Daily Highlights: 5.18.10
- Asia may need capital controls to curb fx rise - ADB.
- China sees inflation quickening this Month to 3% 'trigger' point for rates: State agency.
- China's holdings of US Treasury securities totalled $895.2B in March, up 2% from Feb levels.
- EU finance ministers seek deficit cuts to ward off debt crisis threat.
- Euro weakens to near four-year low on economy; Most Asian stocks decline.
- FDIC has inherited CDOs with a face value of more than $400M from failed lending institutions.
- German governing parties call for financial transaction tax in Europe.
- German investor confidence may plunge as Europe's debt crisis hurts Euro.
- Greece to receive euro14.5B in bailout loans.
- Home Starts in US probably rose 5.8% for April.
- Oil rises to near $71 in Asia as 2-week sell-off sparked by Europe crisis pauses.
- Abraxas Petroleum's Q1 profit doubles to $11.2M on derivatives gain, higher prices.
- Agilent Tech swings to Q2 profit of $108M; Sees strong Q3, lifts FY EPS view to $1.70-1.75.
- Blackstone said to drop plan to buy Fidelity Information in price dispute.
- Fidelity National plans a recap rather than a buyout.
- GM posts its first qtrly profit in 3 years ($863M), helped by cost cuts, improved global sales.
- Illinois Tool Works said its revenue jumped 19% in the latest three-month period ended April.
- Lowe's Cos.'s post a better-than-expected 2.7% rise in profit to $489M on higher sales.
- Macarthur Coal rejects Peabody's revised $3.3B offer; shares plunge.
- Man Group PLC to pay $1.6B in cash and new shares to acquire GLG Partners Inc.
- Mitsubishi UFJ recovers from deep losses, posts $4.2B net profit.
- Rosneft's Q1 net rises 19% to $4.45B, helped by crude output growth and higher oil prices.
- Samsung Electronics to invest record $22.9B in 2010 on manufacturing facilities, R&D.
- Sinopec gets approval to sell as much as $3.4B of bonds to fund expansion.
- Sirius XM Radio raised 2010 profit f'cast on new subscriptions being more than expected.
- Valspar Corp.'s Q2 net doubles to $61.7M on 20% rise in revs to $803.6M.
- Vodafone Group's fiscal-year net profit rose to 177% to $12.4B on lower impairments.
- WaMu amends bankruptcy plan, to return $7B to creditors; FDIC support unclear
Economic Calendar: Data on Building Permits, PPI, Housing Starts to be released today.
Earnings Calendar: ABK, ADI, ALOT, ANF, DKS, GRO, HD, HPQ, KIRK, SKS, TJX, VOD, WMT.
RECENT RATING ACTIONS
PSYCHIATRIC SOLUTIONS INC (PSYS)
LOWE'S COS INC (LOW)
SEALED AIR CORP (SEE)
UNIVERSAL HEALTH SERVICES (UHS)
TIMKEN CO (TKR)
PACTIV CORP (PTV)
COCA-COLA BOTTLING CO (COKE)
GATX CORP (GMT)
JC PENNEY CO INC (JCP)
NORDSTROM INC (JWN)
AMERICAN GREETINGS CORP (AM)
DILLARD'S INC (DDS)
Data provided by Egan-Jones Ratings and Analytics