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| 10/13/2008 15:48 EDT |
| » Diebold reaffirms 2008 profit outlook of $1.52-$1.62 a share » Gold falls as rescue plans lessen safe-haven buying » Ford calls reported sale of Mazda stake 'speculative': WSJ » Jakks Pacific jumpstarts toy dealmaking » Moody's lowers Alcoa outlook on weak end markets » GM CEO says working to address liquidity crunch: WSJ » Radian launches program to help reduce mortgage foreclosures » Moody's cuts Smithfield's long-term ratings to 'B1' » Obama proposes tax-free IRA withdraws, new tax credit » United Technologies withdraws offer for Diebold » Moody's downgrades Walgreen senior unsecured debt to 'A2' » Treasury, Fed meeting with top banks Monday on rescue plan » Bush: U.S. acting to help banks gain access to capital » Paulson to meet with U.S. bank heads at 3 p.m. ET: WSJ » Credit Suisse shuffles home-builder ratings » Treasury official sees slow but eventual financial recovery » Some REITs fall as investors, analysts ponder recession » Fitch lowers Textron rating outlook to stable from positive » Moody's reviews Morgan Stanley unit for downgrade » Morgan Stanley upgrades EM equities to maximum overweight » Cisco upgraded to market outperform by JMP Securities » Qwest, Sprint charge higher as telecoms speed ahead » Sovereign confirms talks with Banco Santander » IMF in talks with Hungary about possible financial support » Drug stocks rally as Euro banks recapitalize » Energy stocks jump on broad market rebound » Cincinnati Financial backs full-year view » Morgan Stanley rises more than 50%, financials rally » Retail shares rebound with broader market » Airline stocks rise with broader market relief |
Title Diebold reaffirms 2008 profit outlook of $1.52-$1.62 a share Date and time 10/13/2008 15:30 EDT (18min ago) Summary Diebold Inc. on Monday reiterated its earnings outlook for 2008 after United Technologies withdrew its unsolicited bid. Expresssing confidence that the company is on the right track, Diebold said it expects to report 2008 earnings of $1.52 to $1.62 a share and adjusted earnings of $2.45 to $2.40 a share. Analysts surveyed by FactSet Research are forecasting the company to earn $2.41, on average, in 2008. The company also projected restructuring charges of 45 cents to 56 cents a share and an impairment charge of 5 cents a share. "The Diebold board of directors remains confident that the company is on the right path, and is encouraged by the continued improvement it has seen in the company's strategic initiatives to gain cost efficiencies and increase profitability," said John Lauer, non-executive chairman of the board. In February, United Technologies offered $40 a share for Diebold which was rebuffed. |
Title Gold falls as rescue plans lessen safe-haven buying Date and time 10/13/2008 15:09 EDT (38min ago) Summary NEW YORK (MarketWatch) - Gold futures fell for a third session Monday, closing at the lowest level in more than a week as government agreements reached in Europe and the U.S. to support the banking sector served to dampen safe-haven demand. Gold for December delivery fell $16.50, or 1.9%, to end at $842.50 an ounce on the Comex division of the New York Mercantile Exchange, the lowest since Oct. 3. |
Title Ford calls reported sale of Mazda stake 'speculative': WSJ Date and time 10/13/2008 14:46 EDT (01:01 ago) Summary Ford Motor Co. said that news reports saying the auto maker will sell off its controlling stake of Mazda Motor Co. are speculative, The Wall Street Journal reported Monday on its Web site, citing Ford's U.S. operations head Mark Fields. Fields told the Journal that the Ford and Mazda remain operationally independent despite joint ventures. |
Title Jakks Pacific jumpstarts toy dealmaking Date and time 10/13/2008 14:30 EDT (01:17 ago) Summary Jakks Pacific on Monday acquired two small toy companies to complement its existing licensing portfolio and seeks to do similar deals. Jakks bought the kid's product business of Hong Kong-based Tollytots and Westborough, Mass.-based Kids Only and its Hong Kong affiliate. Terms weren't disclosed. The two companies are expected to add to Jakk's profit as early as this year. Jakks wants to buy more toy companies using $300 million of cash on hand but won't seek to acquire troubled companies, spokeswoman Genna Rosenberg said. Jakks, of Malibu, Calif., has acquired 12 toy makers since 1997. The latest deals were the first since February 2006. Jakks' toy line-up includes Hannah Montana dolls, World Wrestling Entertainment figures, and Cabbage Patch Kids. |
