Market Recap
DJIA -4.62%, Nasdaq -4.20% and S&P -4.91%
Nikkei closed
WTI Crude Oil 38.15
USD/EUR 1.2925
U.S. equities sold off sharply yesterday, with the Dow suffering its biggest one-day decline since Dec 1st. There were a number of headwinds facing the market, though the most significant was the scepticism surrounding the revamped financial rescue plan.
U.S. News
NVIDIA reported Q4 EPS above the market consensus and said the environment is clearly difficult and uncertain.
Applied Materials reported Q1 numbers in line.
Wal Mart may outsource USD 300-500m contract for merchandising finance, accounting and payroll functions.
European News
Credit Suisse reports Q4 net loss CHF 6.02bn, worst than the market consensus, poor net new money.
Arcelor Mittal reports number below the market consensus, will cut the dividend and capex and sees weak Q1.
Sanofi reports Q4 results in line, strong gross margin, guidance is slightly better.
Peugeot reports weak FY 2008, net debt is increasing to EUR 2.9bn and will continue to burn cash in 2009. Outlook for 2009 is still poor.
Zurich Financial Group is in advance talk with AIG to buy US auto business.
Fortis EGM starts today in Brussels. Stock will be suspended today.
ING sells Taiwanes Life Insurance to Fubon for USD 600m.
Danone reports Q4 sales in line with the consensus, reiterates its FY 2009 guidance.
Legrand reports FY numbers slightly lower and very weak guidance for 2009.
Nobel Biocare reports much worst than expected results
Vestas Wind reports FY2008 numbers above the market consensus.
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