Daily Highlights: 6.29.10
- Asian stocks were mostly lower Tuesday in choppy trade as China falters.
- BIS warns countries about risks of debt, on keeping interest rates low for too long.
- China Resources acquires Hong Kong's pacific coffee, to take on Starbucks
- China's Shanghai Composite slumps 4% in late trade on concerns over flows into equity.
- Fed adjusts $1.25 trillion plan to end mortgage-bond purchases on supply.
- IMF Chief says yuan revaluation won't occur 'very rapidly'.
- US Supreme Court leaves intact the centerpiece of the Sarbanes-Oxley Act.
- 3M sees Q2 revs of $6.6-6.75B vs. consensus estimate of $6.57B.
- Agricultural Bank of China lowers its price expectations for the domestic part of its IPO.
- Apple sells 1.7M iPhone 4s in 3 days.
- Barnes & Noble misses by $0.08; guides Q1 EPS below consensus.
- Enbridge Inc. plans an about C$400M expansion of its Waupisoo pipeline in Alberta.
- General Mills Board approves authorization to repurchase up to 100M common shares.
- Massey files complaint over regulators, says it was unfairly restricted in conducting its own investigation into the mine explosion.
- Micron Tech swung to Q3 profit of $939M as revs more than doubled to $2.29B.
- Noble Corp. to buy closely-held offshore driller FDR Holdings Ltd. for $2.16B.
- New York's MTA borrows $600M as deficit curtails subway and bus lines
- Nissan to double vehicle production in Indonesia by 2013, quadruple sales
- Siemens AG expects "strong profitability" in Q3 led by growth in new orders.
- Singapore Airlines plans $358M sale of bonds maturing in 10 years
- Sunoco Logistics buys Texon's butane blending business for $140M plus inventory.
- Telefonica's Vivo bid stirs Portuguese hostility before vote
- Tesla raises $226M in first US carmaker IPO in 54 years.
- Toyota and Honda lead increase in Japan’s auto production as demand recovers
- URS Corp. to buy smaller UK peer Scott Wilson Group PLC for GBP161M.
- Volcker rule may give Goldman and Citigroup until 2022 to comply
Economic Calendar: Data on Case-Shiller 20-city Index, Consumer Confidence to be released.
Earnings Calendar: ABCW, API, FNBN, GIS, PARL, WOR, ZZ.
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Data provided by Egan-Jones Ratings and Analytics