Daily Highlights: 8.23.2010
- Asian stocks fluctuate amid growth concerns; Miners advance.
- Australia set for hung parliament as elections deliver blow to PM.
- China premier: Political reforms needed for growth.
- FDA to find the cause of a salmonella outbreak.
- Mobile operators predict app sales boom; apps expected to outstrip voice services by 2013.
- Nikkei 225 fell to this year's low on European debt concerns.
- Obama considering overhauling 26 troubled federal technology projects valued at $30B.
- Obama admin: Effects of moratorium on deepwater drilling, would cost 23,000 jobs and freeze up to $10.2B in investment.
- Oil rises above $74 in Asia amid hurricane season.
- Weak economy, volatile markets, regulatory upheaval starting to trigger job cuts on Wall St.
- Yen rose toward a seven-week high against the euro.
- The Federal Reserve plans to reduce AIG's credit line by about $3.6 billion
- AnnTaylor swung to Q2 profit of $18.6M as margins increased and revs rose 2.8%.
- Boston Properties Inc. to acquire a vacant office tower in New York City for about $280.5M.
- BP acquires Devon Assets for $2 billion.
- BP begins an attempt to remove the drilling pipe from the ruptured well.
- Campbell Soup is considering a GBP1.5 billion bid for part of United Biscuits (Holdings) Plc.
- Hormel Foods' Q3 net rises 11%; ups FY EPS view to $2.85-2.91 (prev $2.75-2.85).
- HP offers $1.6B for 3Par.
- HSBC likely to bag 52% controlling stake in South Africa's 4th largest lender, Nedbank.
- Potash Corp. contacted by Sinochem Group and Vale SA as the company tries to fend off a hostile takeover from BHP Billiton.
- Rio Tinto strives to rebuild China ties.
- SABMiller reportedly is considering spending up to $10.9B to buy beer operations of Foster's.
- Sinopec's H1 net profit only 6.7% on lower refining margins, despite 75% jump in revs.
- Smucker's Q1 earnings rose 5% helped by stronger margins and a lower tax rate.
- Staples' Q2 net rose 40% to $129.8M on higher margins and lower restructuring-related exps.
- US reviews export rules for BAE; Company-specific policy for defence trade.
- Williams-Sonoma sees Q3 EPS of 26 cents to 30 cents on sales growth of 7% to 10%.
Earnings Calendar: ABM, DSW, EDS, ISLE, KOSS, SAFM, TBAC, ULGX.
RECENT RATING ACTIONS
GOODYEAR TIRE & RUBBER (GT)
MASTEC INC (MTZ)
SANDISK CORP (SNDK)
SEAGATE TECHNOLOGY (STX)
HEALTH NET INC (HNT)
SEAGATE TECHNOLOGY (STX)
HEWLETT-PACKARD CO (HPQ)
TORO CO/THE (TTC)
SEARS HOLDINGS CORP (SHLD)
JM SMUCKER CO/THE (SJM)
DENBURY RESOURCES INC (DNR)
BARCLAYS PLC (BARC LN)
Submitted by Egan-Jones