Daily Highlights: 9.9.09
- Asian stocks fall on share sales; Alibaba slumps as Chairman pares stake.
- China looking at investing part of its $300B sovereign-wealth fund in US realty.
- China plans first offering of yuan sovereign debt outside mainland China, in Hong Kong.
- China's steel output rises 2% as state spending spurs demand.
- Euro rises toward 9-month high versus Dollar on speculation of recovery.
- Japan to hike fees it pays to aluminum producers by 53% - highest in 14 yrs.
- OPEC Committee to recommend keeping quotas unchanged: Kuwait Minister.
- American Electric sees FY09 EPS of $2.75-3.05 vs. cons. est. of $2.88.
- Atheros to acquire semiconductor company Intellon Corp for $244M.
- BMW, Audi, Mercedes-Benz continued to suffer from lackluster sales in August.
- Buffett's Berkshire adds coverage of risky homes amid real estate slump.
- BusinessWeek, put up for sale by McGraw-Hill, gets interest from 93 potential buyers.
- China sends back Tengzhong's application to buy Hummer.
- Fairfax Fincl Hldg to sell $1B in stock to fund its proposed purchase of Odyssey Re.
- FuelCell Energy's Q3 loss narrowed to $14.9M as expenses rose lower than revs.
- Geely Holding makes $2B offer for Ford Motor Co.’s Volvo Cars unit.
- Kraft said to seek $8B in financing for possible Cadbury takeover.
- Lenovo's shares fall 5.5% on stake sale by TPG, General Atlantic & Newbridge Capital.
- Neiman Marcus's Q4 loss widens to $168.5M on charges, sharp discounts.
- NYSE Euronext plans to sell stakes in American stock exchange options unit.
- PetroChina's parent CNPC receives $30B loan for overseas expansion.
- RBS has hired Goldman to find a buyer for its aircraft-leasing business.
- Smithfield Foods' Q1 loss widened to $107.7M amid continuing weak demand.
- Taiwan Power to spend $9B to expand, upgrade grid in the next 6 years.
- Valero Energy paring back operations, jobs as it tries to maintain profitability.
- Vivendi SA offers $3B for Brazil's GVT to expand into Latin America space.
- Wing Hang Bank seen as takeover target as China banks set sights on Hong Kong.
Economic Calendar: Data on Crude Inventories, Fed's Beige Book to be released today.
Earnings Calendar: KFY, LAKE, MW, RSC, SHFL, SWHC, TLB, UNFI, ZLC.
Companies to watch: Korn Ferry Intl, Men's Wearhouse, Rex Stores, Shuffle Master, Smith & Wesson, Talbots, United Natural Foods, Zale Corp.
Recent Egan-Jones Ratings Actions
BARRICK GOLD CORP (ABX)
PACCAR INC (PCAR)
EOG RESOURCES INC (EOG)
CUMMINS INC (CMI)
NATIONAL FUEL GAS CO (NFG)
ATMOS ENERGY CORP (ATO)
SMITHFIELD FOODS INC (SFD)
KRAFT FOODS INC (KFT)
DEVON ENERGY CORP (DVN)
SWIFT ENERGY CO (SFY)
CONAGRA FOODS INC (CAG)
MANITOWOC CO INC/THE (MTW)
CHIQUITA BRANDS INTERNATIONAL INC (CQB)
Data provided by Egan-Jones Ratings And Analytics