Daily Highlights: 8.16.2010

• China favors Euro over Dollar as Bernanke alters path.
• China's stocks rally on economic outlook, led by shippers, energy shares.
• Crude oil trades near a one-month low after Japan's economic growth slows.
• HK govt tightened mortgage lending rules, to increase supply of land to help cool prices.
• Japan economy surpassed by China as GDP is less than estimated.
• Japanese economy slows unexpectedly; annualised growth for quarter only 0.4%.
• Wheat futures advance, erasing losses, as Russia lowers harvest estimate by 38%.
• Agricultural Bank of China sets IPO record with $22.1B boosted sale.
• Agrium offers A$1.2B cashfor AWB Ltd.
• Aspen Pharmacare agrees to buy Sigma's generic-drug unit for $799M.
• Aviva rejects $7.8B approach from RSA.
• AWB Ltd. gets a conditional takeover offer from Agrium Inc. valuing it at $1.1B.
• Bank of America is weighing a possible reduction of its 34% stake in BlackRock.
• Blockbuster said creditors have pushed back a debt deadline until Sept. 30.
• Cowen Group to accelerate cost-saving measures, Q2 loss widens to $21.2M.
• Dillard's swung to Q2 profit as gross margin rose to 33% from 29.9%, inventories fell 6%.
• Dynegy to be purchased by Blackstone in a deal valued at $4.7B including debt.
• GM said nine of its 11 US assembly plants would forgo their summer shutdown period.
• Google purchases virtual currency software firm Jambool Inc. for an undisclosed sum.
• Lowe's July quarter profit rises from $759M last year to $832Mthis year.
• Novartis leaves door open to pay SAC, minority shareholders more for Alcon.
• SAP AG expects double digit growth to continue.
• US FDA panel meets Thurs to evaluate Eli Lilly's request to broaden usage of Cymbalta.

Vedanta to buy 40% of Cairn Energy Plc’ s Indian oil unit for ~$6.5B.

Economic Calendar: Data on NY Fed - Empire Mfg Index, NAHB Housing Mkt Index to be released.

Earnings Calendar: ABM, AXAS, BH, CPY, IOC, LOW, TCI, URBN, VAL, WYY.

RECENT RATING ACTIONS
NRG ENERGY INC (NRG)
ESTEE LAUDER COS INC/THE (EL)
DYNEGY INC (DYN)
QWEST COMMUNICATIONS (Q)
FLEXTRONICS INTERNATIONAL (FLEX)
ELI LILLY & CO (LLY)
ALLIS-CHALMERS ENERGY INC (ALY)
NORDSTROM INC (JWN)
DYNEGY INC (DYN)
STATOIL ASA (STL NO)
AVIS BUDGET GROUP INC (CAR)
NYSE EURONEXT (NYX)

Data provided by Egan-Jones Ratings and Analytics

Comments

[dan22]

India- An Examination of another Emerging “Miracle”

[FranSix]

Yuan declines against U.S. dollar:

http://www.telegraph.co.uk/finance/currency/7947089/US-and-China-to-clas...

CYB has been declining for some time, may forecast another decrease in the discount rate:

http://stockcharts.com/h-sc/ui?s=CYB&p=W&b=5&g=0&id=p15488071547&a=20286...

[Herry12]

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