Share News: Citigroup Moves Into 2010 With Strong Capital and Liquidity
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A daily look at the leading shares in the UK, US and the rest of the world sponsored by paddypowertrader. For today’s view see Shares Markets.
Share Trading - 12 March 2010
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UK Share Trading News
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- BP – Co. has dismissed suggestions that its acquisition of Devon Energy’s 5.6% shareholding in Azeri-Chirag-Gunashli oilfield is threatened by pre-emption rights. (The Times)
- GlaxoSmithKline – Allergan says entered into amendments to existing license agreements with co., says Allegan re-acquired rights to develop and sell botox in Japan, China for all current, future cosmetic indications and co. retains rights to develop, sell botox in Japan, China for all current, future cosmetic indications. (RTRS)
- Lloyds Banking Group – Co. is close to agreeing a joint venture with Coller Capital Ltd to sell a number of assets assembled by HBOS, including stakes in Vue Entertainment Ltd and House of Fraser Plc, in a deal that would see Lloyds retaining an interest in the portfolio. (Sky News)
- British Airways – Co. faces second labour dispute from ground workers, co. union may ballot ground staff on work practices. (Sky News)
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US Share Trading News
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Equities broke out of range bound trade late into the close to finish the session higher. Weaker than expected economic data and fresh speculation of further policy tightening by China was largely ignored.
The financials were among the best performing stocks yet again, with Citigroup (+5.56%) outperforming following upbeat comments from CEO Pandit and Rochdale’s Bove who said that stock may double to USD 8.50.
Finally, at the closing bell DJI closed up 0.42% at 1061.84, S&P 500 closed up 0.40% at 1150.24 (highest level since October 2008) and NASDAQ 100 closed up 0.34% at 1923.81.
- The Federal Deposit Insurance Corp approved a 6 month extension of the so-called safe harbour that shields failed banks from government seizures of the assets underlying securities they hold. (BBG)
- National Semiconductor – Q3 EPS USD 0.22 vs. USD 0.18, Q3 revenue USD 362mln vs. Exp. USD 348.56mln, Q3 net sales USD 361.9mln vs. Exp. USD 348.6mln. Co. sees Q4 revenue USD 375-390mln vs. Exp. USD 359.9mln and declares quarterly dividend USD 0.08/share. (BBG)
- Exxon Mobil – Co. expects refining margins to remain depressed for several years. Co. says to spend USD 2bln on share buybacks in current quarter. (BBG/RTRS)
- Google – Italy’s antitrust extends co. probe into advertising revenues (RTRS)
- Citigroup – Co.’s CEO says co. is going into 2010 with strong capital and liquidity and says ‘well positioned to return to sustained profitability’, says aiming for ROA of 1.25-1.50%, up from 1.15% in 2009. (BBG/RTRS)
- Capital One – Co. sees 2010 NIM (net interest margin), revenue margin and operating expense similar to 2009, says sees domestic card charge-off USD peaking in Q1. (BBG)
- Automatic Data Processing – Co. CEO says US jobs bill could result in ‘a lot of new business’ for co. over next 60-90 days. (RTRS)
- Pfizer – Co. said the cancer drug Sutent failed to halt the progression of advanced breast tumours in two studies, and the co. stopped a trial of an experimental medicine to treat lung malignancy. (BBG)
- Allergan – Co. says entered into amendments to existing license agreements with GlaxoSmithKline, says re-acquired rights to develop and sell botox in Japan, China for all current, future cosmetic indications and says Glaxo retains rights to develop, sell botox in Japan, China for all current, future cosmetic indications. (RTRS)
- Companies paying Dividends: Carnival (USD 0.1000)
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European Share Trading News
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- Allianz – Co. is ready to grow through acquisitions in Brazil and Mexico. (Cinco Dias)
- Linde – Co. says it will consolidate its US electronics and speciality gases customer services operations. (BBG)
- Fresenius – Co. says improves credit facility terms, adding that interest rate on roughly USD 1.2bln term loan B will be reduced by one-third. (RTRS)
- Total – The CGT union yesterday called for the resumption of strike action at all French refineries to protest against co.’s closure of its Dunkirk facility. (Les Echos)
Data provided by RANsquawk.
The above comments do not constitute investment advice.
Paddypowertrader, RANsquawk and Clean Financial do not accept any responsibility for any use that may be made of the above or for the correctness or accuracy of the information provided.
All reasonable efforts have been made to present accurate information.
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Article edited by paddypowertrader which is a trading name of London Capital Group Ltd which is authorised and regulated by the Financial Services Authority (FSA), FSA Register number 182110.
'Share News: Citigroup Moves Into 2010 With Strong Capital and Liquidity' edited by paddypowertrader, updated 12-Mar-10
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