Daily Highlights: 7.8.10

• 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

Comments

[papaswamp]

So far this am retail same store sales reports:

7 beats

5 misses

1 in-line

Things had better pick up in the in-line and beat department

ANF +9% vs. +2.8%.
ARO +8% vs. +7.5%.
AEO -1% vs. +2%.
BONT +1.4% vs. +1%.
DDS +2% vs. -1%.
FRED +1.7% vs. +3%.
GPS 0% vs. +3.2%.

COST +4% in-line.
HOTT -2.1% vs. -5.5%.
LTD +6% vs. +3.2%.
SSI -1.2% vs. +2%.
BKE -7.3% vs. -0.3%.
ZUMZ +10.9% vs. +9.1%.

[Pamela Anderson]

Thanks for the hard work Zero Hedge!

[papaswamp]

More just came in:

BJ +3.8% vs. +4.9%.
CATO +1% vs. +7%.
JCP +4.5% vs. +3.3%.
M +6.5% vs. +6.3%.
SMRT +0.6% vs. -2%.
TGT +1.7% vs. +2.6%.
WTSLA -3.6% vs. -1.5%.

Brings totals so far:

10 beats

9 misses

1 in line

[papaswamp]

KSS +5.9% vs. +6.5%.
JWN +14.1% vs. +10%.
ROST +5% vs. +5.3%.
SKS +2.5% vs. +2%.
TJX +3% vs. +4.1%.
3 misses, 2 beats, for a total of 12 misses, 1 in-line and 12 beats.

[herry]

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