ES -- DX/CL -- isee -- cboe put/call -- specialist/public short ratio -- trinq -- trin -- aaii bull ratio -- abx -- cmbx -- cdx -- vxo p&f -- SPX volatility curve -- VIX:VXO skew -- commodity screen -- cot -- conference board

Thursday, December 04, 2008


now come the capex cuts

Dow component AT&T (T) announced it plans to cut some 12,000 jobs, or about 4%, from its workforce. AT&T also plans to reduce 2009 capital expenditures from 2008 levels; AT&T spent more than $14 billion in capital expenditures through the first three quarters of 2008. Fellow Dow component DuPont (DD) also indicated this morning it will reduce capital spending by 10% to 20% in 2009. The company is forecasting a fourth quarter loss between $0.20 and $0.30 per share, but expects fiscal 2009 earnings to range from $2.25 to $2.75 per share. The consensus 2009 estimate calls for $2.80 per share.

this has already been seen among commodities firms as input prices have crashed; now we're seeing it in large downstream firms.


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