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Daily Highlights: 8.18.09
- Accident at Russian hydroelectric plant kills at least 12 workers, up to 64 missing.
- Asian stock markets mostly lower Tuesday, metals and energy stocks weaker.
- China shares rebound after sharp slump, but investors uneasy about earnings.
- Economy is still not out of the woods: Germany's Central Bank.
- Fed, Treasury extended the TALF into next year.
- German investor confidence rose sharply in Aug. per closely watched ZEW survey.
- Hong Kong's jobless fails to budge from near 4-year high last quarter.
- Japan stocks rebound as Japanese election season gets underway.
- New York-area manufacturing grows first time since 2008 as recession wanes.
- Oil rises above $67 in Asia as investors eye strength of global economic recovery.
- US banks tightened loan standards during quarter through June: Fed.
- Agilent posted adj Q3 net at $53M; revs dropped 27% to $1.06B.
- Amcor Ltd. to buy parts of Rio Tinto's Alcan Packaging unit for $2.03B.
- BB&T plans $750M share sale after acquisition of Colonial BancGroup.
- Bharti Airtel to lease access to its 200,000 kms of international fiber-optic network.
- BlueScope Steel swung to a wider-than-expected Y09 loss, sees further losses ahead.
- Capital One Fincl Corp. wrote off 9.83% in July vs. 9.73% in June.
- CIT Group posted a $1.62B Q2 loss; $1B in floating rate notes tender succeeds.
- Dell, for the first time, to develop phones; to supply Mini3i handsets in China.
- Dillard's Q2 loss narrowed to $26.7M on cost cutting measures. Sales fell 15%.
- GM said to add overtime, more shifts as Clunkers program boosts car sales.
- Goldman said to replace UBS in Evergrande $1B IPO underwriting team.
- Home Depot's Aug. net income declines from $1.2B to $1.1B.
- ICBC Asia H1 net profit up 2% at HK$930.15M on revaluation gains.
- Koenigsegg said to reach accord to buy GM's Saab unit, need $300M.
- Lowe's Cos' Q2 net falls sharper-than-est. 19%; cuts upper end of Y09 EPS f'cast.
- National Australia to buy Challenger Mortgage business for $316M.
- Sony, stung by losses, delays ultrathin TV model.
- Target 2nd-quarter earnings expected to reflect continued consumer strain.
- TJX Cos. to report 2Q results, expected to show gains as consumers seek value
- Valspar Corp.'s Q3 net rises 38% on cost cutting measures. Revs down 17%.
Recent Egan-Jones Rating Actions
AMERCO INC (UHAL)
RENT-A-CENTER INC/TX (RCII)
MARATHON OIL CORP (MRO)
TEMPLE-INLAND INC (TIN)
AK STEEL HOLDING CORP (AKS)
LOWE'S COS INC (LOW)
PLAINS EXPLORATION & (PXP)
E*TRADE FINANCIAL CORP (ETFC)
INGRAM MICRO INC (IM)
L-3 COMMUNICATIONS HOLDINGS INC (LLL)
WILLIAMS COS INC/THE (WMB)
JB HUNT TRANSPORT SERVICES INC (JBHT)
SARA LEE CORP (SLE)
Data provided by: Egan-Jones Ratings And Analytics
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two developments on the other financial networks:
Bloomberg TV appears to have dumped their flashy and fluffy morning show "starting bell" for a simulcast of their morning radio show (this is very very good news) let us hope that Betty Liu is not on vacation
FoxBusiness appears to be close to dumping their flashy and fluffy "money for breakfast" morning show for a simulcast featuring if you can believe it "Imus" -- sadly that too is an improvement.
http://www.nytimes.com/2009/08/17/business/media/17imus.html
Goldman said to replace UBS in Evergrande $1B IPO underwriting team
How many more banks need to be moved out of the way for GS to achive world domination. GS meeting "how are we on access to Hong Kong re markets?" "..check, we used a combo of UBS "legal problem rumors backed by the US Government" and spread alot of money aro.. umm seed capitol around."
o/t where's raymond today?I'm beginning to rely on his run through cos I'm just a lazy f***
'Sony, stung by losses, delays ultrathin TV model.'
overpriced,oversexed and over here.