Daily Highlights: 7.2.09

• Private-sector jobs in the U.S. fell 473,000 in June, according to ADP.
• Credit Card Companies raising interest rates and fees 7 months before the new
• law comes into effect.
• AIG sold the foreign-exchange prime brokerage platform of its Financial Products unit to BNP Paribas SA.
• AIG stock delisting notice is a mistake says NYSE.
• Ball Corp. will pay $577M to buy four plants from Anheuser-Busch InBev.
• Beazer Homes to pay up to $53M to settle mortgage related claims.
• Chrysler June sales down 42% to 68,297 units.
• Constellation Brands' Q1 net drops 85% to $6.5M; maintains Y09 EPS outlook.
• Ford's June sales fell 11% - the smallest drop by a major auto maker in more than a year. To increase Q3 production to 485,000 vehicles.
• GM to hold 'garage sale' for hazardous plants, golf course, parking lots.
• GMAC converted to a corporation from a limited liability company.
• General Mills' Q4 profit rises 94% to $358.8M; revs up 5% at $3.65B. Ups FY09 EPS view to $4.20-4.25 vs. cons est. $4.15.
• Hitachi and LG settle US patent disputes over plasma televisions, computer servers servers, and car radio and navigation systems.
• Hitachi will supply lithium-ion batteries to GM.
• Illumina Inc. sees Q2 rev at $161M vs. prev view of $168-173M.
• Lear Corp to file for voluntary bankruptcy.
• Nomura to buy Citigroup's Japanese trust banking unit for $197.3M.
• SABMiller plans to place a 10% interest in its S. African business for $778.2M.
• SEC approved a proposal that takes power away from stock brokers in deciding who sits on corporate boards.
• Standard Chartered will move more than 400 employees at its global markets team in HK to Two International Finance Centre.
• Zurich to expand U.S. residential coverage by selling policies to customers it added with the purchase of AIG.

Economic Calendar: Data on Hourly Earnings, Initial Claims, Nonfarm Payrolls to be
released today.

Recent Egan-Jones Rating Actions:
LEAR CORP (LEA)
BALL CORP (BLL)
GANNETT CO INC (GCI)
MERCK & CO INC/NJ (MRK)
LOUISIANA-PACIFIC CORP (LPX)
FIRST HORIZON NATIONAL CORP (FHN)
HERSHEY CO/THE (HSY)
ARCHER-DANIELS-MIDLAND CO (ADM)
KING PHARMACEUTICALS INC (KG)
HOSPIRA INC (HSP)
H&R BLOCK INC (HRB)
ASHLAND INC (ASH)
TRW AUTOMOTIVE HOLDINGS CORP (TRW)

Data provided by: Egan-Jones Ratings And Analytics

Comments

[phaesed]

Wait..... They let GMAC the BANK actually survive and keep cash hidden? wtf.