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Sep 3, 2010

RTTNews: Morning Market briefing : Softer Than Expected Job Losses Prime Stocks For Early Jump - U.S. Commentary. Sep. 3rd., 2010

Morning Market Briefing Fri Sep 3 09:01 2010 

Commentary

Sep 3, 2010 Softer Than Expected Job Losses Prime Stocks For Early Jump - U.S. Commentary Stock futures are pointing to a sharply higher open Friday morning, as August job losses came in far softer than forecast by economists. The major index futures are all firmly positive, with the Dow futures up by 116 points. Full Article

Economic News

Sep 3, 2010 Indonesia Orders Banks To Raise Reserves Indonesia's central bank on Friday decided to raise banks' reserve requirement ratio in a bid to curb lending amid rising inflation. It also left its benchmark interest rate unchanged at 6.5% as expected. Full Article
Sep 3, 2010 Eurozone Private Sector Expansion Continues In August Eurozone private sector continued its expansion with services activity picking up to a three-month high in August. Full Article
Sep 3, 2010 Slower UK Services Growth Raises Double-Dip Concerns U.K. service sector recovery continued to loss momentum with growth flagging to a sixteen-month low in August as employers shed more jobs owing to uncertain economic outlook amid tough austerity measures and the value added tax hike. Full Article
Sep 3, 2010 Japan Capital Spending Falls For 13th Quarter Capital expenditure by Japanese companies continued to decline in the June quarter extending the current sequence of decline to 39 months, official figures showed on Friday. Separate data showed that Japan's service sector activity declined at a slower pace in August. Full Article
Sep 3, 2010 Employment Falls By Much Less Than Expected In August Employment in the month of August fell by much less than economists had been expecting, according to a report released by the Labor Department on Friday, with the report also showing a much smaller than previously reported drop in employment in July. Full Article

Earnings News

Sep 3, 2010 H&R Block Q1 loss narrowsThursday, H&R Block Inc. (HRB) said its first-quarter loss narrowed from last year, although revenue were more or less flat from last year, reflecting lower operating expenses due to workforce reduction and office closures. The results were also hurt by hefty severance costs. Full Article
Sep 3, 2010 Campbell Soup Q4 proift up 64%, beats estimate; guides FY11 below StreetFriday, Campbell Soup Co. (CPB) reported a 64% rise in profit for the fourth-quarter, although revenue slid 1%, helped by better margins. Earnings came in above the Street view, while revenue fell short of expectations. Looking ahead, Campbell guided fiscal 2011 earnings below the current estimate of analysts. Full Article

Corporate News

Sep 3, 2010 Goldcorp to buy Andean Resources for $3.4 blnFriday, Goldcorp Inc. (GG) said it agreed to buy Andean Resources Ltd. for about C$3.6 billion or US$3.42 billion, an acquisition that would enable the company to access Andean's Cerro Negro gold project in Argentina. The companies expect the deal to close later this year or in early 2011. Under the scheme of arrangement, each Andean share will be swapped for 0.14 common shares of Goldcorp or C$6.50 cash. Full Article
Sep 3, 2010 Celldex says Pfizer ends vaccine development dealFriday, Celldex Therapeutics Inc. (CLDX) said Pfizer Inc. (PFE) ended the deal that was signed to co-develop Celldex's cancer vaccine, citing that the the program was not a strategic priority for Pfizer. The firms had entered into the deal in April 2008 to develop a vaccine against Glioblastoma Multiforme, a form of brain tumor. Celldex said it intends to continue the development of the vaccine, which is currently is mid-stage development. Full Article
Sep 3, 2010 HP to buy 3PAR for $2.35 bln, as Dell quits raceThursday, Hewlett-Packard Co. (HPQ) agreed to buy 3PAR Inc. (PAR) for a total enterprise value of $2.35 billion or $33 per share in cash, up from its previous offer of $30 a share. Earlier in the day, Dell decided to opt out of the race, ending the bidding war for 3PAR. 3PAR said its board sees the revised offer to be superior to the bid from Dell Inc. (DELL). Full Article
Sep 3, 2010 BP says oil spill costs touch $8 blnFriday, BP plc (BP) Friday announced that its total cost of response to the massive oil spill in the Gulf of Mexico, reached about $8 billion to date. The company also revealed that the well could be permanently shut in around two weeks. Full Article
Sep 3, 2010 Disney, Time Warner Cable sign new dealThursday, Walt Disney Co. (DIS) and Time Warner Cable Inc. (TWC) signed a long-term expanded programming deal to keep Disney's broadcast and cable channels on Time Warner Cable, ending weeks of tense negotiations. As per the agreement, Time Warner video subscribers will get access to ESPN3.com without an extra charge. Disney also granted Time Warner Cable the right to retransmit signals from four ABC stations, as well as air Disney Junior and ESPN Goal Line channels. Full Article

Broker Ratings Changes

Sep 3, 2010 KeyBanc Capital Markets Raises Buckle Inc. (BKE) To Hold From Underweight
Sep 3, 2010 KeyBanc Capital Markets Starts W.R. Grace & Co (GRA) At Buy With $36 Price Target

Todays WS Events

Sep 3, 2010 Campbell Soup Q4 10 Earnings Conference Call At 10:00 AM ET Campbell Soup Co. (CPB) will host a conference call at 10:00 AM ET September 3, 2010, to discuss its Q4 10 earnings performance. To access the webcast, log on to investor.campbellsoupcompany.com To listen to the call, dial 1-866-847-7864 (US) or 1-703-639-1430 (International). For replay of the call, dial 1-888-266-2081 or 1-703-925-2533, Access Code 1478732.

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