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Daily Highlights: 7.17.09
- California fails to progress on budget, risking downgrade of debt to junk
- California's median home price rises 7% in June from May.
- China fails to complete bill sale for third time in two weeks
- Crude oil falls as stronger dollar limits commodity investments
- Homebuilder Confidence in US hits 10-month high as sales, interest rise.
- Explosions ripped through Marriott, Ritz-Carlton Hotels in Jakarta; killing eight.
- Biogen's Q2 net falls 31% to $142.9M on higher drug-licensing payments.
- BofA required by US to overhaul its board or face harsher penalties.
- British Airways Plc, plans to raise 600 million pounds ($982 million) in funding.
- CIT says its in talks with potential lenders on financing.
- Citi'sJune net income rises from a $2.5B loss last year to a $4.3B gain.
- Charles Schwab's Q2 net falls 31% on restructuring, fed insurance costs.
- Delphi's lenders to bid for the co., plan to defeat govt sale of the co. to GM, PE firms.
- EnCana to sell non-core Alberta properties for $632M to Bonavista Energy Trust.
- GE reports quarterly earnings of $2.9 billion, down 47%.
- Harley-Davidson's Q2 net falls 91%; to cut 1,000 more jobs. Lower shipments ahead.
- IBM's profit rose 12% to $3.1B as improved margins offset a drop in sales.
- JP Morgan net rises 36%; record net revenue on 29% rise in invt banking income.
- Macquarie Countrywide sells US property portfolio for $1.3B.
- Marriott's Q2 profit tumbles 76% to $37M; revs dropped 20% to $2.63B.
- Mosaic Co. is being pursued by Vale SA with a $25B bid.
- Nokia cut its outlook for margins, market share, after Q2 net falls 66%.
- Nokia may lose smart-phone buyers without Apple-like programs.
- Porsche CEO says sale is imminent as VW power struggle nears end.
- Renault SA said global vehicle sales fell 16.5% in the first half of the year.
- RIM to pay $267.5M to Visto Corp. to settle a long-running patent dispute.
- Rio Tinto believes detained China staff acted with integrity.
Economic Calendar: Data on Building Permits, Housing Starts to be released today.
Earnings Calendar: ACU, AOS, BAC, BBT, C, GE, MAT, MI, STU.
Companies to watch: AO Smith Corp., AngioDynamics, BofA, BB&T Corp, CIT, Callaway Golf, Citigroup, GE, Marshall & Ilsley, Mattel, RIM.
Recent Egan-Jones Rating Actions:
PACKAGING CORP OF AMERICA (PKG)
JABIL CIRCUIT INC (JBL)
AAR CORP (AIR)
CENTURYTEL INC (CTL)
CINTAS CORP (CTAS)
BAXTER INTERNATIONAL INC (BAX)
MGIC INVESTMENT CORP (MTG)
JPMORGAN CHASE & CO (JPM)
MOSAIC CO/THE (MOS)
CIT GROUP INC (CIT)
JACK IN THE BOX INC (JACK)
UNUM GROUP (UNM)
BRINKER INTERNATIONAL INC (EAT)
Data provided by: Egan-Jones Ratings And Analytics
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Paul Krugman of New York Times today on Goldman Sachs: http://www.nytimes.com/2009/07/17/opinion/17krugman.html
nothing better than seeing C and BAC rally on earnings, posting a profit through assest liquidation and shoddy accounting. am I missing something here? oh yea, there still owned by the government.
california's median rise as more high end homes are sold in foreclosure.
Amen. And this will be completely overlooked in the mainstream media. The bottom is here, rebounding!