Market Recap
DJIA -3.41%, Nasdaq -3.71% and S&P -3.47%
Nikkei -1.46%
WTI Crude Oil USD 38.08
Gold USD 990
USD/EUR 1.2719
U.S. stocks get pummelled again to finish on their lows and in the process the S&P hits a new 12 year low.
U.S. News
Garmin reported in line numbers, declined to give 2009 guidance but said that it gained market share in Q4 and will continue to repurchase shares.
Campbell Soup reported Q2 EPS $0.65 ex-items as sales fell due to FX headwinds and inventory reductions at retailers. Co guided EPS growth to the high end of 5-7%.
AIG got bids from MetLife and Axa for a life-insurance unit spanning more than 50 countries.
JP Morgan cut the quarterly dividend to 5c from 38c.
European News
Carrefour will bid for Russia’s Seventh Continent super market chain.
Vivendi wins EUR 1.9bn in damages from Elektrim in Poland regarding their joint venture.
French carmakers are increasing production of some cars to meet rising demand triggered by the government decision to introduce incentives to scrap old cars for new.
3i Group said it invested USD 161m in Krishnapatnam Port Company.
Akzo Nobel reports USD 1.5bn loss for Q4 on ICI unit write down. Buy back programme is cancelled.
Telecom Italia’s board may cut dividend to reduce debt amid profit slump.
ADB reports disappointing margin but solid outlook. Sales are a touch better. Strong start in 2009, good visibility and solid order backlog.
Nestlé said water should stabilize in 2009, pressure in agricultural commodities not easing in 09.
TomTom reports FY08 revenue and EBIT slightly ahead.
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