Market Recap
DJIA -1.19%, Nasdaq -1.71% and S&P -1.20%
Nikkei -1.87%
WTI Crude Oil USD 39.18
Gold USD 976
USD/EUR 1.2570
U.S. stocks continue to crumble and yesterday’s catalysts were poor macro data, negative earnings from HP and another meltdown in financial stocks.
U.S. News
Whole Foods Market reported Q1 EPS above market expectations and gave very good guidance for 2009.
Sprint Nextel reported better than expected Q4 EPS and remained positive as they expect subscribership to improve in 2009.
Hewlett-Packard reported worst than expected Q1 EPS and guided down 2009 EPS. Results were affected by weak international sales and FX headwinds.
Prudential Financial was downgraded by Fitch to BBB from A-
European News
Lafarge reports FY2008 below market expectations, to sell EUR 1.5bn new shares in fully underwritten rights issue and proposes EUR 2/share dividend.
UBS said it will vigorously contest a U.S. civil lawsuit aimed at forcing it to disclose the names of as many as 52’000 U.S. customers with secret Swiss accounts.
Saint Gobain reports 2008 numbers 3% below the market consensus and plans a EUR 1.5bn rights offering.
Club Med says Q1 sales increased 1.9%, helped by Asian growth, but global bookings down 4%.
Swiss Life reports FY 2008 net CHF 340m, to pay CHF 5 dividend.
RBS is looking to sell part or all of acquired ABN Amro operations.
Axa credit rating outlook revised to negative from stable by S&P.
Air France-KLM is considering deferring one or two of their A380a it has on order.
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