Daily Highlights: 7.28.09

• Asian stock markets move mostly in a tight range after their string of recent rallies.
• CFTC report to blame speculators responsible for driving oil-price swings.
• Coal producers cope with sluggish demand
• Crude Oil trades near a three-week high after gains in equities markets
• SEC firms up plan to limit short sales of stocks.
• AIG unit keeps $2.4B from asset sales as taxpayers wait for payment
• Amgen posted better than expected Q2 results; net up 40% at $1.27B.
• BBVA net rises 34% as higher lending revenue outweighs bad-debt provisions
• BofA plans to cut about 10% of its 6,100-branch network.
• BP's 2Q net down 53% YoY, but up 30% from the previous quarter.
• Canon to spend $262.6M on streamlining design, product data systems in 2010.
• CF Industries posts Q2 EPS of $4.33 (cons $2.61); revs fell 14.6% to $991M.
• Crane Co.'s Q2 net falls 53% to $27.8M; revs down 21% at $545.5M.
• Delphi lenders prevail in bankruptcy auction.
• Deutsche Bank net up 67% on fixed income trading, revenue rose 46%.
• EADS' 1H profit fell to 378M euros from 403M euros on increased R&D, provisions.
• Eli Lilly's Dirucotide does not meet primary endpoint in Phase III trial.
• Honeywell's 2Q net plunged 38% to $450M; revs down 21.7% at $7.57B.
• LVMH Net Income declines on wine, watch destocking; Vuitton sales climb
• Olin beats by $0.03, posts Q2 EPS of $0.36. Revs fell 10.6% to $383M.
• Rent-A-Center beats by $0.08, Q2 EPS at $0.61. Revs fall 5.5% to $679.6M.
• Textron's June net income slips from a $258M gain last year to a $58M loss this year.
• Time Warner earlier this month bought back 5% stake Google owned in AOL for $283M.
• Verizon posted a 21% fall in qtrly nets, to cut another 8,000 jobs.
• Viacom's June net income down from $407M to $277M.

Earnings Calendar: ACTL, AGCO, AJG, BEAV, BP, CAJ, CAS, CNC, COH, DB, ECL, FPL, HTZ, LUX, MCK, MEE, MHP, ODP, PAS, PCH, RCI, ROK, STM, TEVA, TXT, UHS, VIA, VLO, X.

Companies to watch: A.M. Castle & Co, Actel, AGCO, Arthur J. Gallagher & Co., BP plc, Centene, Coach, Deutsche Bank, Ecolab, FPL Group, Hertz Global Hldgs, Lincoln Electric Hldgs, Luxottica Group, Massey Energy, McKesson Corp, Office Depot, Rockwell Automation, SBA Comm, Textron, The McGraw Hill Cos, US Steel Corp., UHS, Viacom.

Recent Egan-Jones Rating Actions
RADIOSHACK CORP (RSH)
CORNING INC (GLW)
AMETEK INC (AME)
AGILENT TECHNOLOGIES INC (A)
VERIZON COMMUNICATIONS INC (VZ)
PHILLIPS-VAN HEUSEN CORP (PVH)
WARNACO GROUP INC/THE (WRC)
AETNA INC (AET)
HONEYWELL INTERNATIONAL INC (HON)
SCHLUMBERGER LTD (SLB)
FORTUNE BRANDS INC (FO)
DELUXE CORP (DLX)
FOOT LOCKER INC (FL)

Data courtesy of: Egan-Jones Ratings And Analytics

Comments

[Anonymous]

Futures down, USD sinking like a mf...
Office Depot revs down 21%...

[Thomas Magnum]

Humorous GS article @ B'berg http://www.bloomberg.com/apps/news?pid=20601039&sid=a2X3hNaWcbeg

Thomas

[Mos]

"Verizon posted a 21% fall in qtrly nets, to cut another 8,000 jobs."

Mass layoffs picking up again?  More cost cutting needed to beat Wall Street's estimates for the second half of the year?

[Anonymous]

Looks like we had our correction, from 9:30 to 9:31....now the bargain hunters can step in and bid this to the moon where it belongs.

[Danz Gambit]

lol - yeah the computers were a tad slow in booting this morning