Daily Highlights: 8.05.09
- Land prices are on the rise again in China, helped by easy credit.
- Asian stock markets were mixed on Wednesday as investors eye US econ data.
- Australia's trade deficit narrowed in June to a smaller-than-expected gap.
- Auto dealers are citing tight inventories as a threat to "Cash for Clunkers."
- Number of homes listed for sale declined again in many U.S. cities last month.
- Axa 1H profit slumps 39% as life, asset management fees decline.
- Cathay Pacific swings to 1H profit of $105M on fuel-hedging gains.
- Citigroup Chief said bank plans to sell 20 businesses in the consumer finance area.
- Dollar Thrifty's Q2 net rises 15% to $12.4M; rental revs down 10.6% at $399.6M.
- Dow Chemical sells $2.75B in debt; to pay off Rohm & Haas bridge loan.
- SEC fines GE $50M for falsely claiming they sold more than 100 locomotives.
- GM opposition to Magna's Opel purchase bid weakening, German officials say.
- HealthSouth Corp. ups Y09 EPS f'cast to $1.15-1.25 (prev $0.85-0.90).
- Honda Motor to build about 90,000 more vehicles as emerging markets pace a recovery.
- Kraft Foods' Q2 net rises 11% to $827M; revs down 5.9% on a strong dollar.
- MDU Resources Group, Inc. says it has acquired the assets of Total Corrosion Solutions Inc.
- PepsiCo to buy bottlers Pepsi Bottling Group, PepsiAmericas Inc for $7.8B.
- Petronas said to be planning sale of $4.5B of Five, 10-Year bonds.
- Societe Generale's Q2 net falls 52% to $445M as loan-losses provisions almost tripled.
- Swiss Re posted a Q2 loss of $359M on investment losses, impairments.
- UAL Corp reports July consolidated passenger load factor of 86.9%.
- Unum Group Q2 profit rises 11% to $267.2M on gains from investments.
- Vornado Rlty Trust misses by $0.02, posts Q2 FFO/sh of $1.07. Revs up 0.6% at $678.4M.
- Whole Foods Q3 net income 25c vs. 24c; revs up 2% at $1.88B.
Economic Calendar: Data on Initial Claims to be released today.
Earnings Calendar: ACF, AGU, ALL, ANDE, ARII, ASCA, AXL, BHI, BYD, CGNX, CNP, CSCO,
CWEI, DF, DVN, EE, IOC, KELYA, KNDL, MUR, NDN, OC, RRD, TESO, XTO.
Companies to watch: Agrium Inc., American Axle & Mfg, AmeriCredit Corp., Ameristar Casinos,
Andersons Inc, Baker Hughes, Boyd Gaming, Cognex, Dean Foods, Interoil Corp.,
Orix Corp, Owens Corning, PG&E Corp, P&G, RR Donnelley, XTO Energy.
Recent Egan-Jones Rating Actions:
ARCHER-DANIELS-MIDLAND CO (ADM)
PEPSIAMERICAS INC (PAS)
PEPSI BOTTLING GROUP INC (PBG)
PEPSICO INC/NC (PEP)
AMERISOURCEBERGEN CORP (ABC)
PRECISION CASTPARTS CORP (PCP)
TYSON FOODS INC (TSN)
UNISYS CORP (UIS)
FREEPORT-MCMORAN COPPER (FCX)
STANDARD PACIFIC CORP (SPF)
AVERY DENNISON CORP (AVY)
BECTON DICKINSON AND CO (BDX)
WEYERHAEUSER CO (WY)
Data provided by: Egan-Jones Ratings And Analytics