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Börsipäev 11. november

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  • Tänane makrokalender on nii Euroopa kui USA sessioonil praktiliselt tühi. Kell 11.00 avaldab Euroopa keskpank oma igakuise raporti.
    Aasia sessioonil avaldati Austraalia tööhõive andmed, mille kohaselt lisandus oktoobris 29,7K uut töökohta vs oodatud 20K, kuid töötusmäär tõusis 5,1% pealt 5,4% peale.

    Euroopa indeksite futuurid on hetkel punases: FTSE -0,99%, CAC -1,45%, DAX -1%.
    USA indeksite futuurid plussis: S&P +0,44%, DJIA +0,09% ja NASDAQ 0,62%.

    EUR/USD kaupleb hetkel -0,05% madalamal 1,3774 taseme juures.
  • Läinud nädalal, 3. novembri börsipäevas, tõin välja UBS-i analüütikute seisukoha, et oht korrektsiooniks on pärast kahe kuu pikkust rallit suurenenud ning sama võis järeldada ka turuosaliste käitumisest, kes hakkasid enne QE2-te hoolsalt positsioone hedgima. Käesoleva nädala ülevaates on aga välja toodud, et CBOE put/call optsioonide suhe on pärast FOMC teate järgset rallit märkimisväärselt allapoole tulnud, jõudes madalaimale tasemele alates aprillist. See viitab see sellele, et sorte pole turul enam kuigi palju jäänud, ent just säärane set-up muudab tavaliselt turu korrektsioonide osas haavatavaks. UBS-i hinnangul pole USA turg viimase 10 aasta jooksul nõnda üleostetud olnud ning jätkuvalt ollakse veendunud novembri lõpus/detsembri alguses toimuvast korrektsioonis.

    Ent üks element, millele täiendavalt tähelepanu juhitakse, on läinud nädala break-out finantsides, kuna momentumi säilimine finantssektoris võib oodatava taandumise arvatust pehmemaks muuta.

    The breakout in financials further pushes the market higher, so that the whole rally is getting a new momentum component and therefore the trigger for an upside surprise. However, the key message is that with the breakout in financials the magnitude of a potential overall market setback into later November/early December is likely to be milder than without the help of this key sector.


  • Föderaalreserv avalikustas oma kodulehel uue $600-miljardilise stiimulprogrammi esimese etapi plaanid. Kokku plaanitakse osta ajavahemikul 12. november kuni 9. detsember $105 miljardi eest valitsuse võlakirjasid, millest $75 miljardit on uue programmi jagu ning $30 miljardit laenude põhiosa tagasimaksetest saadav raha. Järgmise programmi detailid avalikustatakse 10. detsembril.

  • Portugali ja Saksamaa 10-aastaste võlakrirjade tulususte vahe on teinud uue rekordi 483 baaspunkti juures:

    EUR/USD -0,35% ja kaupleb 1,3733 juures; päevane põhi hetkel 1,3719.

  • Brasiilia presidendi Luiz Inacio Lula da Silva mõned mõtted G20 kohtumiselt:

    Global economy needs more spending, advanced nations need to increase consumption, he fears protectionism.

    We didnt cause the crisis, we were victims of the crisis. The crisis was caused by rich nations.

    The dollar cannot remain the world's reserve currency.

  • Ma pole küll võtnud endale eesmärgiks iga päev Research In Motion (RIMM) -st kirjutada, aga siiski ei saa ma  viitamata jätta täna Bloombergis ilmunud artiklile, kus räägitakse RIM-i nutitelefonide kasvavast populaarsusest Ladina- Ameerikas. Artikkel toetab igati Morgan Keegani analüütikute teesi teemal, et uued võimalused ootavad RIM-i just väljaspool Põhja-Ameerika turgu.
  • See joonis on koostatud USA kongressmani Kevin Brady poolt ning iseloomustab valitsuse poolt organiseeritava tervishoiusüsteemi struktuuri:

    Lähedamalt saab skeemi vaadata siit.

