15 de Sept, siguen bien las cias de Energy en USA, yo le entré a energy y en especial a Gas Natural a través de CRZO, CHK, RRI, DYN, VLO, HES,…están hechas cornetas por mucha deuda. Precaución eso si…
Citigroup looks to cut U.S. stake. Sources say Citigroup (C) is working on a plan to pare the government’s 34% stake in the bank, including a multibillion-dollar public stock sale followed by a buyback of some of the government’s shares. Citi spoke briefly with the Treasury over the weekend, which said it has no objections as long as the bank first raises offsetting capital. Any move would give a clearer picture of how the government plans to balance its desire to wind down financial system intervention against its continued concerns over the health of the banking industry.
Judge blocks $33M settlement. U.S. District Court Judge Jed Rakoff told the SEC and Bank of America (BAC) their proposed $33M settlement over the lack of disclosure of $3.6B in bonuses just before BofA’s merger with Merrill Lynch was “neither fair, nor reasonable, nor adequate.” Judge Rakoff demanded the case be tried in court, calling their proposed consent judgement “a contrivance designed to provide the S.E.C. with the facade of enforcement and the management of the Bank with a quick resolution of an embarrassing inquiry – all at the expense of the sole alleged victims, the shareholders.” (see Judge Rakoff’s order (.pdf))
Obama says they can. Speaking to Wall Street Monday, U.S. President Barack Obama told financial leaders to expect new regulations. Potential new rules include: a new consumer financial protection agency, higher capital requirements for banks and a systemic risk regulator. Obama also said that the necessity for bailouts are waning, and that the financial sector is showing improvement. Still,the president stressed that the lessons from the past year must not be ignored.
Lacker says bank reforms miss mark. Richmond Fed president Jeffrey Lacker pushed back against proposed changes to financial system regulation, saying in a speech Monday that creating an apparatus for the government to ‘resolve’ big financial firms without forcing them into bankruptcy could weaken market discipline and lead to greater volatility. “The leading proposals before Congress concentrate almost exclusively on expanding government protection and regulation, but I believe we would be better off placing greater reliance on market-based incentives for prudent risk management,” Lacker said.
Lilly slashes costs, jobs. Eli Lilly (LLY) announced Monday it will cut company costs up to $1B, including eliminating 5,500 jobs over the next two years. The company plans to restructure several of its business units in response to generic competition to its antipsychotic drug Zyprexa, as well as its 2008 purchase of ImClone Systems.
Avaya takes the call. Nortel’s corporate networking unit will be acquired by privately-owned Avaya for $915M, over Verizon’s (VZ) objections. Nortel, which went into bankruptcy in January, decided selling off its main businesses was a better option for creditors than trying to reorganize. The sale follows Ericsson AB’s (ERIC) purchase of Nortel’s wireless business in July of this year.
EU wants details on GM loan. The EU Commission has asked Germany for the country’s formal plan to inject €3B ($4.38B) in loan gurantees to GM’s European Opel unit. Meanwhile, a meeting today between German and European government officials over state aid for the new company is unlikely to produce any results because the buyer, Magna (MGA), has yet to submit a detailed business plan. The turnaround may include cutting over 10,000 jobs.
So goes the year. Today marks one year following the collapse of Lehman Brothers, and risk appetite is back, with five U.S. banks recently reporting large gains from their trading desks. While some argue that recovery is clearly on the way as China’s economy grows, others warn investors should not count on government bailouts for future growth.
Elan, J&J fix JV. Elan (ELN) dropped the value of its $1.5B deal with Johnson & Johnson (JNJ) by $115M after a ruling earlier this month that its terms violated Elan and Biogen Idec’s (BIIB) partnership over their MS drug Tysabri. Under the original deal, J&J had the option of financing Elan’s purchase of Biogen’s stake in Tysabri under certain circumstances; the new deal eliminates this clause.
ING hits roadblock on government aid. Shares of ING Group (ING) fell 3.8% in Amsterdam following media reports saying European Competition authorities will reject the Dutch government’s €22B guarantee of ING’s U.S. Alt-A portfolio over concerns the terms may be too sweet. Analysts say ING could have to pay €1-1.7B more if the deal is rejected.
Genworth seeks $500M: Genworth Financial (GNW) fell in AH trading Monday after saying it’s looking to raise $500M in an offering led by Goldman Sachs (GS), BofA Merrill Lynch (BAC) and Deutsche Bank (DB). Shares will be diluted as a result, but some analysts say after five consecutive quarterly losses, totaling more than $2B, it’s a good sign that the company is in the position to issue at all.
Overseas stocks posted modest gains Tuesday, while U.S. futures are down a drop ahead of today’s retail sales data (full calendar).
- Asia: Nikkei +0.15% to 10,218. Hang Seng -0.31% to 20,866. Shanghai +0.23% to 3,034. BSE +1.48% to 16,454.
- Europe at midday: London +0.2%. Paris +0.3%. Frankfurt -0.1%.
- Futures at 7:00: Dow -0.1% at 9542. S&P -0.1% to 1042. Nasdaq -0.1%.
Crude +0.6% to $69.28. Gold flat at $1001. 30-year Tsy -0.08%.
Euro -0.1% vs. dollar. Yen -0.5%. Pound -0.5%.
Tuesday’s Economic Calendar
7:45 ICSC Retail Store Sales
8:30 Producer Price Index
8:30 Retail Sales
8:30 Empire State Mfg Survey
10:00 Business Inventories
5:00 PM ABC Consumer Confidence Index
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