Daily Highlights: 7.8.10

Tyler Durden's picture
  • Asian stocks rally as growth in US retail sales eases concern.
  • China bought a record $7.9B in short-term Japanese debt in May
  • EU stress tests will cover 91 banks, accounting for 65% of the area's banking industry. Assume bond value drop.
  • Hoenig, Fisher say stimulus isn't needed to assure recovery.
  • IMF sees rising risks slowing recovery pace.
  • Japan's Machinery orders slump 9.1%, most since 2008.
  • AES Corp announces a $500M stock repurchase program.
  • BP aims to fix leaking Gulf of Mexico oil well by 27 July
  • CapitaMalls prices Malaysian real estate trust at the bottom of IPO range; raises $267M.
  • Citigroup said to sell $900M of private equity investments to Lexington.
  • Colony Capital joins Ron Tutor in a bid to buy Walt Disney's Miramax film library.
  • Cott Corp. to buy closely held Cliffstar Corp. for $500M cash.
  • Diamond Offshore sells jack up rig, Ocean Shield, to Ensco Plc for $186M.
  • Family Dollar Stores' Q3 net rises 20% to $104.4M as margins widened to 36.6% from 36.2%.
  • France's Total to buy Canadian oil-sands assets of UTS Energy for $1.42B.
  • Fred's comparable store sales for June rises 1.7% vs. cons. est. of 3.0%.
  • GM sells its steering-parts operation, Nexteer, to China's Pacific Century. Deal est. at $450M.
  • International Speedway reduced earnings estimates.
  • LTD's June period same store sales rose 6%, more than expected.
  • Maersk ups forecast as shipping industry recovers
  • MGM Studio said to seek new debt waiver amid creditor talks.
  • Sirius XM subscriber base grows 6% to 19.6M; Year view raised again.
  • Sumitomo Mitsui may invest as much as $5B in U.S. Commercial Bank
  • Synchronoss Technologies to acquire privately held FusionOne Inc. for $75M in cash, stock.
  • Time Warner plans $3B debt sale in three parts
  • Tractor Supply ups view; sees FY10 EPS at $4.00-4.10 (cons $3.72); revs of $3.49-3.53B.
  • Wells Fargo to eliminate 3,800 jobs, and close its consumer- finance unit.

Economic Calendar: Data on Crude Inventories, Continuing & Initial Claims, Consumer Credit to be released today.

Earnings Calendar: CAMP, CCF, GBX, HELE, HSWI, ISCA, LBIX, LWSN, PENX, SHLM, STWD.

RECENT RATING ACTIONS
THOMAS & BETTS CORP (TNB)
MEADWESTVACO CORP (MWV)
AMPHENOL CORP (APH)
RAYONIER INC (RYN)
HARRAH'S ENTERTAINMENT INC (HET)
SIRIUS XM RADIO INC (SIRI)
COOPER COS INC/THE (COO)
US AIRWAYS GROUP INC (LCC)
CLEAN HARBORS INC (CLH)
DORAL FINANCIAL CORP (DRL)
PINNACLE WEST CAPITAL CORP (PNW)
MARSHALL & ILSLEY CORP (MI)

Data provided by Egan-Jones Ratings and Analytics