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