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)

Comments

[Anonymous]

BRCM nets 3 cents, stock price: $27 and change; one year ago earnings 25 cents, stock price $23.71. WTF?

[SWRichmond]

Why doesn't the fucking ten-year just go to 370 and get it over with?