Daily Highlights: 11.2.09
- Asian stocks fell, extending MSCI APAC Index’s first monthly decline since Feb'09.
- China manufacturing grows at fastest pace in 18 months on stimulus, loans.
- China's Chen warns of world slump if economic stimulus withdrawn too early.
- Euro rises against Yen as signs of global recovery spur demand for yield.
- AEP sees 2010 ongoing EPS of $2.80-$3.20, forms Transmission company.
- CF Industries adds cash for Terra Industries offer, hikes bid price by $200M to $4.1B.
- Chevron Corp. reported a 51% drop in Q3 profit at $3.83B on lower oil, natural gas prices.
- Chrysler Group confirmed about 23,000 hourly workers will receive buyout offers.
- CIT Group files bankruptcy, seeks to cut $10B in debt.
- CIT's bankruptcy may help bondholders, erase taxpayer, shareholder stakes.
- Cummins posts better-than-expected Q3 nos; warns of a tough 2010.
- Ford reports a Sept. profit of $997M compared to a $129M loss last year.
- Ford UAW workers said to reject concessions that would match GM, Chrysler.
- Goldman is in talks to buy millions of dollars of tax credits from Fannie Mae.
- Las Vegas Sands China may raise $2.5B in Hong Kong IPO.
- Linde AG's Q3 net falls 4.5% to €169M; sales down 6.9% at €2.28B.
- NYSE Euronext's qtrly net falls 28% as it cut prices to counter falling trading volume.
- Pernod Ricard sees 2010 recurring organic profit at +1% to +3%.
- RBS said near to deal permitting early exit from UK asset insurance plan.
- Ryanair Q2 profit advances 35% to $370m after fuel hedging lowers costs.
- SEC investigates Zale's accounts after it restates 2008, 2009 earnings.
- Suzuki Motor's net plunged 63.4% in 1H on a 31.3% fall in revenues.
- Sysco's Sept. net income rises from $277M last year to $326M this year.
- Terra Industries received an increased purchase offer from CF Industries.
- TNT NV's Q3 net falls 12.4%, better than exp., to €99M.
Economic Calendar: Data on Construction Spending, ISM Index, Pending Home Sales to be released.
Earnings Calendar: APC, ASF, AU, CAR, CHK, CLX, CNA, CSE, CTB, DF, DLLR, F, FST, HUM, KGC, KND, L, NU, ROG, UDRL, VMC.
Recent Rating Actions:
CIT GROUP INC (CIT)
ASHLAND INC (ASH)
PROCTER & GAMBLE CO/THE (PG)
EXPEDIA INC (EXPE)
TENNECO INC (TEN)
SPRINT NEXTEL CORP (S)
MOTOROLA INC (MOT)
TRINITY INDUSTRIES INC (TRN)
ILLINOIS TOOL WORKS INC (ITW)
STANLEY WORKS/THE (SWK)
FLOWSERVE CORP (FLS)
BORGWARNER INC (BWA)
ALCOA INC (AA)
Data provided by Egan-Jones Ratings And Analytics