Martes 23/11/10 GDP (PBI), Minutas del Fed

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J. Crew sera comprada por dos firmas (private equity) por $43.5 la accion en cash o mas o menos $3 billones.
J. Crew, Investors Near Deal
By GINA CHON And ANUPREETA DAS
A pair of private equity firms are close to deal to acquire clothing retailer J. Crew Group Inc. for $43.50 a share in cash, or about $3 billion, people familiar with the matter said.

Under the deal being considered, TPG Capital, a former owner of J. Crew, would have a 75% stake in the company and Los Angeles firm Leonard Green & Partners would own a 25% stake, these people added.

The private equity firms plan to work with J. Crew Chief Executive Millard Drexler, who has a more than 5% stake in the company according to the most recent regulatory filings, these people said.

.A deal could be announced as soon as Tuesday. The talks were reported earlier by the New York Times.

J. Crew, TPG and Leonard Green declined to comment. Mr. Drexler, who previously ran Gap Inc. before being forced out in 2002, couldn't be reached for comment.

The negotiations have faced some challenges in recent weeks, largely over valuation and the company's desire to allow rival bidders to make competing offers, people familiar with the matter said. The deal includes a go shop period that allows J. Crew to solicit other offers, they added.

Mr. Drexler has thrived at J. Crew, positioning the New York-based chain as a seller of high-end casual gear and expanding into new areas such as bridal wear. He is heavily involved in the day-to-day operations, and his intense focus on product and avowed disdain for markdowns have helped J. Crew emerge from the recession stronger than many of its casual apparel counterparts.

The brand also benefited from the trade-down phenomenon, where luxury consumers sought lower-price alternatives.

Recently, the retailer has begun to show signs of sales weakness amid a lack of fashion hits and customer resistance to J. Crew's higher prices, particularly in light of discounting by competitors.

This week, the company is offering 25% off all orders of $150 or more, an across-the-board discounting technique that J. Crew has largely avoided.

Although details of the deal were still being worked out Monday night, the two sides were close to agreeing to terms of the transaction, people familiar with the matter said. The talks could still fall apart, these people cautioned.

Given the involvement of current management and J. Crew's prior owners, the deal is likely to face tough scrutiny from shareholders, who want to be sure they receive the highest price for their shares.

TPG was a previous owner of J. Crew, buying an 88% stake for about $500 million in 1997. The company later went public in 2006 and became known for preppy clothing favored by First Lady Michelle Obama.

J. Crew shares closed at $37.65 on the New York Stock Exchange, up 3.2% on a day when the overall stock market was largely unchanged. Since its public offering, J. Crew shares have returned about 37%, outpacing the Standard & Poor's 500 index, which fell nearly 6% over the same period.

In August, J. Crew reported second quarter income of $34.9 million, compared to $18.6 million in the same period of 2009. Revenues increased by 14% to $407.5 million from a year ago.

Private equity firms are flush with cash and under pressure to spend it. That has made them some of the most aggressive bidders in recent deals, often for companies they previously owned. TPG, for instance, has been searching high and low for partners to join its bid to take Seagate Technology PLC private.

—Elizabeth Holmes
contributed to this article.

Write to Gina Chon at gina.chon@wsj.com and Anupreeta Das at anupreeta.das@wsj.com

[admin]

North Korea ataca a South Korea, mata a dos marinos de ese pais.

Japan alerta su servicio de inteligencia.

El dolar sube, las acciones bajan a nivel global debido al ataque.

Lo que nos faltaba.

Los futures del Dow Jones 109 puntos a la baja.

Oil down 80.44.au up 1,359

El indice del dolar +0.52%

Euro down 1.3503

Yen down 83.34

Libor igual 0.28%

Yields 10 anios super down 2.75%

Europa en rojo, el Asia en rojo.

VIX up 18.37

-112

Futures cu down 3.6854

Todo en rojo.

[admin]

El IMF dice que Grecia necesita hacer mas reformas.

El sector privado en Europa aumenta.

El costo de asegurar la deduda periferal de Europa aumenta.

US condena el ataque de N Korea contra S Korea.

-111

[admin]

Los futures bajan debido a Korea, el temor a la deuda Europea

El Hang Seng bajo 2.7%, el Shanghai C. -1.9%

Futures Slip on Korea, Europe Debt Fears
By BARBARA KOLLMEYER
U.S. stock futures were lower Tuesday as investors fretted over news of an exchange of fire between North and South Korea, and amid ongoing concern about Ireland's debt problems.

