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News Highlights: Top Equities Stories Of The DayLast update: 1/20/2009 9:00:00 AM
TOP STORIES
US STOCK FUTURES FALL ON BANK WORRIES
Stocks slip as enthusiasm over the inauguration of President-elect Obama is tempered by worries about the health of the financial sector on the heels of a beating taken by European banking stocks after a warning by Royal Bank of Scotland.
STATE STREET NET TUMBLES 71% ON CHARGES
Boston asset manager's 4Q net falls to $65 million, or 15c a share, after it takes steps to shore up some funds and absorbs restructuring charges. Excluding items, earnings are $1.18 a share, topping estimates of $1.14. Bank expects flat results for all of 2009. Shares drop 34% premarket.
JOHNSON & JOHNSON NET UP ON PROFIT MARGIN
Johnson & Johnson posts a 14% climb in fourth-quarter net income at $2.71 billion, or 97 cents a share on increased profit margins and a litigation gain, but the health-products giant gave a 2009 outlook below Wall Street's estimates.
OBAMA TO CALL FOR A NEW ERA OF RESPONSIBILITY
With the U.S. in its worst economic crisis since the Depression and at war on two fronts, Barack Obama is expected to call on the country to embrace a new culture of responsibility.
TD AMERITRADE NET FALLS 23%
TD Ameritrade Holding's fiscal first-quarter net income falls 23% as return on equity slumps and the online broker cuts its fiscal-year outlook. Its chief executive says the first quarter was one of the strongest quarters in its history "despite the difficult market environment."
OBAMA PLANS TO PUSH BANKS ON LENDING
President-elect Barack Obama plans to push banks to increase their lending, a press report says, citing an interview with senior Obama strategist David Axelrod.
MERRILL ARCHITECTS CRITICIZED
Just weeks after the sale of Merrill Lynch to Bank of America, the architects of the transaction are coming under fire for not disclosing that mounting losses at Merrill threatened to derail the deal.
AIG'S INVESTMENT CHIEF TO STEP DOWN
The executive who oversaw American International Group's investment operation, where there have been large losses, will step down from his post and focus on a narrower role at the company, sources say.
NEW YORK TIMES REACHES DEAL WITH CARLOS SLIM
New York Times raises $250 million from Mexican billionaire Carlos Slim after agreeing to pay an interest rate of more than 14%, the latest in a series of moves by the newspaper publisher to shore up its finances.
FIAT SCOOPS UP CHRYSLER STAKE FOR FREE
Italy's Fiat and Chrysler announces a potential partnership that could give Fiat a 35% in the Detroit automaker for free. Instead of cash, Fiat will contribute product, platform and technology sharing, and access to additional markets.
OIL DOWN AS ASIAN SHARES WEAKEN
Crude oil futures are broadly lower, beset by pessimism over the slowing global economy. Slowing demand, weak economic indicators and tepid technical charts continue to weigh on prices in the absence of any bullish catalysts, analysts say. February delivery trades $2.11 lower at $34.40 a barrel.
BANK OF AMERICA MAY CUT UP TO 4,000 JOBS
Bank of America is expected to cut several thousand employees in its capital markets businesses, between 30% and 40% of headcount in the division, a press report says, citing executives familiar with the matter.
PARKER HANNIFIN NET DOWN 27%, CUTS VIEW
Hydraulic-equipment maker's fiscal 2Q earnings slide to $155.4 million, or 96c a share, on amid a drop in orders and weak margins. The company again slashes its full-year earnings target.
FOREST LABS NET DOWN 37% ON LICENSING CHARGE
Forest Laboratories' fiscal 3Q net falls to $188 million, or 62c a share, on a product-licensing charge as the company raises its fiscal-year view by 5c a share to reflect reduced research-and-development spending. Shares rise 4% pre-market.
TOYOTA OFFICIALLY NAMES TOYODA PRESIDENT
Toyota officially appoints Akio Toyoda, grandson of the company's founder, as its new president, as the Japanese car maker struggles with slumping global sales for the first time in years.
