RANSquawk Overnight Equity News (1)

Discussion in 'Trading' started by Ransquawk, Nov 26, 2007.

  1. Ransquawk

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    Nikkei-225 - The Index was up 1.7% in volatile trading to 15,135 on reports that one of China's largest sovereign wealth funds would be buying Japanese equities, although the report was not officially confirmed by the fund. (RTRS)

    US stocks rebounded on Friday in a shortened holiday-trading session, as the start of the holiday shopping season lifted retailers and a turnaround in banks and financials also helped add to gains. The DJI finished at 12,980, up 181 points. The S&P 500 ended at 1440, up 24 points and the Nasdaq 100 closed at 2029, up 22 points.

    Retailers - Black Friday sales have been reported up 8.3% year-over-year, against most expectations of around 4.0%. (RTRS)**

    Ford - Tata Group is the frontrunner for the company's Jaguar and Land Rover divisions. (Sunday Times)**

    Merrill Lynch – John Thain, the incoming CEO, is expected to make a sweeping reform of the groups fixed income division which will involve job cuts, according to sources. (Weekend Observer)**

    HSBC – The bank is understood to be considering a sale of its French retail business as part of the bank's new plans to derive 60% of its earnings from emerging markets. The business may be worth about GBP 2.0 billion. (Sunday Telegraph)**

    Rio Tinto – The China Investment Corporation is planning on issuing a denial that it will join the bidding for the company. (MNI) In its defense the BHP Billiton takeover approach, the company said this morning that it is not giving the 'pacman defense' any serious consideration, not engaging with any other bidders, well place to deliver value as a stand alone company, BHP proposal fundamentally undervalues Rio Tinto, investing USD 2.4 billion in two new iron ore mines in Pilbara. (RTRS)**

    British Airways – The airline will announce today whether it will press ahead with its GBP 2.3bln consortium bid for Spanish airline Iberia. (Financial Mail on Sunday)

    Alliance and Leicester – The company is set to make huge toxic loan writes offs, but is yet to set a date if its trading statement. (Observer)**

    Northern Rock – The Government is set to decide within days whether to nationalize the mortgage lender. (Sunday Express) In other press, NRK is also considering plans to apply for a European banking license to tap funds from the ECB. (Financial Mail on Sunday) Finally, according to the Telegraph this morning, Richard Branson is set to be picked as the preferred bidder for the company, Virgin plans a GBP 1.3 billion injection of new cash, GBP 11.0 billion will be repaid to the BoE at completion of transaction. (BBG)**

    Schroders - Co has been forced to tell investors that it is set to miss deadlines for the return of their cash because of the liquidity crisis in the underlying market. (Sunday Telegraph)

    BT - The UK govt will pressure the co (along with Virgin Media, Cable & Wireless and Sky) on Monday to commit to an upgrade of the broadband network that could cost up to GBP 15bln. (Sunday Telegraph)

    Tesco - The co's rivals will this week seek to stymie the expansion of Tesco by submitting criticisms to the Competition Commission's investigation into the grocery sector. (Sunday Times)

    United Utilities - The company is likely to cut its regular dividend this week according to analysts. (Sunday Times)**

    EADS - Airbus' CEO, Gallois, has said that the weak dollar poses a serious danger for the company. (RTRS) In related news, China has signed a framework agreement to buy an undisclosed number of aircraft from Airbus. The company had been hoping for an agreement to sell 150 aircraft, valued at more than USD 15.0 billion. (RTRS)

    France Telecom - SFR and Boygues Telecom are going back to court to appeal a record EUR 534 million fine for illegally sharing information. (Les Echos)

    Santander - The company has agreed to sell its office space in Spain to U.K. insurance group Pearl for EUR 2.04 billion. (S&P)**

    Philips Electronics - The company will buy Genlyte for about USD 2.7 billion, expects transaction to close in Q1 2008. (BBG)

    Aegon - The company raised its 2010 new business target 14% to EUR 1.25 billion. (BBG)**