James Dicks Daily Digest - December 29, 2008
As the anniversary approaches of the Jan. 1, 1999, arrival of the Euro, economists say the new currency is finally fulfilling its promise as a way to lower borrowing costs, ease trade and tourism, boost growth and strengthen the European community. The chief complaints from governments during the Euro's first 10 years have arisen from the bank's one-size-fits-all interest rate policy -- which can't give rate cuts to individual countries if their economy dips while others rise.
Congressional Democrats are considering expansion of funding for airport runways, housing projects and sewage-treatment plants through a new tax break for municipal bondholders. The House Ways and Means Committee bill is one of at least three proposals favoring the municipal bond market gaining steam as Democrats seek ways to fulfill Obama’s promise to steer federal funding to infrastructure projects as part of a stimulus package worth as much as $850 billion over two years.
Rohm & Haas Co. (ROH) said its proposed acquisition is still in effect even though the Kuwaiti government has canceled a $17.4 billion joint venture with U.S. petrochemical company Dow Chemical Co. (DOW). The Kuwait government said the joint venture, known as K-Dow Petrochemicals, was "very risky" due to the global financial crisis and low oil prices. The move came just days before the joint venture's Jan. 1, 2009 startup date.
The financing arm of General Motors Corp. (GM) remained silent on whether it cleared a final hurdle to become a bank-holding company and gain access to billions in federal bailout money. Analysts have speculated that if GMAC Financial Services LLC doesn't obtain financial help it would have to file for bankruptcy protection or shut down.
NexCen Brands Inc. (NEXC) said it has sold nearly all the assets of its Bill Blass licensing business to Peacock International Holdings LLC for roughly $10 million in cash. NexCen said it will use the proceeds to pay down debt related to the Bill Blass business.
Scheduled U.S. Economic Reports (Tuesday)
Consumer Confidence (Dec)
In Earnings News
Washington Federal Inc. (WFSL) estimated its fiscal first-quarter profit would slightly eclipse analysts' average estimates. Washington Federal expects earnings for the quarter to be about $20 million, or 22 cents per share. Analysts, on average, forecast earnings of 20 cents per share for the quarter.
Cal-Maine Foods Inc. (CALM) announced its second-quarter profit fell 32 percent on a slowdown in sales to egg-product makers and the food-service industry while feed costs remain high. For the quarter, the company earned $27.2 million, or $1.14 per share, down from $40.2 million, or $1.69 per share, a year ago.
G. Willi-Food International Ltd. (WILC) one of Israel's largest food importers and a single-source supplier of one of the world's most extensive range of quality kosher food products, today announced that it anticipates its gross margins to decline for the fourth quarter of 2008 and for the first quarter of 2009.
Scheduled Earnings Reports (Tuesday)
No earnings reports are scheduled for Tuesday. On Monday, January 12th, Alcoa (AA) will begin the fourth quarter earnings season when they announce their quarterly numbers.
Stocks in the News
Smithfield Foods (SFD), Tyson Foods (TSN), and Cargill Inc. are among the companies that were named in Mexico’s suspension of meat imports from 30 U.S. processing plants.
Johnson & Johnson (JNJ) announced that 98% of the shares of Omrix Biopharmaceuticals (OMRI) were tendered into the company’s acquisition offer.
Apple Inc (AAPL) said it will likely update its line of iMac desktop computers and unveil a new version at the upcoming MacWorld Expo Conference next month.
Wal-Mart (WMT) began selling the Apple 3G iPhone over the weekend. WMT is the second independent retailer, after Best Buy (BBY), to sell the iPhone.
FMC Technologies Inc (FTI) will acquire a 45% interest in Schilling Robotics LLC for $116 million and the rights to exercise an option beginning in 2012 to purchase the remaining 55%.
Congressional Democrats are considering expansion of funding for airport runways, housing projects and sewage-treatment plants through a new tax break for municipal bondholders. The House Ways and Means Committee bill is one of at least three proposals favoring the municipal bond market gaining steam as Democrats seek ways to fulfill Obama’s promise to steer federal funding to infrastructure projects as part of a stimulus package worth as much as $850 billion over two years.
Rohm & Haas Co. (ROH) said its proposed acquisition is still in effect even though the Kuwaiti government has canceled a $17.4 billion joint venture with U.S. petrochemical company Dow Chemical Co. (DOW). The Kuwait government said the joint venture, known as K-Dow Petrochemicals, was "very risky" due to the global financial crisis and low oil prices. The move came just days before the joint venture's Jan. 1, 2009 startup date.
The financing arm of General Motors Corp. (GM) remained silent on whether it cleared a final hurdle to become a bank-holding company and gain access to billions in federal bailout money. Analysts have speculated that if GMAC Financial Services LLC doesn't obtain financial help it would have to file for bankruptcy protection or shut down.
NexCen Brands Inc. (NEXC) said it has sold nearly all the assets of its Bill Blass licensing business to Peacock International Holdings LLC for roughly $10 million in cash. NexCen said it will use the proceeds to pay down debt related to the Bill Blass business.
Scheduled U.S. Economic Reports (Tuesday)
Consumer Confidence (Dec)
In Earnings News
Washington Federal Inc. (WFSL) estimated its fiscal first-quarter profit would slightly eclipse analysts' average estimates. Washington Federal expects earnings for the quarter to be about $20 million, or 22 cents per share. Analysts, on average, forecast earnings of 20 cents per share for the quarter.
Cal-Maine Foods Inc. (CALM) announced its second-quarter profit fell 32 percent on a slowdown in sales to egg-product makers and the food-service industry while feed costs remain high. For the quarter, the company earned $27.2 million, or $1.14 per share, down from $40.2 million, or $1.69 per share, a year ago.
G. Willi-Food International Ltd. (WILC) one of Israel's largest food importers and a single-source supplier of one of the world's most extensive range of quality kosher food products, today announced that it anticipates its gross margins to decline for the fourth quarter of 2008 and for the first quarter of 2009.
Scheduled Earnings Reports (Tuesday)
No earnings reports are scheduled for Tuesday. On Monday, January 12th, Alcoa (AA) will begin the fourth quarter earnings season when they announce their quarterly numbers.
Stocks in the News
Smithfield Foods (SFD), Tyson Foods (TSN), and Cargill Inc. are among the companies that were named in Mexico’s suspension of meat imports from 30 U.S. processing plants.
Johnson & Johnson (JNJ) announced that 98% of the shares of Omrix Biopharmaceuticals (OMRI) were tendered into the company’s acquisition offer.
Apple Inc (AAPL) said it will likely update its line of iMac desktop computers and unveil a new version at the upcoming MacWorld Expo Conference next month.
Wal-Mart (WMT) began selling the Apple 3G iPhone over the weekend. WMT is the second independent retailer, after Best Buy (BBY), to sell the iPhone.
FMC Technologies Inc (FTI) will acquire a 45% interest in Schilling Robotics LLC for $116 million and the rights to exercise an option beginning in 2012 to purchase the remaining 55%.
Views: 15
Comment
© 2024 Created by James Dicks.
Powered by
You need to be a member of JDFN Financial Network to add comments!
Join JDFN Financial Network