Empiric Student Property Share Discussion Threads

[briarberry] 17/7/2009 22:29

Colombia, Industrial Production May: -6.5%

Mexico, Industrial Production May: -11.6%

Industrial production in the EU rose 0.1% in May, but fell 15.9% YoY

[briarberry] 17/7/2009 16:15

bellwether

General Electric Co. says profit fell 47% in the second quarter

[briarberry] 16/7/2009 21:12

IBM Q2 total rev $23.3 Bln vs $26.8 Bln, second-quarter profit of $3.1 billion, During the same period a year ago, IBM earned $2.8 billion.

GOOG on Thursday said its second-quarter net income rose to $1.48 billion, or $4.66 a share, from $1.25 billion + Google 2Q profit up 19 pct amid slowing ad sales - its slowest revenue growth yet.

Genuine Parts Co. said Thursday that worsening conditions in the manufacturing base slammed its industrial and electrical segments and led to a 23% drop in second quarter profit.

PPG industries net income falls 42%

Biogen Idec Inc. said Thursday that second-quarter earnings fell to $143 million, or 49 cents a share, compared to $207 million, or 71 cents, in the same period a year ago.

MGIC Investment Corp. said Thursday that its second-quarter loss was $339.8 million, or $2.74 a share, compared to a loss of $99.9 million, or 81 cents a share, in the year-ago period.

Novartis net down 9.8%

ELY Callaway Golf sees Q2 EPS 10c vs 58c year-ago + Callway Golf sees Q2 sales down 17% vs year-ago

[briarberry] 16/7/2009 17:43

CIT Group is likely to file for bankruptcy on Friday. The lender, in existence for more than 100 years, now accounts for around 60 to 70 percent of small business financing.

...
We asked Foresight Analytics, an Oakland, Calif., financial-research firm, to examine the quality of CIT's $75 billion of assets, which mostly includes loans to small and medium-size businesses, consumers and college students. What Foresight found was grim.

CIT's overall delinquency rate was 4.7%. That compares with an average delinquency rate of 2.8% for other U.S. lenders. Some sectors were worse. The nonaccrual rate–meaning no payments had been made in several months–on its $24 billion in commercial and industrial loans was 5.4%, nearly double the U.S. average of 2.2%

The delinquency rate on its $14 billion of consumer loans, which excludes credit cards, was 9.6% compared with 4.5% nationally.

The biggest source of weakness was CIT's $1.4 billion in commercial mortgages. While it is a relatively small amount of loans, the credit quality is staggeringly poor. Roughly 16% of its commercial real estate mortgages were nonaccruing. Nationally, the nonaccrual rate on such loans is 2%.

...what may be the fourth-largest bankruptcy in U.S. history

[briarberry] 16/7/2009 17:43

Shares of Nokia Corp. fell nearly 10% on Thursday after it posted a 66% drop in second-quarter profit.

Sony Ericsson loses $301 million as sales slump

Marriott International Inc.'s second-quarter profit fell 76 percent.

Harley-Davidson to cut jobs as profit falls 91%

Schwab's profit falls 31% on lower management fees

[briarberry] 15/7/2009 11:36

China, people are buying those green (possible bubble) shoots...


July 15 (Bloomberg) -- China's foreign-exchange reserves, the world's biggest, topped $2 trillion for the first time as the nation's economic recovery prompted overseas investors to pump money into stocks and property.

The reserves rose a record $178 billion in the second quarter to $2.132 trillion, the People's Bank of China said today on its Web site. That dwarfs a $7.7 billion gain in the previous three months.

The Shanghai Composite Index, the world's second-best performer, surged 74 percent this year as Premier Wen Jiabao's stimulus package triggered record lending and surging investment. The increase in the reserves means China may buy more U.S. Treasuries as the Obama administration sells record amounts of debt to fund its own plan for reviving growth.

[briarberry] 14/7/2009 21:46

Intel posts loss on E.U. fine Chip giant reports almost $400 million in red ink on account of European Commission penalty of $1.45 billion. - The world's No.1 chip maker said revenue in the three months ending June 27 came to $8 billion, down 15 percent year-over-year

Altera earnings fall almost 50%

Sun announces loss

Earnings Outlook: Airlines set to report more quarterly losses

TRENTON, N.J. (AP) -- Health care products maker Johnson & Johnson on Tuesday said its second-quarter profit fell 3.5 percent. Revenue fell 7.4 percent to $15.24 billion from $16.45 billion a year ago.

