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.
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Data provided by Egan-Jones Ratings and Analytics