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.
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Data provided by Egan-Jones Ratings and Analytics