The ISM index is expected to increased from 59.6 in March to 60.0 in April. All of the regional manufacturing surveys have pointed to stronger growth. --The New York Fed's Empire Manufacturing Index increased from 22.86 in March to 31.86 in April. --The Philadelphia Fed's Business Outlook Survey climbed from 18.90 in March to 20.2 in April. --The Chicago PMI rose from 58.8 in March to 63.8 in April. --The Chicago Fed's Midwest Manufacturing Survey… Continue
Added by ken flagg on May 3, 2010 at 9:39am —
The personal income and spending report is simply a monthly breakdown of Friday's GDP report. As a result, the consensus estimate is created by assuming no revisions to January and February's data and determining March's change based upon the aggregate GDP number. Any difference between the consensus estimate and the actual would be due to earlier revisions. For example, consumption totaled $9332 bln and $9363 bln in January and February, respectively.… Continue
Added by ken flagg on May 3, 2010 at 9:37am —
* SurModics (SRDX 18.60) downgraded to Underperform from Market Perform at Barrington , following 2Q10 revenue that missed firm and consensus estimates
* PHH Corp. (PHH 22.69) downgraded to Market Perform from Outperform at FBR Capital, following 1Q10 results; raises tgt to $26 from $25. Firm believes 1H10 will be more challenging for PHH as mortgage origination volumes decline for the industry, reps and warrants charges… Continue
Added by ken flagg on May 3, 2010 at 9:30am —
Glencore International AG, the world’s largest commodity trader, is studying a merger with Xstrata Plc as a way to restructure its ownership and improve access to capital, according to two people familiar with the matter.
Glencore, which already owns 34 percent of Xstrata, is also considering an initial public offering, said the people who declined to be identified because the talks are confidential and no decision has been reached. No… Continue
Added by ken flagg on May 3, 2010 at 9:11am —
China’s reserves requirement increase will “stoke yuan revaluation expectations” since they are part of a series of measures aimed at cooling the economy, according to UBS AG, the world’s second-biggest currency trader.
The third increase this year in the ratio of cash banks must hold in reserve, announced yesterday, won’t be sufficient to rein in inflation and asset price bubbles, Goldman Sachs Group Inc. and Royal Bank of Canada wrote in… Continue
Added by ken flagg on May 3, 2010 at 9:00am —
Added by ken flagg on May 2, 2010 at 12:30pm —