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Daily Highlights: 6.25.10
- Asian stocks decline on US growth, Greek default concerns.
- German luxury carmakers add shifts and cut breaks to meet demand
- Monsoon rains may be more than predicted, helping output of crops in India.
- Mortgage rates on 30-Year U.S. loans slide to record 4.69%
- Yen near two-week high against Euro on speculation global economy slowing.
- Adobe enters into stock repurchase agreements for $400M.
- Alibaba.com buys US e-Commerce site Vendio to boost sales outside China.
- AO Smith lowers 2010 EPS below consensus, due to one-time charge from flood.
- Banco Santander SA to buy a $3.2B automobile-loan portfolio from Citigroup Inc.
- Boeing says 787s may need new tail parts after inspections.
- Campbell Soup to sell German Village Products Pasta Plant; financial terms not disclosed.
- Chicago City Council allows Walmart to open its second store in the city.
- China's SAIC Motors aims to raise up to $1.5B in share placement.
- ConAgra Foods' Q4 earnings declined 48% to $90.2M; sales fell 5% to about $3.1B.
- Discover Fincl Srvcs reported a 14% jump Q2 profits on improving credit trends.
- Finish Line beats by $0.09, reports Q1 EPS of $0.25. Revenues rose 9% to $282.4M.
- Hasbro Inc. said it is not interested in going private.
- H&R Block's April net income declined slightly from $707M last year to $691M this year.
- Lennar swung to a profit of $39.7M, helped by higher revenue and lower land-related charges.
- Lukoil allocates $5B to finance Iraq west Qurna-2 field development
- Mizuho plans $9.6B share sale to lift capital after investment loss
- Morgan Stanley pays $102M to Massachusetts as settlement over its subprime lending practices.
- Oracle Q4 profit tops estimates; net up 25% to $2.36B. Sees Q1 EPS at $0.35-0.37.
- Research In Motion beats by $0.04, misses on revs; guides Q2 EPS above consensus.
- SAIC aims to raise up to $1.5B in share placement
- TIBCO Software posted Q2 EPS of $0.15 (cons $0.13); revs rose 21.4% to $173.3M.
Economic Calendar: Data on GDP, Michigan Sentiment to be released today.
Earnings Calendar: ABCW, ASA, AZZ, BZC, FRD, KBH, LBIX, VOL.
RECENT RATING ACTIONS
LENNAR CORP (LEN)
MOSAIC CO/THE (MOS)
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DISCOVER FINANCIAL SERVICES (DFS)
DARDEN RESTAURANTS INC (DRI)
HASBRO INC (HAS)
SPEEDWAY MOTORSPORTS INC (TRK)
NIKE INC (NKE)
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Data provided by Egan-Jones Ratings and Analytics
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Will MS have to pay every state? Adds up to a decent charge..... this one wasnt on my radar, anyone any info?
Low Euro... Benzs and Bimmers streaming out the door. Those who think the Euro has been bad for Germany don't know much.
The biggest story that is not really being reported today is the Senate has failed to extend jobless benefits and aid to States.
Lapsing Benefits
The impasse means unemployment benefits will be cut off to more than 1 million people by the end of this week, according to the U.S. Labor Department.
White House press secretary Robert Gibbs said in a statement that Senate Republicans “obstructed a common-sense package that would save jobs, extend tax cuts for businesses and provide relief for American families who have suffered through the worst economic downfall since the Great Depression, even after Democrats offered multiple compromises” to gain backing for the bill.
or how about this awesomeness:
"LONDON—Romania's constitutional court ruled Friday that austerity measures proposed by the government were unconstitutional, a move that could compromise Romania's International Monetary Fund-led bailout"
http://online.wsj.com/article/SB10001424052748703615104575328334089142998.html?mod=WSJ_World_LEFTSecondNews
Following a unanimous vote in the Senate earlier today, the House of Representatives tonight voted 408-8 to approve the massive new sanctions against Iran earlier this week, which center on forcing non-US companies to participate in the US embargo on Iran’s energy industry.
In the House of Representatives only two Republicans, Reps. Ron Paul (R – TX) and Jeff Flake (R – AZ), and six Democrats, Rep.s John Conyers (D – MI), Pete Stark (D – CA), Brian Baird (D – WA), Tammy Baldwin (D – WI), Earl Blumenauer (D – OR) and Dennis Kucinich (D – OH) opposed the bill.
Beyond punishing companies that do business with Iran’s oil and gas sector, the new sanctions will also expand the list of Iranian goods that are not allowed to enter the United States, and would encourage state and local governments to ‘divest’ from companies that flaunt the restrictions.
The sanctions are in addition to the sanctions announced last week by the Treasury Department, and the sanctions which the United Nations Security Council announced a week before that. Supporters say the sanctions are meant to “punish” Iran for an attempt to produce a nuclear weapon, though even America’s most recent National Intelligence Estimate says Iran doesn’t have any such program, and Iran is confirmed to not be enriching uranium beyond the level for civilian use.
http://news.antiwar.com/2010/06/24/congress-overwhelmingly-passes-new-ir...
more on the Gaza concentration camp:
Iran Activists Cancel Gaza Aid Flotilla ‘due to Israeli threats’: Separate Iranian ship heads to Gaza via Caspian Sea After Egypt Denies Israel Request to Prevent Vessels in Suez Canal. By Haaretz Service: 24.06.10
One of the organizers of an Iranian aid flotilla that was to said to Gaza in efforts to break Israel's naval blockade on the territory, announced Thursday that the event has been cancelled due to "Israeli threats."
A separate Iranian ship carrying 60 Iranian activists was being prepared to sail to Gaza via the Caspian Sea, according to Army Radio. This after the Lebanese media reported several days ago that Egypt has denied Israel's request to prevent Iranian ships from passing through the Suez Canal toward Egypt.
Meanwhile Thursday, the U.S. State Department issued a statement calling the aid flotillas to Gaza irresponsible.
"Mechanisms exist for the transfer of humanitarian assistance to Gaza by member states and groups that want to do so," the U.S. State Department said regarding Lebanese plans to ship aid to Gaza. "Direct delivery by sea is neither appropriate nor responsible, and certainly not effective, under the circumstances."
The Lebanese and Iranian efforts come after a tragic incident aboard a Turkish aid ship, part of an 8-ship Turkish flotilla, which was headed for Gaza on May 31. Israeli navy commandos, intent on preventing the ship from reaching Gaza's shore, boarded the ship, and were met by a violent mob wielding sticks and knives. The clash that ensued resulted in the deaths of nine Turkish activists.
http://www.haaretz.com/news/international/iran-activists-cancel-gaza-aid-flotilla-due-to-israeli-threats-1.298165