Title Moody's lowers Alcoa outlook on weak end markets Date and time 10/13/2008 14:12 EDT (01:35 ago) Summary Moody's Investors Service on Monday lowered Alcoa Inc.'s outlook to negative from stable because of weak aluminum end markets. Moody's affirmed its Baa1 senior unsecured rating and Prime-2 short term rating on Alcoa. About $7.2 billion of debt is affected by the ratings. |
Title GM CEO says working to address liquidity crunch: WSJ Date and time 10/13/2008 14:02 EDT (01:46 ago) Summary General Motors Corp.'s Chief Executive Rick Wagoner told employees that the company is working "24 hours a day" to address a liquidity crunch threatening the auto maker, but there is no way to know when the pressure will ease, the Wall Street Journal reported in its online edition Monday. In a corporate broadcast to employees on Friday, Wagoner also said GM is unable to raise as much cash as it hoped amid the global credit crunch but the company is working fast to cut costs. Wagoner's broadcast came as GM shares fell to its lowest level in six decades last week. GM's executives and advisors are working nonstop to secure enough cash to survive the downturn and GM is ready to tap the capital markets "when the markets move," said Wagoner. Over the weekend, reports emerged that GM has held talks to buy Chrysler and also approached Ford about a possible merger. |
Title Radian launches program to help reduce mortgage foreclosures Date and time 10/13/2008 13:59 EDT (01:48 ago) Summary Mortgage insurer Radian Group Inc. said Monday it is launching a new program designed to reduce mortgage foreclosures. Under the Servicer Advocacy Group, Radian said it will help mortgage servicers come up with "creative and flexible solutions that will help distressed homeowners remain in their homes." |
Title Moody's cuts Smithfield's long-term ratings to 'B1' Date and time 10/13/2008 13:43 EDT (02:04 ago) Summary Moody's Investors Service on Monday lowered Smithfield Foods Inc.'s corporate family rating and probability of default rating to B1 from Ba2. B-grade ratings are viewed as speculative. The ratings remain on review for possible further downgrade. The move was due to Moody's expectation that the company's credit metrics will remain weak in the near term due to poor returns in the hog production business and very high leverage. |
Title Obama proposes tax-free IRA withdraws, new tax credit Date and time 10/13/2008 13:31 EDT (02:16 ago) Summary WASHINGTON (MarketWatch) -- Sen. Barack Obama called for allowing tax-free withdraws from IRAs and 401(k)s in 2008 and 2009 on Monday, as well as a new tax credit for companies that create jobs in the U.S. Obama made the proposals as part of what he calls an economic "rescue plan" for the middle class. He would allow a maximum of $10,000 to be taken tax-free out of retirement plans. Obama is also calling for a 90-day foreclosure moratorium for homeowners who are making efforts to pay their mortgages. |
Title United Technologies withdraws offer for Diebold Date and time 10/13/2008 12:37 EDT (03:10 ago) Summary United Technologies Corp. said Monday it withdrew its offer for Diebold Inc. . In February, United Technologies offered $40-a-share for Diebold, which Diebold rebuffed in March. "We had hoped we could negotiate a transaction that would have created substantial value for both your and our shareholders," said United Technologies Chairman George David in a letter to Diebold Chairman John Lauer. "It's unfortunate this won't happen." Shares of Diebold rose 6.2% to $30.03, and shares of United Technologies rose 9.5% to $52.15 in recent trading. |
Title Moody's downgrades Walgreen senior unsecured debt to 'A2' Date and time 10/13/2008 12:24 EDT (03:23 ago) Summary Moody's Investors Service said Monday that it downgraded Walgreen Co.'s senior unsecured debt rating to A2 because of uncertainty about the company's strategic direction. Moody's also said the downgrade reflected the sudden retirement of Chief Executive Jeffrey Rein. Moody's confirmed its commercial paper rating on Walgreen at Prime-1. |
Title Treasury, Fed meeting with top banks Monday on rescue plan Date and time 10/13/2008 12:22 EDT (03:25 ago) Summary WASHINGTON (MarketWatch) -- Officials from the Treasury Department and the Federal Reserve are meeting with leading financial institutions Monday about the government's $700 billion rescue plan, a Treasury Department spokesman confirmed. The parties are meeting "to finalize details" on package, the spokesman said. |
