Daily Highlights: 8.19.10
- Asia stocks rise on Applied Materials outlook; Ringgit, Taiwan Dollar gain
- Asian computer shipments signal extended consumer spending slump in US.
- China allows Ringgit to trade vs Yuan in domestic market.
- China may ban copper producers who violate environment rules for two years.
- Clinton to urge global aid for Pakistan to match Haiti response
- SEC will vote next week on rules that may make it easier to oust directors.
- Treasury 10-Year yields near 17-month low as Fed, Japanese investors buy.
- US banks receive Basel III boost, Rewrite of rules could cut in half new capital required.
- AIG sets stage for first bond sale since bailout.
- Applied Materials guides Q4 EPS, revs above consensus.
- AstraZeneca wins dismissal of Verus suit over plan to develop Asthma Drug
- Avista & Ontario Teachers Pension to buy drug researcher INC Research Inc. for $600M
- BHP's Kloppers goes hostile as Potash's Doyle fights against 'cheap' deal.
- Brocade reports in-line, Q3 EPS at $0.13 and revs rose 2.2% to $504M.
- Chico's FAS's Q2 misses est., but profit more than doubles to $30.5M. Revs up 11%.
- EMI remains in danger of defaulting on bank covenants despite several cash injections.
- GM Files for IPO a Year After U.S. Automaker Exited Bankruptcy Protection
- Gymboree beats by $0.03, guides Q3 EPS below cons on expectations of lower sales.
- Holcim's Q2 net falls 12% to $383M despite 11% rise in revs. Blames European market.
- Hot Topic misses by a cent, reports Q2 loss of $0.14/sh as revs fell 4.9% to $150M.
- J&J reorganizes manufacturing after series of recalls
- JPMorgan plan sale of commercial mortgage bonds
- Lenovo Group swung to Q1 profit of $54.86M helped by 49.6% jump in revs to $5.15B.
- Limited beats by $0.02, posts Q2 EPS of $0.36. Revs rose 8.5% to $2.24B.
- MasterCard to pay $520M for DataCash Group.
- McDonald’s becomes first foreign non-financial co. to sell yuan bonds in Hong Kong.
- Sears Holdings' revenue declined but losses improved from $94M to $39M.
- Target earnings rise 14% to $679M on pickup in credit cards, cost-cutting efforts.
Tata Motors to hire Citigroup & Credit Suisse to help raise $1B
Economic Calendar: Data on Initial & Continuing Claims, Leading Indicators to be released today.
Earnings Calendar: ARO, BCSI, BKE, BONT, CPWM, DELL, DLTR, FL, GPS, HPQ, INTU, ROST, SPLS, SSI, WSM, WTSLA.
RECENT RATING ACTIONS
STATOIL ASA (STL NO)
SOUTHWESTERN ENERGY CO (SWN)
CISCO SYSTEMS INC (CSCO)
CON-WAY INC (CNW)
BLACKROCK INC (BLK)
OMNICARE INC (OCR)
AMERICAN ELECTRIC POWER (AEP)
DEERE & CO (DE)
BHP BILLITON LTD (BHP AU)
LAS VEGAS SANDS CORP (LVS)
TARGET CORP (TGT)
WAL-MART STORES INC (WMT)
Submitted by Egan-Jones Ratings and Analytics