General News:
– Blackstone’s IPO opens 20% higher in morning trading.
– Bear Stearns (BSC) will use $3.2 billion to stabilize their High Grade Structured Credit Strategies Fund. The re-pricing of CDOs will cause massive losses in the market.
– Wall Street Journal is reporting that the FED economists predict more volatility in family income.
– Bloomberg is speculating that the Chinese may invest $100 billion in foreign assets after a rule was lifted by the government restricting overseas investments.
– Germany arrested Islamic radicals attempting to plan a suicide bombing mission.
– Wall Street Journal reports that Congress is planning to hike tax rates for the “rich”. WSJ says that the private-equity tax move is just the tip of the sword.
– Oil and gasoline futures rose Friday on concerns about Iran’s nuclear capabilities and on news that talks to end a general strike in Nigeria had failed.
– Democrats were elated as they took steps to reduce U.S. dependence on oil as the Senate approved a bill calling for more ethanol production and higher gas mileage limits.
– Fed holding of money flow rose $11.7 billion. Treasuries rose $4.28 billion.
– US equity mutual funds had an inflow of $1.4 billion. However, US ETFs had an outflow of $4.5 billion.
– Non-US equity mutual funds rose $4.5 billion, and non-US ETFs had an unflow of $927 million.
Asia/Europe:
Asia:
– Speculation of a rate hike pushed Chinese stocks down overnight. Look for a possible rate hike today.
– An official at the Chinese National Development and Reform Commission said he was surprised that the People’s Bank of China did not raise rates last week and that a rate hike could come at any time.
– Subsidies are being offered for Chinese pork.
– Japanese supermarket sales fell 0.6% month over month, which counts for the 17th straight month of downturns.
– India’s money supply rose 21% in the two weeks ending June 8th.
– Indian bank loans rose by 71 billion rupees.
Europe:
– German business confidence fell more than economists forecast in June after a rebound in oil prices and higher borrowing costs raised concern economic growth may slow from the fastest pace in six years.
– Airbus SAS, the world’s largest maker of commercial aircraft, won a $3.7 billion contract from Singapore Airlines Ltd. for 20 new A350s on the last day of the Paris Air Show, capping off a week of gains against Boeing Co.
– OAO Gazprom took control of BP Plc’s stake in a Siberian natural gas deposit large enough to supply Asia for five years.
Corporate News:
– InterContinentalExchange (ICE) will purchase the Winnipeg exchange.
– Vodafone (VD) announced that it may sell its mobile stake to Verizon (VZ).
– WFC is going to buy CIT construction unit.
– (ERIC) signed a $1 billion deal with China Unicom.
– JBL posted a positive profit report.
– BEN will buyback 10 million shares.
– COGN posted negative guidance and was downgraded at Bank of America.
Favorable Comments:
– Ryder System (R) upgraded at Stifel
– Brush Engineered Materials (BW) and Darden Restaurants (DRI) upgraded at Matrix.
– Navistar (NAVZ) upgraded at UBS.
– AES Corp. (AES), Agrium (AGU), and Terra Industries (TRA) upgraded at Citigroup.
– AGL Resources (ATG) upgraded at AG Edwards.
– Albemarle (ALB) and FirstEnergy (FE) upgraded at Banc of America.
– Bally Technologies (BYI) upgraded at Roth.
– Greenhill (GHL) and Volterra Semi (VLTR) upgraded at Wachovia.
– Jabil Circuit (JBL) upgraded at RBC.
– MGM Mirage upgraded at CIBC and Susquehanna.
– Newfield Exploration (NFX) upgraded at Canaccord Adams.
– Novamed (NOVA) upgraded at Jefferies.
– Pentair (PNR) upgraded at Robert W. Baird.
– Rockwood Holding upgraded at JP Morgan.
Negative Comments:
– Abercrombie (ANF) downgraded at Lehmans.
– Analog Devices (ADI) downgraded at Piper Jaffray.
– Big 5 Sports (BGFV) downgraded at UBS.
– Canadian National Rail (CNI) and Methanex (MEOH) downgraded at CIBC.
– Carmike Cinemas (CKEC), Cinemark (CNK), Regal Entertainment (RGC) and Cognos (COGN) downgraded at Banc of America.
– Chipotle Mexican Grill (CMG) downgraded at JP Morgan.
– Equity Inns (ENN) downgraded at KeyBanc, Friedman Billings, JMP, and AG Edwards.
– Fairchild Semi (FCS), Linear Tech (LLTC) and Fidelity National (FNF) downgraded at Piper Jaffray.
– Fuel-Tech (FTEK) downgraded at Roth.
– InPhonic (INPC) downgraded at Deutsche Bank.
– Nuance Communications (NUAN) and Starbucks (SBUX) downgraded at Friedman Billings.
– Pier 1 Imports (PIR) downgraded at DA Davidson.
– PrivateBancorp (PVTB) downgraded at Robert W. Baird.
– Southern (SO) downgraded at HSBC.
– Talbots (TLB) downgraded at Matrix.
– United PanAm Financial (UPFC) downgraded at Jefferies.
