Daily Highlights: 11.18.09
- Asian stocks mixed amid caution regarding valuations; European shares higher.
- China faces dangers of asset bubbles as economy expands, PBOC Adviser.
- Chinese cities facing energy shortfalls as cold spell boosts demand.
- EU clears government help for ING and KBC after banks shed operations.
- Euro up to $1.4905 in European morning despite central bank calls for stronger dollar.
- Foreign demand for long-term U.S. financial assets grew to $31.7B in September.
- Golden era' could bring vaccines against AIDS, Alzheimer's and addictions in 5 years.
- Oil rises for third day as US supplies drop; Asia stocks decline on HSBC.
- Oil extends rise above $79 in Asia after big US crude inventory drop.
- Yen retreated from near a 2-wk high vs. Euro on speculation on US govt data.
- Ahold to cut $521M of expenses after profit beats analyst estimates.
- Allied Irish Bank Plc predicts bad debt charge for all of 2009 will be $7.9B.
- American Water Works prices 37.4 mln common share offering at $21.63/sh.
- Autodesk's Q3 net falls 71% to $29.5M, as revs decline 31% to $416.9M.
- Chinatrust Financial Hldg to pay $660M for a 30% stake in Nan Shan Life Insurance Co.
- Delta, SkyTeam ready $1B Japan Airlines offer rivalling American Airlines bid.
- Donald Trump abandons plans to regain control of 3 New Jersey casinos that bear his name.
- Fannie, Freddie face rapidly rising loan losses on weakening commercial realty market.
- GE, Dexia units said to be unnamed firms in Rubin Muni bid-rig indictment.
- GM's Opel has $2.5B of cash to last into first quarter: Reilly.
- Hershey in talks with banks to line up financing to launch bid for Cadbury.
- Home Depot's Q3 profit fell a smaller-than-expected 8.9% to $689M.
- HSBC Chairman warns of “unintended effects” from new rules to increase banks’ capital.
- NTT DoCoMo to launch 4G mobile service in December 2010, to spend Y300B.
- Pall's first quarter sales decline 5.4%.
- Pimco selected by insurance regulators to review mortgage-backed investments.
- SC Johnson has joined the bidding with P&G for Sara Lee Corp.'s air-freshener unit.
- Simon Property might purchase General Growth assets.
- Volvo October truck deliveries amount to 13,050, down 41% YoY.
Economic Calendar: Data on Housing Starts, Building Permits, CPI to be released.
Earnings Calendar: AMTC, BJ, CHS, CYBX, DCI, GYMB, HOTT, JACK, LTD, NTAP, PERY, PVH.
Recent Egan-Jones Rating Actions:
GOODRICH CORP (GR)
DILLARD'S INC (DDS)
GREAT ATLANTIC & PACIFIC (GAP)
BLOCKBUSTER INC (BBI)
SAKS INC (SKS)
TARGET CORP (TGT)
GMAC INC (GM1)
REPUBLIC SERVICES INC (RSG)
HOME DEPOT INC (HD)
SMITH INTERNATIONAL INC (SII)
GMAC INC (GM1)
PENN NATIONAL GAMING INC (PENN)
JC PENNEY CO INC (JCP)
Data provided by Egan-Jones Ratings And Analytics