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Good morning,
Markets are called to open higher this morning.
Alcoa Profit Misses Estimates Amid Excess Aerospace Inventories
Alcoa Inc., the largest U.S. aluminum producer, reported fourth-quarter profit that missed analysts’ estimates because of a glut of rolled metal used in the aerospace industry. The net loss was $2.34 billion, or $2.19 a share, compared with net income of $242 million, or 21 cents, a year earlier, New York-based Alcoa said yesterday in a statement. Profit excluding a $1.7 billion non-cash goodwill impairment and other one-time items was 4 cents a share, trailing the 6-cent average of 16 estimates compiled by Bloomberg.
WHAT TO WATCH:
• S&P may announce rating actions on Portugal, Germany, in line with its 2014 calendar
• Covered Bond Shock Forces Denmark to Examine ‘Plan B’ for Banks
• Itau Says Bank Still in Talks With Corpbanca Over Asset Merger
• Mercedes-Benz Expects Record Sales in Japan in 2014: Ueno
• Monte Paschi Said to Schedule Board Meeting for Jan. 14
• Rolls-Royce Considering Production of a 4×4: Sky News
• Spanish Supermarket Chain DIA to Exit Beijing: Beijing News
• Labour Says Sale of Royal Mail Short Changed U.K. Taxpayers
• Portugal Sells 3.25 Billion Euros of Notes Amid Debt Rally
• Bankia Lures Foreigners With $1.4 Billion First Debt Sale
• NXP CEO Considering Acquisitions of as Much as $1.5 Billion
• Montagu Said to Hold Exclusive Talks on $823m Units
• Marchionne Says Fiat Will Rehire All Its Workers: Repubblica
• Berkeley Wins Approval to Build Homes on ‘Fortress Wapping’ Site
• Cineworld Close to Merger W/ Poland’s Cinema City: Sky
• Metro May Be Broken Up, CEO Replaced in Dispute: Platow
• Infosys Raises Sales Forecast as European IT Demand Revives
EARNINGS All times CET:
• Lufthansa (LHA GY) 1pm, Dec. traffic
• SAS (SAS SS) TBD, Dec. traffic
• JD Sports (JD/ LN) 8am, Dec. sales/trading
• Hilton Food (HFG LN) 8am, 4Q sales/trading
• XP Power (XPP LN) 8am, 4Q sales/trading
Good day and happy trading!
Kristian Camenzuli
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