Daily Highlights: 8.21.09
- 6 S.Korean banks to take $4B worth problem loans from financial institutions' books.
- Asian stock markets were lower Friday on report China might tighten bank lending.
- Australian spot iron ore cash price to China slumps 9.3% on steel decline.
- China said to plan tightening of bank capital requirements as stocks rally.
- China's economy may grow 8.5% this quarter: State Information Center.
- Mexico’s GDP contracted 10.3% last quarter - fastest pace in more than 25 years.
- Sales of Existing US houses probably increased in July as prices dropped.
- US banks hit by amounts of toxic loans and securities they bought from other banks.
- US government's "cash for clunkers" incentive program will end Monday at 8 p.m.
- Accenture to trim executive work force, sees $247M charge.
- Advanta Corp. says credit-card defaults falling from June peak.
- Barnes & Noble's qtrly net falls 20%, sales slips 5.3% to $1.16B.
- Bombardier terminated a $1.5B deal with Jet Republic for 110 Learjets.
- Brocade Comm posts Q3 revs of $493.3M, up 34.9%, but shy of cons est. of $503.7M.
- Dollar General Corp., owned by KKR, registered to sell $750M worth of stock via IPO.
- Fortis Bank's 1H net falls 38% to €338M on loan losses, lower margins.
- Gap's Q2 net flat at $228M; revs down 7.3% to $3.25B.
- GM to advance cash to dealers for Clunker rebates, while they are processed by govt.
- GM Board said to meet to consider 2 bids, insolvency for Opel unit today.
- Holcim's Q2 net falls 35% to $563.3M as demand fell in mature markets.
- Hormel Foods' Q3 net jumps 49% to $77.2M amid lower costs. Revs slip 6.2%.
- Industrial & Commercial Bank of China Ltd. posted higher-than- est Q2 profit at $4.6B.
- Japan Airlines, shipper Nippon Yusen plan to integrate air-cargo units.
- Las Vegas Sands' subsidiary files IPO application with Hong Kong's stock exchange.
- Oracle wins US government approval for $7.4B Sun Micro takeover.
- Porsche offices raided on suspicion of VW-related market manipulation.
- Sears Hldg swings to Q2 loss of $94M as revenue declined 10% to $10.55B.
- Tribune ownership may fall to lenders.
- Westpac Banking Corp's Q3 cash earnings were about $914M; lending rose 1.3%.
Economic Calendar: Data on Existing Home Sales to be released today.
Recent Egan-Jones Rating Actions
BALDOR ELECTRIC CO (BEZ)
GAP INC/THE (GPS)
ETHAN ALLEN INTERIORS INC (ETH)
TECH DATA CORP (TECD)
CONSTELLATION ENERGY GROUP INC (CEG)
LABORATORY CORP OF AMERICA (LH)
BB&T CORP (BBT)
ALLIANT ENERGY CORP (LNT)
LTD BRANDS INC (LTD)
WASTE MANAGEMENT INC (WM)
WORTHINGTON INDUSTRIES INC (WOR)
SEARS HOLDINGS CORP (SHLD)
Data provided by Egan-Jones Ratings And Analytics