Daily Highlights: 8.10.09

• One million flee as typhoon hits China's eastern coast.
• Asian stock markets rose Monday after a better-than-expected US jobs report.
• Australia's central bank signaled it will start raising interest rates.
• Economy isn't strong enough to support a long-running stock, bond recovery: cons. view.
• China accuses Rio Tinto of deceit; says Co's actions led to $102B in overcharges.
• China home prices rise in July for 2nd month; up 1 percent amid stimulus spending.
• Euro higher against dollar in morning European trading, buys $1.4191.
• Japan's current account surplus increased for the first time in 16 months.
• Nikkei hits 10-month high on rise in machinery orders, improving US jobless rate.
• Turkey's mysterious $18B inflows of currency defy explanation from Central Bank.
• Sugar rallying 40% in options pointing to 1981 price peak on crop failures.
• Auto sales in China rose 63.6% in July from a year earlier to 1.09M vehicles.
• Berkshire posts Q2 net of $3.3B, up 13.8% on gains from its stock portfolio.
• Chevron makes "significant" oil discovery in Angola's offshore waters.
• Edison beats by $0.26, posts Q2 EPS of $0.78. Revs fell 18.5% to $2.83B.
• Freddie Mac reported a surprising profit in Q2 of $768M; may not need addln Fed aid.
• GM, no longer public, will voluntarily report finances to SEC.
• LS Power to buy 9 power plants from Dynegy, to pay $1B & return ~$500M in shares.
• Lloyds shares fall 5 percent on report it is considering multibillion capital raising.
• Maguire Properties to hand over control of 7 office bldgs with $1.06B in debt to creditors.
• Nvidia posts Q2 loss of $105.3M on a $119.1M charge to pay for a technical flaw.
• Publicis to acquire Microsoft's digital ad firm, Razorfish, for $530M.
• RBS registered a $1.7B 1H loss; sees woes until 2011.
• RHJ plans to sweeten its bid for GM's European unit.
• Triad Guaranty's Q2 loss widened to $359.4M on increased loss-adjustment exps.
• Wal-Mart is experimenting with a new Latino-themed warehouse store.

Earnings Calendar: AKRX, AVII, AXAS, BRNC, CCRT, CEP, CNTY, CSCX, DTSI, DYN, FLR,
IPAR, KWK, LGF, PRKR, SATS, SSP.

Companies to watch: Abraxas Petroleum, Akorn, Cardiac Science, Century Casinos, Consolidated Water, DTS, Dynegy, Echostar Corp, Fluor Corporation, Nautilus, The E.W. Scripps Co.

Recent Egan-Jones Rating Actions
RR DONNELLEY & SONS CO (RRD)
KING PHARMACEUTICALS INC (KG)
CSX CORP (CSX)
AMERICAN INTERNATIONAL GROUP INC (AIG)
CIT GROUP INC (CIT)
AMERICAN GREETINGS CORP (AM)
PROCTER & GAMBLE CO/THE (PG)
AMERICAN AXLE & MANUFACTURING (AXL)
DEAN FOODS CO (DF)
XTO ENERGY INC (XTO)
ANADARKO PETROLEUM CORP (APC)
PG&E CORP (PCG)
CENTEX CORP (CTX)

Data provided by: Egan-Jones Ratings And Analytics

Comments

[Anonymous]

i was worried there for a sec

[phaesed]

Does anyone else recall a time when a natural disaster such as a huge typhoon caused a reaction in the markets? All these fund managers happy for these calm, lazy days while Uncle Sam stuffs coal in the stockings.