Market Recap
DJIA -4.09%, Nasdaq -4% and S&P -4.25%
Nikkei -3.5%
WTI Crude Oil USD 44.40
Gold USD 943
USD/EUR 1.2697
U.S. markets fall to new 12 year lows on above average volumes after GM’s auditor said it won’t survive, poor mortgage data and Citi trading below USD 1.-
U.S. News
Wal-Mart reported better than expected February sales, stealing traffic from Target
Yahoo! is in talk with Vodafone about distribution of its mobile search product.
Adobe Systems guided Q1 EPS to $44-45 from 43 beating analyst expectations.
Ciena reported Q1 EPS above market expectation but declined to give guidance for Q2. The co announced a 9% workforce lay off.
Cisco Systems is looking to acquire new businesses that support network-equipment sales
GM executives are becoming more open to bankruptcy.
Coca-Cola will invest USD 2bn in China over next three years.
European News
Veolia reports very weak results due to German waste write-down. The French company gives no guidance for 2009 due to lack of visibility.
Belgian banks have EUR 100bn at risk in Eastern Europe
Belgacom reports good Q4 numbers, weaker margin but reassuring dividend. 2009 outlook is at the bottom of the range.
Siemens and GE say President Obama’s plan to slash spending on the use of MRIs and Y-Rays threatens patients. They will lobby Congress to block it.
Whitbread sees continuing tough trading conditions in the UK hotel market.
Spain’ government is preparing to help bail out regional savings bank Caja Castilla La Mancha to pave the way for a merger with larger Unicaja.
BT Group may cut its final dividend for the first time since 2001 after the pension deficit swelled to £1.7bn.
Galp Energia held a strategy update conference yesterday and said reassuring comment on Brazil in terms of reserves and production potential.
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