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Daily Highlights: 7.26.09
- Asian stocks rise to one-month high on European stress tests.
- EU to adopt new sanctions package against Iran's nuclear program.
- European Union stress tests found banks need to raise €3.5B ($4.5B) of capital.
- Japan's stocks rise after Europe stress tests end, Yen slides.
- Global economy slowing to 3.25% from 4.7% recent average.
- IMF, EU inspectors in Greece for fiscal checkup required by rescue loans.
- Oil hover near $79 in Asia as strong US corporate earnings boost investor optimism.
- BP resumes efforts to drill relief well in Gulf of Mexico.
- Clorox expects to receive $750M for STP and Armor All.
- Deutsche Bank may report lower Q2 profit as Europe’s sovereign debt crisis led to a decline in trading revenue.
- Dubai Financial Market Co. Q2 profit tumbled 80% to 25.9 million U.A.E. dirhams ($7M).
- Embattled BP Chief Hayward to depart, Robert Dudley to succeed.
- Enbridge Energy beats by $0.14, posts Q2 EPS of $0.85. Revs rose 34.5% to $1.75B.
- Ericsson posted a worse-than-expected Q2 profit on 7.9% lower sales.
- Ford introduces new Explorer that focuses on fuel economy.
- Goldman threatened with audit by US panel; FCIC holds to demand for derivatives data.
- Harvey Norman's sales drop 4% after Australian government stimulus ends
- Ingersoll-Rand's Q2 profit rose 61% to $196.4M; raises its guidance for 2010 EPS.
- Johnson Controls doubles Q3 profit; results, f'cast lag views.
- Kimberly-Clark Q2 profit rises 24% to $498M on cost controls. Lower FY rev growth est.
- Pearson 1st half profit more than trebles to $142 million.
- Penson CEO sees retail traders skittish on market volatility.
- Sanofi cuts outlook after FDA approves Lovenox copy.
- Sanofi-Aventis may not be the only company to eye Genzyme Corp.
- Singapore Air profit tops estimates on travel rebound with net income of $185M.
- Sohu Q2 profit dips slightly, but beats forecasts.
- Sony to return to operating profit in 1Q.
- T. Rowe Price Q2 profit up 59% on jump in advisory fees. Revs up 30.6% at $577.4M.
- Verizon swung to Q2 loss of $198M as it booked $2.3B in charges related to layoffs.
Economic Calendar: Data on New Home Sales to be released today.
Earnings Calendar: AAN, ACGL, ACL, ACV, ADLR, CALM, COH, FLR, GAS, HXL, JOUT, LM, RCII, ROP, SANM, UHS, WCAA.
RECENT RATING ACTIONS
SCHLUMBERGER LTD (SLB)
GREAT ATLANTIC & PACIFIC (GAP)
NEWFIELD EXPLORATION CO (NFX)
QUEST DIAGNOSTICS INC/DE (DGX)
MURPHY OIL CORP (MUR)
XEROX CORP (XRX)
SAFEWAY INC (SWY)
CITIGROUP INC (C)
SONOCO PRODUCTS CO (SON)
STARWOOD HOTELS & RESORTS (HOT)
UAL CORP (UAUA)
GOLDMAN SACHS GROUP INC/THE (GS)
Data provided by Egan-Jones Ratings and Analytics
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i love the expression "strong corporate earnings"...you lower expectations to the sub-basement, and compare to last year...i guess they are "strong"....
Want to see strong corporate earnings - take a look at FDX. POW WHACK WHAMO!!!! TO THE MOON BABIEEEE!!! Then look at their guidance - same story.
Where's the "Front Running" news about this??? The Obama man has done it again. Europe is in great shape, unless you want to ignore the reality on the ground and pretend the stress tests weren't "tough enough". China is exploding and will "dragon" the world into greater prosperity with her. The US is poised for LIFTOFF!!!!
Go ahead ZH. Stick the old proverbial head into the proverbial sand and cry a river of tears for the collapse that won't quite happen. Oh you scream at the world for performing so well when you think it shouldn't but the world just keeps on keepin' on. You are surely the guys who will, to paraphrase a past american politician, find the facts to support your conclusion.
Some of us, CNBC - Kramer - Leo - myself, will work to keep this site aware of a great reality - the market is GREEN BABY - GREEN!!!!!
"EU to adopt new sanctions package against Iran's nuclear program."
And which International Laws exactly are they breaking ??
Who gave the EU/USA/Israel the jurisdiction over a sovereign country that tries to develop an alternative energy source ?
There are clear questions regarding the Iranian nuclear program that strongly suggest a military connection based on past IAEA inspections. The IAEA has asked Iran numerous times to clarify the record and they have not. The Russians have provided their only commercial nuclear plant and have agreed to supply all the fresh fuel and take back the spent fuel for it. Why then does Iran need such an extensive capability to enrich uranium?
Azannoth: You're kidding right? Just like NK's "peaceful" nuke program?
You do understand what Iran is doing right? I don't believe those centrifuges are part of a global "cure for cancer" research program.
If I was in their shoues I'd be thinking of self defence too(nukes or otherwise).
The policy of USA could not be more counterproductive, the constant threat of war only makes the Iranian regime stronger and unites the people agains a 'common enemy'
if the USA just walked away for let's say 5 years and had a neutral to positive policy towards Iran the regime would crumble on it's own(like after the election where milions of ppl walked out on the street)
The USA are just giving Iran an excuse and a reason to do what it does.
Ofc USA didn't have a sovereign foreign policy since the 1 WW and are a puppet of the Zionists ever since
Don't look now but at 10am exactly, implied correlation (JCJ) fell from about 73% to 50%
Still high
did SPX vol just collapse? VIX drop only went from 24 to 23
only other explanation is blowout of implied vol on big components.
Any vol traders care to comment? is this a bogus print?
looks like bogus data.
has been popping between 73 and 52 ...