Share News: Analyst Suggests Citigroup May Require Write Down
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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 - 26 Aug 2010
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UK Share Trading News
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- UK Banks – UK banks may have used flawed reporting standards for more than five years, according to a letter by the Urgent Issue Task Force, which analyses the work of the UK’s Accounting Standards Board, sent to the government’s Department for Business, Innovation and Skills. (Telegraph)
- Diageo – Co.’s FY net income GBP 1.63bn vs. Exp. GBP 1.65bn, and FY sales GBP 9.78bn vs. Exp. GBP 9.69bn. Co. recommended 6% increase in final dividend to GBP 0.235 per share. (Sources)
- Cairn/Vedanta – The Indian government has no problem with the Cairn India-Vedanta Resources deal if it has shareholders’ approval. (DNA)
- G4S – Co.’s H1 net GBP 94.2m vs. Prev. GBP 85.1m, and H1 revenue GBP 3.63bn vs. Prev. GBP 3.49bn. Co.’s H1 dividend GBP 0.0317 per share vs. GBP 0.0302 per share. (Sources)
- Kazakhmys – Co.’s H1 net USD 574m vs. Exp. USD 629m, and H1 sales USD 1.52bn vs. Exp. USD 1.9bn. Co. says outlook for copper market remains positive. (Sources)
- AMEC – Co.’s H1 EBITA rose 20% on year to GBP 113.5m, and order book rose 8% to GBP 3.5bn at end-June. (Sources)
For more on spread betting on UK shares see:
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US Share Trading News
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Another round of depressing economic data was largely overlooked by market participants and in spite of a slow start, equities trended higher during the latter half of the session which saw the major averages post decent gains.
The move higher was led by consumer services and health care sectors. Elsewhere, NASDAQ 100 outperformed its peers throughout the session; led by Apple (+1.23%) on the back of reports that co. is to hold an event in September.
Finally, at the closing bell DJIA closed up 0.20% at 10060.80, S&P 500 closed up 0.33% at 1055.38 and NASDAQ 100 closed up 0.88% at 1790.88.
- Citigroup – CLSA analyst Mike Mayo says that co. may be cooking the books by inflating its earnings through an accounting gimmick. Mayo has been telling investors that co. should take a write down, or a loss of some USD 50bn of Deferred Tax Asset (DTA). Mike Mayo has a sterling reputation as a top banking analyst. (wallstreetpit/ Fox Business Network)
- Apple – Co. schedules Sept 1 event in San Francisco. (Sources)
- Wal-Mart – Co. appeals sex-discrimination ruling to US Supreme Court, where more than 1m women could be included in the class action. (Sources)
- Eli Lilly – Co. CEO says continues to believe larger mergers don’t achieve sustained long-term growth. Says co. at right size, has enough critical mass to achieve breakthrough drug innovations. Adds that recent setbacks for Strattera, Gemar, Alheimers won’t hamper strategic plan. (RTRS)
- Dell – According to sources, co. planning to offer more competitive bid for 3Par, challenging HP offer. (RTRS)
For more on spread betting on US shares see:
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European Share Trading News
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- Sanofi Aventis – Co. is not keen to spend more than USD 70 per share for the acquisition of Genzyme. (Le Figaro)
- France Telecom – Co. is preparing to start a competitor to Apple’s iPad in France under its Orange brand. (Les Echos)
- Credit Agricole – Co.’s Q2 net EUR 379m vs. Exp. EUR 318m, and co.’s core tier one ratio 9.1% vs. Prev. 8.6%. Co. says it does not have major concerns over Basel III, however has cautious stance on loan provision outlook. (Sources/RTRS)
- Renault – Co. will ready a prototype of its low-cost car for India by 2011. (Sources)
- Bouygues – Co. wins a EUR 770m contract with the Singapore Sports Council for the financing, design, construction and operation of the Singapore Sports Hub for the next 25 years. (Sources)
- Accor – Co.’s H1 EBIT EUR 154m. Co. targets full year EBIT between EUR 370m and EUR 390m. (Sources)
- L’Oreal – Co. net EUR 1.32bn vs. Exp. EUR 1.37bn, H1 operating profit was EUR 1.59bn. Co. is tackling H2 with confidence and says aims to strengthen market position, profitability. (RTRS)
For more on spread betting on European shares see:
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: Analyst Suggests Citigroup May Require Write Down' edited by paddypowertrader, updated 26-Aug-10
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