TF1 says like for like advertising revenue fell 20%

1. US Market Recap

• Risk aversion continued after Warren Buffet’s comment on the US economy having “fallen off a cliff” and the World Bank predicting a global contraction:
• DOW down 80 points (-1.2%) to 6,547 (-25.4% YTD)
• S&P 500 down 7 points (-1.0%) to 677 (-25.1% YTD)
• NASDAQ down 25 points (-2.0%)  to 1,269 (-19.6% YTD)
  
  
• Nouriel Roubini of NYU is expecting S&P 500 to drop to 600 or lower (based on an EPS of USD50 and trading at 12x P/E); David Rosenberg of Merrill Lynch is also forecasting the index to fall to that level, adding it may probably bottom in October.
  
  
• Laggards:
• Telecom Services (-3.7%): AT&T (-3.8%), Verizon (-4.0%), Qwest Communications (-9.4%)
• Info. Technology (-2.5%): Google (-5.7%), Hewlett-Packard (-5.4%), Cisco Systems (-4.0%)
• Out-performers:
• Financials (+2.5%): Wells Fargo (+15.8%), Bank of America (+19.4%), US Bancorp (+15.5%)
• Energy (+0.5%): Exxon Mobil (+0.8%), ConocoPhillips (+3.3%), Halliburton (+4.0%)
  
  
• Policies:
• President Obama lifted restrictions on federal funding for embryonic stem-cell research and called on Congress to provide more money for such study; this is a reversal of former President Bush’s bank on federal support for research beyond 21 cell colonies before 2001.
• Companies likely to benefit from the federal funding include:
• Aastrom Bioscience (ASTM UQ)
• Advanced Cell TeStemcells (STEM UQ)
• Geron (GERN UQ)
• Progenics (PGNX UQ)
  
  
• Congressional Democrats are considering combining the carbon-trading and renewable energy measures into a single comprehensive energy policy; the proposals need a simple majority in the House but a 60-vote count in the Senate.
  
  
• Economic data due out this week:
• 10 Mar (Tue): Jan wholesale inventory
• 11 Mar (Wed): MBA weekly (Mar 7) mortgage application
• 12 Mar (Thu): Feb advance retail sales, weekly initial/continuing claims
• 13 Mar (Fri): Mar U. of Michigan Confidence

2) European Update

• EADS reports FY08 numbers ahead of expectations
• E.ON gives weak guidance for 2009, expects profit before wrritedown to fall 10% below last year’s level.
• China Feb vehicle sales rise 25%, first gain in four months after the government cut taxes on some models.
• Roche and Genentech are close to an agreed deal at USD 95/share, but differences over closing conditions remained.
• TF1 says like for like advertising revenue fell 20% in the Jan-Feb period, maket share declined by 3.7%.
• Thomson reports a wider net loss in 2008 on impairments, writedowns and restructuring charges.
• Barclays entire balance sheet will be examined by the government.
• RBS will use £ 807m of taxpayers’ money to fund employee pension plans.

 

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