Big Oil is set for another big flop. For the second straight quarter, Exxon Mobil, Royal Dutch Shell and most of the world's largest oil companies are poised to report quarterly earnings that pale in comparison to a year ago, when results were buoyed by crude prices that topped out near $150 a barrel.

[briarberry] 14/7/2009 18:14

July 14 (Bloomberg) -- Eliot Spitzer, the former New York governor and attorney general, said U.S. banks made a "bloody fortune" while receiving taxpayer money without a proven benefit to the wider economy.

[briarberry] 14/7/2009 13:55

Overall retail sales posted a 0.6 percent gain after rebounding 0.5 percent in May.

Retail sales in June came in a little stronger than expected on increases gasoline and motor vehicle sales. Otherwise, sales were soft.

The latest increase in overall sales was led by a 5.0 percent surge in gasoline station sales. Excluding motor vehicles and gasoline, retail sales slipped 0.2 percent after easing 0.1 percent in May. Outside of gasoline and motor vehicles, sales were mixed but mostly down.

(gasoline prices have risen and motor sales are still at multiyear lows, funny how they fiddle the figures to give a +ve headline number)

sales are off 9.6% from June 2008

[briarberry] 14/7/2009 13:22

Goldman Sachs Q2 EPS $4.93 vs $4.58 (give me your taxes, half of Goldman profits are spent on bonuses)

[briarberry] 14/7/2009 13:12

Euro Zone Industrial Production May: 0.5%

[briarberry] 13/7/2009 23:27

Dutch electronics giant Philips net profit sank to 45m euros ($63m; £39m) for the April to June quarter, down 94% on a year earlier.

NEW YORK (AP) -- Railroad operator CSX said Monday that second-quarter earnings fell 20 percent ...CSX's shipping volume fell 21 percent in the period. Railroad shipping volumes are viewed as a key economic indicator.

[briarberry] 13/7/2009 20:54

The Treasury budget gap totaled $94.3 billion in June bringing the fiscal year-to-date total, now nine months into the 2009 fiscal year, to $1.1 trillion. The full-year gap is expected to top $1.8 trillion. The year-to-date gap this time last year was only $285.9 billion.

Contraction in receipts is steady, at a year-to-date decrease of 17.9 percent in June. But the pace of outlays is increasing, up a year-to-date 20.5 percent. The latest month included special outlays of $25.1 billion for housing and economic stimulus.

The run of weak economic news has raised talk of a second stimulus package, one that would be sure to scramble all budget projections.

[briarberry] 13/7/2009 15:06

WSJ reports for the third straight month, option adjustable-rate mortgages are generating proportionally more delinquencies and foreclosures than subprime mortgages, the scourge of the U.S. Option ARMs were typically issued to creditworthy homeowners and allow borrowers to make a range of monthly payments. The payment options include a partial-interest payment that adds the unpaid interest to the loan's balance. On many such loans, balances have risen while values of the underlying properties have plummeted amid the housing crisis. As of April, 36.9% of Pick-A-Pay loans were at least 60 days past due, while 19% were in foreclosure, according to data from First American CoreLogic. In contrast, 33.9% of subprime loans were delinquent, with 14.5% of those loans in foreclosure, the figures show.

[briarberry] 12/7/2009 00:52

just print some more, why worry ?...


Commercial real estate next big risk

Insiders plead for help, warning Washington of crash worse than 1990s slump that could saddle banks with new wave of bad loans

BARRIE MCKENNA

Prices for office towers and shopping centres are already down 35 to 45 per cent from their peak in 2007, and further declines are likely, Parkus said. That compares with a 32 per cent peak-to-trough decline for house prices, according to the Case-Shiller home price index. And unlike the housing meltdown, this crisis is likely to hit smaller banks the hardest.

...
And the crisis is only just beginning. A wave of loans made during the boom years of the past decade are now coming due, including roughly $400-billion (U.S.) worth this year and more than $1.8-trillion by 2012, according to the Washington-based Real Estate Roundtable.

