The market review for December, 9st

Stock trades in the United States were closed on December 8 leading indexes lower. Without much optimism players embraced released data on loss development company Nakheel, a Dubai-controlled investment fund Dubai World, are trying to negotiate with creditors on debt restructuring. Nakheel Net loss for the first half of 2009. amounted to 13.4 billion dirhams (3.65 billion dollars), which exceeds the amount of debt the company. If the Dubai World would not be able to negotiate with creditors and filed for bankruptcy, the world stock market may react to it is extremely painful. The precipitating factor was the fall in oil prices, contributed to the negative dynamics of quotations of oil companies, and reduce the rating agency Fitch’s credit rating to BBB + Greece with the forecast “negative”. In the short term to lower the rating of this country can and rating agency Standard & Poor’s.

As a result of trades on 1,1% cheaper shares of the world’s largest oil company ExxonMobil Corp., And securities of its nearest rival Chevron Corp. Lost 1.8%. At 3.1% in the trades cheaper shares the world’s largest mededobyvayuschey company Freeport-McMoRan Copper & Gold Inc., Helped by falling prices for gold by nearly 2%. Shares of the largest U.S. gold mining company Newmont Mining Corp. fell 2.9%. Snizilshis up trades and securities of large U.S. banks, including shares of Citigroup Inc. (-3%) And Bank of America (-3%).

Not met expectations of analysts published before the earnings outlook of $ 4,5-4,55 dollars per share, a diversified company 3M. Experts expect that the company’s profits will be higher, so stock up 3M trades fell 1%. Unable to consolidate its position on the trading floors and the fast food chain McDonald’s Corp. (-2,1%), Which released the data on comparable sales for November this year, not met the expectations of the market.

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At 4,4% cheaper securities department stores owner Kimco Realty Corp., Who announced plans to sell shares to raise additional funding.

Dow Jones index dropped by 104.14 points (-1%) – to 10,285.97 points
NASDAQ – to 16,62 points (-0.76%) – up to 2,172.99 points
S&P – at 11.31 points (-1.03%) – up to 1,091.94 points.

CKE Restaurants Inc. (CKR:US) fell 6.7 percent to $8.07. The owner of the Carl’s Jr. and Hardee’s hamburger chains posted earnings excluding some items of 12 cents a share in the third quarter, trailing the average analyst estimate by 22 percent, according to Bloomberg data.

Dr Pepper Snapple Group Inc. (DPS:US) rose 4.9 percent to $28.06. The beverage maker said it will get $900 million to license certain brands to PepsiCo Inc. (PEP:US)

Men’s Wearhouse Inc. (MW:US) dropped 16 percent to $18.44. The apparel retailer forecast a fourth-quarter loss of at least 15 cents a share.

Photronics Inc. (PLAB:US): The maker of imaging technology reported sales of $94.7 million in the fourth quarter, tailing the average analyst estimate of $96.7 million from a Bloomberg survey.

Texas Instruments Inc. (TXN:US) fell 2.4 percent to $25.70. The second-largest U.S. chipmaker maintained the top end of its sales forecast during a mid-quarter update, disappointing some investors.

Key earnings/guidance since yesterday’s close:
-Texas Instruments (TXN), in its mid-quarter update, raised its fourth quarter EPS guidance to $0.47-$0.51 from $0.42-$0.50 (First Call consensus $0.47) and raised the bottom end of its revenue guidance to $2.90-$3.02 bln from $2.78-$3.02 bln (consensus $2.9 bln). But shares of TXN are down 2% premarket, with analysts saying the magnitude of the raised guidance generally met expectations.

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Technical Perspective: The S&P declined as much as 33 points off Friday’s 52-week high over the last two sessions, but technical damage thus far has been contained as it has been able to remain above its three-week trading range floor in the 1086/1083 area. Short term it takes a sustained move back above 1096 and the 1100 level to improve the pattern off the recent high. Failure would leave the door open to the range floor with its 50-day sma/ema following at 1079/1078.

Key economic data:
-October Wholesale Inventories at 10:00ET (consensus -0.5%; prior -0.9%)

Federal Reserve/Treasury:
-Governor Duke speaks on community stabilization at 8:40ET

Key Note/Bond auction results:
-$21 bln in 10-year Notes reopening at 13:00ET

Earnings:
-ALOG, BWY, FCEL, GEF, LULU, OXM and PLL are confirmed to report today after the close

Key industry conferences:
-Bank of America-Merrill Lynch Industrials Conference (Day 2 of 3) — Companies presenting: HON, PTV, PX, URS, CLF, COL, WLK, AGCO, SEE, APD, JEC, SPW, UFS, ALB, IPI, TKR, ARG, URI, CBE, MDR, PCH, CE, OSK
-Barclays Technology Conference (Day 2 of 2) — Companies presenting: HPQ, GLW, ADI, ARST, RFMD, CTSH, GRMN, TSRA, CSCO, ENTR, HITT, ELX, GOOG, INTU, AMAT, HLIT, LSI, QLGC, RAX, QCOM, AMD, KLAC, NTGR, BELM, CAVM, EPIC, YHOO, AEIS, JNPR, ONNN, ACTL, BMC, FNSR, SNX, PLCM, SGI, COGO, JDSU, MU, MSCC
-Capital One Southcoast Energy Conference — Companies presenting: TDW, KBR, SGY, UNT, SPN, NE, GMXR, ME, REXX, WG
-Goldman Sachs U.S. Financial Services Conference (Day 2 of 2) — Companies presenting: BLK, CMA, FIG, FITB, WDR, BK, FHN, NDAQ, AMTD, LM, PBCT, USB, NITE, TD, BX, COF, DHI, NYX, EQR, ICE, KEY, CME, HBAN
-Next Generation Airlines Conference — Companies presenting: JBLU, ALK, DAL, UAUA, LUV, CAL, AMR, LCC, AAI, RJET, AYR, FLY, PNCL
-UBS Media & Communications Conference (Day 3 of 3) — Companies presenting: T, MSO, DIS, DLR, MDCA, SURW, VMED, ABOV, ABVT, GCI, MEG, SNI, LNET, S
-Wells Fargo Global Real Estate Securities Conference (Day 2 of 2) — Companies presenting: ELS, HPT, PKY, AHT, EGP, SNH, DCT, CUZ, WRI, ED, BRE, HME, HRP, FPO, EXR, GOV, STWD
-Wells Fargo MLP Pipeline and E&P, Energy Services & Utility Symposium (Day 2 of 2) — Companies presenting: APC, BHI, CMS, NVE, POM, SCG, APA, PVA, WFT, XTO, SM, EXH, NFX, PXD, UPL, XEL, LINE, RRC, FST, CHK, EQT, NST, HK, WLL, ALY, DVN, BBG, SFY, ETP, ATLS, BRY, SWN, CRZO, RDC

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