Daily Highlights: 11.24.09
Courtesy of Tyler Durden
- As banks build capital, Treasury wants TARP to focus on lending.
- Asian stocks fall on Japan deflation, share-sale concern; Dollar, Yen gain.
- China shares retreat on policy uncertainty ahead of government economic meeting.
- China’s 5 largest banks submit plans for raising capital to the industry regulator.
- Fed said to ask stress-tested banks to submit plans for repaying US aid.
- Home resales leaped up 10.1% in October, rising far more than expected.
- Nov. clothing sales weaken vs. 2008’s clearance sales, but electronics, online rise.
- Oil slips to near $77 in Asia as investors eye US dollar, crude demand.
- Proportion of US homeowners who owe more on their mortgages than the properties are worth has swelled to about 23%.
- US corporate bond sales climb to record $1.17 trillion as economy grows.
- Analog Devices Q4 profit down 27% to $105.6M; gives strong Q1 ‘10 view.
- Bank of China says it’s studying ‘various options’ to replenish capital.
- BJ Services swings to Q4 loss of $9.9M as revs declined 42% to $878.2M.
- Brocade Communications Q4 profit down 5.6% at $33.6M; revenue up 31% to $521.8M.
- Campbell Soup’s Q1 net rose 17% to $304M as margins improved. Revs fell 2.1%.
- China’s Sovereign Fund said to buy $400M of stock in Longyuan IPO.
- Chubu Electric said to buy Russian coal to diversify supply.
- Ciena Corp. to buy Nortel division that develops networking gear for $769M.
- Dycom Industries’ Q1 net dropped 67% to $3.5M on lower sales and margins.
- HP’s qtrly net rises 14% to $2.41B as cost cutting boosted profit margins. Revs fell 8.4%.
- Icahn outbid Penn National Gaming to place a starting bid of $155M for the Fontainebleau.
- Japan’s Chubu Electric Power to buy coal from Russia to reduce reliance on Australia.
- Lloyds Banking prices rights issue at 37 pence - 60% discount to Monday’s closing.
- News Corp. joined by rivals considering pulling out of Google.
- Peet’s Coffee & Tea Inc. ups offer for Diedrich Coffee to $32/sh in cash, stock.
- People’s United Financial agrees to buy Financial Federal for $738M.
- Tyson Foods executives expect U.S. beef and pork prices to rise next year.
- Unilever said it still has as much as $3B in cash to spend on acquisitions.
- Valspar Q4 earnings jump 28% to $49.9M on cost cuts, sales down 16% at $776.6M.
Economic Calendar: Data on GDP, Consumer Confidence, FOMC Minutes to be released today.
Recent Egan-Jones Rating Actions
TECH DATA CORP (TECD)
CIGNA CORP (CI)
CAMPBELL SOUP CO (CPB)
HESS CORP (HES)
HERSHEY CO/THE (HSY)
JONES APPAREL GROUP INC (JNY)
PHILLIPS-VAN HEUSEN CORP (PVH)
DR HORTON INC (DHI)
DELL INC (DELL)
DRESSER-RAND GROUP INC (DRC)
PULTE HOMES INC (PHM)
MCGRAW-HILL COS INC. (MHP)
LTD BRANDS INC (LTD)
Data provided by Egan-Jones Ratings and Analytics
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