Market Recap
DJIA +1.78%, Nasdaq +1.46% and S&P +1.58%
Nikkei +2.73%
WTI Crude Oil USD 41
USD/EUR 1.3041
U.S stocks closed almost at the top of the day on slightly better volume.
U.S. News
Walt Disney reported numbers below the market consensus.
MetLife reported Q4 EPS at 16c against a consensus of 13c
Schering Plough reported better Q4 numbers due to cost cutting.
Motorola reported Q4 EPS at 1c and guided down 2009 EPS. Moody’s placed the company on negative watch.
The auto industry’s historic meltdown showed no signs of relenting in January posting sales declines of more than 40%.
European News
Roche reported FY 2008 results; sales are in line, operating margin in pharma division was below expectations. Dividend will be up 9% to CHF 5. All in all weak USD, lower Tamiflu sales hurt result.
Alcatel just reports Q4 numbers better, but sees a deterioration of outlook in Q4.
Munich Re reports FY 2008 slightly below,
VW is considering delaying expansion of a plant in China by a year on waning demand for cars.
UBS held preliminary talks with Wells Fargo about a joint venture of their North American wealth management.
Siemens will cut jobs in wind power division in Denmark.
Italian press reporting the Italian government will announce a major aid package for the auto industry.
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