- Asian stocks rose, led by automakers and financial companies,
- European Central Bank’s Ewald Nowotny said the bank is likely to keep interest rates steady.
- European stocks fell as the World Bank said the global recession will be deeper than it predicted in March
- Federal Reserve is considering creating a utility to replace the Wall Street banks that handle US repo market transactions.
- German business confidence increases in June, signaling an end in recession.
- Unemployment and consumer debt are reducing home ownership by would-be buyers.
- US airlines get thumbs down from frequent travelers.
- World Bank predicted that the global economy will shrink 2.9% this year.
- Carlsberg A/S is close to selling its brewery in Braunschweig, Germany.
- CarMax's Q1 net drops only 3% despite 17% slip in revs to $1.83B.
- China Minsheng Banking Corp., wins investor approval for Hong Kong share sale.
- Goldman Sachs Group Inc. and Societe Generale SA extracted about $11.4B from American International Group Inc. before the insurer’s collapse.
- Goodyear moves to align capacity with weak industry demand.
- Irish bank stocks have been the best performers since March.
- National Australia Bank to buy some of Aviva PLC's Australian biz for $665M.
- Nortel accepts $650M bid for part of its carrier networks division from Nokia Siemens Networks.
- Siemens AG (SI) expects orders from economic stimulus plans worth EUR15B.
- Steel Dynamics sees Q2 EPS of ($0.10)-(0.15) vs. ($0.09) cons est.
- US Airways will begin flying from Charlotte to Honolulu with a 767-200.
- Wyndham sees Q2 EPS of $0.36-0.41; FY09 adj EBIDTA at $760-810M.
- Xstrata sends a proposal to Anglo's board seeking consideration of a merger of equals.
- Drugmakers to spend as much as $80B over 10 years to make it easier for elderly Americans to afford medicine.
Companies to watch: Citigroup, Goodyear, Smith & Wesson Hldg, Nortel, Steel Dynamics, Walgreen, Xstrata.
Recent Egan-Jones Rating Actions
MYLAN INC/PA (MYL)
RAYTHEON CO (RTN)
MARSHALL & ILSLEY CORP (MI)
OWENS-ILLINOIS INC (OI)
GENERAL DYNAMICS CORP (GD)
CARNIVAL CORP (CCL)
ONEOK INC (OKE)
ELAN CORP PLC (ELN_ID)
CARNIVAL CORP (CCL)
ELAN CORP PLC (ELN_ID)
FEDEX CORP (FDX)
MERCK & CO INC/NJ (MRK)
Data provided by: Egan-Jones Ratings and Analytics
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