JPMORGAN TO CLOSE 57 WAMU BRANCHES IN CHICAGO
JPMorgan Chase plans to close 57 Washington Mutual branches in the Chicago area by March 24, The Chicago Tribune reports on its Web site. A Chase spokesman says only a 'small number' of workers at the branches are likely to lose their jobs.
UK INFLATION FALLS SHARPLY, LESS THAN EXPECTED
U.K. consumer price inflation marks its sharpest decline in more than 16 years in December, but the easing is less than expected, data from the Office for National Statistics show.
ROHM & HAAS TO CUT 5.7% OF JOBS
The latest chemical company to cut costs, Rohm & Haas will trim 900 positions as it closes plants and freezes discretionary spending and employee salaries. The company says its fourth-quarter earnings from continuing operations should top analysts' expectations.
SYSCO TAPS DELANEY AS NEW CEO
Sysco taps Chief Financial Officer Bill Delaney to succeed Chief Executive Richard J. Schnieders, who will retire from the food-distribution company. Schnieders, a 27-year company veteran, will step down as chief executive in March.
QUALCOMM TO BUY AMD'S HANDHELD UNITS FOR $65M
Advanced Micro, the money-losing chip maker, will sell its hand-held and digital-television businesses as part of a restructuring that has resulted in several rounds of job cuts in a weak semiconductor market.
EU SAYS RUSSIAN GAS FLOW TO EUROPE RESTORED
Gas is flowing to Europe again from Russia via Ukraine, after more than two weeks of disruptions, European Commission President Jose Manuel Barroso says.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
MARK TO MARKET
Street Readies Warm Welcome For Obama Jim Murphy says Wall Street is so far from worried about a changing of the guard in Washington that this four-day week will produce mighty gains in the stock market.
IN THE MONEY
The $168 Billion 'Unrealized Loss' Overhang Financial institutions have piled up huge "unrealized losses" on their balance sheets as the value of their investments has declined. A group of 54 of the biggest financial companies has a total of more than $168 billion in unrealized losses, writes Michael Rapoport.
============ U.S. MARKETS ACTION ===========
DJIA 8281.22 from Friday
NASDAQ 1529.33 from Friday
S&P 500 850.12 from Friday
10-year T-note 111 4/32 at 2.467 yield dn .111
NYMEX Crude down $2.05 at $34.06/bbl
Euro/Dollar down 0.0138 at 1.2931
News Highlights: Top Equities Stories Of The DayLast update: 1/20/2009 9:00:00 AM
TOP STORIES
US STOCK FUTURES FALL ON BANK WORRIES
Stocks slip as enthusiasm over the inauguration of President-elect Obama is tempered by worries about the health of the financial sector on the heels of a beating taken by European banking stocks after a warning by Royal Bank of Scotland.
STATE STREET NET TUMBLES 71% ON CHARGES
Boston asset manager's 4Q net falls to $65 million, or 15c a share, after it takes steps to shore up some funds and absorbs restructuring charges. Excluding items, earnings are $1.18 a share, topping estimates of $1.14. Bank expects flat results for all of 2009. Shares drop 34% premarket.
JOHNSON & JOHNSON NET UP ON PROFIT MARGIN
Johnson & Johnson posts a 14% climb in fourth-quarter net income at $2.71 billion, or 97 cents a share on increased profit margins and a litigation gain, but the health-products giant gave a 2009 outlook below Wall Street's estimates.
OBAMA TO CALL FOR A NEW ERA OF RESPONSIBILITY
With the U.S. in its worst economic crisis since the Depression and at war on two fronts, Barack Obama is expected to call on the country to embrace a new culture of responsibility.
TD AMERITRADE NET FALLS 23%
TD Ameritrade Holding's fiscal first-quarter net income falls 23% as return on equity slumps and the online broker cuts its fiscal-year outlook. Its chief executive says the first quarter was one of the strongest quarters in its history "despite the difficult market environment."
OBAMA PLANS TO PUSH BANKS ON LENDING
President-elect Barack Obama plans to push banks to increase their lending, a press report says, citing an interview with senior Obama strategist David Axelrod.
MERRILL ARCHITECTS CRITICIZED
Just weeks after the sale of Merrill Lynch to Bank of America, the architects of the transaction are coming under fire for not disclosing that mounting losses at Merrill threatened to derail the deal.
