Daily Highlights: 8.11.2010

• Asia stocks fall to two-week low, Yen gains on concern at pace of recovery.
• China banks told to account for loans; Rmb 2,300B lending gone off balance sheet.
• China industrial output growth weakens on curbs; Inflation rises to 3.3%.
• Economists reduce US growth estimates as lack of jobs hinders consumers.
• FDIC is seeking alternatives to credit ratings in bank-capital guidelines.
• Fed downgrades recovery outlook; Monetary policy bias shifts toward easing.
• Fed reverses exit plans, sets floor of $2 trillion for securities holdings.
• Fed to reinvest principal on mortgage proceeds to counter slowing economy.
• Oil trades near a seven-day low on signs of faltering economic recovery.
• Tropical depression forms in Gulf of Mexico, disrupts drilling of BP well.
• US stock futures point to sharply lower open.
• Blackstone is said in exclusive talks to buy chemical maker Polymer Group.
• Cree beats by $0.04, reports revs in-line; guides Q1 EPS above cons.
• Dai-ichi Life Insurance 1Q profit fell 65%.
• Dell's Streak tablet to go on sale this week for $299.99 with an AT&T service contract.
• Disney sales, profit top analysts' estimates on ESPN, Movie studio rebound.
• Dow Corning to acquire a 49% stake in Quebec Silicon Metal Mfg facility for $39.7M.
• First Data's Q2 loss narrowed to $171.2M as revs rose 18% to $2.61B.
• GM is expected to post its largest profit in 6 years, buoyed by stronger sales across.
• Hannover Re's Q2 net falls 24% to €159.6M on lower income from its own investments.
• ING earns euro1.09B ($1.44B) in 2Q.
• ICBC offers $1.4B to buy remaining shares of Hong Kong-listed unit.
• Kodak hopes higher Q4, LatAm sales make up for slow year so far.
• Macy's July earnings rise from $7M to $147M.
• Nestle H1 net profit of CHF5.45B, organic growth of 6.1%. Confirms 2010 EPS guidance.
• No evidence of Toyota throttle faults; Details point to driver error: US.
• RailAmerica: Total freight carloads for July were 73,071, up 4.7% YoY.
• RIM sets $79.8M stock buy-back.
• TUI Travel said its FY results would suffer from a sharp slowdown in UK bookings.
• URS' Q2 earnings dropped 35% to $61.9M following a prior-year investment gain.
• Wells Fargo to pay $200M after judge said it overcharged overdraft fees.

Economic Calendar: Data on Trade Balance-Jun, Crude Inventories to be released.

Earnings Calendar: AAP, BH, CAE, CSCO, IAG, KELYA, LACO, SRX, UPG, XJT, XRIT.

RECENT RATING ACTIONS

WCA WASTE CORP (WCAA)
MYLAN INC/PA (MYL)
SWIFT ENERGY CO (SFY)
HANESBRANDS INC (HBI)
PERKINELMER INC (PKI)
METROPCS COMMUNICATIONS INC (PCS)
RR DONNELLEY & SONS CO (RRD)
AMERICAN EXPRESS CO (AXP)
DISH NETWORK CORP (DISH)
NABORS INDUSTRIES LTD (NBR)
TYSON FOODS INC (TSN)
AMKOR TECHNOLOGY INC (AMKR)

Data provided by Egan-Jones Ratings and Analytics

Comments

[doublethink]

Dow futures certainly look poised for a sharp fall today. The Rectangle Top, with a height of 194 points, sets a downside target of 10,276. Hey Ben...got any ammo left?

http://www.screencast.com/t/ZDY4OTdjNjAt