Daily Highlights: 8.06.09
- Stiglitz said he expects a “very slow recovery” in the U.S. economy and that areplacement for Fed Chair Bernanke should be considered.
- Treasury Dept, responding to demand from China, other investors, to boost sale of TIPS.
- Asian stocks rise on confidence economy is recovering; Alumina, NTT gain.
- ECB, BOE may decide against further stimulus as evidence points to recovery.
- Bank of Japan said to anticipate deflation through 2011, depressing rates.
- Australian employers unexpectedly add 32,200 workers, jobless rate 5.8%.
- Taiwan Exchange seeks to list shares in Shanghai as China relations warm.
- American Axle's Q2 loss narrowed to $288.6M despite a 50% sales decline.
- AmEx says write-offs tied to card debt fell to 9.2% last month.
- Cardinal Health Board authorizes a $500M share repurchase program.
- Chubu Electric in final talks for stake in Chevron Australian LNG venture.
- Cisco's Q1 sales to drop by 15-17% as recession cuts equipment orders.
- Commerzbank reported a net loss of €746M on higher provisions for bad loans.
- Dean Foods' Q2 net rises 31% to $64.1M on lower input prices, cost cutting measures.
- Deutsche Telekom's Q2 net rises 32% to €521M, revs up 7.4% at €16.24B.
- Everbright raises $1.6B in first Chinese brokerage IPO in 7 years.
- Obama's car industry adviser: GM will return to profits, hold an IPO before Chrysler.
- Gazprom will export Siberian Gas to Asia in bid to curb reliance on Europe.
- HSBC to add more than 10 branches in China as country rebounds from slump.
- Hyatt Hotels files to raise up to $1.15B in IPO.
- Lenovo reported a smaller-than-est. loss of $16M on improved domestic sales.
- Lloyds Banking predicts drop in bad loans after posting $5.2B H1 loss.
- Marsh & McLennan Cos. swung to a Q2 loss of $193M on the effects of divestiture.
- News Corp. posts Q4 loss of $203M, on MySpace writedowns, decline in advt sales.
- P&G's move to fight recession; creates cheaper detergent, Tide Basic.
- Prudential Fincl's fin-srvcs unit posts a profit of $538M; revs down 7.5% at $6.34B.
- RR Donnelley's Q2 profit tumbled 83% on weak demand.
- Sony to release E-Readers for $199 and $299, challenging Amazon's Kindle.
- Unilever's net falls 17% to €758M, hurt by lower margins, pension costs.
- Zurich Fincl Srvcs Q2 net drops 28.9% on lower investment gains.
Recent Egan-Jones Rating Actions
CENTEX CORP (CTX)
DR HORTON INC (DHI)
KRAFT FOODS INC (KFT)
BAKER HUGHES INC (BHI)
EMERSON ELECTRIC CO (EMR)
PEPSICO INC/NC (PEP)
PULTE HOMES INC (PHM)
ARCHER-DANIELS-MIDLAND CO (ADM)
PEPSIAMERICAS INC (PAS)
PEPSI BOTTLING GROUP INC (PBG)
PEPSICO INC/NC (PEP)
AMERISOURCEBERGEN CORP (ABC)
PRECISION CASTPARTS CORP (PCP)
Data provided by: Egan-Jones Ratings And Analytics