AIG'S INVESTMENT CHIEF TO STEP DOWN
The executive who oversaw American International Group's investment operation, where there have been large losses, will step down from his post and focus on a narrower role at the company, sources say.
NEW YORK TIMES REACHES DEAL WITH CARLOS SLIM
New York Times raises $250 million from Mexican billionaire Carlos Slim after agreeing to pay an interest rate of more than 14%, the latest in a series of moves by the newspaper publisher to shore up its finances.
FIAT SCOOPS UP CHRYSLER STAKE FOR FREE
Italy's Fiat and Chrysler announces a potential partnership that could give Fiat a 35% in the Detroit automaker for free. Instead of cash, Fiat will contribute product, platform and technology sharing, and access to additional markets.
OIL DOWN AS ASIAN SHARES WEAKEN
Crude oil futures are broadly lower, beset by pessimism over the slowing global economy. Slowing demand, weak economic indicators and tepid technical charts continue to weigh on prices in the absence of any bullish catalysts, analysts say. February delivery trades $2.11 lower at $34.40 a barrel.
BANK OF AMERICA MAY CUT UP TO 4,000 JOBS
Bank of America is expected to cut several thousand employees in its capital markets businesses, between 30% and 40% of headcount in the division, a press report says, citing executives familiar with the matter.
PARKER HANNIFIN NET DOWN 27%, CUTS VIEW
Hydraulic-equipment maker's fiscal 2Q earnings slide to $155.4 million, or 96c a share, on amid a drop in orders and weak margins. The company again slashes its full-year earnings target.
FOREST LABS NET DOWN 37% ON LICENSING CHARGE
Forest Laboratories' fiscal 3Q net falls to $188 million, or 62c a share, on a product-licensing charge as the company raises its fiscal-year view by 5c a share to reflect reduced research-and-development spending. Shares rise 4% pre-market.
TOYOTA OFFICIALLY NAMES TOYODA PRESIDENT
Toyota officially appoints Akio Toyoda, grandson of the company's founder, as its new president, as the Japanese car maker struggles with slumping global sales for the first time in years.
JPMORGAN TO CLOSE 57 WAMU BRANCHES IN CHICAGO
JPMorgan Chase plans to close 57 Washington Mutual branches in the Chicago area by March 24, The Chicago Tribune reports on its Web site. A Chase spokesman says only a 'small number' of workers at the branches are likely to lose their jobs.
UK INFLATION FALLS SHARPLY, LESS THAN EXPECTED
U.K. consumer price inflation marks its sharpest decline in more than 16 years in December, but the easing is less than expected, data from the Office for National Statistics show.
ROHM & HAAS TO CUT 5.7% OF JOBS
The latest chemical company to cut costs, Rohm & Haas will trim 900 positions as it closes plants and freezes discretionary spending and employee salaries. The company says its fourth-quarter earnings from continuing operations should top analysts' expectations.
SYSCO TAPS DELANEY AS NEW CEO
Sysco taps Chief Financial Officer Bill Delaney to succeed Chief Executive Richard J. Schnieders, who will retire from the food-distribution company. Schnieders, a 27-year company veteran, will step down as chief executive in March.
QUALCOMM TO BUY AMD'S HANDHELD UNITS FOR $65M
Advanced Micro, the money-losing chip maker, will sell its hand-held and digital-television businesses as part of a restructuring that has resulted in several rounds of job cuts in a weak semiconductor market.
EU SAYS RUSSIAN GAS FLOW TO EUROPE RESTORED
Gas is flowing to Europe again from Russia via Ukraine, after more than two weeks of disruptions, European Commission President Jose Manuel Barroso says.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
MARK TO MARKET
Street Readies Warm Welcome For Obama Jim Murphy says Wall Street is so far from worried about a changing of the guard in Washington that this four-day week will produce mighty gains in the stock market.
IN THE MONEY
The $168 Billion 'Unrealized Loss' Overhang Financial institutions have piled up huge "unrealized losses" on their balance sheets as the value of their investments has declined. A group of 54 of the biggest financial companies has a total of more than $168 billion in unrealized losses, writes Michael Rapoport.