  • Risto, mis funktsiooniga sa Bloombergist sellise graafiku välja venitasid?
  • peen...
    Huvitav palju selle pildi joonistamiseks raha kulus?
    Keegi oskab pakkuda?
  • Morgan Stanley hirmujutt 12. oktoobril pärast Inteli tulemusi viimase brutokasumimarginaalide tipnemisest, varude suurenemisest, nõudluse vähenemisest tarbijate tasandil ning iPadi kannibaliseerivast mõjust on tänaseks kõrvale asetatud ning pärast aktsia 9%list rallit viimase kuu jooksul otsustakse tõsta Inteli soovitust "overweight" peale ning hinnasihti 26 dollarile. Peamiseks argumentiks on Sandy Bridge:

    Debate 1: Market View: Sandy Bridge is a normal product cycle. Our View: Sandy Bridge will be remarkable, for two reasons: 1) it is the first microprocessor that integrates the CPU and GPU onto a single die (lower power and cost), and 2) for the first time ever, its graphics processor will be on a more advanced manufacturing process than AMD and NVDA. We think that this means that Intel starts capturing discrete GPU revenue share from AMD and NVDA, while simultaneously enabling it to further segment the computing market and maximize profits.

  • Karum6mm, valisin esmalt Portugali võlakirja GSPT10YR Index, sealt Multiple Index Analysis'i alt Historical Spreads ja sealt lisasin Buy alla Saksamaa võlakirja.
  • Täna on üpris huvitava reitingumuutusega väljas Citi analüütikud. Nimelt alandab Citi W.W.Grainger (GWW) reitingut „hoia“ pealt „müü“ peale ja hinnasihi $124 pealt $118 peale.

    W.W.Grainger on hulgimüügifirma, mis pakub klientidele laias valikus tooteid, mida vajatakse hoonete remontimisel ja hooldamisel.  Muu hulgas müüb firma valgusteid, puhastusseadmeid ja erinevaid tööriistu. Firma tegutseb nii USA, Kanada, Jaapani kui ka Mehhiko turul.

    Expectations for moderating daily sales growth from 19.5% in 3Q to an expected 9%-10% in October, potential 2011 guidance risk at its upcoming Nov 17 analyst meeting, and high-end relative valuation together underpin our downgrade from Hold to Sell. This ratings hange is dictated by Grainger’s positioning in the cycle and relative valuation rather than execution. We believe Grainger is at the waning stages of early-cycle recovery that had been fueled by its predominantly early-cycle/short-cycle industrial MRO mix. We expect the shares could underperform in the months ahead as sales growth moderates, with tougher comps. We are lowering our target price $6 to $118 to reflect our target premium going from +10% to -5%.

    Peamise argumendina tuuakse välja oht, et firma alandab järgnevaks aastaks kasumiprognoose ja ühtlasi ka aktsia kõrge valuatsioon. Analüütikud usuvad, et lähikuudel GWW aktsia ilmselt liigub allapoole ja seda eelkõige kahanevate müüginumbrite ja tiheneva konkurentsi tõttu. Ettevõtte aktsiad on alates 2009. aasta märtsikuu põhjadest läbi teinud tubli 106%lise tõusu ja hetkel on kätte jõudnud moment, kus taastumisprotsess on aeglustumas.  Järgmisel nädalal, 17. novembril toimub analüütikute kohtumine ettevõtte juhtkonnaga ja siis peaks juhtkond teatama ka oma 2011. aasta prognoosi, mis suure tõenäosusega võib tulla negatiivne.

