Google expecting next two quarters to be very tough

Market Recap

DJIA -0.55%, Nasdaq -0.14% and S&P -0.64%

Nikkei +0.85%

WTI Crude Oil USD 41.70

Gold USD 916

USD/EUR 1.2517

S&P continues to make new 12 year lows. President Obama was on the tape talking up the economy yet Bernanke told the Senate Banking Committee that the banking system has not yet stabilized.

U.S. News

Abu Dhabi investment arm took a USD 125m stake in AMD

Google CEO said Economy is pretty dire and the next two quarters will be very tough.

Hartford Financial Services Group lost USD 2.75bn last year was downgraded by S&P for the third time in a month.

MGM Mirage said it may not meet the financial requirements of its senior credit facility this year.

U.S. Steel is idling most of its operations in Canada and lying off 1500 workers because of falling demand.

Genzyme said it failed to win approval for Lumizyme.

Dell CEO said is working to promote netbooks, storage devices and services, which yield higher profits than PC’s, to counter waning demand.

Palm Inc reported Q3 sales that missed analysts’ estimates by almost 50%.

European News

Credit Agricole reports numbers above estimates on operational levels but impacted by high cost of risk. Q4 net loss EUR 309m.

Bouygues reports in line results

France Telecom reports FY results below market estimations. FT gives guidance in line.

Swisscom reports in line 2008 results. The Swiss operator proposes a dividend CHF 19 and guides for a slowdown in Swiss business for FY 2009.

Suez Environnement reports FY08 sales in line with

Swisscom reports FY08 sales below the market expectations.

Vinci reports in line results, reduces its debt by EUR 900m in 2008 and says road traffic in France slow by 2.5%.

Adecco reports worst than expected Q4 numbers. 2009 will be a very difficult year.

Holcim reports very weak Q4 numbers and guidance is not good for 2009. Dividend will be paid in stocks instead of cash.

BMW is planning to sell more of its engines to third parties

UBS proposes Kaspar Villiger, former Swiss President, as Chairman to replace Kurer at the AGM April 15.

Symrise reports 2008 numbers slightly below the market consensus and says H1 2009 will tough

Kaba reports H1 numbers below expectations but still convince for a double digit margin in 2009.

Adidas reports good results, dividend is unchanged and sees turnover and margin decline for 2009.

Philips expects some positive impact of stimulus packages according to CFO.

Fortis is pessimist on new BNP deal and can not claim EUR 2bn from convertible notes from Dutch State.

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