Daily Highlights: 8.07.09

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  • Most major Asian stock markets move lower ahead of US jobs data.
  • BoE to inject an addln $85B in new money into the U.K. economy.
  • Car shoppers can purchase via $2B 'cash-for-clunkers' program through Aug.
  • Initial claims for jobless benefits fell by 38,000 to 550,000 last week.
  • Fewer layoffs expected in July as recession winds down, but few new hires.
  • German exports up 7 percent on the month in June, biggest rise in nearly 3 years.
  • Oil slips to near $71 in Asia as investors eye US unemployment data.
  • Payrolls in US probably dropped at a slower pace; Unemployment climbed.
  • Retailers posted generally lower sales for last month, but beat estimates.
  • Television ad sales skid 15% or more as US networks close upfront deals.
  • Allianz's Q2 profit falls 16% to $2.68B on non-life unit.
  • Beazer Homes' Q3 loss narrowed to $28M on reduced write-downs, debt-cancellation.
  • CBS' Q2 net falls 96% to $15.4M vs. year-ago gain from stake sale. Revs fell 11%.
  • China Construction Bank to cut new loans by 70% as risks rise.
  • Comcast Corp.'s Q2 profit rose 53%, helped by solid revenue growth and a tax gain.
  • DBS Group Holdings' Q2 net drops 15% to $384M on bad-debt charges.
  • DirecTV's Q2 net falls 11% to $407M on lower margins. Revs up 8.6% at $5.23B.
  • El Paso Corp.'s Q2 earnings fell 59% to $89M as revs decreased 15% to $973M.
  • Fannie Mae to draw $10.7B in Treasury capital following 8th straight qtrly loss.
  • Frontier Oil Q2 profit falls 16% to $49.8M as revenue falls 38% to $1.1B.
  • Japan Airlines' net loss widens to 99B yen from just over 3B yen a year earlier.
  • Nvidia's posts Q2 loss of $105.3M; sees Q3 revs 5-7% lower than cons view of $776.5M.
  • RBS posts 1st-half net loss of $1.7 billion; makes progress on restructure.
  • Target Corp. maintained its woes with a June same-stores sales declining by 6.5%.
  • TJX Cos.' beat cons est. with a 4% increase in same-store sales in July.
  • Wendy's/Arby's Grp posted a second-quarter profit of $14.9M on improved margins.
  • Zale Corp. closed 118 weak-performing stores in Q4; takes in a $50M pretax charge.

Economic Calendar: Data on Hourly Earnings, Nonfarm Payrolls, Unemployment Rate to
be released today.

Earnings Calendar: ABK, ABR, AIG, AYR, AZ, CNK, DNE, EIX, HH, LINTA, MGA, MIR, REIS, TU.
RECENT 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