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Daily Highlights: 4.22.10
- Asia stocks decline, Yen gains on concern over Obama financial reform plan.
- Greek bond yields surged to new crisis highs, a move that coincides with a slump in volumes.
- Massive fire on an oil rig in the Gulf of Mexico left 11 workers missing.
- Russia, Egypt seek to raise $8.5B in return to overseas bond market.
- Singapore to review Hedge, PE funds rules as regulators increase oversight.
- Altria Group's Q1 earnings rose 38% to $813M on market share gains. Revs up 27%.
- AMR Corp.'s Q1 loss widened to $505M on higher fuel costs. Revs up 4.7% at $5.07B.
- AT&T's Q1 profit fell 21% to $2.48B, largely on a health-care charge. Revs flat at $30.65B.
- CenturyTel to purchase Qwest.
- Continental's March loss increased from $136M last year to $146M this year.
- Credit Suisse posts fifth straight quarterly profit, at $1.92B, as debt unit rebounds.
- Ebay's Q1 net rose 11% to $397.6M on 9% increase in revs. Sees Q2 net up 9-15%.
- Elan Corp. reported a much narrower Q1 loss; f'casts operating profit for 2010.
- Fiat to spin off industrial-vehicles business, sees €600M in engineering savings with Chrysler.
- Hynix swings to Q1 profit of $742M on firmer chip prices.
- Hyundai Motor's qtrly net jumps fivefold to record $1B, on economic recovery.
- Morgan Stanley swung Q1 profit of $1.78B, powered by strong bond trading.
- Nestle says sales growth accelerates to 6.5% on Nespresso, emerging market.
- Pepsi's March quarter earnings rise from $1.1B to $1.4B.
- Qualcomm posts Q1 profit of $774M as revs improved by 9% to $2.66B.
- Qwest and CenturyTel are in talks over a potential merger.
- Raytheon's March quarter net income slipped from $452M last year to $445M this year.
- RJ Reynolds losses $46M Florida trial; March earnings up 11%.
- SLM Corp. swung to a Q1 profit of $240.1M as net interest income quadrupled.
- Starbucks reported traffic growth in US stores for the first time in 13 quarters, contributing to a 7% jump in same-store sales.
- Visa to pay $2B for CyberSource Corp., provider of electronic-payment security services.
- Wells Fargo's Q1 interest income declined 7.6% from a year earlier, to $13.2B.
Economic Calendar: Data on Initial & Continuing Claims, PPI, Existing Home Sales to be released.
Earnings Calendar: ABB, ABC, AMZN, AN, APD, AXP, BAX, BBT, BTU, BX, CAKE, CB, DOX, EMN, FITB, KMB, MAR, NOK, NYT, SHW, TXT, VZ.
RECENT RATING ACTIONS
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Data provided by Egan-Jones Ratings and Analytics
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Input costs ------>Higher
8:36a
Wholesale prices jump 0.7% on higher food prices