December 10, 2009
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The Hottest Places to Invest in 2010
By Martin Hutchinson, Contributing Editor, Money Morning [Editor's Note: Money Morning's "Outlook 2010" series delves into the best global profit plays for the new year.] For global investors, 2010 is shaping up to be a year with two very distinct economic outlooks. In the first "half," which is actually likely to end in early September, investors can expect a continued escalation in commodity prices, generally bullish stock markets and an ongoing focus on powerful monetary and fiscal "stimulus" initiatives. In the second "half," reality will reassert itself, and investors will find the going tough in many markets. The real question is: "Which markets will win, and which ones will lose?" Continue...
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Billionaires Turn to Beggars as Financial Crisis Torches the World's Fortunes By Larry D. Spears, Contributing Writer, Money Morning
The holiday season is traditionally the time when society extends a helping hand to the less fortunate among us. But this December, thanks to the world's continuing economic unease, we've got a whole new class of "poor" people to worry about. They're called billionaires - or, even more tragic, "ex-billionaires" - and, according to Forbes magazine, they've taken a bigger financial hit in the past 15 months or so than in any year since the magazine started tracking the fortunes of the world's richest people back in 1987. In fact, the most recent Forbes survey found that the total number of billionaires around the globe plunged from a record 1,125 in early 2008 to just 793 in March 2009 - a net decline of 332, or 29.5%. Even worse, the total net worth of the world's recognized billionaires plunged 45.4%, from $4.4 trillion in 2008 to just $2.4 trillion this year (numbers are based on stock prices and other values assessed in mid-February). That translates to an average net worth of just $3 billion, down 23%, or $910 million, from 2008.
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INVESTMENT NEWS BRIEFS
Survey: China Investments Will Continue to Grow Next Year; Japan's Q3 GDP Revised Down; Kraft Offers Changes to Cadbury Bid; Volkswagen Buys 20% Stake in Suzuki; Research in Motion Option Activity Surges; U.S. Inventories Rise for First Time in 13 Months; Sprint Shares Rise After Citi Upgrade; Neiman Marcus Hit Hard - A survey of 369 U.S. firms showed China will continue to be U.S. companies' top investment destination in 2010, the American Chamber of Commerce (AmCham) in Shanghai said yesterday (Wednesday). More than 90% of those polled by AmCham had an optimistic business outlook for the Red Dragon, up from 81% in a similar 2008 survey. The study also revealed that 64% of companies polled plan on increasing their 2010 investments in China, up from 58% that increased their investments this year. "American companies are finding that their performance in China is the bright spot in an otherwise difficult global picture," said AmCham Shanghai Chairman J. Norwell Coquillard.
- Japan's economy grew at a much slower pace than previously thought, with government figures showing a revised growth of 0.3% on a quarterly basis, down from the initial 1.2%. On an annualized basis, Japan's gross domestic product (GDP) grew 1.3%, well below the preliminary 4.8% growth estimate. Consumer spending did improve thanks to stimulus measures, but the corporate sector continued to lag, the data showed.
- The European Commission has extended its deadline to examine Kraft Foods Inc.'s (NYSE: KFT) hostile $16 billion bid for British confectioner Cadbury PLC (NYSE ADR: CBY) to Jan. 6, saying Kraft had put forward changes to its proposal that may calm antitrust concerns. Kraft does not expect to make any "material divestments" to win European Union (EU) approval, spokesman Michael Mitchell told The Associated Pressin an e-mail. "We are cooperating with the commission and working through the approval process," he wrote. "As part of that process, we have submitted remedies in a few affected markets."
- Volkswagen AG (OTC ADR: VLKAY) said it would buy a 20% stake in Suzuki Motor Corp. in a deal that gives the German automaker a greater presence in the burgeoning Asian auto market. Suzuki said it would invest up to half of what it receives in the transaction into Volkswagen shares to strengthen the alliance. The deal also enables a joint approach to developing more environmentally friendly vehicles, Suzuki said.
- Call options in BlackBerry maker Research in Motion Ltd. (Nasdaq: RIMM) more than doubled the amount of puts after the company signed a distribution deal with two Chinese vendors, Reuters reported, citing option analytics firm Trade Alert LLC. Shares in RIM closed at $63.14 yesterday (Wednesday), up 4.87%. "There are a few factors coming together that could push the stock up as much as $80 by January expiration," Investors Observer LLC President Victor Schiller told Reuters.
- Wholesale inventories in the United States gained by 0.3% in October, the Commerce Department said, easily surpassing economists' expectations of a 0.5% decline. The gain is the first after a string of 13 straight declines, fueling hopes the nascent recovery means companies will continue to add inventories. Sales at the wholesale level also gained in October, rising 1.2%, better than the 0.7% gain economists were expecting, The Associated Press reported.
- Sprint Nextel Corp. (NYSE: S) was upgraded to a "buy" rating by Citigroup Inc. (NYSE: C), which cited a possible merger with T-Mobile USA Inc. parent Deutsche Telekom AG (NYSE ADR: DT) and the expectation that Sprint will improve its still-declining subscriber base. Sprint's stock, for which Citi has a target price of $5.50, gained 5.63% to close at $4.13 a share.
- The Neiman Marcus Group Inc. is the latest luxury retailer to feel the effects of the economic downturn, suffering a 34% drop in profit and a 12% decline in sales in its fiscal first quarter. The Dallas-based company said net income fell to $8.5 million on sales of $868.9 million, compared to a profit of $12.9 million on sales of $985.8 million in the same period a year ago. "We continue to experience a challenging economic and retail environment and expect these conditions will continue for an extended period of time," the company said in its quarterly filing with the U.S. Securities and Exchange Commission (SEC), which it is required to do because it has publicly held debt.
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