Title Bush: U.S. acting to help banks gain access to capital Date and time 10/13/2008 12:17 EDT (03:31 ago) Summary WASHINGTON (MarketWatch) -- The U.S. is working to help banks gain access to capital, President Bush said Monday morning, as well as working to unfreeze the credit markets. Bush's remarks in a White House appearance came as Treasury Secretary Henry Paulson is reportedly finalizing a U.S. plan to inject capital directly into banks, an action similar to those announced by the U.K. and other European countries. In an appearance with the Italian prime minister, Bush said he welcomed Europe's actions to fight the financial crisis. |
Title Paulson to meet with U.S. bank heads at 3 p.m. ET: WSJ Date and time 10/13/2008 12:15 EDT (03:33 ago) Summary Treasury Secretary Henry Paulson will meet with the heads of top U.S. banks at the White House at 3 p.m. Monday, The Wall Street Journal reported on its Web site, citing people familiar with the matter. Invited to attend are Bank of America Corp. Chief Executive Ken Lewis, J.P. Morgan Chase & Co. CEO Jamie Dimon, Goldman Sachs Group Inc. CEO Lloyd Blankfein, Morgan Stanley CEO John Mack, and Citigroup Inc. CEO Vikram Pandit, according to the Journal. |
Title Credit Suisse shuffles home-builder ratings Date and time 10/13/2008 11:29 EDT (04:18 ago) Summary Credit Suisse analyst Daniel Oppenheim on Monday changed his stock ratings, profit estimates and target prices for several home builders, saying he's "starting to see select opportunities, even with more pessimistic assumptions." The analyst upgraded M.D.C. Holdings Inc. to outperform from neutral, and raised Hovnanian Enterprises Inc. and Meritage Homes Corp. to neutral from underperform. Conversely, Ryland Group Inc. was cut to neutral from outperform, and Toll Brothers Inc. was downgraded to underperform from neutral. "Overall, we see modest upside of 6% for the builders, despite what can best be described as a depressing outlook for housing demand," Oppenheim wrote in a client report. "We believe the stocks now reflect overly bearish assumptions for home prices and further asset write-downs, will benefit from less supply in 2009, a potential stimulus following the election in three weeks, and the seasonal trade in the builders." |
Title Treasury official sees slow but eventual financial recovery Date and time 10/13/2008 11:30 EDT (04:17 ago) Summary WASHINGTON (MarketWatch) -- The U.S. financial sector faces an "arduous" path to recovery but will emerge stronger in time thanks to government actions to support it, a top U.S. Treasury official said Monday. "The current difficulties will not end tomorrow and even as confidence is restored, recovery will be slow," Assistant Secretary Clay Lowery said at a meeting of the International Monetary Fund and World Bank. He said the U.S. is moving to improve availability of funding for its banks and that the U.S. will work with other countries to build a new regulatory framework to limit chances for future financial crises. |
Title Some REITs fall as investors, analysts ponder recession Date and time 10/13/2008 11:22 EDT (04:25 ago) Summary Shares of several major real estate investment trusts fell on Monday, bucking an uptrend in the financial sector as analysts and investors worried a recession could hurt future earnings. Analysts at Keefe Bruyette & Woods said they expected some companies to issue earnings warnings over the next month. "We believe the reality of an inevitable recession and frozen capital markets will lead to a much more cautious tone and some lower guidance revisions from company managements as we move through REIT earnings, the bulk of which will take place in late October and early November," the analysts wrote in their Monday report. In early trading, Equity Residential shares fell 9%, CB Richard Ellis fell 8.3%, Vornado fell 5.6% and Simon Property fell 4.4%. |
Title Fitch lowers Textron rating outlook to stable from positive Date and time 10/13/2008 11:22 EDT (04:26 ago) Summary Fitch Ratings said Monday it lowered the ratings outlook for Textron Inc. to stable from positive because of constrained liquidity in the financial markets. Fitch has an A- long-term issuer default, senior unsecured debt, and bank facilities rating on Textron. |
