Friday, June 26, 2009

Daily Highlights: 6.26.09

  • Asian Stocks rise on growth optimism.
  • Crude oil rose, exceeding $70/barrel, as Asian equities extended a global stock market rally, raising expectations of fuel demand growth.
  • Initial jobless claims jumped 15,000 to 627,000 last week amid a pickup in layoffs related to the end of the school year.
  • US economy decreased at 5.5% in the 1Q09 after a 6.3% decline in 4Q08.
  • Yields on Fannie and Freddie mort. secs. declined to the lowest pt. in 3 weeks.
  • U.K. banks may need to cut lending by about $813B while rebuilding capital.
  • AIG to cut debt to New York Fed by $25B
  • Bank of America Corp. has the 2nd highest rating from the Federal Reserve.
  • Bawang International drew nearly $9B in retail orders for its IPO in Hong Kong.
  • Boeing loses Qantas order for 15 787 Dreamliners as travel demand plunges
  • Boston Scientific Corp.'s chief executive, James Tobin, will leave the Company.
  • Calif. board postpones decision on pollution tax
  • ConAgra Foods' Q4 profit drops 13% to $174.7M; despite a 7.5% rise in revs.
  • Dress Barn Inc. to acquire Tween Brands, deal est. at $157M.
  • Foot Locker hires J.C. Penney executive Ken Hicks as Chief Executive.
  • Gartner: Worldwide PC shipments won't fall as much this year as it had feared.
  • GM said to pick Michigan for location of future small-car assembly plant.
  • Hertz sees Q2 profits above cons est., helped by lower costs, demand improvement.
  • Honeywell agrees to acquire RMG Regel + Messtechnik for ~$400M.
  • Kimberly-Clark plans to cut 1,600 salaried workers.
  • Lear Corp. is preparing to file for bankruptcy as soon as next week.
  • Lennar's Q2 loss widened to $125.2M as write-downs and charges increased.
  • McCormick & Co.'s Q2 net fell 4.9% to $50.7M on restructuring-related impacts.
  • Micron Technology reports a June loss of $290M.
  • Qantas Airways deferred 15 Boeing 787-8 aircraft and cancelled 15 787-9's.
  • Southwest Airlines (LUV) on Sunday will land in New York to expand its service..
  • Suzuki shares surge on possible Volkswagen tie-up
  • UBS to raise $3.5B in share sale, f'casts loss in Q2, mostly tied to reorganization costs.
Economic Calendar: Data on Personal Income-Spending, Mich Sentiment-Rev to be released.

Recent Egan-Jones Ratings Actions


Data provided by: Egan-Jones Ratings and Analytics
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