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CREDIT RESEARCH
February 01, 2008
Overnight News and the Day Ahead
407 International reported solid Q4/07 and year-end results. EBITDA grew roughly 15% in 2007, reaching $407.6MM. Overall a solid year with management sustaining good cost controls and promoting solid growth.
The Times reports that a Monaco-based hedge fund, SRM Global, has amassed a 5.2% stake in Countrywide. The fund, run by former UBS trader Jon Wood, says that it will try to block the takeover by Bank of America as it “considerably undervalues the company”.
The Guardian reports that Sir Richard Branson’s Virgin Group will launch a takeover bid for Northern Rock next Monday. Northern Rock is currently supported by about ?25bn of emergency funding.
The Financial Times highlights that Eurozone inflation has surged to a 14-year high of 3.2%, strengthening the European Central Bank’s case for resisting interest rate cuts even as the region’s growth slows.
Credit Agricole, France's second- largest bank by assets, is appointing advisers to explore a possible bid for Soci?t? G?n?rale, which last week said a trader's unauthorized bets led to a record loss, four people involved in the discussions said.
The eagerly anticipated US Non-Farm Payroll print came in at -17k this morning, versus a survey figure of +70k. After a myriad of employment data, we have the U. of Michigan Confidence Survey at 10.00am ET and the ISM Manufacturing number at the same time. US Auto Sales data is also expected sometime today.
In Canada, we are expecting the Industrial Product Price print and the Raw Materials Price Index at 8.30am ET. Also today, Minister of Industry Jim Prentice will speak at the Ontario Energy Association.
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