Daily Highlights: 12.2.09
- Alwaleed says 'mature' banks made wrong assumptions about Dubai debt risks.
- Asian stocks rose for a third day, lifting the MSCI Asia Pacific Index to a 6-week high.
- Economic reports signal modest growth ahead
- Stocks climb as falling dollar boosts commodities
- US may reap $3.17B from the first auctions of warrants for bailing out banks
- Gold hit an exchange-record above $1,200 at one point, before settling just below it.
- Pending Sales of Existing Homes in US unexpectedly climb on tax credit.
- US Manufacturing expands for a fourth month as factories propel recovery.
- AIG cuts debt by $25B through transfer of overseas insurance units.
- Barrick Gold accelerated plans to eliminate hedges against declines in gold price.
- Caltex Australia's planned $277M purchase of Exxon Mobil filling stations blocked by regulator.
- Copart beats by a cent, posts Q1 EPS of $0.42. Revs fell 3.2% to $185.5M.
- Daimler to shift C-Class work to Alabama plant from Germany starting 2014
- Delta Lloyd aims to sell first Dutch mortgage-backed securities since 2007.
- Ford: Q1 N. American prodn will increase 58% YoY to 550,000 vehicles.
- Gannett Co. to ask some workers take a one-week unpaid furlough during Q1.
- GE returns to roots as it looks to spin off NBC
- GM, Ford, Toyota November US sales beat estimates as economy stabilizes.
- Henderson resigns after CEO is said to flunk Board's review on fixing GM.
- Isle of Capri beats by $0.11, posts Q2 EPS of $0.06. Revs fell 1.7% to $247.4M.
- JP Morgan to convert $500M debt from Inland Western Retail REIT into CMBS offering.
- Morgan Stanley shortlisted bidders for its stake sale in CICC, deal valued at $1B.
- Northrop Grumman told Pentagon it might not bid on a $40B contract to supply tanker jets.
- Progress Energy to shut 11 coal-fired power plants at four sites in North Carolina by 2017.
- Staples' Q3 earnings rose 71.9% to $269.4M, revs fell 6.2% to $6.52B.
- Total SA, Europe’s 3rd-largest oil producer, to keep capex at $18B next year.
- UnitedHealth sees improvement with smaller decline in 2010 commercial plan
- Vanguard Natural Resources prices 2.25M share public offering at $18/share.
Economic Calendar: Data on ADP Employment, Crude Inventories, Fed Beige Book to be released.
Earnings Calendar: ARO, CHRS, CWST, JAS, PSS, PTRY, SEAC, SNPS.
Companies to watch: Aeropostale, Casella Waste Systems, Collective Brands, Jo-Ann Stores.
Recent Egan-Jones Rating Actions
PINNACLE WEST CAPITAL CORP (PNW)
MOTORS LIQUIDATION CO (MTLQQ)
GENERAL ELECTRIC CO (GE)
LSI CORP (LSI)
COMCAST CORP (CMCSA)
STEWART ENTERPRISES INC (STEI)
NISOURCE INC (NI)
OTTER TAIL CORP (OTTR)
OFFICE DEPOT INC (ODP)
STAPLES INC (SPLS)
XEROX CORP (XRX)
FOREST OIL CORP (FST)
SERVICE CORP INTERNATIONAL/US (SCI)