- China’s foreign exchange reserves balloon at a record pace in Q2, crosses $2 trillion.
- China's GDP expands by 7.9% in Q2, beating estimates for a 7.7% growth.
- Asian stocks climb on China growth, US manufacturing reports.
- Consumer prices rose 0.7% in June, boosted by energy and autos.
- Fed projected that US unemployment rate may surpass 10 percent by year's end.
- AIG accelerate steps to position American Life Insurance Co. as an independent entity.
- Abbott Labs' Q2 net falls 2.6% to $1.29B. Revs up 2.5% at $7.5B, hit by forex losses.
- AMR reports loss of $319M; beats estimates. Ends the qtr with $3.3B in cash.
- Baxter's June net income rises from $544M last year to $587M this year.
- BofA's net charge-offs on its credit-card trust at 13.86% in June from 12.5% in May.
- CIT calls bailout unlikely, fueling speculation of bankruptcy.
- CITI, FDIC in negotiations to allow it to work out its problems without outside attention.
- Cintas' Q4 net at $4.1M (year-ago profit of $89.7M). Revs down 15% at $878.7M.
- Germany promises aid to GM only if it sells European business to Magna.
- Obama opposes House Plan that would force Chrysler, GM to restore dealers.
- Gannett swung to Q2 profit, but revs slip 18% to $1.41B - lower than consensus est.
- JP Morgan's June profit rises from $2.0B last year to $2.7B this year.
- MAN SE to acquire a 25%-plus-one-share stake in China's Sinotruk Ltd. for $780.6M.
- MGIC's June loss rose from $98M to $340M.
- Mosaic up on a possible takeover bid.
- New York Times to use asset-sale funds to reduce debt: Chairman Sulzberger.
- Toys 'R' Us faces suit alleging price-fixing with manufacturers on Strollers, other products.
Economic Calendar: Data on Initial Claims, Philadelphia Fed to be released today.
Earnings Calendar: ANGO, APH, ASBC, BAX, BIIB, GOOG, GPC, HOG, IBM, JPM, MAR, MTG, NOK, NVS, PPG, SON.
Companies to watch: Amphenol, AngioDynamics, Baxter Intl, Biogen Idec, Genuine Parts, Google, Harley-Davidson, IBM, JPMorgan Chase, Marriott, MGIC Investment Corp., Nokia, Novartis, PPG Industries, Sonoco Products.
Recent Egan-Jones Rating Actions:
CIT GROUP INC (CIT)
JACK IN THE BOX INC (JACK)
UNUM GROUP (UNM)
BRINKER INTERNATIONAL INC (EAT)
INTERNATIONAL FLAVORS (IFF)
GANNETT CO INC (GCI)
YUM! BRANDS INC (YUM)
AMR CORP (AMR)
ABBOTT LABORATORIES (ABT)
INTEL CORP (INTC)
WYNN RESORTS LTD (WYNN)
TUPPERWARE BRANDS CORP (TUP)
YUM! BRANDS INC (YUM)
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