Good morning. Happy Monday.
The Asian/Pacific markets had a solid day. Indonesia gained over 6%, Singapore better than 5%, and China, Hong Kong and India rallied over 3%.
Europe is mixed with an upward bias. The Swiss market is up 3.5% and Austria is up 1.5%. Otherwise no other market has moved more than 1% from its unchanged level.
Futures here in the States indicate a moderate gap down open. 35 minutes before the open, Nas 100 futures are down 5 (0.4%) to trade at 1248 while SPX futures are down 6 (0.65%) to trade at 919.5.
China launches crackdown on pornography, targeting Google (GOOG) and other portals and search engines.
Waterford Wedgwood PLC (out of London), the maker of classic china and crystal, filed for bankruptcy protection on Monday after attempts to restructure the struggling business or find a buyer failed.
President-elect Barack Obama was set Monday to begin the push for a massive package of tax cuts and spending proposals aimed at reviving an economy mired in recession. The plan will include about $300 billion in tax cuts for individuals and businesses.
Equipment maker Conmed (CNMD) lowers 4th-quarter outlook, expects weak 2009 as hospitals cut spending.
Fisher-Price (MAT) has been granted the rights to Thomas & Friends toys.
PDL BioPharma (PDLI) and Alexion Pharmaceuticals (ALXN) settle patent dispute over blood disorder drug.
Conn’s (CONN), a home appliances and consumer electronics retailer, said Monday that preliminary results show its same-store sales rose 5 percent in December despite consumer spending cutbacks this holiday season.
A class-action lawsuit has been filed against Horizon Lines (HRZ) related to price-fixing at its Puerto Rican shipping operations. The company says it will “vigorously defend” itself.
Monaco Coach (MNC) said Monday it is seeking ways to improve its liquidity position, including joint ventures and mergers.
MacWorld Expo kicks off in San Francisco today, so look for possible stock-moving news from Apple (AAPL).
GM (GM), Ford (F), Chrysler, Honda (HMC) and Toyota (TM) are scheduled to release their sales data for December.
The Financial Times reports Pfizer (PFE) is open to acquiring rivals to grow sales.
Consol Energy (CNX) plans to close its 84 Mine in southwestern Pennsylvania in about two months, citing dropping coal prices in the sluggish economy. 260 workers will be idle indefinitely.
Rite Aid (RAD) said Monday that its December same-store sales fell 0.2%. Front-end same-store sales declined 2.4%, while pharmacy same-store sales rose 1.2%.
Walgreens (WAG) December same-store sales were up 4.9%.
New York Times (NYT) will begin offering front page ads.
Apple CEO Steve Jobs said Monday he’s been afflicted by a hormone imbalance that has caused weight loss. “The remedy for this nutritional problem is relatively simple and straightforward, and I’ve already begun treatment,” Jobs said in an open letter to the Apple community.
Borders (BGP) holiday sales were down 11.7% from the year earlier.
MasterCard (MA) has bought Ireland-based Orbiscom for $100 million.
Gold is down 3.2% and Silver is down almost 7%.
Crude oil is down 15 cents to trade at 46.19.
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| UPGRADES | ALD, BAC, AMZN, PDLI, LEAP, ALTR |
| DOWNGRADES | ENDP, HPT, GSIC, AINV, T, PCU, VZ, NATI, TSO, VTR, CMN, SNH, DBRN, NVLS, JBLU, KOP, DHX, HELE, CLUB, VAR, AUDC, SBSI, PRSP, CFR, BANF, PCBC, CNO, CPF, BOH |
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| EARNINGS | |
| before the open | PNY |
| during trading | none |
| after the close | MOS |
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ECONOMIC RELEASES
10:00 Construction Spending
14:00 Auto Sales
14:00 Truck Sales
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