Daily Highlights: 8.11.09
- Asian stocks gain for the second day on speculation profits will increase.
- Bad assets still threaten bank stability, congressional watchdog says.
- Bank of Japan keeps key rate at 0.1%, focuses on risks to economy, prices.
- "Cash for clunkers" program generates more than 245,000 vehicle sales in 2 weeks.
- China backs off from allegations that Rio Tinto cost it $102B in overcharges.
- China buys record Oil, Iron ore on refining, steel demand revival.
- Despite stimulus, China's exports still fall 22.9% in July, imports off 14.9%.
- Euro higher at $1.4173 in European morning trade as investors await Fed statement.
- Productivity in US probably accelerated, cutting companies' labor costs.
- Yen gains a second day as China July industrial output grew 10.8% (cons 11.5%).
- Adecco posts unexpected Q2 loss of $208M, offers $178M for UK's Spring Group.
- Asarco's creditors might collect more than $2B owed them; CEO.
- Barnes & Noble pays $460M for Barnes & Noble College Booksellers.
- BofA Chief faces more Merrill queries as $33M agreement with SEC delayed.
- CNPC, Cnooc to offer $17B for all of Repsol's stake in Argentine unit YPF.
- Danske Bank posts Q2 loss of $157M vs. a cons. est. of a profit.
- Dish Network's Q2 net falls 81% to $63.4M despite subscriber gains.
- Dynegy posted a wider Q2 loss of $345M on write-downs. Revs up 53% at $493M.
- E.ON AG likely to sell Thuega unit, which holds minority stakes in 110 utilities.
- EW Scripps swings to a profit of $2.3M due to prior-year write-downs.
- GMAC plans to provide lease financing on various 2009, 2010 models in 45 states.
- Hormel sees FY09 EPS at $2.36-2.42 (prev $2.15-2.25); cites improving sales.
- InterContinental Hotels swung to a Q2 loss of $56M; revs fall 27% to $375M.
- LabCorp announces $250M stock repurchase program.
- McDermott beats by $0.03, posts Q2 EPS of $0.40. Revs fell 12.7% to $1.56B.
- McDonald's Corp.'s same-store sales rose 4.3% in July.
- Priceline.com net rises 35% to $67M amid increased bookings.
- Resolution Ltd. to buy Friends Provident for $3B, sees more transactions.
- Sprint Nextel prices $1.3B senior notes with a 8.375% coupon due 2017.
- Sysco Corp.'s Q4 earnings fell 5.6% to $315.3M on declining revenues.
- Tellabs intends to repurchase up to $200M in common shares.
Recent Egan-Jones Rating Actions:
HILL-ROM HOLDINGS INC (HRC)
MCDONALD'S CORP (MCD)
ACUITY BRANDS INC (AYI)
YRC WORLDWIDE INC (YRCW)
PRICELINE.COM INC (PCLN)
CVS CAREMARK CORP (CVS)
TRW AUTOMOTIVE HOLDINGS CORP (TRW)
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)
Data provided by: Egan-Jones Ratings And Analytics