    In previous two recessions, the pattern has been that GWW shares to command a significant relative P/E premium in the first-year of the recovery, but then begin to lose that premium in year-two and eventually trade to a discount to the Multi-Industry peers. Consistent with its early-cycle leverage, Grainger shares

    Analüütikud juhivad tähelepanu veel ühele huvitavale asjaolule: kahe viimase majanduslanguse jooksul on GWW aktsiad esimese paari taastumisaasta jooksul pakkunud suhteliselt head P/E preemiat, kuid järgneva paari aasta jooksul hakkab see kahanema kuniks aktsiad  kauplevad  võrreldes ülejäänud sektoriga diskonteeritud P/E-ga.

    Kuniks turul müügimeeleolud jätkuvad, siis usun, et ka GWW ei jää täna negatiivsest sentimendist puutumata.  Kuna tegemist on üsna õhukese aktsiaga , siis on reaalne, et aktsia avaneb alla ja siis põrkab üles tagasi ning hiljem tuleb uuesti alla. Hetkel kaupleb aktsia eelturul 1,86% punases, $124 tasemel.

  • Meeldetuletuseks kõigile, et pangapühade tõttu on USA võlakirjaturg täna kinni. Sellest tulenevalt võib täna turg olla madalama aktiivsusega, kuigi CSCO eelturu -16.7% langust peaks turgu korralikult liigutama.
  • Täna dikteerib turu meeleolu ilmselgelt Cisco Suystems ( CSCO).

    Eile peale turu sulgumist avaldas ettevõtte oma  kvartalitulemused, mis olid ootustele enam-vähem vastavad, aga...

    Cisco Systems prelim $0.42 vs $0.40 Thomson Reuters consensus; revs $10.75 bln vs $10.74 bln Thomson Reuters consensus

    ootustele sugugi ei vastanud ettevõtte prognoos teise kvartali ja järgmise aasta kohta.

    On the call CSCO issues downside guidance for Q2, sees Q2 revs up 3-5% YoY, which equates to $10.1-10.3 bln vs. $11.08 bln Thomson Reuters consensus. Co issues downside guidance for FY11, sees FY11 revs up 9-12%, which equates to $43.6-44.8 bln vs. $45.28 bln Thomson Reuters consensus.

    Niivõrd negatiivne prognoos turuosalistele meeltmööda muidugi ei olnud ning aktsia müüdi eilsel järelturul 12% miinusesse.
    Täna on mitmed analüüsimajad väljas ka omapoolsete kommentaaridega:
    Kõige huvitavama kommentaariga tulid välja mu meelest Morgan Stanely analüütikud, kes ütlesid nii:

    We believe the order shortfall could be more than the “air pocket” described by Chambers, and instead could be the first signal that Cisco is losing share in several of its core markets as its focus on growth has diverted attention from its core businesses. We can’t find one other company - big or small - that’s seeing similar weakness.

    Lühidalt öeldes pole nende arvates tegemist mingi ajutise nähtusega vaid firma on kaotamas turuosa mitmel oma peamisel turul ning keskendumine kasvule on viinud firma tähelepanu kõrvale nende põhitegevuselt. Analüütikute sõnul ei leia nemad ühtegi teist ettevõttet, mis seisaks silmitsi sarnase nõrkusega.
    Morgan Stanely kinnitab oma „hoia“ soovitust.

    Deutsche Banki analüütikud alandavad CSCO reitingut „osta“ pealt „hoia“ peale ja hinnasihi $28 pealt $22 peale.

    Fundamental outlook sound, but we expect near-term volatility While we think Cisco still has a sound strategy and an advanced technology roadmap, these could take time to fully develop. We saw some encouraging signs during the quarter (e.g. ASR sales up 250% YoY). However, we are concerned that
    new products may not be able to ramp fast enough to offset normal price declines and macro pressures elsewhere. This transition may take several quarters to work through numbers and we remain cautious pending further signs of stability.

    Ka Deutsche Banki analüütikud on veendunud, et stabiliseerumine võib võtta aega mitu kvartalit ning volatiilsus jääb aktsiat saatma veel mõneks ajaks.

