- US is considering the possibility of a single regulator for banks.
- April Existing-home sales climbed 2.9% as buyers took advantage of foreclosures.
- Treasury Yield curve steepens to record as sales of govt debt surge.
- AutoZone's Q3 net rises 9.5% to $173.7M, revs up 9.3% at $1.66B.
- BofA says has raised $26B in capital plan to date.
- GM bankruptcy is considered 'inevitable' as bondholders reject swap offer.
- GM has asked for an addln $415M for its Opel unit, stalling talks with Fiat, Magna Intl.
- Jo-Ann Stores beats by $0.19, posts Q1 EPS of $0.30 as revs rise 3.1% to $460M.
- PNC Fincl Srvcs raised more than the $600M after stress-test results.
- Polo Ralph Lauren Corp.'s Q4 net tumbled 57% amid $69M in write-downs.
- RF Micro Device: Demand for products in Jun qtr is better than expected.
- Samsung, SanDisk agreed to a patent licensing deal that heads off the threat of litigation between two players.
- Staples profit falls 33% in Q1 to $143M despite a 19% rise in sales to $5.82B.
- Terex announced that it is seeking ~$600 mln in new financing.
- Time Warner plans to separate AOL.
- Visteon files for bankruptcy protection.
- Warburg Pincus said to mull $1.4B sale of cable operator, FiberNet.
- Zale misses by $0.27, posts Q3 loss of $0.73/sh. Revs fell 20.5% to $379M.
- Economic Calendar: Data on Durable Goods Orders, Initial Claims, New Home Sales & Crude Inventories to be released today.
Companies to watch: Bank of Nova Scotia, Big Lots, Costco Wholesale Corp, dELiA*s, Fred's, Genesco, H.J. Heinz Co, J.Crew Group, Novell, Perry Ellis Intl, Sanderson Farms, The Wet Seal, Toronto Dominion Bank.
Recent Rating Actions by Egan-Jones
ALLEGHENY TECHNOLOGIES INC (ATI)
STAPLES INC (SPLS)
HORMEL FOODS CORP (HRL)
GOODYEAR TIRE & RUBBER CO/THE (GT)
GENERAL MOTORS CORP (GM)
RADIOSHACK CORP (RSH)
CON-WAY INC (CNW)
YRC WORLDWIDE INC (YRCW)
SUNTRUST BANKS INC (STI)
GREAT ATLANTIC & PACIFIC TEA CO (GAP)
CAMPBELL SOUP CO (CPB)
GAP INC/THE (GPS)
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