- Bank of England votes 9-0 to extend their money-printing plan by 50B pounds.
- Home construction fell 12.8% in April, led by large decline in apartment groundbreakings.
- U.S. said to consider stripping SEC of power in regulatory reorganization.
- Fed expands TALF to 'legacy' assets for first time, including older CMBS.
- AIG investors to get $843 million; AIG names 6 new directors.
- Air France-KLM and Delta Air Lines will set up a joint venture on trans-Atlantic routes with estimated annual sales of $12 billion.
- Allstate announces qtrly dividend of $0.20/sh, will not participate in TARP.
- Analog Devices' Q2 net falls 61% to $51.8M; revs down 26.8% to $474.7M.
- Bank of America raises $13.5B in sale of stock after stress tests.
- Daimler buys 10% stake in California electric carmaker Tesla Motors Inc.
- GE: Would take at least 2 yrs to jettison unwanted assets from its finance arm.
- GM says no progress in talks with UAW, Treasury.
- GM received three bids on its Opel division.
- H-P reported a 17% drop in Q2 profits as revs fell 3% to $27.4B, to cut 2% of its workforce in under 12 months.
- Hertz Holdings launches mixed offering of 40 mln in stock, convertible senior notes.
- Home Depot's Q1 net rises 44% to $514M, despite 9.7% slip in revs to $16.18B.
- Marshall & Ilsley announces $350M discretionary equity issuance plan.
- Medtronic's Q4 net drops 69%; to reduce its global workforce by 1,500-1,800 employees.
- Phillips-Van Heusen's Q1 net falls 47% to $24.7M; revs down 11% to 557.4M.
- Regions Financial to raise $1.25B of equity.
- Saks Inc. swung to Q1 loss of $5.1M as revs dropped 27% to $621.3M.
- TJX Cos.' Q1 earnings rose 7.9% to $209.2M as revs edged up by 1% to $4.35B.
- Sees Q2 EPS at $0.43-0.49 (prev view $0.43).
Economic Calendar: Data on Crude Inventories, FOMC Minutes to be released today.
Earnings Calendar: AAP, ANN, BJ, BRC, CSC, DE, EV, GYMB, HOTT, INTU, LTD, PETM,
TGT, TOL, TWB.
Companies to watch: Advance Auto Parts, AnnTaylor Stores, BJ's Wholesale Club, Brady Corp, CSC, Deere & Co, Eaton Vance, Gymboree, Hot Topic, Intuit, Limited Brands, PetSmart, Target Corp, Toll Brothers, Tween Brands.
RECENT RATING ACTIONS:
GENESCO INC (GCO)
AGILENT TECHNOLOGIES INC (A)
VALSPAR CORP (VAL)
SAKS INC (SKS)
HOME DEPOT INC (HD)
MEDTRONIC INC (MDT)
DAVITA INC (DVA)
SPEEDWAY MOTORSPORTS INC (TRK)
LEAR CORP (LEA)
ASBURY AUTOMOTIVE GROUP INC (ABG)
MEDTRONIC INC (MDT)
DILLARD'S INC (DDS)
LOWE'S COS INC (LOW)
Commentary compliments of
www.egan-jones.com