    UBS analüütikud on samuti arvamusel, et ettevõte on ennast liigselt laiali jaganud, üritades mitmel turul korraga kanda kinnitada.

    First Major Reset Outside of Broad Macro Downturn, US Cash at $3.8B First major reset outside of broad macro weakness (i.e. tech bubble, financial crisis). Miss may be reflective of Cisco spreading itself too thin, pursuing too many new markets w/ ongoing gradual networking share loss. Cisco is adding new sales reps to recapture growth. US cash position is now at $3.8B, which may slow buybacks in 2Q.

    UBS kinnitab oma "hoia" soovitust koos $25 hinnasihiga.

    Seoses CSCO negatiivse prognoosiga on tule alla sattunud ka Jabil (JBL) ja Flextronics (FLEX), kuna CSCO on mõlema firma üks suuremaid kliente. Sellest tulenevalt alandab Citi nii JBL kui ka FLEX reitingu „osta“ pealt „hoia“ peale.

     We are downgrading both Jabil (JBL) and Flextronics (FLEX) from Buy to Hold as a result of lowered sales & EPS estimates as well as increasing the risk ratings from high to speculative given the significant Cisco exposure for both companies. Cisco represents 15% of Jabil and approximately 10% of Flextronics.

    Hetkel kaupleb CSCO aktsia juba 17,3% oma eilsest sulgumishinnast allpool, $20,50 tasemel. JBL on ligi 4% ja FLEX 3,4% miinuses.

     

  • Gapping down

    In reaction to disappointing earnings/guidance: ANW -41.5% (also downgraded to Hold from Buy at Lazard), SRDX -21.8%, CSCO -17.1% (also downgraded by multiple analysts), RST -9.7% (light volume), KLIC -7.2%, DAR -5.2% (light volume), CNQR -4.2% (also downgraded to Mkt Perform at Morgan Keegan), HMIN -1.4%, TEF -1.3%.

    Select financial related names showing weakness: IRE -7.6%, RBS -5.2% (weakness attributed to concerns on loans to Ireland), SFI -3.9%, ING -3.5%, NBG -3.3%, STD -3.1%, BCS -3.0%, BBVA -2.5%, DB -2.3%, CS -2.2%, UBS -2.0%, LYG -1.8%, HBC -1.4%, BAC -1.4%, RF -1.4%, HBAN -1.4%, C -1.2%.

    CSCO peers and cos with CSCO exposure are under pressure: JNPR -9.0%, CAVM -7.5%, ALU -5.4%, ALTR -5.4%, JBL -5.3% (downgraded to Hold from Buy at Citigroup), NETL -5.0%, FLEX -4.3% (downgraded to Hold from Buy at Citigroup), XLNX -4.0%, MRVL -3.8%, FFIV -3.6%, STM -3.4%, BRCM -3.3%, CIEN -3.0%, ASML -3.0%, JDSU -2.7%, QQQQ -1.4%.

    Other news: CNAM -18.2% (Jiangsu Province extends power restrictions to meet annual central government energy usage targets into the Q4, further impacting China Armco's Operations), ASTI -10.1% (intends to commence an underwritten public offering of its common stock), RINO -6.7% (comments on Muddy Waters allegations), CETV -6.0% (ticking lower; traded lower overseas following news that it will be removed from the MSCI Czech Republic Index ), CLNE -6.0% (prices of its public offering of 3 mln shares of its common stock at a price of $13.25 per share), OPTR -5.7% (disclosed it is voluntarily terminating the research study on Pruvel), STXS -5.0% (announced a common stock offering pursuant to its existing shelf registration), FUQI -4.3% (files to delay 10-Q), SUPG -3.7% (discontinues clinical development of SGI-1776), WPI -3.6% (announces commencement of secondary offering by selling stockholder), GLP -2.7% (announces public offering of common units), MITI -2.6% (announces the sale of common stock), BKH -2.4% (prices 4 mln shares of common stock at $29.75), CSGP -2.4% (still checking), RSH -1.6% (ticking lower; weakness attributed to tier 1 firm downgrade), PRU -1.4% (commenced a public offering of $1.0 billion of its common stock).

