Tuesday, February 9, 2010

Quick Notes for the Day - February 9

Fed's Dudley - 'Raging Crisis' Now Over - Federal Reserve Bank of New York President William Dudley said the US financial system is "in much better shape today than it was a year ago," and the worst of the credit crisis has passed. "Although the raging crisis appears to be over, our work is not close to being complete," he said in comments at an Australian central bank symposium, referring to actions that regulators and policy makers around the globe must do to avoid another financial crisis. Dudley also said that commercial real estate continues to be "under considerable pressure." Loan losses in the sector, on top of consumer and mortgage loans, "seem likely to continue to pressure smaller banks for some time to come."

Rebuilding Greece's Finances - The Economist - "Since the launch of Europe’s single currency, there have been theoretical worries about profligacy. The main fear was that free-spending countries (ie, Italy) might borrow excessively and pass either higher interest costs or the bill for a bail-out on to their sober, frugal brethren (ie, Germany). Eleven years after the euro’s birth, as Greece skids towards disaster, those vague fears have become an urgent question of policy."

Coke's Earnings Rise - Coca-Cola reported that its Q4 net income climbed to $1.54 billion (66 cents per share) versus $995 million (43 cents) a year ago. Revenue also rose to $7.5 billion versus $7.1 billion. Coke said it gained volume and market share globally in non-alcoholic ready-to-drink beverages for the tenth consecutive quarter. Coke continues to expect $500 million in annualized savings by year-end 2011.

McDonald's Same Stores Sales Rise - McDonald's reported that its January global same-store sales rose 2.6%. Comparable sales declined 0.7% in the US, but they rose 4.3% in Europe and 4.3% in Asia, Middle East, and Africa.

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