Less than two hours before the start of trading, Dow Jones Industrial Average futures were 87 points lower at 11078. The Standard & Poor's 500 futures slipped 11.7 points to 1186.2 and Nasdaq 100 futures lost 17 points to 2137.5. Changes in futures don't always accurately predict early market moves after the opening bell.

Stock futures were rattled early on after reports that North Korea launched dozens of rounds of artillery at a South Korean island near the two nations' disputed western maritime border. South Korean forces then reportedly fired back. "As this unfolds during the day, it may be one of the major talking points in the week, especially in the American market where everyone is not focused on what's going on and [is] focused on the holidays," said Will Hedden, sales trader at IG Index.

He said volumes are thinning out ahead of Thursday's Thanksgiving holiday. "With the fact that it is quiet, we've still got these wide economic topics. It could still be quite choppy, but there's not much out there to suggest American investors would be interested in buying ahead of the Thanksgiving holiday," Mr. Hedden said.

U.S. stocks closed mostly down in the prior session, but bounced off earlier lows amid worries over debt problems in Ireland, along with news of a fresh insider-trading investigation at three hedge funds. The Nasdaq Composite index managed a small gain.

European stocks were deep in negative territory on Tuesday, also rattled by trouble on the Korean peninsula. Also weighing was political instability in Ireland, with fears Prime Minister Brian Cowen may have trouble pushing austerity measures—required for a rescue package—through parliament.

Mr. Cowen said he would call for early elections in January once the budget is passed. "The focus today is where the political situation sends the market there. If it is to descend into disorder in the political situation, that's going to definitely help markets decide where the contagion will go," Mr. Hedden said. "If that happens, Portugal, maybe Spain, will be next in line to be sold."

Economic data on the schedule for Tuesday include a third-quarter revision of U.S. gross domestic product data, due at 8:30 a.m. ET.

October existing-home-sales data are due for release at 10 a.m., while minutes of the Federal Open Market Committee meeting held earlier this month will be released at 2 p.m.

A handful of companies are due to report before the market open, including Campbell Soup Co., Hormel Foods Corp. and Zale Corp.

Shares of Hewlett-Packard Co. could be on the move after the company late Monday reported strong fiscal fourth-quarter results, while its forecast was better than expected.

Stocks in Hong Kong closed off 2.7%, partly on fears big banks may curb lending, notably to the property sector. Korean worries also crept in with China's Shanghai Composite losing 1.9%.

The dollar was stronger across the board, while gold futures for December rose $4 to $1,361.50 an ounce.

[admin]

La banca Irlandesa esta en posicion de achicarse mediante la venta deunidades y activos.

Los costos de deuda de Espania suben.

[admin]

Copper November 23,07:59
Bid/Ask 3.6781 - 3.6802
Change -0.0794 -2.11%
Low/High 3.6600 - 3.7864
Charts

Nickel November 23,07:59
Bid/Ask 9.5880 - 9.5953
Change -0.0576 -0.60%
Low/High 9.4724 - 9.7273
Charts

Aluminum November 23,07:59
Bid/Ask 0.9971 - 0.9975
Change -0.0163 -1.61%
Low/High 0.9966 - 1.0193
Charts

Zinc November 23,07:59
Bid/Ask 0.9312 - 0.9324
Change -0.0249 -2.61%
Low/High 0.9280 - 0.9702
Charts

Lead November 23,07:59
Bid/Ask 0.9758 - 0.9770
Change -0.0290 -2.89%
Low/High 0.9744 - 1.0220

[admin]

Acciones Europa amplían pérdidas, títulos B.of Ireland se hunden
martes 23 de noviembre de 2010 08:59 GYT
Imprimir[-] Texto [+] LONDRES (Reuters) - Las acciones europeas ampliaban sus pérdidas el martes, por las turbulencias financieras y políticas en Irlanda, un posible contagio de su crisis de deuda a otros países de la zona euro y las hostilidades bélicas en la península coreana.
A las 1242 GMT, el índice de acciones europeas líderes FTSEurofirst 300 bajaba un 1 por ciento a 1.082,77 puntos.

Las acciones de Bank of Ireland se hundían un 31 por ciento.

(Reporte de Brian Gorman; Editado en español por Juan José Lagorio)

[admin]

Moody's dice que Espania esta fuerte pero Portugal preocupa.

