He also stated that the Chinese Government was still not happy with a foreign steelmaker controlling a leading steel producer since the government considers the industry as a strategic sector.
Apple iPhone to sell in Russia next year-Kommersant
Rumors are swirling that Apple’s (AAPL) popular iPhone device will go on sale in Russia in 2009. Analysts predict sales will begin in February or March, though Apple has not commented directly on the news. Russian cell phone giants VimpelCom (VIP), MTS and MegaFon have confirmed they are negotiating iPhone supplies with Apple, but also did not comment on any details.
iPhone “nano” to launch in December-Daily Mail
The Daily Mail reports that Apple (AAPL) will launch the iPhone “nano” “in time for Christmas”. An industry source, which said “this will be a big one,” said the product will be launched by Telefonica’s (TEF) O2 in the UK. An expert suggests the “nano” version will have a touch wheel on the back and display on the front of the phone.
Royal Bank of Scotland to announce record loss this week- The Daily Telegraph
Royal Bank of Scotland (RBS) is set to announce interim earnings on Friday and it is predicted they will reveal a pre-tax loss of at least GBP1B but some analysts say the bank could face a much larger loss in the range of GBP1.7B.
Amazon sold 240k Kindles-TechCrunch
According to TechCrunch, a source at Amazon (AMZN) said that 240,000 units of the Kindle have been shipped since November which is relatively in-line with Wall Street estimates.
U.S. equities still point to a lower open
Stocks continue to point to a lower open. The first economic numbers for the week are the personal income and personal spending numbers for June, and they showed that personal income rose 0.1% versus an expected decline of -0.2%, and the personal spending number showed an increase of 0.6% versus an expected increase of 0.4%. The numbers had a muted effect on the futures market as they barely moved from their previous levels. :
Flowserve-FLS: 2Q EPS beat estimates significantly; maintain Market Perform@FBRC
FBRC expects the company’s energy, power and process businesses to continue generating strong business trends along with good will persisting over the next several quarters. Sales and order growth are solid as is margin expansion. The firm increased their 2008/09 EPS and sales estimates and target price is raised to $135 from $124.
DE downgraded to Neutral from Buy@GSCO
Goldman downgraded DE citing relative valuation, note that PH was upgraded to Buy, and potentially lower farmer income forecasts.
CNX upgraded to Outperform from Neutral@FBCO
Credit Suisse upgraded CNX based on valuation and pricing power. Target to $100 from $94.
SINA Corp-SINA August volatility Elevated into EPS & Outlook
SINA, a Chinese online media company, is scheduled to report Q2 EPS on August 6. SINA August option implied volatility is at 78; September is at 55. SINA average option implied volatility over the last 26-weeks is 58 according to Track Data, suggesting larger August price movement.
Southern Peru Copper-PCU upgraded to Overweight from Neutral@HSBC
HSBC upgraded PCU based on valuation.
McDonald’s dollar menu pressures profits-WSJ
Back in 2003 McDonald’s (MCD) began its dollar menu to help drive sales, but these days it’s hurting the profitability at its restaurants, reports the Wall Street Journal. Now the company is looking to modify its menu with changes expected in 2009, including beefing up items in the $1.30 to $2 range. Because of increased costs the most visible problem is what to do about the $1 double cheeseburger.
Nintendo’s Iwata looks for new growth-WSJ
Satoru Iwata, president of Nintendo (NTDOY), has seen his company enjoy years of solid growth. Now he faces the task of figuring out where the next wave of growth will come from, according to the Wall Street Journal’s “Boss Talk”. Among his views:”We’re still an entertainment company first and foremost, but the definition of videogames has changed. If we keep our view of what a videogame constitutes as broad as possible, then naturally we’re going to be doing things that people might say aren’t games…Our sales may have grown beyond expectations, but there are still a lot of people who have never played videogames. I think there are still many new kinds of games that we can offer to pique the interest of people whom we haven’t managed to attract yet. After we complete our mission in developed countries, then we’ll have to start thinking about how to make our products appealing in developing countries. We’ll have a whole new dimension of issues to tackle like pricing, quantity availability and regional adaptation…”
Intercontinental Exchange-ICE reports Q2 EPS $1.19 vs. consensus of $1.19
Reports Q2 revenue $197.2M vs. consensus of $195.84M.
Intercontinental Exchange-ICE announces $500M stock buyback program
China Medical-CMED reports Q1 EPS 57c vs. consensus of 43c
Reports Q1 revenue $33.1M vs. consensus of $31.45M.
China Medical-CMED sees FY08 EPS $2.93-$3.02 vs. consensus of $2.51
Sees FY08 revenue $173.5M-$179.3M vs. consensus of $181.49M.
