Daily Highlights: 8.26.2010
- Asian shares trade mostly higher, though action proves choppy.
- New-home sales slid to a record low and a slower-than-f'cast rise in durable-goods orders cast doubt on the US recovery.
- Official China data masks surge in housing, food prices.
- Roubini: Q3 growth in US to be 'well below' 1%.
- SEC votes to boost power over boards.
- Treasury sells 5-year notes at lowest yield ever.
- Agricultural Bank of China temporarily stops lending to property developers.
- Ahold reports 3% rise in Q2 profits.
- Air China's H1 profit surged 60% to $679M on higher travel demand, fuel-hedging gains.
- American Eagle's Q2 net falls 66% on wider losses related to its Martin + Osa chain.
- BHP Billiton's chief vowed discipline in bidding for Potash Corp. of Saskatchewan Inc.
- Dell to ratchet up its bid in battle for 3Par after the latter starts talking with HP.
- Diageo FY op. profit at GBP2.57B, up 6.2% as revs improved by 5.0% to GBP9.78B.
- Fairfax Financial spent $200M to buy derivative contracts betting on decline in CPI.
- GE, Hitachi are making a fresh push to win nuclear plant contracts.
- Guess' qtry net rises 12.1% to $66.8M helped by 10.5% jump in revs to $577.1M.
- ICBC's second quarter earnings 38%.
- Jo-Ann Stores beats by $0.18, posts Q2 EPS of $0.20 as revs rose 4.7% to $439.3M.
- L'Oréal H1 profit rises 21% to $1.66B, helped by 10% rise in sales and lower costs.
- Mazda, Ford to invest $350 million in Thai plant.
- Posco to sign contract to buy 68% stake in Daewoo Intl held by Korea Asset Mgmt Co.
- Santos aims to sell 15% of $15B Australia LNG gas project this year.
- Semtech beats est., reports Q2 EPS of $0.42 (cons $0.39); revs up 70.7% at $113.2M.
- Sony is working on 3-D televisions that don't need special glasses.
- TiVo Inc.'s Q2 loss as it losses 22% of its subscribers. Revs fell 11% to $51.6M.
Toll Bros swings to Q3 profit of $27.3M on lower charges. Revs fell 1.6% at $454.2M.
Economic Calendar: Data on Initial & Continuing Claims to be released today.
Earnings Calendar: ARUN, BEBE, CONN, DLLR, FRED, IRF, ISLE, JCG, NOVL, RGS.
RECENT RATING ACTIONS
TRANSOCEAN LTD (RIG)
IDACORP INC (IDA)
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DOMINION RESOURCES INC/VA (D)
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TW TELECOM INC (TWTC)
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NATIONAL FUEL GAS CO (NFG)
ALLIANT ENERGY CORP (LNT)
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Data provided by Egan-Jones