Daily Highlights: 9.3.2010
- Oil falls below $75 a barrel in Asia ahead of US employment report.
- Russia said it would extend its ban on wheat exports into late 2011.
- Russia to double gas imports from Azerbaijan in a fresh blow to EU-touted pipeline project.
- US Pending sales of existing houses unexpectedly climbed in July from a record low.
- US Retail sales in August top estimates on tax holidays, discounts.
- 3Par determines revised HP proposal, for $33/share, is superior. Dell pulls out of race.
- Abbott abandons sale of European flu-vaccine business on low bids.
- AIG's Asia unit submitted prelim documents to HK Stock Exchange for an IPO.
- Avis Budget increased the cash portion of its offer for Dollar Thrifty to $40.75/sh.
- BP spill costs hit $8B, relief effort continues.
- Burger King agreed to a $3.3B leveraged buyout by private-equity firm 3G Capital.
- Chinese investors approach Alberta Invt Mgmt to consider a jt counterbid for Potash.
- Campbell's July net income rises from $67M to $113M.
- Cooper Cos reported Q3 EPS of $0.91 (cons $0.71); revs rose 18.7% to $295.6M.
- Dow AgroSciences to acquire assets of Grand Valley Hybrids; terms not disclosed.
- Eldorado Gold bids $3.2B in stock for Andean Resources to get Argentina mine.
- Esprit's fiscal full-year net profit fell 11% to $544M on weak wholesale business.
- Finisar beats by $0.08, posts Q1 EPS of $0.31 as revs rose 61.5% to $207.8M.
- H&R Block posts Q1 loss of $131M on flat revs of $274.5M.
- News Corp. CEO Murdoch says global economy remains in turmoil.
- Petrobas may raise up to $75B in sale of shares as part of a stock-for-oil swap with the government.
- Saks reports Aug same store sales +1.0% (cons +4.0%); reaffirms 2H guidance.
- Toronto-Dominion Bank's Q3 net rose 29% to $1.1B aided by strong retail results.
- Toshiba is recalling 41,000 laptop computers due to concerns they can overheat.
- TPG sells stake in Ping An Insurance for $1.16B.
- US Airways: August passenger revenue per available seat mile rose an est 15%.
- Venezuela to pay Casino Guichard-Perrachon "about $600M" for a majority stake.
Economic Calendar: Data on Nonfarm Payrolls, Unemployment Rate, ISM Services to be released.
Earnings Calendar: CPB, EXXI, MTY, NSU, OCNF, OMNI, SUTR, XSEL.
RECENT RATING ACTIONS
TRAVELERS COS INC/THE (TRV)
HELIX ENERGY SOLUTIONS (HLX)
ALLSTATE CORP/THE (ALL)
GENWORTH FINANCIAL INC (GNW)
ANADARKO PETROLEUM CORP (APC)
DEL MONTE FOODS CO (DLM)
PRINCIPAL FINANCIAL (PFG)
SOUTHERN COPPER CORP (SCCO)
GREIF INC (GEF)
HEWLETT-PACKARD CO (HPQ)
HOVNANIAN ENTERPRISES INC (HOV)
ENERGY FUTURE HOLDINGS CORP (TXU)
Data provided by Egan-Jones