Daily Highlights: 7.20.10

• Asian stocks gain on outlook for China's economy; Yen weaken.
• Backed by moderate Republicans, Democrats expect to extend jobless benefits.
• China loosens rule on yuan banking in Hong Kong as it promotes currency.
• China needs higher interest rates or stronger yuan to avoid inflation and 'hard landing'.
• Oil hovers below $77 as mixed signs from economy, stock markets extend malaise.
• Optimistic start for Farnborough Air show fuels hope that worst is past for airlines.
• UK June public sector borrowing $22.1B, slightly less than last June.
• Canada Pension and Onex Corp. are considering a $4.4B bid for Tomkins Plc.
• Crown Holdings's Q2 profit grew 6.7% to $112M on higher margins. Revs slid 2.2%.
• Delta Air Lines posts Q2 EPS of $0.65 (cons $0.63); revs rose 16.7% to $8.17B.
• Electrolux posted a 57% rise in Q2 net profit, but revenue fell.
• Emirates orders 30 Boeing 777 planes for $9.1B.
• Goldman's June net income slips from $2.7B last year to $453M this year.
• Griffon to buy lawn and garden firm Ames True Temper for $542M
• Halliburton's Q2 earnings rose 83% to $480M as revs rose 26% to $4.39B.
• Handelsbanken profit rose 1.7% to $349.6M as loan losses shrink.
• Hasbro's Q2 profit rose 11% to $43.6M on lower royalty payments. Revs fell 7%.
• Honda sees April-June operating profit expanding to Y150B level.
• Honda plans electric vehicle, plug-in in 2012.
• IBM Q2 up 9.1%; revenue rises 2% to $23.72B, but falls short of expectations.
• Idex Corp Q2 profit up 45% on revenue growth; lifts FY view
• Interactive Data 2Q earnings fell 24%, hit by buyout costs.
• Lincare Holdings Q2 profit jumped 39% on higher revenue and improved margins.
• Nexus One smartphone designed by Google will soon be discontinued in the US.
• Noble Corp.'s Q2 profit declined 44% on lower contract-drilling-services revenue.
• Nokia Siemens to buy Motorola Wireless unit for $1.2B.
• PetMed Express misses by $0.06, posts Q1 EPS of $0.32. Revs fell 3.6% to $74.4M.
• SAIC Motor sees 1H net profit up 300% YoY.
• Texas Instruments' Q2 profit nearly tripled to $769M on a 42% jump in revs.
• UnitedHealth 2Q net income climbs 31 percent Tto $1.23B, insurer raises outlook.
• Weatherford revenue jumps 22% to $2.44B, strong performance in U.S. market.
• Whirlpool lifts outlook as earnings jumped to $205M.

Economic Calendar: Data on Building Permits, Housing Starts to be released today.

RECENT RATING ACTIONS

MCMORAN EXPLORATION CO (MMR)
MOTOROLA INC (MOT)
DELL INC (DELL)
HALLIBURTON CO (HAL)
DELTA AIR LINES INC (DAL)
HASBRO INC (HAS)
DELTA AIR LINES INC (DAL)
MATTEL INC (MAT)
DAIMLER AG (DAI GR)
GREENBRIER COS INC (GBX)
ROCKWELL COLLINS INC (COL)
BANK OF AMERICA CORP (BAC)

Data provided by Egan-Jones Ratings and Analytics

Comments

[FischerBlack]

Get ready for Black Tuesday.

[qrs521]

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[Instant Karma]

I know it's a way off, but what happens to stock and commodity prices once a fraction of the trillions of dollars/yen/Euros (etc.) hiding in the bond markets re-allocates into equities and commodities?

That's the tipping point between deflation and inflation. I bet it happens faster than most people think possible, once it happens.

[reader2010]

that's gonna happen as soon as Ben starts QE 2.