Daily Highlights: 7.23.10

• Euro weakens versus Dollar, Yen on speculation tests to reveal loan losses.
• 3M net income climbs 43%; raises 2010 EPS view to $5.65-5.80 (prev $5.40-5.60).
• Adidas posts 2Q results 'significantly above' market expectations.
• Akzo Nobel says net profit rose 76% in 2Q thanks to sales growth.
• Amazon's Q2 earnings rose 45% to $207M on a 41% increase in sales of $6.57B.
• AmEx's Q2 profit rose to more than $1B from $337M, and Capital One's increased to $608M from $223M.
• AT&T's Q2 net income jumps 25% to $4.0B; adds 1.6 million wireless accounts.
• Bank of Ireland, Allied Irish said to pass EU's stress tests.
• Bucyrus misses by $0.08, posts Q2 EPS of $0.89. Revenues rose 19.9% to $868.7M.
• De Beers says diamond sales advanced 84% to $2.6B during H1.
• E*Trade swings to $35M profit on lower loan loss provisions. Revs fell 14% to $534M.
• Exelon Corp.'s Q2 earnings slid 32% to $445M, on higher charges & expenses.
• Ford Q2 profits rose from $2.3B (with a $3.9B non operating gain) last year to $2.6B this year.
• Ford bullish on bumpy Japan market after Asian manufacturing investments.
• Goldman Sachs told U.S. investigators which counterparties it used to hedge AIG risk.
• Honeywell's June net income up from $450M to $468M.
• JFE Holdings plans to invest about $1B in India’s JSW Steel Ltd.
• Kimberly Clark's June net income rises from $403M to $498M.
• Microsoft 4Q Up 48% On Strong Windows 7, Office 2010 Sales.
• Mosaic reported Q4 EPS of $0.89 as revenues rose 16.7% to $1.86B.
• Murphy Oil announces plans to exit the refining business.
• Olin reports EPS in-line, beats on revs; Reports Q2 EPS of $0.21. Revs rose 5.9%.
• Quicksilver Resrcs to sell all of its interests in Quicksilver Gas Services for $1B.
• Ryder's June net income up from $23M to $30M.
• Reynolds' Q2 profit slips 9% to $341M, but snuff volume on the rise. Revs flat.
• St. Jude Medical Inc. posted a 16% climb in Q2 earnings and raised its full-year f'cast.
• Santander had 98.4% of the shares in its Puerto Rico unit BanCorp.
• Schlumberger 2Q earnings increased 33%.
• Verizon's June results: $1.5B gain last year, $200M loss this year.
• Vodafone Q1 organic service revenue increased 1.1% to 10.6 billion pounds.

Earnings Calendar: ALV, ASH, BPOP, DOV, F, GAP, HGSI, HON, IR, JCI, KMB, MCD, MHP, R, SLB, UCBI, VZ.

RECENT RATING ACTIONS

GOLDMAN SACHS GROUP INC/THE (GS)
ROYAL CARIBBEAN CRUISES LTD (RCL)
DIAMOND OFFSHORE DRILLING (DO)
JETBLUE AIRWAYS CORP (JBLU)
NOBLE CORP (NE)
UNION PACIFIC CORP (UNP)
STANLEY BLACK & DECKER INC (SWK)
CATERPILLAR INC (CAT)
PEABODY ENERGY CORP (BTU)
CONTINENTAL AIRLINES INC (CAL)
TEXTRON INC (TXT)
PENN NATIONAL GAMING INC (PENN)

Data provided by Egan-Jones Ratings and Analytics

Comments

[doublethink]

Never Say Die

Public option is alive and...?

http://rawstory.com/rs/2010/0722/woolsey-robust-public-option/

[Commander Cody]

All in all, based on these earnings, it would appear that the earnings season is going swimmingly.  Risk on!

[Dapper Dan]

McDonald’s Corp. , the world’s largest restaurant chain, posted a 12 percent gain in second- quarter profit after attracting more customers with its frappes and smoothies. From Bloomberg.

Is this the kind of shit that moves the equitiy markets? smoothies and frappes.   We are so screwed!

[Temporalist]

Max Keiser and Stacy Herbert at their best with Gregor MacDonald:

http://tiny.cc/7lm5h

They cover China, Goldman, PMs, dollar...

[anony]

So what happened that sunk AMZN like a stone?

Nevermind, what was I thinkin'?

[Temporalist]

"The U.S economy won't be able to support a stronger equity market in the third and fourth quarter, warns Andrew Freris, senior investment strategist, Asia at BNP Paribas Wealth Mgmt."

This Rally Can't Be Sustained

http://www.cnbc.com/id/15840232?video=1550106286&play=1

"of course we can't move away from the fact that the core of what started all of this was the housing crisis.  And this hasn't gone away."

Also Andrew Freris:

"ways to address the U.S fiscal deficit have yet to be found."

http://www.cnbc.com/id/15840232?video=1550058337&play=1

[outamyeffinway]

Most revenue is being pulled forward to avoid the ass smashing taxes next year. The grind continues.....

[Oh regional Indian]

By god, green shoots everywhere. Reality lost? Who is buying? Circle Jerking Double Booking? I remember that from my dot com days. Hmmmmmmm......How green was my valley... ORI http://aadivaahan.wordpress.com

[Oh regional Indian]

double!