============ U.S. MARKETS ACTION ===========
DJIA 8281.22 from Friday
NASDAQ 1529.33 from Friday
S&P 500 850.12 from Friday
10-year T-note 111 4/32 at 2.467 yield dn .111
NYMEX Crude down $2.05 at $34.06/bbl
Euro/Dollar down 0.0138 at 1.2931
Canada Nov Mfg Sales Fall To 4-Yr Low On Energy Price SlumpLast update: 1/20/2009 9:00:06 AMOTTAWA (Dow Jones)--Canada's monthly manufacturing sales fell more than twice as much as expected to a four-year low in November, as the ongoing slump in energy led widespread losses across industries, data from Statistics Canada showed Tuesday. In the fourth straight monthly loss, sales were down 6.4% to a seasonally adjusted C$48.41 billion (US$38.59 billion) after falling 0.2% in October, which was revised up from the initial 0.5% loss. The market had expected November sales to fall 3%. More than half of the loss reflected price declines. In constant dollar terms, sales fell 3% toward a 10-year low. Overall, 12 of the 21 manufacturing industries - including the five largest - posted losses, representing more than 80% of total sales. Manufacturing inventories were down 0.6% to C$68.33 billion, led by petroleum and coal products and primary metal manufacturers. The inventory-to-sales ratio jumped to 1.41:1 in the biggest monthly gain since June 1998 to hit a near six-year high. Unfilled orders notched up their sixth increase in seven months, climbing 0.8% to C$71.30 billion, again boosted by aerospace products and parts. New orders were down 12.9% to C$49.01 billion, falling below the C$50 billion mark for the first time since April. Falling aerospace new orders accounted for half of these losses. Web Site: http://www.statcan.ca -By Hyun Young Lee, Dow Jones Newswires; 613-237-0669; hyunyoung.lee@dowjones.com (END) Dow Jones NewswiresJanuary 20, 2009 09:00 ET (14:00
Good morning to all.
Petroecuador 2008 Oil Export Revenue +61% To $6.46B Vs 2007Last update: 1/20/2009 8:56:40 AMQUITO (Dow Jones)--Petroecuador, Ecuador's state oil company, reported oil export revenue of $6.46 billion last year, a 61% increase from the $4.01 billion in 2007, data from the company showed Tuesday. According to the data reviewed by Dow Jones Newswires, in terms of volume, Petroecuador exported 77.48 million barrels of crude oil in 2008, up 16% from 66.60 million barrels registered in 2007. Petroecuador's exports total includes Napo crude from former Occidental Petroleum Co. (OXY) fields that where seized in May 2006 by the government, which claimed the U.S. company had broken the terms of its operating contract. Exports of Oriente crude were 54.32 million barrels in 2008, while exports of Napo crude were 23.16 million barrels during the same period. The average price of Oriente in 2008 rose 35% to $83.96 a barrel from $62.27 in 2007. The price of Napo crude was $82.04 per barrel, a 46% increase from $56.34 registered in 2007. Petroecuador reported oil export revenue of $159.17 million in December, a 42% decrease from the $272.23 million registered in November. In terms of volume, Petroecuador exported 6.23 million barrels of crude oil in December, down 3% from 6.43 million barrels registered in November. Exports of Oriente crude in December were 4.72 million barrels, while exports of Napo crude were 1.51 million barrels. The average price of Oriente in December $24.55 a barrel, down 41% from $41.76 in November. The price of Napo crude was $28.73 per barrel, a 34% decrease from $43.80 registered in November. Figures have been rounded. -By Mercedes Alvaro, Dow Jones Newswires; 5939-9728-653; mercedes.alvaro@dowjones.com (END) Dow Jones NewswiresJanuary 20, 2009 08:56 ET (13:56 GMT)
Sector Overview for January 20th
Only one sector showed positive price performance during the last five days. Activity during the period was led by the Healthcare and Utilities sectors, up 0.26% and down -0.82% respectively. The two worst performing sectors, the Financial and Transportation, were down -9.85% and -8.47% respectively.
