Daily Highlights: 9.16.2010
- BOJ becomes 'wild card' as Kan may demand stimulus after Yen intervention.
- EU new car registrations fall 13% YoY in August.
- Geithner says US examining ways to pressure China into faster Yuan rise.
- Greece rules out possibility of default; FM says restructuring would ‘break’ Eurozone.
- India hikes rates to contain inflation; move signals end of loose monetary policy.
- Most Asian stocks fall, led by mining shares; Japanese exporters advance.
- Naked-short sellers, derivatives traders face European Union restrictions.
- Producer Prices in US probably rose in sign of diminished deflation risk: Survey.
- UK Regulator confirms commercial vehicle makers probe on suspected cartel activity.
- AAR Corp posted Q1 EPS of $0.35 (cons $0.30); revs rose 20.7% to $412.2M.
- AK Steel now expects a Q3 operating loss of $20/ton vs. prev view of a profit of $15/t.
- AngloGold Ashanti plans to raise about $1.37B in an equity and convertible offering.
- Apogee misses by $0.09, posts Q2 loss of $0.18/sh as revs fell 22.8% to $144.7M.
- Beazer Homes sees Q4 orders at 700-800 vs. June f'cast of 767-1,012.
- China's Anshan Iron to buy 14% of a start-up Mississippi steelmaker.
- Clarcor ups view; sees FY10 EPS at $1.80-1.85 and revs growth of 10.5-11%.
- Cypress Bioscience receives a buyout offer of $4.25/sh cash from Ramius LLC.
- Dress Barn's Q4 net rose 64% to $42M as revenue surged 78% to $710.9M.
- Forest Labs to pay $313M penalty for improperly marketing antidepressants.
- GameStop to retire $200M in debt; plans to buy back $300M of its shares.
- Kroger Co. posted 2.8% rise in Q2 profits at $261.6M; revs rose 6% to $18.8B.
- Neiman Marcus' Q4 loss narrowed to $32.8M as revs rose 6.3% and margins rose.
- Novell Inc. has reached an agreement in principle to sell itself in two parts.
- Time Warner Cable says it may lose subscribers in Q3 amid a slowing economy.
- Travelers Cos. to buy back as many as 5B shares, higher than its prev est of 4B.
Economic Calendar: Data on Initial & Continuing Claims, PPI, Philadelphia Fed to be released today.
Earnings Calendar: DDMX, FDX, MCS, MLHR, MTRX, ORCL, PIR, RIMM.
RECENT RATING ACTIONS
KROGER CO/THE (KR)
CINCINNATI BELL INC (CBB)
VALSPAR CORP (VAL)
ALLEGHANY CORP (Y)
CLIFFS NATURAL RESOURCES (CLF)
AK STEEL HOLDING CORP (AKS)
PHILLIPS-VAN HEUSEN CORP (PVH)
SMITH & WESSON HOLDING CORP (SWHC)
EDISON INTERNATIONAL (EIX)
BEST BUY CO INC (BBY)
AVERY DENNISON CORP (AVY)
Data submitted by Egan Jones
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