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Friday, September 9, 2011

Giddee Up!


Deadline arrives for investors in Greek debt. Holders of Greek bonds have until today to say whether they'll participate in the country's debt swap, a key part of its €109B second rescue package. Greece has threatened to scuttle the bailout unless it gets a 90% takeup, and while it had a reported 75% earlier this week, a source says there could be a last-day rush. However, the process may become moot if Greece misses its deficit targets, as seems inevitable, and the EU and IMF carry out threats not to provide it with aid.


TI cuts Q3 forecasts. As expected, Texas Instruments (TXN) has joined fellow chip makers Altera (ALTR) and Fairchild (FCS) in lowering its guidance, saying it now expects Q3 EPS of $0.56-$0.60 on revenue of $3.23B-$3.37B. This compares with analyst forecasts of $0.60 and $3.52B. TI cited a drop in orders from customers across its product lines, and said that since the downturn is macro-driven, "we really have no insight as to how long it will take."

Today's Markets:
In Asia, Japan -0.6% to 8738. Hong Kong -0.2% to 19867. China -0.1%to 2498. India -1.7% to 16867.
In Europe, at midday, London -0.7%. Paris -1.3%. Frankfurt -1.1%.
Futures at 7:00: Dow -0.5%. S&P -0.65%. Nasdaq -0.7%. Crude -1.5%to $87.70. Gold -0.8% to $1842.20.

Friday's economic calendar:
10:00 Wholesale Trade
11:15 Fed's Williams: Risk Management in a Global Environment 


http://seekingalpha.com/article/292641-wall-street-breakfast-must-know-news

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