Title Moody's reviews Morgan Stanley unit for downgrade Date and time 10/13/2008 11:18 EDT (04:29 ago) Summary Moody's Investors Service on Monday placed the A1 long-term deposit rating of Bank Morgan Stanley AG on review for possible downgrade. The rating action follows the review for possible downgrade of the ratings of parent company Morgan Stanley on Oct. 9, "reflecting Moody's expectation that an extended downturn in global capital market activity will reduce Morgan Stanley's revenue and profit potential in 2009, and perhaps beyond this period," Moody's said. Shares of Morgan Stanley were up more than 40% Monday morning on news the company has closed a revised deal with Japanese bank Mitsubishi UFJ Financial Group Inc. making a $9 billion equity investment. |
Title Morgan Stanley upgrades EM equities to maximum overweight Date and time 10/13/2008 11:15 EDT (04:32 ago) Summary Morgan Stanley upgraded Monday emerging market equities to the maximum overweight of 10% above the benchmark, saying that the catalysts for a rally are the action by the Group of Seven countries to underpin systematically important financial institutions as well as the oversold conditions. This is the first time that Morgan Stanley's emerging markets team has been at their maximum overweight since late April 2007. "We believe the world economy is in a painful transition to becoming emerging markets-led," said Jonathan Garner and other Morgan Stanley strategists in a report Monday. Morgan Stanley now forecasts that 100% of all GDP growth worldwide in 2009 will originate in emerging markets. "The denouement to the structural issues which have built up in developed market financial systems and economies is leading to global deleveraging and reducing demand for EM [emerging markets] assets," Morgan Stanley said. "Yet, despite the massive undershoot of the last few months, the underlying bull market in EM equities vs. both DM [developed markets] equities and EM sovereign debt, which stretches back to September 1998, is probably intact." The MSCI Emerging Markets stock index has fallen 53% this year. |
Title Cisco upgraded to market outperform by JMP Securities Date and time 10/13/2008 11:09 EDT (04:38 ago) Summary SAN FRANCISCO (MarketWatch) - Cisco Systems Inc. was upgraded Monday to market outperform from market perform by JMP Securities. Analyst Samuel Wilson described the networking gear giant as "a survivor and, in the long term, a winner from this crisis, based on its fortress balance sheet, dominant market position, and strong execution skills." Shares of Cisco were up 3.8%. |
Title Qwest, Sprint charge higher as telecoms speed ahead Date and time 10/13/2008 11:10 EDT (04:38 ago) Summary WASHINGTON (MarketWatch) - Telecommunications stocks surged on Monday, attached once again to fate of the broader U.S. market, amid news that global political leaders are prepared to take whatever steps are necessary to end the ongoing financial panic. Qwest Communications International Inc. leaped 20% after signing a contract with union workers and receiving an upgrade from the brokerage Morgan Stanley. Sprint Nextel Corp. also shot higher, up 17%. And AT&T Inc. gained 5%. Among equipment suppliers, Alcatel-Lucent soared 12% and Motorola Inc. added almost 8%. Qualcomm Inc. was one of the few notable decliners, off several pennies. |
Title Sovereign confirms talks with Banco Santander Date and time 10/13/2008 10:58 EDT (04:49 ago) Summary Sovereign Bancorp on Monday confirmed that it is in talks to sell Spain's Banco Santander the 75% of Sovereign the company does not already own. "It is not possible currently to know whether such conversations will lead to an agreement or not and there can be no assurances that an agreement will be reached or that a transaction will be consummated. Sovereign does not intend to comment further until an agreement is reached or discussions are terminated," the company said in a press release. |
Title IMF in talks with Hungary about possible financial support Date and time 10/13/2008 10:57 EDT (04:50 ago) Summary The International Monetary Fund said Monday that it is in close talks with Hungary about providing "possible technical and financial support" as the Eastern European country works to stem the financial turbulence in its markets. "I have informed the authorities that the IMF stands ready to assist their efforts," said Dominique Strauss-Kahn, managing director of the IMF, in a statement Monday on Hungary. "We will provide technical assistance as needed and, in the context of a supportive policy setting, are ready to undertake discussions on possible financial assistance, responding rapidly." Analysts at Danske Bank said in a note Monday that "Hungarian rates and yields skyrocketed on Friday on worries about the state of the Hungarian financial sector. Ten-year Hungarian bond yields jumped to a nine-year high of 10.78% and credit default swap (CDS) spreads on Hungarian sovereigns widened markedly -- and there is not much relief today." |
