Daily Highlights: 7.22.10

• Asian shares lower after U.S. losses; stronger yen hits Tokyo.
• Bank failures could be key to European Union's stress test success.
• Bernanke signalled that no moves were imminent to bolster the economic recovery.
• China shares rise for 4th day, led by real estate and metals.
• Dubai World to meet with its lenders to win approval for its $23.5B restructuring plan.
• Financial Overhaul is law, now comes battle over its rules.
• IMF calls for more ‘stress-test’ openness; unconvinced by stringency criteria.
• Land prices in 105 Chinese cities rise 1.5% in Q2 from Q1.
• ABB Q2 profit drops 8% to $623M, beats views. Sales fell 4% to $7.57B.
• Abbott Labs' Q2 earnings were flat at $1.29B, despite revs rising by 18% to $8.8B.
• Blackstone Group may purchase $1.15B worth of realty loans from Morgan Stanley's Japanese operations.
• CAT's June net income rose from $371M last year to $707M this year.
• China National Petroleum says a vital pipeline resumes operations after the reported oil spill.
• Continental's June quarter net income up from a $213M loss last year to a $233M gain this year.
• Credit Suisse posted a 1.3% rise in Q2 net profit, as the bank curbed costs.
• Ford scuttles plans to raise new debt as overhaul chills market.
• Freeport McMoRan reported a 10% jump in Q2 profit on sharply higher metals prices.
• GM to purchase Americredit.
• HNI beats by $0.04, reports Q2 EPS of $0.15 as revs rose 6.3% to $398.2M.
• Hynix Semiconductor reported operating profit and sales that beat analysts’ estimates.
• India may bid for BP stake in Vietnam to secure gas supplies.
• Macquarie said to seek bids of $3.5B for Spirit Finance.
• Motorola sues Huawei, alleging it was engaged in a plot to steal its latest technology.
• Netflix's Q2 profit jumps 34% to $43.5M on subscriber gain. Revs up 27%.
• Qualcomm 2010 rev f'cast tops some est., June qtr profit up 4.1% at $767M.
• Roche half-year profit rises 37% due to strong drug sales and Genentech integration.
• Santander eyes £3B UK autumn listing; seeks funding to buy 318 branches from RBS.
• Sinopec shuts oil wells in Southern China on floods, says impact 'limited'.
• UPS's June net income rises from $445M to $845M.
• Volvo makes Q2 profit, due to higher demand and improved productivity.

Earnings Calendar: ABB, AMZN, AN, AXP, BJRI, BMY, CAT, CS, FLEX, GRA, LLY, MHS, MMM, NYT, OLN, T, TROW, XRX.

RECENT RATING ACTIONS
EMC CORP/MASSACHUSETTS (EMC)
UNITED RENTALS INC (URI)
US AIRWAYS GROUP INC (LCC)
UAL CORP (UAUA)
WELLS FARGO & CO (WFC)
MEDIA GENERAL INC (MEG)
MORGAN STANLEY (MS)
COCA-COLA CO/THE (KO)
ILLINOIS TOOL WORKS INC (ITW)
PEPSICO INC/NC (PEP)
EATON CORP (ETN)
APACHE CORP (APA)

Data provided by Egan-Jones Ratings and Analytics

Comments

[Greenback]

Bp is going to have a fun weekend....

http://www.nhc.noaa.gov/gtwo_atl.shtml

http://www.wunderground.com/tropical/tracking/at201097_model.html

[fuu]

Even more fun as more photos released by BP turn out to be photoshopped fakes: http://www.washingtonpost.com/wp-dyn/content/article/2010/07/21/AR2010072105833_pf.html

[101 years and c...]

GM to purchase Americredit.  This is GREAT news.  Now, the US Car company will be making loans to unqualified people.  Apparently, they haven't heard what happens when you give people money they wont pay back.

"

DETROIT (AP) -- General Motors Co. says it will acquire auto financing company AmeriCredit Corp. so it can increase leasing and make more loans to buyers with low credit scores.

The Detroit automaker says it will pay $3.5 billion to buy all of AmeriCredit's stock at $24.50 per share -- a 24 percent premium over Wednesday's close.

It expects the deal to close in the fourth quarter.

GM CEO Ed Whitacre said Thursday the deal will make GM more competitive in auto financing. GM executives have said their sales have been hurt by a lack of subprime and lease financing."

[The Rock]

"IMF calls for more ‘stress-test’ openness; unconvinced by stringency criteria.
"

Now THAT'S funny!!!