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Daily Highlights: 12.10.09

Courtesy of Tyler Durden

  • Asian shares were mostly lower Thursday as continued risk aversion hurt demand.
  • Australian employers add 31,200 jobs, six times estimates; currency gains.
  • Australia’s jobless rate unexpectedly falls to 5.7 percent in November.
  • Bank of Korea keeps key interest rate at record low at 2% as economy recovers.
  • China puts squeeze on property speculators with tougher sales tax penalty.
  • China says US, Russia dumped electrical steel.
  • Climbing yen, economy concerns sends Japan stocks lower; Nikkei loses 1.4 percent.
  • Congress may give relief to car dealers who lost franchises due to govt-funded bankruptcy.
  • Foreclosure filings in US to hit record for second year with 3.9M.
  • Geithner extends $700B TARP bailout program until October of 2010.
  • Iceland lowers key interest rate by a full point to 10 percent.
  • US Wholesale inventories rise in October, break record stretch of 13 declines.
  • Yen weakens on signs of global recovery, easing risk aversion; Euro gains.
  • AbitibiBowater sold its stake in a hydroelectric power plant to Hydro-Quebec for $582.9M.
  • AOL gets independence from Time Warner on Thursday.
  • AT&T to introduce “incentives” to encourage iPhone customers to cut back on data usage.
  • BofA completes repayment of $45B in government bailout funds.
  • BWAY Holding beats by $0.08, posts Q4 EPS at $0.47. Revs fell 12.2% to $249.4M.
  • Citigroup in talks for equity offering; efforts on to repay $20B in bail-out funds within days.
  • Citigroup, Goldman, 10 other banks said to plan talks on loans with Obama.
  • Costco’s Nov. 2009 $266M net income near the same as last year’s $263M
  • Daimler reaches agreement that gives job security until the end of 2019 to 37,000 employees.
  • Delta Air Lines, United say business travel returns as worst of slump ends.
  • Dubai carrier Emirates gets over $1B to finance 6 Airbus A380s despite sheikdom’s woes.
  • Hess Corp to sell $750M of notes with a 6.0% coupon maturing on January 2040.
  • London Stock Exchange challenging NYSE with plan to offer futures on FTSE 100 Index in 2010.
  • Oracle preparing a stiff defense of its proposed purchase of Sun, ahead of EU hearing.
  • Panasonic to take control of Sanyo for $4.6 billion, forming global electronics giant.
  • Pall Corp.’s Q1 net rises 56% to $67M despite a 5.4% dip in revs to $547M.
  • RBS close to selling its retail- and commercial-banking ops in China, India and Malaysia to HSBC.
  • Toys R Us narrows Q3 loss to $67M on cost cuts – best operating performance since 2006.

Recent Egan-Jones Rating Actions

MOHAWK INDUSTRIES INC (MHK)
PENSKE AUTO GROUP INC (PAG)
AVON PRODUCTS INC (AVP)
BROWN-FORMAN CORP (BF)
ASBURY AUTOMOTIVE GROUP INC (ABG)
AUTONATION INC (AN)
CKE RESTAURANTS INC (CKR)
KROGER CO/THE (KR)
ARROW ELECTRONICS INC (ARW)
SUPERIOR ENERGY SERVICES (SPN)
HELIX ENERGY SOLUTIONS (HLX)
KIMCO REALTY CORP (KIM)
SIMON PROPERTY GROUP INC (SPG)

Data provided by Egan-Jones Ratings and Analytics


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