Tuesday, September 7, 2010

What's on the Dinner Plate09.07.2010? Is $NSM and other Semiconductors' wearing Grandma Panties or Vickie's >?


  • The coming week will remain on the quiet side, although things should pick up a bit. Mon will be a holiday for the US (Labor Day) but most int’l markets will still be open. The one group that will have perhaps the most news is tech. This space has been bombarded w/bad news for the past month (inc. the INTC preannouncement, the Gartner/IDC PC unit forecast cuts, the Compal/Quanta Q3 notebook shipment cuts, etc) and uncertainty is running high. There will be two mid-Q updates (ALTR on Tues and TXN Thurs after the close). We will receive earnings from the first Aug-end tech company (NSM after the close on Thurs; later on in Sept, we will hear from other Aug-ends, inc. ORCL and RIMM). In addition to these updates/earnings, the Citi tech conf is on Tues and Wed in NYC and will provide a slew of companies the opportunity to update the St on how the current Q is progressing. Away from tech, there really isn’t a ton major on the corporate front (NAV reports and DHR has an analyst meeting on Wed). avn_g
  • The economics 411, the coming week is pretty slow (the Beige Book on Wed will prob. wind up being the highlight). There will be some Treasury auctions (3s on Tues, 10s on Wed, and 30s on Thurs).
  • Obama is going to be holding a press conf on Fri Sept 10 to discuss the economy (there were a bunch of articles discussing potential measures being considered in the White House to bolster growth + job creation although officials have tempered expectations and emphasized that no new stimulus was being planned; Obama has apparently mandated any initiative to be deficit neutral).
  • Short interest stats hit after the close on Fri.
  • The BOJ will wrap up a two-day meeting on Sept 7 although it isn’t expected to make any major policy announcements (recall the BOJ just held an extraordinary meeting and failed to arrest the rise in the yen).
  • Banks could see some clarity on capital as the Basel committee is due to meet on Tues and could reach a final deal on global capital requirements (Germany remains one of the last holdouts). In the rest of the world, a couple important eco datapoints hit out of China inc. Manpower survey and trade balance,
  • Central Bank meetings will be held in both Canada and Australia and Japan’s Eco Watchers survey will be released. While there isn’t a whole lot for the week of Sept 6, investors have plenty to look forward to in the coming months.
  • The Nov 2 mid-term elections loom large (the current consensus is that the GOP will capture the House) while the Bush tax cuts will have to be resolved. There are going to be a slew of G20 meetings leading up the final Leaders Summit Nov 11-12 – as far as investors are concerned, the big deliverable for investors will be the final Basel bank capital rules.
  • The banks are also awaiting the outcome of the FASB mark-to-market rules (the comment period for the FASB proposals wraps up at the end of Sept).

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