Daily Highlights: 6.30.09
- Asian stocks rose, with benchmark index set for a record gain.
- Bank of America Merrill Lynch named Erh Fei Liu as its China head of corporate and investment banking.
- Bernie Madoff was sentenced to 150 years in prison for bilking investors ranging from hedge funds to charities to retirees of $60B.
- Broadcom Corp. strengthened its unsolicited offer for Emulex Corp. by 19% to $912M
- Cathay Pacific Airways Ltd., Air China Ltd. and Singapore Airlines Ltd. can take some solace from the 43% surge in the price of jet fuel this year.
- China raised fuel prices by as much as 11% to prevent making losses as crude oil costs rise.
- Dollar weakens as improving risk appetite spurs yield demand.
- Elpida Memory Inc. will receive 50 billion yen ($521 million) from the Japanese government
- Facebook Inc. announced David Ebersman, former CFO of Genentech Inc., as its new CEO.
- General Motors Corp. will pull out of auto-assembly venture with Toyota Motor Corp.
- Insurgents in Nigeria drive up oil prices by striking one of Royal Dutch Shell's units.
- Japan’s unemployment rate rose to a five-year high in May; 5.2% from 5%in April.
- Johnson & Johnson ordered Abbott to pay its rival $1.67B for patent infringements.
- Justice objected to a plan by UAL Corp. and Continental to cooperate on routes world-wide.
Recent Egan-Jones Rating Actions
ASHLAND INC (ASH)
TRW AUTOMOTIVE HOLDINGS CORP (TRW)
KB HOME (KBH)
SEARS HOLDINGS CORP (SHLD)
BE AEROSPACE INC (BEAV)
ENTERPRISE PRODUCTS PARTNERS LP (EPD)
KIMBERLY-CLARK CORP (KMB)
HJ HEINZ CO (HNZ)
MICRON TECHNOLOGY INC (MU)
MCCORMICK & CO INC/MD (MKC)
LENNAR CORP (LEN)
CONAGRA FOODS INC (CAG)
LEAR CORP (LEA)
Data provided by: Egan-Jones Ratings and Analytics