    Analyst comments: FTR -1.8% (downgraded to Market Perform from Strong Buy at Raymond James ), AA -1.6% (downgraded to Market Perform from Outperform at BMO Capital), JBLU -1.3% (downgraded to Hold from Buy at Citigroup).

    Gapping up

    In reaction to strong earnings/guidance: OPTC +46.8% (thinly traded), GRRF +17.4%, WYY +9.3% (thinly traded), FTK +6.9%, UEPS +4.8% (clarifies guidance and reiterates its guidance of EPS of at least $1.50 vs. $1.55 consensus), BRKS +3.9%, TOD +3.7% (thinly traded), BT +3.2%, AAP +3.1%, AU +2.9%, VIA.B +2.0% (light volume), SI +1.9%, KSS +1.4%.

    Other news: LVLT +9.2% (Netflix signs multi-year deal with Level 3 for streaming services), DNDN +6.2% (strength attributed to positive report on Provenge; co submits post-approval supplement to the PROVENGE Biologics License Application for New Jersey manufacturing facility), IR +4.0% (will replace Pactiv in the S&P 500 index), HT +2.5% (Cramer makes positive comments on MadMoney), BVN +2.1% (ticking higher; strength attributed to tier 1 firm upgrade), DRYS +1.9% (subsidiary has received a Letter of Intent for the Eirik Raude from a British exploration co; contract value is ~$77 mln), WFR +1.7% (Cramer makes positive comments on MadMoney), DV +1.6% (raises dividend by 20% and authorizes additional share repurchases of up to $50 mln).

  • Siin on midagi suurema riskitaluvusega kauplejatele.

    Eilsel järelturul teatas oma kolmanda kvartali tulemustest Aegean Marine Petroleum Network ( ANW), mis tegeleb sadamates  laevadele kütuse müümisega.

    Aegean Marine Petrol misses by $0.25, misses on revs (15.97 -0.60)
    Reports Q3 (Sep) earnings of $0.10 per share, $0.25 worse than the Thomson Reuters consensus of $0.35; revenues rose 82.0% year/year to $1.34 bln vs the $1.42 bln consensus.

    Peale tulemuste teatamist sattus ANW aktsia turuosaliste turmtule alla ning kauples järelturul 35% miinuses, $10,20 tasemel.
    Hetkel kaupleb aktsia eelturul juba 42% miinuses,$9 kandis.

    Täna on omapoolsete kommentaaridega väljas analüüsimaja BB&T Capital Markets, öeldes järgnevat:

    Asset value play. While we expect the stock to come under significant pressure given the magnitude of the miss, we do believe there is an inherent floor for the stock. ANW’s book value is $10.35/share. Additionally, we have calculated a Net Asset Value (NAV) for Aegean of $10.88/share. While the value of the company’s ships and storage facilities should provide a support level for the stock, we believe investors have an embedded call option if gross spreads return to historical levels.

    Lühidalt ütlevad analüütikud, et peale sellist sell-off-i annab aktsia võimaluse asset value play-ks. Teisisõnu kaupleb ANW aktsia juba alla oma netoväärtuse ja analüütikute arvestuste kohaselt on juba  firma raamatupidamislik väärtus $10,35 aktsia kohta, seega tundub olevat hetkel tegemist juba ülereageeringuga.

    BB&T analüütikud kinnitavad oma „osta“ soovitust koos $20 hinnasihiga.

    Siin on olemas reaalselt põrkevõimalus, aga tegemist on väga riskantse tehinguga ehk kogused tuleb hoida kindlasti väikesed.

