Daily Highlights: 11.10.2010
- API reports surprise declines in US fuels inventories.
- China ordered some lenders to increase their reserve ratios by 50 bps from Nov. 15.
- China posted a larger-than-forecast $27.1B October trade surplus.
- EU fined 11 airlines a total of $1.11B for forming cartel to fix air-freight tariffs.
- FDIC Board voted to take initial steps to implement higher fee structure for its deposit-insurance fund.
- G20 draws up two-tier bank plan; Global and national regulators to split focus.
- Allianz sees 3Q earnings slide 8% on higher tax expense.
- Allstate announces a $1B share repurchase program.
- AvalonBay priced an offering of $250M in medium-term, unsecured 3.95% notes due 2021
- Carlsberg raised its FY operating profit f'cast after Q3 profit jumps 31%.
- Chevron agrees to acquire Atlas Energy, Inc. in a transaction valued at $4.3B.
- Danone in talks to sell water unit to Japanese firms; deal est. at $5-7B.
- GM's Sept. profit at $2B.
- Google is giving its more than 23,000 employees a 10% raise starting Jan of next year.
- Hanesbrands to take $0.20/sh debt retirement charge; sees FY10 EPS at $2.07-$2.12.
- HCA Inc. to issue a $2B dividend to pay PE owners including KKR, Bain Capital.
- ING's Sept. profit down.
- International Game Technology posted $19.9M net income vs $28.6M loss last year.
- Inter Parfums beats by $0.06, reports Q3 EPS of $0.28. Revs rose 2.9% to $120.9M.
- JP Morgan is facing two purported class-action suits alleging foreclosure fraud.
- Lions Gate Ent posts Q2 loss of $0.22/sh (cons -$0.11/sh); revs rose 24.6% to $456.3M.
- MBIA Inc misses by $0.48; reports Q3 loss of $1.06/sh.
- Microsoft sues Motorola over Xbox royalties for the second time in as many months.
- Morgan Stanley said it will divest its $717M stake in Invesco Ltd after shares rise 28%.
- Rockwell Automation's Q4 net more than quadruples to $131.3M; revs up 26%.
- Tesla Motors reported Q3 loss of $0.41/sh vs. consensus f'cast of a loss of $0.43/sh.
- Tyco Intl to sell a majority stake in its Electrical, Metal Products unit to Clayton for $720M.
- Weight Watchers Intl raised its full-year EPS f'cast to $2.47-2.52 (cons $2.47).
Economic Calendar: Data on Initial & Continuing Claims, Export-Import Prices to be released.
Earnings Calendar: AAP, AFCE, CACH, CSC, CSCO, DRYS, GBX, KELYA, LACO, SLE, URS.
RECENT RATING ACTIONS
AMERICAN TOWER CORP (AMT)
MAGNA INTERNATIONAL INC (MG CN)
TRW AUTOMOTIVE HOLDINGS (TRW)
GENERAL MOTORS CO (GM)
JETBLUE AIRWAYS CORP (JBLU)
EQT CORP (EQT)
HERTZ GLOBAL HOLDINGS INC (HTZ)
PRICELINE.COM INC (PCLN)
CROWN CASTLE INTERNATIONAL (CCI)
COCA-COLA ENTERPRISES INC (CCE)
HANGER ORTHOPEDIC GROUP INC (HGR)
Data from Egan-Jones