Daily Highlights: 7.19.10

• Abu Dhabi & UTD TECH plans $800M military aircraft repair joint venture
• Asian stock markets were lower Monday, dragged by Wall Street's losses on Friday.
• BOE's Sentance says 'gradual' rate increase in UK would help recovery.
• China Oil Spill pollutes 50 sq km. of sea
• Dollar weakens most in 14 months versus Euro on signs of economic slowdown.
• Housing, Leading Index in US probably slumped in sign recovery slowing.
• IMF says Hungary must do more to boost revenue, reform state enterprises.
• U.S. consumer prices dipped 0.1% in June from the previous month.
• AIG agrees to $725M settlement of securities suit.
• Apollo's Hotel Company Innkeepers USA is said to prepare bankruptcy filing.
• BP to sell half its stake in Alaska’s Prudhoe Bay oil field to Apache
• Carlyle, TPG likely to buy out Healthscope for $1.7B in cash.
• Citigroup reported profit of $2.7B, down 37% YoY; but beats analyst estimates.
• Delta's June net income rises from a $257M loss last year to a $467M gain this year.
• Goldman's Kinder Morgan said to proceed with IPO, seek banks to run sale.
• Halliburton's June net income up from $262M last year to $486M this year.
• Hasbro's Junenet income up from $39M last year to $44M this year.
• J&J reorganizes plant tied to recall and cuts 300 jobs
• Mattel's Q2 net rises 140% to $51.6M as revs rose 13%, in line with est., to $1.02B.
• Motorola near wireless asset sale to Nokia-Siemens JV for ~$1.2B.
• PetroChina says Dalian oil spill contained; port shut after blasts and leak
• Philips Shares Fall On Fears Of Slowing Sales Growth
• Schwab's Q2 earnings were flat at $205M as revs dipped $5M to $1.08B.
• Telefonica drops $9.2B offer for Portugal Telecom's stake in Vivo, rejects extension.
• Unilever to sell Findus Italy division to Birds Eye Iglo for $1.04B
• US orders BP to reopen Gulf Well, capture oil after concluding tests.

Vodafone India partner Essar weighs sale of stake in IPO.
Economic Calendar: Data on National Homebuilders Association Index to be released today.
Earnings Calendar: ABCB, BBX, BRO, CACH, CBAN, CBKN, DAL, DYAX, EML, FCFL, GHL,
RECENT RATING ACTIONS
DAIMLER AG (DAI GR)
GREENBRIER COS INC (GBX)
ROCKWELL COLLINS INC (COL)
BANK OF AMERICA CORP (BAC)
GANNETT CO INC (GCI)
GENERAL ELECTRIC CO (GE)
MOTOROLA INC (MOT)
COMMERCIAL METALS CO (CMC)
CITIGROUP INC (C)
FAIRFAX FINANCIAL HOLDINGS (FFH CN)
NEXEN INC (NXY CN)
APACHE CORP (APA)

Data provided by Egan-Jones Ratings and Analytics

Comments

[GIANTKILR]

With all this good news it's no wonder futures are up!

[Careless Whisper]

Prudhoe Bay and what's left of the oil there is probably BP's least desireable asset, in my opinion anyway.

[Temporalist]

Hungary Refuses Further Austerity After IMF Talks End

July 19, 2010, 8:09 AM EDT

The International Monetary Fund and European Union ended talks with Hungary at the weekend without endorsing the budget plans. The EU demanded “tough decisions, notably on spending,” to meet deficit requirements. The IMF said the planned tax will have a negative impact on lending and growth.

http://www.businessweek.com/news/2010-07-19/hungary-refuses-further-aust...

Ireland's debt downgraded by credit ratings agency

• Moody's cuts Ireland's sovereign bond rating by one notch
• Move will add to fears over Europe's debt crisis

The agency cut Ireland's sovereign bond rating by one notch to Aa2 this morning, citing weaker growth prospects and the high cost of rebuilding the country's crippled banking system. It added that the outlook was stable.

http://www.guardian.co.uk/business/2010/jul/19/ireland-debt-downgraded-r...