Daily Highlights: 6.22.10
- Asian, European stocks fell for the first time in 9 days; Euro weakened against Yen.
- German business confidence rises on increased export expectations.
- US home sales likely to weaken with the end of the tax credits: Bloomberg
- Japan targets balanced budget by 2020 to contain debt.
- Oil declines as optimism fades over boost to global economy from Yuan plan.
- Russia cut natural gas supplies to Belarus after Minsk failed to pay off debts.
- Aegon says it will explore strategic options for its life reinsurance business, incl sale.
- Barnes & Noble, Amazon cut prices of their e-reader in competition to iPad.
- California Pizza lowers Q2 EPS view to $0.10-0.15 (prev $0.24-0.26) on lower sales.
- Carlsberg expects Russian beer sales to fall by 10-13% this year, on hike in beer taxes.
- Covidien announces pricing of $1.5B senior notes offering.
- FTC to suspend administrative trial proceedings against Intel. Weigh possible settlement.
- Gazprom sees gas export revenue rising to more than $45B this year.
- Lockheed Martin: US Defense awards $5B contract for logistics support services.
- PetSmart to repurchase $400M of shares.
- Ralcorp Holdings Inc. agreed to buy American Italian Pasta Co. for $1.2B.
- Samsung Mobile to invest about $2.1B in new production line for mobile-phone displays.
- Sonic Corp.'s reported a 35% drop profits at $11M; revenue slumped 19% to $145.9M.
- Station Casinos Judge refuses to block bankruptcy auction.
- Steelcase misses by $0.02, posts Q1 loss of $0.08/sh. Revs fell 0.7% to $541.8M.
- Toyota suspends prodn at a plant in southern China due to worker strikes.
Economic Calendar: Data on Existing Home Sales, FHFA Housing Price Index to be released.
Earnings Calendar: ADBE, APOG, CCL, FLOW, FUL, JBL, JEF, PALM, RHT, SXE, WAG.
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Data provided by Egan-Jones Ratings and Analytics