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Daily Highlights: 3.10.10

Submitted by Anonymous on Wed, 03/10/2010 - 08:18

  • Asian stocks fluctuated as shipping lines and oil companies declined.
  • British banks face increased bonus disclosure as Myners plans to lower bar
  • China's trade surplus shrinks to smallest in a year as imports surge 44.7% in Feb.
  • Chinese banks lend about $102.6B in February, around half the loans issued in Jan.
  • EU is considering a ban on speculative derivative trades, including credit default swaps.
  • Japan's Jan machinery orders fall 3.7%; business spending revival may be slow.
  • Manufacturing in U.K. unexpectedly plunges as it sees `fragile' economy
  • AIG climbs on speculation bailed-out U.S. insurer may divest more assets
  • Steelmakers in Europe, US are allocating larger budgets to growth projects in 2010.
  • US Senate said to weigh setting up $50B fund to wind down failed firms.
  • Abbott Labs will bulk up its product pipeline with a $722M deal for Facet Biotech Corp.
  • AIG's `money in the door' asset sales reap $3.2B for bondholders
  • Apollo Mgmt LP to buy Citigroup Inc.’s real estate investment unit (NAV of $3.5B).
  • Barclays is seeking a retail lender that would give it more deposits.
  • Cathay swings to 2009 profit of $604.4M led by fuel hedging gains. Revs fell 23%.
  • China Mobile agrees to buy 20% of Pudong Development Bank for $5.8B
  • Collective Brands Q4 loss narrows to $10.9M on year-earlier charges.
  • Continental Air open to merger should competition dictate
  • E.ON's 2009 net rises almost 7 times to €8.4B on asset sales and derivative gains.
  • Foot Locker expects sales to rise to $6B in five years.
  • Ingersoll-Rand prohibits non-U.S. subsidiaries from selling products to customers in Iran.
  • Glencore profit dropped 43% in 2009 on lower metal and energy prices
  • Kroger Co. reported its Q4 net fell 27% to $255.4M on higher costs. Revs rose 7.2%.
  • MGM creditors say they would rather convert to equity than sell out for an unsatisfactory price.
  • Munich Re eyes 2B eur 2010 profit despite quake
  • Navistar's Q1 profit slumped 93% to $17M on a big year-earlier litigation gain.
  • Neiman Marcus swings to Q2 profit of $4M after steep write-downs year-ago.
  • PCCW Ltd's 2009 net profit rose 19% on revaluation gains in its property, financial invts.
  • Sanofi, Merck to revive JV that would be the world's largest seller of animal medications.
  • Toyota says no new Prius recall planned.

Earnings Calendar: AEO, BONT, GYMB, HIL, HOTT, IPAR, JAS, MTN, MW, ODC, RAE, RMIX, SMTC, SMTX, STAN, WG.

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