Daily Highlights: 4.23.10

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  • Euro, Asian finance stocks fall on Greece concerns.
  • Eurostat agency suggested Greece's debt crisis is worse than investors believed.
  • Geithner harnesses G-20 behind Yuan push as India, Brazil raise pressure.
  • Greece may seek Euro-region bridge loan as $11.3B redemption looms.
  • Japan's bank minister not too keen on financial regulation.
  • Air China swings to profit in 2009 of $709.4M on fuel hedging gains.
  • Amazon.com's Q1 profit jumped 68% to $299M on a 46% rise in revs to $7.13B.
  • Amdocs announces $700M share repurchase program authorization.
  • American Express beats by $0.09, Q1 EPS at $0.73. Revs rose 11.5% to $6.61B.
  • Arthur J. Gallagher beats by $0.04, posts Q1 EPS of $0.28. Revs up 20.3% at $482.4M.
  • CenturyTel agreed to buy Qwest for $10.6B in stock- one of the biggest telecom deals in yrs.
  • Cheesecake Factory reports Q1 EPS of $0.31 (cons $0.26); revs up 3.2% at $405.4M.
  • Ericsson reported a 27% drop in 1Q profit.
  • Fairfax plans to maintain its holdings in Wells Fargo and US Bancorp – CEO Watsa
  • Honda plans to sell its Insight and CRZ hybrid models in China by 2012 - CEO Ito
  • J.M. Smucker raises its quarterly dividend to $0.40 from $0.35/sh.
  • Johnson Controls improved from a $193M loss last year to a $271M gain this year.
  • Kia Motors' Q1 profit quadrupled to $358M on stronger sales.
  • Macarthur Coal grants Peabody Energy Corp. access to a data room to conduct due diligence.
  • Microsoft's Q3 profit grew 35% helped by release of Windows 7 operating system.
  • NCR Corp.'s Q1 loss widens to $2+M on pension expenses. Revs up 2% at $1.03B.
  • Nissan will raise production capacity by almost 70% in China even as it expects sales growth to slow.
  • Pfizer discontinues Phase 3 trial of Sutent in advanced hepatocellular carcinoma.
  • Phillips-Van Heusen announces pricing of its 5M common stock issue at $66.50/sh.
  • US Airways discontinues merger talks with United after "several months" of discussions.
  • Xerox's March net income declined from a $42M gain last year to a $42M loss this year.

Economic Calendar: Data on Durable Orders, New Home Sales to be released today.

Earnings Calendar: CMS, CTIC, DOV, E, EXC, HON, IR, JCI, MDC, SLB, TASR, TROW, UBCP, XRX.

RECENT RATING ACTIONS

UNITED RENTALS INC (URI)
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MORGAN STANLEY (MS)
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KEYCORP (KEY)
EASTMAN KODAK CO (EK)

Data provided by Egan-Jones Ratings and Analytics