Daily Highlights: 9.22.2010
- Asia stocks mixed after Fed said it was ready to do more to recharge the US economy.
- Fed hinted it is becoming uneasy about the outlook, but deferred taking any new steps.
- Fed suggest it could buy more bonds; Way eased for new programme of QE.
- Iceland cuts base rate by 0.75% to 6.25%.
- Las Vegas home sales fall as area unemployment lingers near 15%
- Oil hovers above $75 in Asia after report shows US supplies unexpectedly rose last week.
- UK Business Secretary plans to announce a review of takeovers, executive pay.
- US Corporate debt-default rates are expected to fall below 3% by the end of the year.
- Ace Ltd. in talks to buy NY Life Insurance Co.’s assets in Asia after two rivals dropped out.
- Adobe sees Q4 revs of $0.950-1.000B vs. $1.03B consensus estimates.
- American Airlines struggles with costs, unions as mergers boost rivals.
- Analogic beats by $0.17, reports Q4 EPS of $0.56 as revs rise 19.8% to $117.8M.
- AutoZone's Q4 net jumps 14% to $268.9M as revs rise 9.5% to $2.45B.
- Blockbuster is in the final stages of preparing a bankruptcy filing.
- Carnival Corp.'s Q3 net rises 22% to $1.3B as revs rose 6.9% to $4.4B.
- ConAgra's earnings fell 12% to $146.4M amid rising costs. Revs fell 2.4%.
- Darden's Q1 net rose 20% to $113.1M as sales rose at Olive Garden and LongHorn Steakhse.
- Deutsche Bank expects net loss for Q3, on revaluation of its investment in Deutsche Postbank.
- eBay sees Q3 EPS guidance near the high end of prev view of $0.35-0.37.
- Infineon lifts revenue forecast again as it expects Q3 sales to rise 15% over Q2 levels.
- Microsoft raises quarterly dividend 23% to 16 cents.
- PMC-Sierra lowers Q3 rev guidance to $161-163M vs. cons est. of $173.36M.
- Progress Software sees FY11 EPS at $2.50-2.60 (cons $2.54); revs at $555-565M.
- Providence Service raises Q3 EPS view to $0.20-0.22 vs. cons est. of $0.06.
- Prudential Fin nears deal to buy 2 Japanese life-insurance cos from AIG for $4-5B.
- RIM could unveil its new tablet and the OS that will power it—as early as next week.
- Sinochem looks to spoil BHP’s Potash bid; Chinese group appoints advisers to evaluate move.
- Textron to cut another 700 staff at its Cessna unit; reduce production on lower demand.
- Thales SA and OHB Technology AG may sign a weather-satellite contract worth €1.3B.
- Visa announces decision to fund litigation escrow account with $800M.
Economic Calendar: Data on Crude Inventories to be released.
Earnings Calendar: BBBY, CPRT, DRI, DYNT, GIS, IHS, JEF, KMX, RHT, SCS.
RECENT RATING ACTIONS
CONAGRA FOODS INC (CAG)
WESTPAC BANKING CORP (WBC AU)
DAVITA INC (DVA)
ISTAR FINANCIAL INC (SFI)
LENNAR CORP (LEN)
OWENS-ILLINOIS INC (OI)
CLOROX CO (CLX)
WEATHERFORD INTERNATIONAL (WFT)
DELUXE CORP (DLX)
SHAW COMMUNICATIONS INC (SJR)
ROCK-TENN CO (RKT)
Data provided by Egan-Jones