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Thursday, March 28, 2024

Daily Highlights: 8.20.09

Courtesy of Tyler Durden

  • Appliance makers counting on “cash for clunkers”-type rebate program to revive sales.
  • Asian stock markets were mixed on Thursday. Shanghai’s index rebounds 2.1%.
  • China’s first-half current-account surplus reported down 32%.
  • Crude oil futures hit 2-month high as US inventories fell unexpectedly by 8.4M barrels.
  • Democrats prepare to go it alone on health care overhaul without GOP support.
  • GDP in OECD countries stabilized in Q2, with support from exporters Germany, Japan.
  • Obama administration to cut 2009 budget-deficit estimate to $1.58 trillion.
  • Obama administration developing plans to wind down clunker rebates program.
  • Ahold net profit falls 42 percent in Q2 but sales, operating profit up.
  • BBVA wins a US government auction for Guaranty Financial Group.
  • BJ’s Wholesale’s Q2 net falls 3.9%, hurt by decline in sales, lower prices.
  • China Mobile’s 1H net edges up 1.5% to $8.1B, as competition intensified.
  • E*Trade shareholders approve $1.7B debt exchange with Citadel.
  • Eaton Vance beats by a cent; posts Q3 EPS of $0.28. Revs slip 19.2% to $228.4M.
  • Fidelity assets rise 8% to $2.8 trillion; expands its market share.
  • Hedge funds have nearly doubled bearish bets on Volkswagen since mid-July.
  • Limited Brands’ Q2 net drops 27% to $74.3M; sees Q3 loss of $0.07-0.12/sh.
  • Lincoln Natln Corp. to sell its asset management unit to Macquarie Group for $428M.
  • Macquarie Infrastructure may split into two separate, listed entities.
  • News Corp., Scripps Networks, NBC said to bid for Cox’s Travel channel.
  • Northrop seek a buyer for its TASC advisory unit; sale could fetch $1B.
  • PetSmart sees Y09 EPS at $1.37-1.45 vs. cons est. of $1.53.
  • Rio Tinto’s first-half profit falls nearly 65 percent on falling commodity prices.
  • Royal Ahold NV’s Q2 net falls 42% to $277M, beats expectations.
  • RWE expects Poland to soon deregulate domestic power prices.
  • Sears Holdings reports a $94M loss for the Aug. quarter compared to a $65M gain.
  • Stora Enso to permanently close 2 sawmills; incur restructuring chrgs of $836.4M.
  • Switzerland to sell $5.6B UBS stake after US tax-lawsuit accord.
  • UBS to give 4,450 US account holders names as part of US-Swiss tax-evasion deal.
  • Viacom announces a debt offering of $750M of senior notes.

Economic Calendar: Data on Initial Claims, Leading Indicators to be released today.

Recent Egan-Jones Rating Actions:
BOYD GAMING CORP (BYD)
ARVINMERITOR INC (ARM)
US CONCRETE INC (RMIX)
OVERSEAS SHIPHOLDING GROUP INC (OSG)
KIRBY CORP (KEX)
CHATTEM INC (CHTT)
ALBERTO-CULVER CO (ACV)
HESS CORP (HES)
GATX CORP (GMT)
CARDINAL HEALTH INC (CAH)
COMERICA INC (CMA)
TJX COS INC (TJX)
DEERE & CO (DE)

Data provided by Egan-Jones Ratings and Analytics

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