Daily Highlights: 9.29.09
- Asian stocks rise from two-week low; led by oil and technology companies.
- China will support mergers among `able' companies: Stocks Regulator says.
- FDIC expected to propose banking industry to prepay assessments for the next 3 years.
- The Federal Reserve decided to keep pumping $1.25 trillion of new money into the mortgage market.
- Japan consumer prices fall record 2.4%; deflation return threatens economy.
- Obama admin close to committing $35B to help state and local housing agencies.
- Singapore's GIC suffered a loss of $41.6B in Y09 on stock rout, loss on UBS stake.
- Taiwan is considering allowing Chinese investors to buy stakes in its flat panel and chip companies
- Yen falls versus Euro on economy optimism, speculation Japan to intervene.
- Anglo American: Seeing the first signs of recovery in demand for metals.
- Astrotech Corp. is mulling strategic options - including a possible sale of its assets.
- BNP Paribas will raise 4.3 billion euros, or $6.28 billion, in new capital.
- British Airways is launching its new business class service between London and NY.
- CNOOC in talks to acquire stakes in about 6 billion barrels of oil reserves in Nigeria.
- CVS, Medco profits may narrow on $10B US contract facing overhaul.
- FairPoint in talks with creditors on restructuring debts.
- J&J bought an 18% stake in Dutch biotechnology company Crucell NV for $442.7M.
- Moog Inc. to offer 2.5M Class A shares common stock; proceeds to repay debt.
- PartnerRe to pursue acquisition of the remainder of PARIS RE through a merger.
- Volkswagen agrees with union on 4.2% increase, performance bonus from 2011.
- Warner Music, YouTube close to deal on licensing video clips on latter's site.
Earnings Calendar: CFW, DRI, JBL, MDRX, NKE, WAG, WOR, ZZ.
Companies to watch: Allscripts-Misys, Darden Restaurants, Jabil Circuit, Micron Technology,
Nike, Sealy Corp., Walgreen, Worthington Inds.
Recent Egan-Jones Rating Actions
CLEAN HARBORS INC (CLH)
ST JUDE MEDICAL INC (STJ)
COCA-COLA BOTTLING CO (COKE)
COCA-COLA FEMSA SAB DE CV (KOFL MM)
FIDELITY NATIONAL FINANCIAL INC (FNF)
ABBOTT LABORATORIES (ABT)
AFFILIATED COMPUTER SERVICES INC (ACS)
XEROX CORP (XRX)
CHARMING SHOPPES INC (CHRS)
KNOLL INC (KNL)
BOWNE & CO INC (BNE)
KB HOME (KBH)
HOVNANIAN ENTERPRISES INC (HOV)
Data provided by Egan-Jones Ratings And Analytics