio webcast, log on to www.disney.com/investors
Mar 10, 2010 Union Pacific To Present At J.P. Morgan Aviation, Transportation & Defense Conference; Webcast At 11
Union Pacific Corporation (UNP) will make a presentation at the J.P. Morgan Aviation, Transportation & Defense Conference in New York, NY. The event is scheduled to begin at 11:15 AM ET March 10, 2010. To access the audio webcast, log on at www.up.com
Union Pacific Corporation (UNP) will make a presentation at the J.P. Morgan Aviation, Transportation & Defense Conference in New York, NY. The event is scheduled to begin at 11:15 AM ET March 10, 2010. To access the audio webcast, log on at www.up.com
Mar 10, 2010 AMD To Present At Wedbush Securities Management Access Conference; Webcast At 12:00 PM ET
Advanced Micro Devices Inc. (AMD) will make a presentation at the Wedbush Securities Management Access Conference in New York City. The event is scheduled to begin at 12:00 PM ET March 10, 2010. To access the live webcast, log on at www.wsw.com/webcast/wedbush12/amd/
Advanced Micro Devices Inc. (AMD) will make a presentation at the Wedbush Securities Management Access Conference in New York City. The event is scheduled to begin at 12:00 PM ET March 10, 2010. To access the live webcast, log on at www.wsw.com/webcast/wedbush12/amd/
Mar 10, 2010 Bank Of America Corp To Present At The Citi 2010 Financial Services Conference; Webcast At 12:45 PM
Bank Of America Corp (BAC) will participate in the Citi 2010 Financial Services Conference in New York. The event is scheduled to begin at 12:45 PM ET March 10, 2010. To access the live webcast, log on at http://investor.bankofamerica.com
Bank Of America Corp (BAC) will participate in the Citi 2010 Financial Services Conference in New York. The event is scheduled to begin at 12:45 PM ET March 10, 2010. To access the live webcast, log on at http://investor.bankofamerica.com
Mar 10, 2010 Wal-Mart Stores To Present At Bank Of America Securities - Merrill Lynch 2010 Consumer Conference; W
Wal-Mart Stores Inc. (WMT) will make a presentation at the Bank of America Securities - Merrill Lynch 2010 Consumer Conference to provide an update on the company's recent operations changes. The event is scheduled to begin at 12:50 PM ET March 10, 2010. To access the live webcast, log on at http://investors.walmartstores.com/phoenix.zhtml?c=112761&p=irol-EventDetails&EventId=2788154
Wal-Mart Stores Inc. (WMT) will make a presentation at the Bank of America Securities - Merrill Lynch 2010 Consumer Conference to provide an update on the company's recent operations changes. The event is scheduled to begin at 12:50 PM ET March 10, 2010. To access the live webcast, log on at http://investors.walmartstores.com/phoenix.zhtml?c=112761&p=irol-EventDetails&EventId=2788154
Mar 10, 2010 AutoZone To Present At The Bank Of America Merrill Lynch 2010 Consumer Conference At 1:30 PM, ET
AutoZone Inc. (AZO) will present at the Bank of America Merrill Lynch 2010 Consumer Conference in New York on March 10, 2010. The event is scheduled to begin at 1:30 PM, ET. To access the live webcast, log on at http://nocache-phx.corporate-ir.net/phoenix.zhtml?c=76792&p=irol-irhome
AutoZone Inc. (AZO) will present at the Bank of America Merrill Lynch 2010 Consumer Conference in New York on March 10, 2010. The event is scheduled to begin at 1:30 PM, ET. To access the live webcast, log on at http://nocache-phx.corporate-ir.net/phoenix.zhtml?c=76792&p=irol-irhome
Mar 10, 2010 Novellus Systems Investor Conference Call At 4:30 PM ET
Novellus Systems (NVLS) will host a conference call at 4:30 PM ET March 10, 2010, to provide its mid-quarter update for the Q1 10. To access the live webcast, log on at www.novellus.com/
Novellus Systems (NVLS) will host a conference call at 4:30 PM ET March 10, 2010, to provide its mid-quarter update for the Q1 10. To access the live webcast, log on at www.novellus.com/
Mar 10, 2010 Juniper Networks To Present At The Jefferies 4th Annual Global Technology Conference At 12:30 PM, ET
Juniper Networks (JNPR) will present at the Jefferies 4th Annual Global Technology Conference, on 10th March, 2010. The event is scheduled to begin at 12:30 PM, ET. To access the live webcast, log on at www.juniper.net/company/investor_relations/
Juniper Networks (JNPR) will present at the Jefferies 4th Annual Global Technology Conference, on 10th March, 2010. The event is scheduled to begin at 12:30 PM, ET. To access the live webcast, log on at www.juniper.net/company/investor_relations/
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Daily Market Analysis | Wed Mar 10 09:16 2010 |
Mar 10, 2010 Sentiment Guarded Due To Reduced Visibility - RTTNews Daily Market Analysis
The major U.S. index futures are pointing to a mixed opening on Wednesday, as traders head into another session with a lack of any major first-tier economic data. Given the lackluster trading volumes in recent sessions, one cannot attach much significance to market movement. Some degree of apprehension may also be expressed over Friday's retail sales data, which should shed more light on consumer spending. Full Article