HPQ +2.29%

[admin]

PIB alemán se desacelera en 3er trim pero panorama es alentador
martes 23 de noviembre de 2010 08:30 GYT
Imprimir[-] Texto [+] Por Brian Rohan
BERLIN (Reuters) - La tasa de crecimiento de Alemania se desaceleró en el tercer trimestre al perder fuerza el auge de la construcción, pero las perspectivas son positivas dado que las cifras mostraron una economía más equilibrada mientras que un sondeo reveló una mejora en la actividad empresarial.

El Producto Interno Bruto de la economía más grande de Europa creció un 0,7 por ciento trimestral tras haberse expandido un 2,3 por ciento en el segundo trimestre, según cifras ajustadas estacionalmente publicadas el martes por la oficina de estadísticas.

Los números están en línea con una estimación preliminar.

Una lectura más detallada de las cifras sugiere que la economía está equilibrándose. La expansión de las exportaciones se moderó y el comercio exterior jugó un rol menor, en un cuadro mayormente positivo que contrasta con los problemas que viven otros países de la zona euro.

Por separado, un sondeo entre gerentes de compras dejó entrever que el desempeño de la economía podría ser mejor del esperado en el tramo final del año, al reflejar crecimiento en el sector servicios y una mejora en el empleo.

Las cifras del PIB mostraron que el gasto en el volátil sector de la construcción no aportó al crecimiento general, tras haber hecho una contribución de 0,7 puntos en el segundo trimestre.

Los economistas se mostraron satisfechos con los números.

"Alemania seguirá siendo el motor del crecimiento de la zona euro en el 2011 -estamos esperando un repunte autosustentable que estará cada vez más apoyado por la demanda interna", dijo Ulrike Kastens de Sal. Oppenheim.

El ministro de Economía alemán, Rainer Bruederle, dijo que las cifras mostraban que la economía estaba atravesando un "otoño dorado", mientras que el jefe de la asociación de empleadores, Dieter Hundt, estimó que el crecimiento del 2010 superará el pronóstico del Gobierno.
El consumo privado creció por tercer trimestre consecutivo y su aporte a la expansión general se mantuvo constante respecto del segundo trimestre.

La demanda interna aportó 0,4 puntos porcentuales al PIB, realizando una contribución mayor que el comercio exterior, que aportó sólo 0,3 puntos.

[admin]

El nre iPad sale a la ventaen Abril. Probablemente sea mas delgada, mas liviana, tendra mas capacidad y camara.

[admin]

Indice PMI provisional de zona euro sube en noviembre
martes 23 de noviembre de 2010 08:16 GYT
Imprimir[-] Texto [+] LONDRES (Reuters) - La recuperación económica en la zona euro se aceleró en noviembre ante un impulso de la actividad del sector privado en Alemania y Francia, que contrarrestó el estancamiento en los países de periferia del bloque, según sondeos conocidos el martes.
El índice provisional de gerentes de compra Markit del sector servicios, realizado sobre una encuesta a cerca de 2.000 empresas desde bancos hasta hoteles, subió a 55,2 en noviembre desde una lectura final de 53,3 en octubre.

El índice superó claramente las previsiones de 53,1, por lo que se mantiene sobre los 50 puntos que dividen el crecimiento de la contracción desde agosto del 2009.

"Sorprendieron por el lado alcista debido a la fortaleza del centro de la zona euro, en particular Alemania", dijo Ken Wattret de BNP Paribas.

El índice PMI provisional de manufactura se elevó a 55,5 en noviembre desde una lectura final de 54,6 en octubre y una previsión de 54,4, mientras que el de producción saltó a 55,9 este mes desde 54,7 en octubre.

El índice compuesto, que combina los servicios y la manufactura, ascendió a 55,4 este mes, desde 53,8 en octubre y expectativas de 53,6.

Markit dijo que el dato es consistente con un crecimiento económico del cuarto trimestre de cerca del 0,5 por ciento.

Los precios en el bloque de 16 países subieron un 1,9 por ciento en octubre, muy cerca del techo del rango meta del Banco Central Europeo del 2 por ciento.

El índice de empleo trepó a 53,0 desde 51,1 en octubre, su mejor lectura desde febrero del 2008.

[admin]

Monedas latino americanas abren a la baja por el fortalecimiento del dolar.

Oil down 80.60

Euro down 1.3513

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[admin]

Esperando los datos del GDP que mas vale que sean buenos.

[admin]

Revision del GDP: La economia crecio en el tercer trimestre: 2.5%, se esperaba 2.8%. No muy buenas noticias.

-103

[admin]

Mercados emergentes afectados

EDC -6.10% (tres veces EMarkets)