economy

Daily Highlights: 8.12.09

by economy on 12/08/09 at 6:33 am

• Asian stocks fall as weaker profits fuel valuation concern
• China’s money market rates drop on signs Central Bank to delay tightening
• Fed may acknowledge faster growth, pledge to keep rate ‘exceptionally’ low.
• Europe industrial production unexpectedly drops, suggesting slow recovery
• French inflation rate remains negative for third month on energy and energy retail
• US electricity prices plummet 40% in 1H as recession sends demand lower.
• Advanta Corp. swings to Q2 loss of $330.1M as card volume dives 47%.
• Applied Materials swung to a loss in Q3 at $54.9M, revs down 38.9% at $1.13B.
• BHP Billiton’s full year net profit fell 61.8% to $5.88B; revs down 15.6% at $50.2B.
• Brookfield Properties to raise $900M through public common stock offering.
• Bunge commenced a 10M share common stock offering.
• Cemex SAB gets a breather; refinances close to $15B in short-term debt.
• Clearwire Corp.’s Q2 loss narrowed slightly to $73.4M; avg rev per subscriber steady.
• Cree Inc.’s Q4 profit rose 15% to $9.7M on higher margins. Revs up 9% at $148.1M.
• E.ON’s 1H profit rises 4% $4.95B on growth outside Germany, ups Y09 EPS f’cast.
• Fluor Corp.’s earnings fell 19% on prior-year gains. Revs fell 8.3% to $5.29B.
• Hannover Re to strengthen capital by 26% through retaining earnings.
• ING Groep posts Q2 profit at €71M, down 96%; sees signs of recovery.
• Kia Motors’ Q2 profit more than quadrupled on a weaker won to $280M.
• Nestl
  
  • Asian stocks fall as recession sends demand lower.
  • Advanta Corp. swings to $73.4M; avg rev per subscriber steady.
  • Cree Inc.’s Q4 profit rose 15% to Q2 loss in 1H as recession sends demand lower.
  • Advanta Corp. swings to keep rate remains negative for third month on prior-year gains. Revs fell 61.8% to $5.88B; revs down 15.6% at $1.13B.
  • BHP Billiton’s full year net profit rises 4% $4.95B on growth outside Germany, ups Y09 EPS f’cast.
  • Fluor Corp.’s Q2 profit fell 8.3% to delay tightening
  • Fed may acknowledge faster growth, pledge to keep rate remains negative for third month on signs of $330.1M as card volume dives 47%.
  • Applied Materials