General News:
– The Standard & Poors may cut their rating on $12 billion or 612 classes of sub-prime bonds.
– ICSC (International Council of Shopping Centers) says that consumer traffic and confidence improved. June sales are expected to rise 1.5% to 2.0%.
– US is sending a third aircraft carrier to the Persian Gulf.
– The euro hit an all-time high against the U.S. dollar, topping the $1.37 mark as U.S. retailers and homebuilders lowered their growth forecasts.
Asia/Europe:
Asia:
– China’s exports rose 27.1% year over year. Imports rose 14.2% with a trade surplus of $26.9 billion.
– Chinese auto sales rose 23.1%.
– The Bank of Korea revised its GDP forecast up for 2007.
– Singapore’s second quarter GDP rose 8.2%, higher than estimated.
– Australia’s business confidence is near a two-year high.
Europe:
– Bank of England’s, Gieve, said that wages have not shown much of a bounce, retailers are becoming more cautious, and home transactions have slowed since the start of 2007.
– French manufacturing output rose 0.1%, 1.1% was expected.
Corporate News:
– BHP Billiton (BHP) is seeking private-equity partnership for its desired takeover of Alcoa (AA).
– SK Telecom says it will not buy Sprint (S).
– The Home Depot Inc. (HD), the world’s largest home improvement store chain, warned that its earnings will decline this year more than previously expected because of weak conditions in the housing market and the sale of its wholesale distribution business.
– Akamai Technologies (AKAM) is added to the S&P 500.
– Cheesecake Factory (CAKE) had better than expected sales.
– Denny’s Corp. (DENN) had solid sales that will serve to benefit quarter 2 results
– Sears Holdings Corp.’s (SHLD) second-quarter earnings will likely fall well below Wall Street expectations due to more disappointing sales of home appliances and other products at both Sears and Kmart
– DR Horton Inc. (DHI) warned of significant asset impairment and notes that orders are now down 40%.
– Marvell Technology Group (MRVL) reports soft EPS and revenue numbers.
– Pepsi Bottling Group (PBG) raised its profit forecast.
– Parker-Hannifin (PH) had a favorable rebound in North American sales.
– Chattem Inc. (CHTT) raised its guidance.
– Moore Capital has moved into a 5% stake in Beazer Homes USA (BZH).