Daily Highlights: 7.24.09
- Asian markets rise on improving economic data, strong earnings.
- Europe truck sales down for 14th month.
- Existing-home sales rose 3.6% in June from the previous month.
- U.K. second-quarter GDP fell 0.8%, according to preliminary reading.
- US Mortgage rates rise to 5.2% in first gain in 4 weeks: Freddie Mac.
- 3M Co. posts 2Q EPS of $1.20, beating cons est. by 28%; ups Y09 EPS f'cast.
- AmEx reported Q2 sales of $6.09B, 1.4% lower than est.. Net down 48%.
- AT&T's Q2 profit fell 15% to $3.2B on weakness in the landline business.
- Bristol-Myers Q2 profit up 29%.
- Broadcom Q2 net income down down 90%.
- CIT may sell railcar, aircraft leasing units as lender seeks more capital.
- Capital One’s net excl. one-time charges fell by half to $224.2M on a 5% dip in revs.
- Chubb Corp. reported Q2 net of $551M, up 17% YoY, beats estimates.
- Ericsson Q2 profits drop 56%.
- Ford posts Q2 profit of $2.3B led by $3.4B gain related to debt-restructuring.
- Guaranty Financial said it can’t raise capital to comply with regulator demands
- Hershey Co. expects Y09 EPS to be slightly above it objective of 6-8% growth.
- McDonald's profit falls 8% to $1.09B on 7% drop in sales.
- Microsoft Q4 profit down 29%.
- New York Times Co.'s 2Q net rises 84% on tax benefit, lower operating costs.
- Occidental Petroleum's 2Q profit dropped 70% to $682M; revs down 48% at $3.69B.
- Pfizer Inc. goes to trial re. epilepsy medication Neurontin increases suicide risk.
- Philip Morris' Q2 profit falls 8.6% on a $135M charge to fight counterfeiting in Colombia.
- Reliance Steel misses by $0.28, Q2 loss of $0.08/sh. Revs down 40.7% at $1.24B.
- Samsung Q2 profit rose 5.2%.
- Schlumberger Q2 earnings down 57% as drilling drops.
- Toyota said to decide to shut California auto plant in first-ever closure.
- UPS' 2Q net slid 49% to $445M, hit by the downturn. Sees 3Q EPS below cons f'casts.
- Vodafone Q1 revenue up 9.3%.
- Volkswagen increases its global car market share to 12% from 9.9%.
- Xerox's Q2 profit falls 35%; sees Q3 EPS at $0.10-0.12; Y09 EPS at $0.50-0.55.
Recent Egan-Jones Rating Actions:
BRISTOL-MYERS SQUIBB CO (BMY)
AIRTRAN HOLDINGS INC (AAI)
VF CORP (VFC)
NABORS INDUSTRIES LTD (NBR)
UNITEDHEALTH GROUP INC (UNH)
BOEING CO/THE (BA)
PFIZER INC (PFE)
PEPSICO INC/NC (PEP)
ELI LILLY & CO (LLY)
FREEPORT-MCMORAN COPPER (FCX)
MORGAN STANLEY (MS)
LEGG MASON INC (LM)
ADVANCED MICRO DEVICES INC (AMD)