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Daily Highlights: 11.3.2010

Courtesy of Tyler Durden

  • API: Crude supplies decline 4.1 mln barrels – larger than expected decline.
  • CFTC to probe range of natgas derivatives-trading activity spanning parts of 2008, 2009.
  • R&D spending drops for the first time in a decade at major firms: Booz & Co.
  • World Bank: China should raise interest rates, allow a stronger yuan to damp inflation.
  • Aetna Q3 profit jumps 53% to $497.6M on lower costs.
  • Alaska Air Group: October traffic rose 15.9 percent and capacity rose 9.1 percent.
  • Anheuser-Busch InBev’s Q3 net falls 7.7% to $1.43B, beats cons est. of $1.42B.
  • Archer Daniels Midland’s Q1 net falls 30% to $345M because of rising grain prices.
  • Bio-Rad Labs posts Q3 EPS of $1.59 (cons $1.21); revs up 2.2% at $471.2M.
  • BP: Dividend policy to be reconsidered in an effort to restore growth.
  • Dell to acquire business-software firm Boomi. Financial terms of the deal undisclosed.
  • Electronic Arts’ Q2 loss narrows to $201M from yr-ago’s $391M. Revs fell 23% to $884M.
  • GM to save up to $45B in taxes under an unusual provision of its govt-funded bailout.
  • Hartford Fincl’s Q3 tops est., swings to a profit of $666M helped by investment gains.
  • Hertz Global beats by $0.03/sh, Q3 net more than doubles to $0.40/sh. Revs rose 7.1%.
  • Kellogg’s Q3 net slips 6% to $361M amidst price war. Sales fell 4% to $3.16B.
  • Lincoln Natln misses view; Q3 profit at $0.75/sh (cons $0.87), but up 61% YoY.
  • MasterCard’s Q3 profit rose 15% to $518M as consumers and businesses spent more.
  • Mitsubishi UFJ in talks with RBS to buy a project-finance loan book valued at ~$6.4B.
  • Oracle to pay about $1B to acquire software company Art Technology Group.
  • Pfizer’s Q3 net down 70%, on merger-related and asbestos charges. Revs up 39% helped by last year’s $68B purchase of Wyeth.
  • Pride International weighs strategic options; including strategic sale of the company.
  • Seahawk Drilling to seek options, including a sale or recapitalization of the company.
  • Societe Generale’s Q3 net more than doubled to $1.26B on lower loan loss provisions.
  • Sonus Networks f’casts full-year revenue of $225-245M vs. cons est. of $244.2M.
  • Westfield Group will spin off interests in 54 shopping centers into a new co., to raise up to $3.5B through a share issue.
  • Wynn swings to Q3 loss of $33.5M on debt restructuring costs. Revs rose 29% to $1B.
  • XL Capital’s Q3 below estimates; to go slow on insurance business. To buyback shares worth $1B.
  • Earnings Calendar: AES, AET, AGU, ANDE, AOL, ATO, CHDN, CLH, DOX, DSCO, DVN, EOG, FBN, H, RIG, RRD, TAP, WLP.

RECENT RATING ACTIONS

MEDCO HEALTH SOLUTIONS INC (MHS)
ANADARKO PETROLEUM CORP (APC)
AMETEK INC (AME)
SNAP-ON INC (SNA)
EMERSON ELECTRIC CO (EMR)
KANSAS CITY SOUTHERN (KSU)
ARCHER-DANIELS-MIDLAND CO (ADM)
DELUXE CORP (K)
SHERWIN-WILLIAMS CO/THE (SHW)
LEVEL 3 COMMUNICATIONS INC (LVLT)
BORGWARNER INC (BWA)
TENNECO INC (TEN)

Data provided by Egan-Jones


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