According to Reuters, Obama spoke about the economy with optimism as his aides defended the budget.
Reuters reports that a Senate panel will question Swiss banking’s secrecy policy.
Reuters reports that foreclosures drove up the 2008 US home sales index.
Reuters reports that Bernanke had no choice other than to help AIG (AIG). Read More
These are the top pre-market analyst upgrades and downgrades we have seen from Wall Street this Friday morning:
JON C. OGG
February 20, 2009
According to Reuters, Obama has dropped the idea of appointing a “car czar”.
Reuters reports that Japan’s GDP is dropping at an annual rate of over 13%.
Reuters reports that the Administration is trying to talk down the idea that the stimulus package will help the economy soon. Read More
Visa, Inc. (NYSE: V) has posted very pleasing earnings, one of the few bits of good news in the financial sector. The credit card processing giant earned $0.78 EPS on an adjusted basis, beating estimates of $0.66 EPS. Its revenues were $1.7 billion, ahead of estimates of $1.68 billion. This report is strong enough that it is even boosting shares of MasterCard Inc. (NYSE: MA).
Processed transaction growth, the strength of debit transactions, and the global diversity of its business are why it is doing well, according to Visa.
The company also said that revenue growth is likely in the low single digits, but the company remains steadfast in its ability to meet its own 2009 EPS guidance. Full-year 2009 annual net revenue growth is in the high single-digits.
If you hadn’t gotten your full round of pre-weekend economic gloom, famed investor Julian Robertson of Tiger Management just gave an interview with CNBC’s Erin Burnett. He is cautious about what lies ahead.
If you do not recall, Robertson warned a year ago that the U.S. was headed for a "doozy of a recession." He advised the Obama administration to tell the truth and say there are no quick fixes. If this bailout/turnaround isn’t successful, then a 3- to 4-year economic problem will be much worse than what Japan went through in the 1980s.
These are some of the top downgrades and negative research calls we have seen from Wall Street analysts this Friday morning:
Jon C. Ogg
January 23, 2009
KeyBanc is lowering estimates and price targets for payment processors, including MasterCard (NYSE: MA) and Visa (NYSE: V). The firm said they are taking a far more cautious approach than the Street and are reducing volume and transaction assumptions virtually across the board.
How can the worst retail holiday season in years get worse? It can become the worst holiday season since anyone kept accurate records.
There have been signs for several weeks that e-commerce and store sales were falling at single digit rates. But, as each day passed, the industry hoped that discounts would lure shoppers back into stores for that one final spending spree.
According to Reuters, as investors moved to cash, oil has come down, but that is not likely to last.
Reuters writes that data from MasterCard (MA) shows holiday spending may have dropped as much as 4%.
Reuters reports that Japan’s industrial output took a record fall.
Just when credit card issuers from Mastercard (MA) to Citigroup (C) need the extra money due to deadbeats, the federal government is going to make it hard for them to get it. Default rates are rising with unemployment and the distributors of the plastic are faced with billions of dollars of write-offs over the next year or so.
The only option these companies have had was to jack interest rates through the roof and bleed the cardholders for as long as they could. Regulators now have dropped bricks on the heads of the card issuers.
According to Reuters, the House passed a $14 billion bailout bill.
Reuters reports that according to Mastercard (MA) retail sales fell sharply in November.
Reuters writes that Congress criticized Treasury over its use of bailout funds.
Reuters writes that the buyout of BCE has collapsed.
Mastercard (MA) has a unit which tracks retail sales. The numbers that it posted for November are almost too horrible to believe.
According to The Wall Street Journal, new data from MasterCard SpendingPulse shows that "sales fell 20% from year-ago levels at apparel and department stores combined, 24% at luxury stores and 25% at electronics stores."
No comment necessary.
Douglas A. McIntyre
According to Reuters, a bailout of US car companies gained support in Congress as GM (GM) and Chrysler said they needed money immediately to stay in business.
Reuters reports that Merrill will cut bonuses by about half.
Reuters writes that Paulson is debating about what to do with the $350 billion remaining in his bailout fund.
According to Reuters, the US government gave Citigroup (C) a bailout worth over $300 billion.
Reuters reports that the rescue of Citi failed to dispel concerns about the financial market as some indexes around the world traded down.
Reuters reports that Paulson may tap the $700 billion rescue fund to make it easier for households to borrow money.
The "Whos" down in "Whoville" has better watch themselves. The Grinch will steal Christmas. But, unlike the ending of the Dr. Seuss book, it won’t be given back to them at the last minute.
Economists have assumed for some time that the holidays will be a bitter time for shoppers and retailers alike. Most have not braced for how awful it will actually be.
According to Reuters, Obama won the race for US president
Reuters reports that stock index futures were steady after the Obama win.
According to Reuters, Australia cut key interest rates.
Reuters reports that a large Goldman Sachs (GS) fund lost $1 billion in the first ten months of the year.
Reuters writes that the Treasury is considering buying stakes in financial firms beyond banks and brokerages.
According to Reuters, GM (GM) and Chrysler have asked the government for $10 billion to close their merger.
Reuters reports that Boeing (BA) and its machinists have entered into a tentative labor agreement.
Reuters reports that Honda (HMC) cuts its sales forecasts due to the financial crisis.
These are some of the top analyst upgrades we are seeing in early hours of pre-market trading this Tuesday morning:
Jon C. Ogg
October 14, 2008
Economists thought the consumer was heading toward the exits. Actually, based on new data, he left the building.
According to Reuters, the Mastercard Advisors service reported that "Overall September apparel sales fell 5.5 percent from a year ago, with women’s apparel down 9.1 percent. Furniture sales sank 13.3 percent, the worst decline since 2003, while electronics and appliance sales tumbled 13.8 percent."
Douglas A. McIntyre
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