Constellation To Sell Commodities Unit, Plans Other DealLast update: 1/20/2009 8:49:26 AM
DOW JONES NEWSWIRES
Constellation Energy Group Inc. (CEG), trying to increase liquidity amid the credit crunch, agreed to sell most of its European energy-trading units and coal and freight operations while it pursues a sale of its downstream natural-gas trading unit. Chairman and Chief Executive Mayo A. Shattuck III said the sale of the London-based commodities business to a Goldman Sachs Group Inc. (GS) affiliate for an undisclosed sum, is just one of "several strategic initiatives" the electricity supplier will pursue in the months ahead. Although it has been battered by the credit crisis, Constellation recently repaid a $1 billion note held by MidAmerican Energy Holdings Co., a unit of investor Warren Buffett's Berkshire Hathaway Inc. (BRKA, BRKB), leaving Constellation with net available liquidity of $2.4 billion at the end of December. In a revision of one of the many deals struck in haste at the height of the credit crisis, in mid-December, it backed out of a plan to sell itself to MidAmerican and instead agreed to sell half of its nuclear-power business to Electricite de France SA (1024251.FR) for $4.5 billion. "Market conditions continue to be difficult, but we're actively reducing capital consumption and cash flow risk, and right-sizing the business to address the realities of the new financial and economic environment," Shattuck said Tuesday. The MidAmerican deal was struck in late September as credit markets seized up. Shares of the Baltimore-based electricity generator tumbled in what Shattuck then termed a "classic run on the bank," as investors feared the firm would be unable to secure a $2 billion bank credit facility needed for its energy-trading operation. Constellation shares closed Friday at $27.61 and there was no premarket trading. -By Mike Barris, Dow Jones Newswires; 201-938-5658; mike.barris@dowjones.com (END) Dow Jones NewswiresJanuary 20, 2009 08:49 ET (13:49 GMT
Today's earnings --->
BEFORE THE OPEN
Company Actual Estimate Year Ago
Earnings Yr/Yr Rev
TD Ameritrade AMTD 0.31 0.31 0.40 -4.8
Suncor Energy SU 0.46 0.32 2.08 --
State Street STT 1.18 1.14 1.38 5.8
Regions Fincl RF -0.35 -0.08 0.24 --
Precision Castparts PCP 1.74 1.7 1.73 -3.2
PetMed Express PETS 0.21 0.2 0.18 16.2
Parker-Hannifin PH 0.96 0.83 1.23 -5.0
New Oriental Education & Technology EDU 0.19 0.42 0.10 53.7
MGIC Investment MTG -2.21 -1.14 -18.77 3.1
Logitech Intl SA LOGI 0.22 0.43 0.71 -15.7
Lee Enterprises LEE -- 0.25 0.48 --
Johnson & Johnson JNJ 0.94 0.92 0.88 -4.7
Jefferies Group JEF -- -2.29 -0.17 --
H.B. Fuller FUL 0.24 0.24 0.53 -3.0
Forest Labs FRX 1.03 0.76 0.96 0.0
Fastenal FAST 0.42 0.41 0.38 6.9
Commerce Bancshares CBSH -- 0.62 0.78 --
DURING MARKET HOURS
Company Actual Estimate Year Ago
Earnings Yr/Yr Rev
AFTER THE CLOSE
Company Actual Estimate Year Ago
Earnings Yr/Yr Rev
Woodward Governor WGOV -- 0.37 0.72 --
Wipro WIT -- 0.14 0.14 --
Supertex SUPX -- 0.17 0.30 --
Spansion SPSN -- -0.81 -0.37 --
Pinnacle Finl PNFP -- 0.36 0.35 --
Packaging Corp PKG -- 0.25 0.46 --
IBM IBM -- 3.03 2.80 --
IberiaBank IBKC -- 0.71 0.83 --
Hancock Holding HBHC -- 0.57 0.60 --
Fulton Fincl FULT -- -0.54 0.22 --
CSX Corp CSX -- 0.91 0.85 --
Cree CREE -- 0.09 0.11 --
Thank you.
Bookmarked, thank you.
I like this board a lot for big board activities and you guys/gals ( langlui ;) ) do a great job.
