Market Recap
DJIA -4.24%, Nasdaq -3.99% and S&P -4.66%
Nikkei -0.69%
WTI Crude Oil USD 40.22
Gold USD 927.6
USD/EUR 1.2665
U.S stock continued to collapse last night with the Dow cracking 7000 and the S&P falling to 700, lowest levels since 1996 & 1997 respectively.
U.S. News
AIG ended flat after posting a USD 761.7bn loss in Q4 and announcing it will get up to USD 30bn in additional government funding. The treasury will increase its equity interest to 77.9% in AIG.
Berkshire Hathaway posted its worst performance ever.
Dish Network announced in line Q4 numbers, but the company announced a larger than expected decrease in subscribers and slower revenue growth.
Chesapeake Energy announced it will cut natural gas production by about 7%.
GE investors are likely to start worrying about GE’s exposure to Eastern Europe.
Pfizer will buy the technology for new ‘Instant Immunity Drugs’ that will fight cancer and HIV.
European News
Munich Re reduces its guidance for 2009-2010 due to global economy market volatility
UCB reports good numbers and maintains its dividend.
Gazprom numbers beat the consensus primarily due to a higher than expected European gas price.
Bayer reports in line Q4 numbers, but guidance for 2009 is not as good as expected. Net debt has increased to EUR 14.2bn which is a big disappointment.
Deutsche Boerse trading volume is down 58% in Feb (yoy)
Havas reports better than expected FY numbers, but says no visibility ahead.
Air France-KLM could make a bid for Czech Airlines.
The Head of VW expects an alliance in the truck division between Volkswagen, MAN and Scania.
Royal Dutch intends to accept BG's takeover offer for Pure Energy.
DSM: Daily Telegraph says K+S is bidding for its Fertilizer unit(EU 578m)
TNT: UBS has 3.74% in company according to AFM filling
UK Treasury will open a fund to spur £13bn of government sponsored building projects stalled by a lack of bank finance.
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