Daily Highlights: 10.2.09
- Asian stocks markets were sharply lower Friday, dragged by losses on Wall Street.
- Asia-Pacific bond risk jumps on concern US recovery faltering.
- Banks with 20% unpaid loans at 18-yr high as doubts over recovery deepen.
- Bernanke calls for higher insurance levies on big groups.
- EU regulators sent antitrust complaints to AMR Corp.’s American Airlines, British Airways Plc and Spain’s
- Iberia Lineas Aereas de Espana SA re. alliance.
- France plans to spend €1.5B on creating a battery-charging network for electric vehicles.
- Japan jobless rate unexpectedly falls from record, consumer spending rises.
- U.S. auto sales fell 23% in Sept, after the end of the "cash for clunkers" program.
- Unemployment rate could hit 10% - Labor Department
- Yen nears 3-month high versus Euro on job concern, stock drop.
- Accenture's Q4 net slid 41% to $254.7M on restructuring charges, lower revenue.
- Chinese property developer Glorious Property Holdings fell 20% in its debut in HK.
- CIT Group pledges $5.7B in debt reductions as exchange offer begins.
- Comcast Corp., the largest U.S. cable-television company, and GE are in talks to form a joint venture that would own GE’s NBC Universal.
- Cnooc in talks with Uganda on joining a $5B project led by Tullow Oil Plc.
- Constellation Brands swings to Q2 profit of $99.7M; net sales down 8.3% at $876.8M.
- EDF says it's examining options for UK electricity distribution business.
- Femsa in talks to merge its beer operations with a larger rival; deal size est. at ~9B.
- Ford quits Australia’s retail car finance market; sells $874M motor loan portfolio to Macquarie.
- GE led consortium to be part of second round of bidding for Areva's power T&D unit.
- GM's Sept sales fell 45% to 155,679 cars and light trucks, while Chrysler's fell 42%.
- Immucor's Q1 net rises 6.5% to $21.3M; revs up 13.5% at $83.1M.
- Northrop bags $3.8B contract to maintain, service USAF's fleet of refueling tankers.
- NZ Telecom submits plan to cut mobile call rates by 62% over next 5 years.
- Starwood Chief says NYC hotel demand may show start of recovery.
- Toyota plans to sell 7.3M vehicles worldwide in 2009, down from 8.97M in 2008.
- U.K. authorities are pursuing corruption charges against BAE Systems.
- Wal-Mart sees a slow recovery from challenging U.S. business conditions.
- Xstrata will be forced to formalize its merger offer for Anglo American, or walk away.
Recent Egan-Jones Rating Actions
HSBC HOLDINGS PLC (HSBA LN)
COMCAST CORP (CMCSA)
RRI ENERGY INC (RRI)
JABIL CIRCUIT INC (JBL)
CONSTELLATION BRANDS INC (STZ)
CIT GROUP INC (CIT)
FORD MOTOR CO (F)
BANK OF AMERICA CORP (BAC)
UNITED STATES STEEL CORP (X)
WORTHINGTON INDUSTRIES INC (WOR)
ROCKWELL AUTOMATION INC/DE (ROK)
DEERE & CO (DE)
NIKE INC (NKE)
Data provided by Egan-Jones Ratings and Analytics