     

  • Rev Shark: No Traction for the Bears
    11/11/2010 8:36 AM

    There can be no greater error than to expect, or calculate, upon real favors from nation to nation. It is an illusion which experience must cure, which a just pride ought to discard.

    --George Washington

    After another impressive recovery on Wednesday, the bulls face a couple new obstacles this morning. Cisco (CSCO - commentary - Trade Now) surprised the market with poor guidance, blaming the weakness on poor sales in the public sector, and that news is pressuring technology stocks this morning. After a very good third-quarter earnings season, the market was caught off guard by this announcement, and Cisco is trading down sharply.

    The other obstacle this morning is the continued resentment at the G-20 economic summit in South Korea against the aggressive quantitative easing program launched by the Federal Reserve. This morning Brazil added its name to the list of countries concerned about QE 2.

    It is understandable that the rest of the world may be concerned about the U.S. gaining a competitive advantage by debasing its currency. An international competition for the weakest currency would have a host of negative consequences, and this could put President Obama in an awkward position, especially after his campaign promises about regaining the respect of the rest of the world.

    The good news is that, for a long time now, this market has been able to shrug off any and all negatives in the blink of an eye. It has been a Teflon market, and that's largely due to confidence that the Fed has its back with the seemingly never-ending quantitative easing program. Good earnings have helped quite a bit, and economic news has even improved a little, but the Fed is the real driving force right now.

    The market has seen overbought conditions for a while, and the current uptrend looks a bit long in the tooth, but the bears have not be able to dig in their collective claw. They managed a slight opening after the ugly intraday reversal on Tuesday, when precious metals made a vicious turn, but they were incapable of building on it yesterday as the Fed began its QE 2 operations.

    The bears are looking to have another opening this morning, but the dip buyers remain supremely confident, and they are already itching to pounce on any weakness. Dip-buying has worked extremely well for a long time, and the bulls have no reason at all to discard that strategy at this point.

    The biggest potential negative would be President Obama making some concessions about QE 2 at the G-20 meeting. It is going to be very difficult to appease the rest of the world if our policy is to keep on printing money, thus pushing the dollar lower and lower. The President can't tell the Fed what to do, but he certain can influence the long-term view of monetary policy. The market will be watching for any signs that action may be taken to support the dollar.

    I'm looking for the dip buyers to have a go at early in the day, and the strength of the bounce will give us some clues as to whether we can generate some more upside momentum. Market players are growing a little too complacent about the underlying support provided by QE 2, and we'll have to consider that later today when the permanent open market operations commence.

    The market probably won't have much problem shaking off Cisco, as it has not been a leadership stock for quite some time. But how much longer can the Fed continue to juice this market? That remains the key to the action, and so far it looks like the answer is that the Fed can pretty much do whatever it wants.

    At the time of publication, Rev Shark had no positions in the stocks mentioned.

  • USA indeksite futuurid indikeerimas avanemist -0,5% kuni -1% punases

    Euroopa turud:

    Saksamaa DAX -0,1%
    Prantsusmaa CAC 40 -0,73%
    Suurbritannia FTSE100 -0,33%
    Hispaania IBEX 35 -1,59%
    Rootsi OMX 30 -0,48%
    Venemaa MICEX -1,02%
    Poola WIG -0,94%

    Aasia turud:

    Jaapani Nikkei 225 +0,31%
    Hong Kongi Hang Seng +0,82%
    Hiina Shanghai A (kodumaine) +1,04%
    Hiina Shanghai B (välismaine) +0,07%
    Lõuna-Korea Kosdaq -0,80%
    Austraalia S&P/ASX 200 +0,61%
    Tai Set 50 -1,57%
    India Sensex 30 -1,37%

  • EURUSD -0,9% ja kaupleb 1,3660 taseme juures, kus oldi viimati oktoobri alguses:

  • Brasiilia president Lula sõnul liigub maailma majandus "pankroti" suunas, kui jõukad riigid jäävad majanduse taastumise osas lootma tarbimise asemel ekspordile:

    "If they don't consume, and they just bet on exports, the world will go into bankruptcy," he told reporters as leaders at the Group of 20 industrial and developing nations headed into a two-day summit in the South Korean capital.

