Daily Highlights: 7.21.09

  • Asia markets track US higher amid optimism about economy.
  • Australian central bank says global economy stabilizing, but interest rates could fall further.
  • California Lawmakers say they have deal to close $26B gap.
  • Euro slips back from 7-month highs to below $1.42 in early European trading.
  • Fed's emergency short-term lending programs eases as credit crisis eases.
  • Oil hovers near $64 in Asia as investors eye company results, weak crude demand.
  • UK public sector net debt at 13 bln pounds in June, 56.6 percent of GDP.
  • Bain, Oaktree said to team with Chinatrust to bid for AIG's Taiwanese unit.
  • Barnes & Noble to launch its own e-bookstore with bestsellers priced at $9.99.
  • Bemis Co to sell 7.5M shares to fund acquisition of Alcan packaging unit of Rio Tinto.
  • Boston Scientific's 2Q net rose 61% to $158M on year-ago's acquisition charges.
  • CAT's June net income declines from $1.1B to $371M.
  • China Investment Corp., a sovereign fund, to buy 40% stake in Citic Capital.
  • CIT reports $3B credit facility, to start 'comprehensive' restructuring of liabilities.
  • Continental Airlines posts 2Q loss of $213 million, as business travel remains soft.
  • Most Delphi creditors vote against plan for transfer, sale.
  • Eaton 2Q net declines 91%; lowered Y09 EPS f'cast to $2-2.2 (prev $2.50-3.00).
  • Entergy lowers 2009 earnings view, projects 2Q below cons est.
  • Halliburton's Q2 net falls 48% to $262M; revs down 22% to $3.49B.
  • Hasbro Inc.'s 2Q earnings rose 4.8% to $39.3M, boosted by strong sales.
  • Human Genome said its experimental drug Benlysta met goals of treating lupus.
  • Intel to offer $1.5B debt, use most of proceeds to buy shares.
  • Ivanhoe Energy sells its US oil and gas operations for $40M.
  • Johnson Controls posted its first profitable quarter since last autumn, of $163M.
  • Legg Mason swung to a profit, beating est., amid 33% drop in operating cost.
  • M&T Bank 2Q net dives 75% amid acquisition, other charges.
  • Southwest Air's June net income declines from $321M to $54M.
  • TD Ameritrade settles securities case; buys back $456M of auction-rate securities.
  • Texas Instruments' 2Q rev at $2.46B (cons $2.42B); sees 3Q revs at $2.5-2.8B.
  • UnitedHealth Group 2nd-quarter profit more than doubles on absence of lawsuit

Recent Egan Jones Rating Actions

CHARLES SCHWAB CORP/THE (SCHW)
AVNET INC (AVT)
JOHNSON CONTROLS INC (JCI)
CIT GROUP INC (CIT)
HALLIBURTON CO (HAL)
COCA-COLA ENTERPRISES INC (CCE)
PHH CORP (PHH)
EQUIFAX INC (EFX)
BLACK & DECKER CORP (BDK)
CIT GROUP INC (CIT)
WESTERN UNION CO/THE (WU)
GENERAL ELECTRIC CO (GE)
PPG INDUSTRIES INC (PPG)

Data provided by: Egan-Jones Ratings and Analytics

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