- Income of Americans surged .5% in April elevated by stimulus, while spending declined 0.1%.
- Most Asian stocks fall on North Korea Concern; PetroChina drops.
- Crude oil retreated from a 7 month high in New York on signs OPEC’s output is climbing.
- Dollar and the yen rose against the euro as stocks snapped three days of gains
- Gold gains to three-month high as weaker dollar boosts demand
- UK stocks fell as Barclays Plc's Abu Dhabi investors sell $6.8 billion of the lender's shares.
- U.S. consumer spending declines 0.1%; incomes unexpectedly Increase 0.5%
- Bank of America wins in $1 billion-plus California lawsuit
- Fed: Banks must raise capital in share sales before repaying TARP aid.
- Chrysler moves closer to exiting bankruptcy protection
- Citigroup Inc (CN) told about five former top executives that they will not be paid tens of millions of dollars in promised severance payouts
- Citigroup's 45% treasury stake helped prompt its ejection from Dow Index.
- EMC makes $1.8B Data Domain offer, setting up NetApp bidding war.
- GM files for bankruptcy in bid to regain profits with $50B US aid.
- GM to announce tentative Hummer sale for an undisclosed sum to an unnamed buyer.
- GM, Citigroup will be replaced in DJIA by Cisco, Travelers.
- Goldman Sachs Group Inc. (GS) raised US$1.9B from selling shares in Industrial & Commercial Bank of China Ltd.
- Obama: GM won't be permanent ward of state.
- Goldman Sachs is selling over 3B shares in ICBC, netting it ~$1.9B.
- Immucor sees FY10 EPS of $1.10-1.17 (cons $1.15); revs of $322-332M (cons $327.7M).
- JP Morgan to sell $5B in stock, while AmEx plans to launch a $500M common-stock offering.
- Micron Tech to spin off its imaging unit, giving 2 PE firms in control of the business.
- Morgan Stanley paid $2.75B cash to complete a JV that gives it control of Citigroup’s Smith Barney brokerage.
- RJ Reynolds losses $30M Florida suit.
Earnings Calendar: ALOY, BCSI, BOBE, DAKT, HGG, HOV, LAYN, MIND, MOD, PAY, UNFI.
Companies to watch: Alloy, Blue Coat Systems, Bob Evans Farms, Hovnanian Entrps, United Natural Foods, VeriFone Holdings.
Recent Egan Jones Rating Actions:
AFLAC INC (AFL)
BORGWARNER INC (BWA)
INTERPUBLIC GROUP OF COS INC (IPG)
GENERAL MOTORS CORP (GM)
ETHAN ALLEN INTERIORS INC (ETH)
LEGGETT & PLATT INC (LEG)
MOHAWK INDUSTRIES INC (MHK)
CBS CORP (CBS)
LEAR CORP (LEA)
TIME WARNER INC (TWX)
CENVEO INC (CVO)
MAGNA INTERNATIONAL INC (MGA)
MAGNA INTERNATIONAL INC (MG/A CN)
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