With prices falling rapidly, banks are balking at refinancing all that debt. And the mortgage-backed securities market has ground to a halt.

The total market is worth $3.5-trillion.

There were 5,315 U.S. commercial properties in default, foreclosure or bankruptcy at the end of June, more than twice the number at the end of 2008, with hotels and retail among the most "problematic," Real Capital Analytics Inc. said in a report yesterday.



The U.S. commercial real estate market is roughly $6.7 trillion in size and is underpinned by about $3.5 trillion of debt.

[briarberry] 10/7/2009 19:30

China's exports (less bad)

Exports fell 21.4% in June from a year earlier, a moderation from May's record 26.4% decline.

Imports were down 13.2%, much better than the 20% forecast and followed a 25.2% in May.

[briarberry] 10/7/2009 18:19

July 10 (Bloomberg) -- China failed to attract enough bidders in a government debt sale for a second time this week on speculation record bank lending will spark inflation in the world's third-largest economy.

The Ministry of Finance sold 25.1 billion yuan ($3.7 billion) in bills of the 35 billion yuan it had sought, according to traders at China Postal Savings Bank and Industrial Securities Co., who asked not to be identified. The government also failed to complete a bond sale on July 8 for the first time in almost six years.

The auction's failure reflects concern that Premier Wen Jiabao's 4 trillion yuan stimulus package will cause bubbles in stock and housing markets, forcing the central bank to tighten monetary policy. The People's Bank of China this week pushed up money-market rates and drained cash from banks, the biggest investors in the nation's $2.2 trillion debt market.

[briarberry] 09/7/2009 23:25

Delinquency rates on commercial loans have doubled in the past year to 7 percent as more companies downsize and retailers close their doors, according to the Federal Reserve. Small and regional banks face the greatest risk of severe losses from commercial real estate loans.

[briarberry] 09/7/2009 22:23

I wonder if this is true...


What every government has done when it faces sizable deficits is to simply print the money...


Barack Obama has projected a budget deficit for the coming year of $1.8 trillion. (To be honest, it seems strange to me to be using the T-word.) There is something that is not understood about budget deficits. We are always told that this is bad because it is borrowing from the future and that our children will be responsible for our debts. This, however, is an earlier-day lie. No government in history has ever been able to borrow the money for any sizable spending program from the people. The government's deficits are simply too big and would overwhelm the credit markets of the nation.

What every government has done when it faces sizable deficits is to simply print the money. If America is facing a $1.8 trillion deficit later this year, then it will probably print (another) trillion dollars to finance this. And then, as a political reality, it will be impossible to significantly cut the deficit for the next year, and the year after, etc., etc., etc. In this way, our children do not get poorer in the future. We get poorer, here and now. But we get poorer by having our dollars worth less. We have a bigger quantity of dollars but a smaller quantity of goods.

[briarberry] 09/7/2009 19:42

Sweden's central bank unexpectedly cut its main interest rate in half, to 0.25%, on July 2nd. The Riksbank also reduced its deposit rate to -0.25% to encourage lending, a highly unusual move which means that banks will, in effect, pay the central bank 0.25% on overnight deposits.

[briarberry] 09/7/2009 18:38

Malaysia - Industrial Production May: -11.1%
Norway May Industrial Production fell -7.8% YoY

[briarberry] 08/7/2009 22:25

Alcoa Q2 loss 47c

[briarberry] 08/7/2009 00:20

Taiwan exports were 30.4% lower year on year in June. Imports were down 33.5% y/y. (less bad) Foreign Trade - June: US$1,762.9 mil

[briarberry] 08/7/2009 00:07

The Fed has already printed $0.9 trillion...

So far, the Fed has bought $197.7bn of government securities of a planned $300bn. Purchases of US agency mortgage backed-securities run at $621.6bn, against a target of $1,250bn by the end of the year. The central bank has purchased $96.8bn out of a planned $200bn in agency debt.


UK... In just 17 weeks, the Bank of England has bought £107bn of gilts. On Wednesday it will increase that figure by £3bn to £110bn – 17 per cent of the entire market in tradeable gilts.