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Reporter
This was written by CNBC producer Robert Hum
Futures look to start the week cautiously higher this morning.
Some optimism out of China today for a forthcoming economic recovery. The country’s purchasing manager index report showed manufacturing expansion for the first time since July. China’s Shanghai Composite Index closed at its highest level since mid-August, while Hong Kong’s Hang Seng Index finished the day at 7-month highs.
Traders here in the U.S. are anxiously waiting to hear the results of the bank stress tests which will be released on Thursday.
Financials will remain in focus today and this week, as a few financials are reportedly eyeing further capital raises. The Financial Times reports that Bank of America and Citigroup are seeking to raise at least $10 billion each. Bank of America strongly denies the FT report to CNBC. Additionally, the Wall Street Journal reports that AIG is looking at selling its Japanese headquarters for $1 billion.
Elsewhere:
At his annual shareholders’ meeting, Warren Buffett revealed that Berkshire Hathaway Q1 earnings would fall 10 percent from a year ago. The full report will be released on Friday.
Sprint up 10 percent pre-open as its results managed to beat estimates as cost cuts helped. However, the phone network continues see its customer base contract, as its post-paid subscriber base fell 1.25 million – more than what analysts had expected.
Meat processor Tyson posted a big Q2 loss, as its results fell short of expectations. It was a mixed bag for Tyson’s various meat operations. While beef sales fell 11 percent, profits for the unit more than quadrupled. However, while sales of chicken (+9.4 percent) and pork (+2.4 percent) both rose, both units still remained unprofitable. The company’s CEO said “it is too soon” to determine the impact of swine flu on its operations.
The board of Pepsi Bottling Group rejected Pepsi’s takeover bid for the remaining shares of the company. The board feels Pepsi’s offer of $29.50/share was “grossly inadequate” as it gave “virtually no premium to market” following its Q1 earnings and higher full-year guidance.
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POPULAR TRADER TALK POSTS
- Risk Trade Is Back On
- This Week's Biggest Story: The Dollar
- Corporate Issuance Continues at Torrid Pace
- The Bernanke Dollar Bounce & Gross Says Forget About Rate Hike
- Colgate Really Sparkles After Hours
- Light Volume Has Traders Complaining
- Gold Shatters Another Record
- Have Retailers Reached Their Limits?
- The Retail Mind Game
- The Gold Rush Is On
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