Colombia's Oct Trade Deficit Shrinks To $362M Vs $391M In 07Last update: 1/19/2009 5:22:47 PMBOGOTA (Dow Jones)--Colombia posted a trade deficit of $362 million in October 2008, compared with a deficit of $391 million in the same month a year earlier, as exports rose faster than imports, the national statistics department DANE said Monday. The country reported a trade surplus of $1.19 billion in the first 10 months of the year, compared with a deficit of $1.54 billion in the same period in 2007. The country's exports in October rose 20% from the same month in 2007 to $3.12 billion. -By Inti Landauro, Dow Jones Newswires; 57-1-610 70 44 Ext. 1131; colombia@dowjones.com (END) Dow Jones NewswiresJanuary 19, 2009 17:22 ET (22:22 GMT)
"fo sho " or perhaps, no problem.
2009 data is likely minimal at this point but I'm sure they may be compiling some new statistics.
No Takers In Bank Of Canada 14-Day Term PRALast update: 1/19/2009 11:09:17 AMTORONTO (Dow Jones)--There were no takers in the Bank of Canada's 14-day term purchase and resale agreement for private-sector money-market instruments Monday. The next such transaction is scheduled for Jan. 26. -Tara Zachariah, Dow Jones Newswires; 416-306-2100 (END) Dow Jones NewswiresJanuary 19, 2009 11:09 ET (16:09 GMT)
Scientists find new creatures of Australian deep
http://news.yahoo.com/s/afp/20090118/sc_afp/scienceoceansanimalswarmingaustralia
Sat Jan 17, 11:13 pm ET AFP/HO – One of Australia's deepest residents a carnivorous sea squirt, or ascidian, standing half a meter … SYDNEY (AFP) – Scientists said Sunday they had uncovered new marine animals in their search of previously unexplored Australian waters, along with a bizarre carnivorous sea squirt and ocean-dwelling spiders.
A joint US-Australian team spent a month in deep waters off the coast of the southern island of Tasmania to "search for life deeper than any previous voyage in Australian waters," lead researcher Ron Thresher said.
What they found were not only species new to science -- including previously undescribed soft corals -- but fresh indications of global warming's threat to the country's unique marine life.
"Our sampling documented the deepest known Australian fauna, including a bizarre carnivorous sea squirt, sea spiders and giant sponges, and previously unknown marine communities dominated by gooseneck barnacles and millions of round, purple-spotted sea anemones," Thresher said.
Using a submersible car-sized robot named Jason, the team explored a rift in the earth's crust known as the Tasman Fracture Zone, a sheer two kilometre (1.24 mile) drop to 4,000 metres (13,200 feet) below the ocean's surface.
lol
LOL I would have had some " in your face " action photos if that was the case.
Go figure, I was only about 6 feet away from them.
Thank you.
The red , thx.
No, not at all. If you have time to share information on chart ideas with members I'll add you to the FREE Trading School & Charts board.
Welcome to " da hood " $treet Trader, party up..
Do you smell what " Barack " is cooking ?
Yes, some indicators can become non translucent when comparing high volume stocks on the big boards with low volume stocks trading on the otcbb or pinks.
CPHD / FCNR / HWBI / NCEN :
CPHD
FCNR
HWBI
NCEN
CPHD / FCNR / HWBI / NCEN :
CPHD
FCNR
HWBI
NCEN
IWTT chart ;
Take a look at these two warriors I ran into today ...
Accumulation / distribution line ...
...shows accumulation. RSI also pulled back to the 50 range. Next leg up soon ?
That's certainly understandable.
It is still holding up well and tomorrow I will be painting my television wall. What's on your agenda this weekend?
How many shares are in the float, any idea?
The owner probably wanted to avoid competition in order to preserve his incoming work.
...illegally sold deregistered securities of CMKM Diamonds, Inc.
http://sec.gov/litigation/complaints/2009/comp20855.pdf
Not even worth watching to the bell (cashing out on some next week). Have a great weekend everyone.
CPHD $8.35 hod
Only in America. God bless the U S A and the troops who protect our nation to enable freedom for it's citizens.