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