Daily Highlights: 10.23.09
- Asian stocks rise as earnings boost outlook for recovery.
- China says employment is “stable” and will add 2 million more urban jobs this year.
- EU approved the proposed tie-up of Merck & Co. and Schering-Plough.
- Oil prices held above $81 a barrel Friday in Asia.
- Treasuries fall a third day as Asia stocks gain, US homes sales to rise.
- 3M Co.'s Q3 net fell 3.4%, beats est., raised its full-year EPS view now to $4.50-4.55.
- Amazon.com reported a 69% gain in Q3 profit and forecast healthy holiday gains.
- Amex reported a 22% drop in earnings.
- AT&T's Q3 net declined 1.2% to $3.2B amid continued weakness in its wireline business.
- BNP Paribas said to weigh management changes, salary cuts in Japanese unit.
- BP said to consider bid for Ghana Jubilee field stake, hire Goldman Sachs.
- Delta Air Lines' Q3 loss widened to $161M in the face of surging interest costs.
- Dole Food Co.'s IPO of 35.7M shares prices at $12.50, below expected range of $13-15.
- Dow Chemical Co.'s Q3 profit soared 86% to $796M on divestiture gains.
- EMC Corp.'s Q3 net falls 24% to on increased charges; expects Q4 EPS at $0.30 (cons $0.21).
- Exelon's Sept. net income rose from $700M to $757M.
- Fifth Third Bancorp posted a wider Q3 loss of $97M on 18% drop in interest income.
- Fortune Brand's Sept. net income declined from $335M to $124M.
- Honeywell's Sept. net income dropped from $719M to $608M.
- Las Vegas Sands seeks $2B in funds to resume Macau Cotai expansion.
- Leggett earned $54.3M in the 3Q, up from $32.7M.
- McDonald's posts 5.9% rise in quarterly profit as sales trends remained positive across.
- Nucor posts third straight loss (-$29.5M) on higher raw-material costs, demand drop.
- Philip Morris Intl's Q3 net fell a less-than-expected 13% to $1.8B, revs down 4.6%.
- Schering-Plough's Q3 earnings down 16% to $515M on charges. Revs dip 1.7% to $4.5B.
- Schlumberger's Sept. net income declined from $1.5B last year to $787M this year.
- Tishman Group moves closer to default after losing ruling on rent increase.
- UPS reported a 43% drop in Q3 profit, sees some freight-industry improvement.
- Wal-Mart Stores Inc. plans to reduce prices heading into the holiday season.
- Whirlpool 3Q profit fell 47%.
- Xerox's Q3 profit fell 52% to $123M as revs fell 16% to $3.68B.
Recent Egan-Jones Rating Actions
CHOICE HOTELS INTERNATIONAL INC (CHH)
DOW CHEMICAL CO/THE (DOW)
SCIENTIFIC GAMES CORP (SGMS)
AIR PRODUCTS & CHEMICALS INC (APD)
DANAHER CORP (DHR)
DELTA AIR LINES INC (DAL)
LEGG MASON INC (LM)
AT&T INC (T)
ALLIANCE ONE INTERNATIONAL INC (AOI)
ALTRIA GROUP INC (MO)
NORTHROP GRUMMAN CORP (NOC)
LOCKHEED MARTIN CORP (LMT)
OMNICOM GROUP INC (OMC)
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