G3 Recap 1-20-11

Main Items:

  • US Initial jobless claims declined to 404K last week vs 420k expected and 445k previously.
  • Philly Fed declined to 19.3 in Jan vs 20.8 expected and 24.3 previously. The New Orders and Employment sub indices, jumped to multi-year highs, however.
  • US Existing Home sales jumped to 5.3mm in Dec vs 4.9mm expected. This finishes a 3% drop in total existing home sales for the year compared to 2009.

  • Portugal is likely to face a credit downgrade to its sovereign rating from Moody’s, the FT reports citing the rating agency’s senior analyst Anthony Thomas.
  • Earnings: (misses in bold)
  • MS: 42c vs 35c. Revenues of 7.8bn vs 7.3bn.
  • GOOG: 8.75 vs 8.08. Revenue ex-TAC 6.37bn vs 6.06bn.
  • Johnson Controls: 0.55 vs 0.544
  • Union Pacific: 1.56 vs 1.48. Revenue 4.41bn vs 4.34bn. Expects 4k new hires over the next 5 years.
  • Freeport-McMoRan Copper: 3.26 vs 2.979. It lowered its 2011 Copper Sales (3.85mm vs 3.90mm lbs) and Gold Sales (1.4mm vs 1.5mm oz) forecasts. Capex guidance increased to 2.5mm vs 2.3mm and management is considering more. It guided 2011 net cash costs of 1.10/lb in 2011 vs 0.79 in 2010 and expectations. The company is assuming average 2011 copper prices of 4.25/lb.

Overseas Data:

  • Chinese Data:
  • Real GDP rose 9.8% YoY in 4Q.
  • CPI rose 4.6% in Dec as expected from 5.1% previously. PPI growth slowed to 5.9% YoY vs 5.7% expected and 6.1% previously.
  • IP grew to at 13.5% YoY in Dec vs 13.4% expected and 13.3% previously
  • Retail Sales grew at 19.1% YoY vs 18.7% expected and previously

German PPI accelerated to 5.3% YoY in Dec vs 4.9% expected and 4.4% previously

UK CBI Business Optimism improved to 7 in Jan vs 3 expected and 2 previously. However, the trends orders reading fell to -16 vs -1 expected and -3 previously.

Commentary:

  • Nothin today.
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