Title Drug stocks rally as Euro banks recapitalize Date and time 10/13/2008 10:50 EDT (04:57 ago) Summary Drug stocks rallied in early trading Monday, the first session following one of the most devastating weeks ever for investors in the history of Wall Street. The Amex Pharmaceutical Index jumped 5% to 248.85 and the Amex Biotechnology Index leapt 4% to 641.52 on news that European governments were moving in to help recapitalize that region's ailing banks. Shares of European drugmakers moved sharply higher, with Novo Nordisk A/S and Elan Corp. both rocketing 12%. U.S. drugmakers also benefitted: Pfizer Inc. , Merck & Co. and Genentech Inc. led the pack, with shares all gaining about 7%. |
Title Energy stocks jump on broad market rebound Date and time 10/13/2008 10:44 EDT (05:03 ago) Summary Oil and gas stocks joined a broad market rally Monday following agreements in Washington and Paris to further bolster the world's financial system. The Amex Oil Index was up 5.6% at 858 points, led by Occidental Petroleum's 11% gain. The Amex Natural Gas Index was ahead 8.8% at 360 points and the Philadelphia Oil Service Index was up 7% at 151 points. Crude for November delivery was also benefiting from the broad rebound, up $3.88 at $81.58 a barrel in New York. |
Title Cincinnati Financial backs full-year view Date and time 10/13/2008 10:44 EDT (05:03 ago) Summary Cincinnati Financial Corp. on Monday reiterated its 2008 full-year outlook made in mid-September, saying it continues to anticipate a decline in investment income greater than 10%. The company also provided early online access to its third-quarter investment portfolio listing before the earnings report scheduled for Oct. 29. "We have strong cash flow from operations and healthy cash balances," said Kenneth Stecher, chief executive, in a statement. "Further, recent events have not changed our insurance appetite," the CEO added. "We are in good shape with the necessary financial strength to continue to actively look for growth opportunities." Cincinnati Financial shares were up more than 6% in early trade Monday. |
Title Morgan Stanley rises more than 50%, financials rally Date and time 10/13/2008 10:43 EDT (05:05 ago) Summary Shares of Morgan Stanley rose more 50% in early trade Monday after the bank closed a $9 billion investment from Japan's Mitsubishi UFJ. The broader financial sector also rose, with the Financial Select Sector SPDR , an ETF that tracks the financial stocks in the S&P 500 climbing 5%. In other sector news, shares of Sovereign Bancorp rose 4.2% on word that Spain's Banco Santander is in talks to buy the 75% of Sovereign it does not already own. |
Title Retail shares rebound with broader market Date and time 10/13/2008 10:40 EDT (05:07 ago) Summary CHICAGO (MarketWatch)-- Retail stocks rebounded with the broader markets early Monday, with the sector's main indicator gaining about 4% out of the open after scraping to near-historic lows last week. The S&P Retail Index gained more than 11 points to 285.70. Shares of Sears Holding were up 5% to in early action. Before the opening bell, the company said that Michael Collins, who just joined the retailer as senior vice president of finance, will succeed J. Miles Reidy as chief financial officer before the end of the fiscal year. |
Title Airline stocks rise with broader market relief Date and time 10/13/2008 10:37 EDT (05:10 ago) Summary Airline stocks were up Monday amid a broader market rally, as agreements reached in Paris and Washington D.C. to bolster the banking system restored some investor confidence. At last check, the Amex Airline Index rose 4% to 16.97 points with 12 of its 14 components in the green. The Dow Jones Industrial Average jumped 390 points to 8,842, while crude for November delivery rose $3.66 to $81.36 a barrel in electronic trading. Network carriers gained altitude with Continental Airlines adding nearly 9% to $12.41, United parent UAL Corp. jumped 8% to $6.50; US Airways gained 11.3% to $5.13; and Delta rose 8% to $6.53. Declining were shares of SkyWest , off 2.4% to $13.42. |
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