Daily Highlights: 9.14.09
- Asian stocks fall amid valuation concerns; drags MSCI index from a 1-yr high.
- Baucus health care plan raises plenty of concerns despite major concessions to industry.
- Britain's Conservative Party considering bank privatization plans in case of election victory.
- China starts probe of US auto, chicken imports after US imposes tariffs on tire imports.
- China 'strongly opposes' Obama's tire import tariffs, may appeal to WTO.
- China’s electricity usage rose 8.22 percent in August from a year earlier.
- Chinese govt in talks on taking a minority stake in Virginia-based power-plant developer AES.
- Dollar trades near 7-month low on falling borrowing costs.
- Oil drops below $69 as US dollar rebounds, Asian stocks slide.
- Steel prices drop 8%, reversing course in sign mills ramped up too quickly.
- UK housing market slump will resume next year on continued squeeze on mortgages:E&Y.
- US Retail sales probably rose last month on 'Cash for Clunkers' program.
- AMR negotiating with Japan Airlines to form a far-reaching joint venture.
- Alcon to acquire EsbaTech AG for $150M cash plus as much as $439M in milestones.
- Appeals court affirmed verdict that Microsoft products infringed an Alcatel-Lucent patent.
- Cadbury Chairman says 'low-growth' Kraft's $16B offer 'unappealing'.
- Campbell Soup's Q4 net down 22% on write-downs. Revs slip 11% to $1.53B.
- Deutsche Telekom hire Deutsche Bank as adviser to assess possible takeover bid for Sprint Nextel.
- EnCana Corp. to get $3.5B from splitting off its oil sands business into a separate co.
- FedEx raises Q1 EPS view to $0.65-0.95 (cons $0.70), stokes hopes for recovery.
- GE, Areva, Korea Electric in $41B UAE nuclear power race: report.
- GM rescinds temporary pay cuts for salaried staff, including many executives.
- India's Reliance Industries may buy oil fields in Gulf of Mexico, Brazil to hedge India-only risk.
- J&J negotiating to reduce price of a previously announced $1.5B deal with Elan Corp.
- Magna Intl plans to cut 10500 jobs at General Motors Co.'s Opel unit.
- Melco Intl's 1H loss widened 32% to $104.7M, cites sharp decline in casino wagers.
- Noble Energy North Sea unit for sale; priced at $350M. Suitors incl Maersk.
- Nyrstar to buy U.S. zinc mine complex from the Glencore Group for $126M.
- Repsol makes Venezuela’s biggest gas discovery, est. at 8 trillion cubic feet.
- WPP PLC Chief Martin Sorrell says there is little to cheer about in the advt industry.
- Wynn Resorts to list its Macau casino operations in Hong Kong on Oct. 9.
Recent Egan-Jones Rating Actions
OGE ENERGY CORP (OGE)
IRON MOUNTAIN INC (IRM)
NEIMAN MARCUS GROUP INC/THE (NMG)
TYCO INTERNATIONAL LTD (TYC)
POTASH CORP OF SASKATCHEWAN INC (POT)
MOSAIC CO/THE (MOS)
NATIONAL SEMICONDUCTOR CORP (NSM)
PERKINELMER INC (PKI)
IDACORP INC (IDA)
MONSANTO CO (MON)
CHARLES RIVER LABORATORIES (CRL)
BECKMAN COULTER INC (BEC)
MILLIPORE CORP (MIL)
Data provided by Egan-Jones Ratings and Analytics