Friday, July 17, 2009

Daily Highlights: 7.17.09

  • California fails to progress on budget, risking downgrade of debt to junk
  • California's median home price rises 7% in June from May.
  • China fails to complete bill sale for third time in two weeks
  • Crude oil falls as stronger dollar limits commodity investments
  • Homebuilder Confidence in US hits 10-month high as sales, interest rise.
  • Explosions ripped through Marriott, Ritz-Carlton Hotels in Jakarta; killing eight.
  • Biogen's Q2 net falls 31% to $142.9M on higher drug-licensing payments.
  • BofA required by US to overhaul its board or face harsher penalties.
  • British Airways Plc, plans to raise 600 million pounds ($982 million) in funding.
  • CIT says its in talks with potential lenders on financing.
  • Citi'sJune net income rises from a $2.5B loss last year to a $4.3B gain.
  • Charles Schwab's Q2 net falls 31% on restructuring, fed insurance costs.
  • Delphi's lenders to bid for the co., plan to defeat govt sale of the co. to GM, PE firms.
  • EnCana to sell non-core Alberta properties for $632M to Bonavista Energy Trust.
  • GE reports quarterly earnings of $2.9 billion, down 47%.
  • Harley-Davidson's Q2 net falls 91%; to cut 1,000 more jobs. Lower shipments ahead.
  • IBM's profit rose 12% to $3.1B as improved margins offset a drop in sales.
  • JP Morgan net rises 36%; record net revenue on 29% rise in invt banking income.
  • Macquarie Countrywide sells US property portfolio for $1.3B.
  • Marriott's Q2 profit tumbles 76% to $37M; revs dropped 20% to $2.63B.
  • Mosaic Co. is being pursued by Vale SA with a $25B bid.
  • Nokia cut its outlook for margins, market share, after Q2 net falls 66%.
  • Nokia may lose smart-phone buyers without Apple-like programs.
  • Porsche CEO says sale is imminent as VW power struggle nears end.
  • Renault SA said global vehicle sales fell 16.5% in the first half of the year.
  • RIM to pay $267.5M to Visto Corp. to settle a long-running patent dispute.
  • Rio Tinto believes detained China staff acted with integrity.

Economic Calendar: Data on Building Permits, Housing Starts to be released today.

Earnings Calendar: ACU, AOS, BAC, BBT, C, GE, MAT, MI, STU.

Companies to watch: AO Smith Corp., AngioDynamics, BofA, BB&T Corp, CIT, Callaway Golf, Citigroup, GE, Marshall & Ilsley, Mattel, RIM.

Recent Egan-Jones Rating Actions:
PACKAGING CORP OF AMERICA (PKG)
JABIL CIRCUIT INC (JBL)
AAR CORP (AIR)
CENTURYTEL INC (CTL)
CINTAS CORP (CTAS)
BAXTER INTERNATIONAL INC (BAX)
MGIC INVESTMENT CORP (MTG)
JPMORGAN CHASE & CO (JPM)
MOSAIC CO/THE (MOS)
CIT GROUP INC (CIT)
JACK IN THE BOX INC (JACK)
UNUM GROUP (UNM)
BRINKER INTERNATIONAL INC (EAT)

Data provided by: Egan-Jones Ratings And Analytics

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