Daily Highlights: 12.11.09
- Asian stocks rise as China industrial output, US jobs boost confidence.
- Bank of Korea raises 2010 GDP growth forecast to 4.6% - fastest pace in three yrs.
- Chain-stores are holding bigger markdowns in reserve trying to gauge how long shoppers will wait for better deals to emerge.
- China industrial output rises 19.2% - more than estimated as recovery strengthens.
- China new loans top economists' forecasts, money supply rises by record.
- EU leaders say stimulus should stay in place until the “recovery is fully secured.”
- India’s industrial production increased 10.3% in October from a year earlier.
- Iron Ore imports by China rise 12% in November as steel mills expand output.
- Obama administration plans to channel money from the government financial bailout fund to small businesses—report.
- Oil rises toward $71 a barrel on China demand, ample US supplies weigh.
- Tankan survey may show Japanese recovery is 'slipping into a standstill'.
- U.S. taxpayers may collect $1.1B to $1.3B for BofA warrants demanded by the Treasury Department in exchange for bailout money.
- Aiful Corp. said to plan Goldman loan repayment in push to salvage debt talks.
- Boeing plans to fly its new 787 Dreamliner for the first time as early as next Tuesday.
- Citadel Broadcasting Corp. is preparing to file for bankruptcy by the end of the year.
- Costco posted flat Q1 profit of $266M despite a 7.9% rise in revs to $17.3B.
- CVS chosen for $1B pharmacy benefits contract by Texas Pension Fund.
- GE won a $1.4B contract to supply turbines and services for an Oregon wind farm.
- Goldman said its top 30 executives will receive no cash bonuses for 2009.
- Hanesbrands reaffirms 2010 revs growth of 5% ($200M) from net shelf-space gains.
- ING Groep to repay Dutch govt $8.3B of state aid including a premium and interest.
- Kia Motors's US unit to raise $300M from the first kimchi bond sale in more than 2 years.
- Lehman Brothers to announce sale of two real estate private-equity funds to PCCP.
- Owens & Minor issues in-line view; sees FY10 EPS at $2.90-3.05 on a4-6% rev growth.
- Panasonic Corp. to buy 50.19% stake in Sanyo Electric Co. for about $4.6B.
- Sinopec expects its overseas crude oil output to rise this year after acquiring Addax.
- United Tech sees FY10 EPS of $4.40-4.65 (cons $4.53); revs of $54-55B (cons $53.3B).
Economic Calendar: Data on Export-Import Prices, Retail Sales to be released today.
Recent Egan-Jones Rating Actions
WASTE CONNECTIONS INC (WCN)
COSTCO WHOLESALE CORP (COST)
ALLIED WASTE INDUSTRIES INC (AW)
OXFORD INDUSTRIES INC (OXM)
WASTE MANAGEMENT INC (WM)
CLEAN HARBORS INC (CLH)
PFIZER INC (PFE)
MCDERMOTT INTERNATIONAL INC (MDR)
MOHAWK INDUSTRIES INC (MHK)
PENSKE AUTO GROUP INC (PAG)
AVON PRODUCTS INC (AVP)
BROWN-FORMAN CORP (BF)
ASBURY AUTOMOTIVE GROUP INC (ABG)
Data provided by Egan-Jones Ratings and Analytics