RANSquawk Overnight Equity News

Discussion in 'Economics' started by Ransquawk, Nov 30, 2007.

  1. Ransquawk

    Ransquawk ET Sponsor

    ASIA
    Nikkei-225 - The Nikkei-225 rose 1.1% to 15,680, the highest closing level in 3 weeks, as shipping and steel stocks gained. There was also an added boost from the comments from Fed Chairman Bernanke, who suggested that the FOMC was close to lowering interest rates again. (RTRS)

    U.S.
    Stocks took a breather on Wednesday after sharp gains on Tuesday but still managed to post slight gains despite negative news on the economic front. Last week jobless claims rose were more than expected at 352K, while new home sales were weaker than expected at 728K units in Oct., while September new homes sales were revised lower to 716K from 770K. Homebuilders ended lower on the data with shares of Hovnanian falling 4.6% to $7.27 and shares of Lennar homes declining 2.06% to $10.47. Elsewhere, shares of retailers ended mostly lower following dismal Q3 results from Sears Holdings (-10.5% to 104.09) before the bell, which reported Q3 EPS of $0.01 versus consensus of $0.55 on sales of $11.55 billion versus estimates of $11.61 billion. Shares of Kohl’s fell in sympathy by 2.7%, while shares of Target fell 0.24% to $23.64. However, shares of Walmart gained 0.66% to $47.54. Shares of financials were under pressure today amid rumors that Lehman Brothers (-4.87% to $61.69) will announce significant writedowns. Two areas of strength today were energy after WTI crude futures rallied more than $4 early on news of pipelines disruptions from Canada to the U.S. and tech following positive comments on Apple (+2.26% to 184.29) by Bear Stearns before the open. The firm said it sees further upside potential in shares. The DJI rose 22.3 pts (+0.17%) to 13,311. The S&P 500 Index gained 0.70 pts to 1469.72 and the Nasdaq 100 gained 7.03 pts (+0.34%) to 2102.42.

    Dell Computer - Reported Q3 EPS $0.34 versus consensus of $0.35 on revenues of $15.6 billion versus consensus of $15.34 billion. Shares traded down sharply in after hours by more than 7.00% to $26.15 from the $28.14 close. (RTRS) This morning's FT says the company has been dealt a fresh blow with its poor results as consumers make their way away from desktop PCs.

    Sprint - The company rejected a $5 billion investment offer led by for Chairman, Donahue. (WSJ)

    Novelus - The company's CFO guided Q4 EPS between $0.34 and $0.37 versus consensus of $0.36. (wires citing CC)

    Morgan Stanley - The company said that its Nov. disclosures showed extent of its subprime exposure. (RTRS)

    FTSE
    Anglo American - Shares in the company were up 6.7% yesterday on talks of a tie-up with Xstrata. (FT)**

    Astrazeneca - The company will double its 2008 R&D spending in Japan to JPY 10 billion. (BBG)

    Alliance Leicester - In related news, the FT says that the company is upbeat on funding, but might face fresh problems amid a slowing housing market. The Times focuses on the facer that the company has received a GBP 4.0 billion cash injection from Swiss banking giant Credit Suisse.**

    Northern Rock - Borrowing by the company is believed to have hit the GBP 29 billion mark. (Times)

    Tesco - TNS Retail Forward said that the company could position its U.S. Fresh & Easy chain among the top 10 supermarket retailers in the U.S. by 2015, with sales there of USD 10 billion. (RTRS)

    DAX
    Bayer - The company is in a position to finance a big acquisition, its chairman said. (Handelsblatt)**

    Deutsche Post - Unions are demanding minimum wages in more branches after the government agreed to introduce a lower limit to hourly pay for postal workers. (Berliner Zeitung)**

    CAC
    EDF - France's Sarkozy said that France will sell 3% of EDF to fund investments in universities. EDF's CEO said that he's happy the French government will do so. In related news, the company could soon face new difficulties over its interests in Italy, regarding its upcoming negotiations in January with AEM. (RTRS)**

    BROKER UPGRADES/DOWNGRADES
    ALLIANCE & LEICESTER - CUT TO `UNDERPERFORM' FROM 'PERR PERFORM' AT BEAR STEARNS
    SAGE - RAISED TO `OVERWEIGHT' VS `EQUAL-WEIGHT' - MORGAN STANLEY
    VODAFONE - FAIR VALUE RAISED BY DEUTSCHE BANK TO 205P FROM 170P
    DEUTSCHE BANK - CUT TO `UNDERPERFORM' VS `PEERPERFORM' AT BEAR STERNS
    UBS - CUT TO PEER PERFORM FROM OUTPERFORM AT BEAR STEARNS
    SWISS RE - MERRIL LYNCH ADDS TO INSURANCE LEAST PREFERRED LIST
    OIL REFINING STOCKS - RAISED TO `BUY' AT BANC OF AMERICA
    VALERO ENERGY - RAISED TO `BUY' VS `NEUTRAL' AT BANC OF AMERICA
    LEHMAN - 4Q EPS ESTIMATE CUT 20% TO $1.33 AT BERNSTEIN
     
  2. You might be a sponsor, but please stop spamming a category with triple new daily threads!!!