  • Veel G20 kohtumiselt:

    China said on Thursday that the U.S. Federal Reserve's move to ease monetary policy risked undermining the global economic recovery, adding that Washington "should not force others to take medicine for its own disease".

  • Louisiana ülikooli professor Linus Wilsoni sõnul on USA maksumaksjad teeninud Citigroupi (C) aktsiate müügist kasumit $3.3 miljardit. Viimasest TARP aruandest selgub, et rahandusministeerium müüs oktoobris 302 miljonit Citigroupi aktsiat keskmise hinnaga $4.14. Valitsusele kuuluvate aktsiate soetushind oli $3.25. Valitsus alustas panga aktsiate müüki aprillis ning praeguseks on müüdud ca 4.4 miljardit aktsiat, mille müügist on kokku laekunud $17.6 miljardit. Valitsusel on veel käes ca 3.3 miljardit aktsiat ning 2011. aasta alguseks peaks see number olema vähenenud 1 miljardi peale. (link)

  • GWW puhul osutus minu eeldus täna valeks. Ilmselgelt jäid Citi analüütikute argumendid täna liiga nõrgaks ja turuosalisi need müügipoolele asuma ei veennud. Aktsia avanes küll 2% miinuses, aga on alates avanemisest järjekindlalt ülespoole liikunud, kaubeldes hetkel 0,3% miinuses, $126 tasemel.
    Kuid, kes riskis ANW-d kaasa teha, siis see ilmselt ka ei kahetse, sest aktsia tegi läbi väga ilusa põrke. Eelturul sai positsiooni soetada $9,30-$9,50 kandis ja hetkel kaupleb ANW $10,45 kandis.
  • Citigroup prognoosib täna avaldatud analüüsis, et EUR/USD kirss jätkab lähiajal langust. Alloleval graafikul on kujutatud euro-dollar valuutakurss ja USA 10-aastase võlakirja tulususe määr, millele on lisaks joonistatud ka Fedi kvantitatiivse lõdvendamise programmid (16. detsember, 18. märts ja 3. november). Sisuliselt põhineb Citi prognoos sellel, et enne Fedi ametlikku kvantitatiivse lõdvendamise programmi otsust ostavad spekuleeriajd eurosid ning muudavad oma positsioonid pärast programmi teavitamist. Euro kallines dollari suhtes 11% ajavahemikul 27. august (Fedi esimees Ben Bernanke andis kõne, milles mainiti uut võimalikku kvantitatiivse lõdvendamise programmi) kuni 3. november. Pärast 3. novembri pressiteadet on aga euro-dollari kurss langenud ca 4% - sarnane trend on ette näidata ka 2008. aastast.

  • S&P rates California's $3.75 bln New General Obligation Bonds 'A-' with Negative Outlook; affirmed 'A-' long-term and underlying ratings on California's $68.1 bln existing GO debt
  • Disney teatas enne turgude sulgemist, et ettevõtte FQ4 kasum langes 6.7% ehk $835 miljonile, või $0.43 aksia kohta vs möödunud aasta $0.47 aktsia kohta. Müügitulu langes 1.3% ehk $9.74 miljardile vs konsensuse poolt oodatud $10 miljardit. DIS aktsia odavnes enne turgude sulgemist ca 3%.

  • Mõni päev tagasi kirjutas Reuters, et FED võib lubada osadel parema kapitaliseeritusega pankadel tõsta oma dividendimäärasid. Meredith Whitney aga andis täna CNBC vahendusel teada, et tema arvates ei ole see hea mõte.

    Bank analyst Meredith Whitney tells CNBC that she doesn't think U.S. banks should raise dividends, cites uncertainties

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