WALL STREET JOURNAL:
Lehman Brothers Holdings (LEH) will probably post a fiscal Q3 loss of $1.8B or more. The firm previously expected to report a fiscal Q3 profit. INDEPENDENT.ie: Bain Capital has submitted a EUR900M bid for Elan's (ELN) drug delivery business. NEW YORK TIMES: Barclays (BCS) may have to write down an additional GBP1.5B over the next 18 months, a Goldman Sachs analyst said. BLOOMBERG: The California Public Employees' Retirement System, or Calpers, is reducing its stock holdings and investing as much as $2.3B in distressed-debt funds run by Leon Black's Apollo Global Management.
Weekly additions to the Investors Business Daily-100
The following are additions to the Investors Business Daily-100 list for the week of August 15: Enersys (ENS), Whiting Petroleum (WLL), Life Partners Holdings (LPHI), Brucker Corporatiom (BRKR), Sonosite Inc (SONO), Buckle Inc (BKE), Southwestern Energy (SWN), Skilled Healthcare Group (SKH), Apple Inc (AAPL), Microsemi Corp (MSCC), Kenexa Corporation (KNXA), Teledyne Tech (TDY ), Forrester Research (FORR), Itron (ITRI).
Weekly subtractions from the Investor's Business Daily-100
The following are subtractions from the Investors Business Daily-100 list for the week of August 15 : CAI International (CAP), Intuitive Surgical (ISRG), Dorchester Minerals (DMLP), Empresa Nacional de Electricidad (EOC), Baytrex Energy Trust (BTE), Cummins (CMI), Sadia (SDA), Flowers Foods (FLO), Newmarket Corporation (NEU), Gentiva Health Services (GTIV), Lufkin Industries (LUFK), SPX Corporation (SPW), Valmont Industries (VMI), Adobe Systems (ADBE)
Lehman likely to post Q3 loss, not expected profit-WSJ
Lehman Brothers Holdings (LEH) was anticipating a fiscal third quarter profit, but now it's most likely to have a loss of $1.8B or more, reports the Wall Street Journal. If that's correct the firm's losses since March will be no less than $4.5B, or more than the firm's fiscal 2007 profit. The question now is if the firm will need to raise new capital in addition to the $6B they received in June.
Asian Markets Wrap-Up for Monday, August 18
Asian stock advanced but most markets there fell. Indonesia and the Philippines were closed for holidays…JAPAN: The Nikkei 225 Stock Average rose 146.04, or 1.1%, to 13,165.45, while the broader Topix index gained 16.44, or 1.3%, to 1,263.75. Japan General jumped 13% to Y385. Mitsui Fudosan Co. was up 2.2% to Y2,325. Mitsubishi UFJ Financial Group (MTU) added 3.3% to Y845. Komatsu (KMTUY) rose 3.8% Y2,445. Sumitomo Metal Industries Co. leapt 7.4% to Y481. Nippon Steel Corp. was up 2.9% to Y538. Nippon Telegraph & Telephone Corp. (NTT) gained 5% to Y549,000…AUSTRALIA: The S&P/ASX 200 Index advanced 3.30, or 0.07%, to 4,985.00…AROUND ASIA: In Hong Kong, the Hang Seng Index retreated 229.91, or 1.1%, to 20,930.67. Sino Land (SNLAY) fell 4.9% to HK$13.20. Foxconn dropped 24% to HK$5.84. Cnooc (CEO) lost 1.9% to HK$10.52. PetroChina Co. (PTR) slid 1.2% to HK$9.83. Aluminum Corp. of China (ACH) was down 18 cents, or 2.7%, to HK$6.42.
JP Morgan will start emerging market fund for Indian investors-Economic Times
The Indian fund unit of JP Morgan (JPM) plans to launch a fund that will invest in Middle East, Africa and emerging Europe. The new fund will allow Indians to invest in those regions.
NBC expects to record a healthy profit on the Olympics-NY Times
The television ratings of the Olympics have easily surpassed the expectations of General Electric's (GE) NBC. An average of 30M people have watched the Olympics on the NBC network each night, and network executives believe that NBC's profits on the Olympics will exceed $100M.
U.S. equity futures point to a higher open
U.S. equity futures are pointing to a slightly higher open. Crude oil prices are relatively calm given the recent geopolitical concerns and reports of a tropical storm in the Gulf of Mexico. Any time a storm brews in the Gulf there are concerns of supply disruption related to the shutdown of oil operations. The current storm is moving erratically and forecasters expect it to eventually strengthen to hurricane force. Elsewhere, Russia has said it would begin to pull out of Georgia. Earlier, the president of Pakistan announced his resignation. Musharraf has been a U.S.