Daily Highlights: 4.7.10

• Bank of Japan keeps benchmark rate at 0.1%, says recovery remains intact.
• China said to consider Yuan trading versus Ruble, Won, Ringgit.
• China said to sell three-year bills in signal interest rates may soon rise.
• Euro-zone March composite PMI 55.9 vs. 53.7 Feb.
• Fed sees inflation slowdown tempering need to reverse stimulus.
• Greece may find lukewarm US reception to dollar bonds on deficit concern.
• Oil declined from an 18-month high.
• SEC wants tighter rules on asset-backed securities.
• Stocks rise in Asia on speculation Fed will hold rates; Yuan Forwards gain.
• US prosecutors will continue interviewing former AIG executive Joseph Cassano
• Yen declines as prospects for Asian recovery spur yield demand.
• AOL decides to either sell or shut down Bebo, as it scuttles a stalled effort to capitalize it.
• Apollo drops bid to buy Cedar Fair amid shareholder objections.
• AT&T fights pension suit; potential liability for Retirees' plan conversion est. at $2.3B.
• Blackstone Group is challenging a California Public Employees’ Retirement System proposal to prohibit money managers from offering contingency fees.
• CA Inc. plans to cut roughly 1,000 positions, to incur a pre-tax restructuring charge of $50M.
• DirecTV Chairman John Malone will cut his voting stake in the company and leave the board, responding to regulatory concerns over his media ownership.
• FTC likely to issue antitrust challenge to Google's proposed acquisition of AdMob.
• Murdoch said newspaper publishers should prevent search engines like Google and Microsoft’s Bing from displaying full articles for free.
• Peabody Energy may have to raise its bid after Macarthur Coal spurs $3.7B offer.
• Renault-Nissan tie-up to take 3.1% stake in Daimler.
• Santander, NAB, Virgin Money said to weigh bids for RBS's UK branch network.
• TJX Cos. hikes dividend 25% to $0.15/sh, sees $1B share buyback in 2010.
• UnitedHealth Group and Humana are among the insurers who will receive the same payment rates in 2011 as this year for health plans for the elderly.

Economic Calendar: Data on Crude Inventories, Consumer Credit to be released today.

Earnings Calendar: APOG, BBBY, CHKE, FDO, GBX, LWSN, MDRX, MON, PBY, PFIN, PSBC, RSC, RT, SHAW.

RECENT RATING ACTIONS

SONOCO PRODUCTS CO (SON)
AUTONATION INC (AN)
TEEKAY CORP (TK)
XCEL ENERGY INC (XEL)
MASSEY ENERGY CO (MEE)
AFFILIATED MANAGERS (AMG)
COMMUNITY HEALTH SYSTEMS (CYH)
CINCINNATI BELL INC (CBB)
WASHINGTON POST CO/THE (WPO)
METLIFE INC (MET)
BASIC ENERGY SERVICES INC (BAS)
ASBURY AUTOMOTIVE GROUP INC (ABG)

Data provided by Egan-Jones Ratings and Analytics

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