Daily Highlights: 8.10.2010
- Australia business confidence falls to lowest in 14 months on higher rates.
- British July same-store sales rise 0.5%: British Retail Consortium.
- China to close factories in energy drive; move affects 2,000 industrial companies.
- China’s July trade surplus surged to $28.73B, helped by 38.14% jump in exports.
- Mkts await outcome of Fed meeting; risky assets rise in anticipation of easing measures.
- Oil falls to below $81 as traders look to Fed for possible stimulus.
- Ambac's Q2 loss narrows to $57.6M from year-ago's loss of $2.37B.
- AstraZeneca agrees $198M Seroquel settlement.
- BofA may get $13B capital boost from China Banking Stake.
- Chrysler reported a net loss of $172M for Q2 amid sluggish sales.
- Compass Grp posts Q2 loss of $0.04/sh vs. cons est. of $0.00. Revs up 40.6%.
- Costs of BP oil spill rises to $6B; group puts $3B in escrow account for victim claims.
- Freddie Mac reported Q2 loss of $4.7B; asks US Treasury to provide a $1.8B infusion.
- Hallmark Financial Services to acquire State Auto National Insurance Co.
- ILFC, aircraft-leasing co owned by AIG, plans to sell $2.5B in secured debt.
- InterContinental Hotels swung to Q2 profit of $87M as revs grew 9.3% to $410M.
- King Pharma's net fell 53% on continued sales weakness, but beat expectations.
- KKR & Co. cancelled a plan to raise $500M in a stock sale.
- Laboratory Corp announces $250M stock repurchase program.
- Lions Gate Ent swings to Q1 loss of $64.1M as revs fell 14% to $326.6M.
- MBIA Q2 net rises 44% on huge swing to gains in fair value of insured derivatives.
- McDermott misses by $0.11, posts Q2 EPS of $0.32 as revs fell 14.8% to $1.33B.
- National Australia Bank's Q3 profit rose 22% as charges for bad debts decreased.
- Skype SA filed to sell $100M of shares in a U.S. initial public offering.
- Sony, Panasonic TVs star in price battle in China showrooms.
- Tata Motors posts a profit of $432.3M.
- THQ Inc. swung to Q1 loss of $30.1M as revs fell 38.6% to $149.4M.
- Tyson Foods Q3 net up 89% at $248M, sales rose 12% to $7.44B.
- US, BP near deal to guarantee its $20B cleanup and compensation fund.
Economic Calendar: Data on Productivity, Wholesale Inventories & FOMC Rate Decision to be released today.
Earnings Calendar: ABM, CREE, CSII, DIS, FOSL, GRO, TSEM.
RECENT RATING ACTIONS
NABORS INDUSTRIES LTD (NBR)
TYSON FOODS INC (TSN)
AMKOR TECHNOLOGY INC (AMKR)
MCDONALD'S CORP (MCD)
ALLERGAN INC/UNITED STATES (AGN)
BP PLC (BP/ LN)
HEWLETT-PACKARD CO (HPQ)
WASHINGTON POST CO/THE (WPO)
LAMAR ADVERTISING CO (LAMR)
PLAINS EXPLORATION & (PXP)
OFFICEMAX INC (OMX)
MOSAIC CO/THE (MOS)
Data provided by Egan-Jones Ratings and Analytics