Jun 30, 2010

RTTNews: Morning Market Briefing: .- Stocks May Open Higher Amid Calming News On Euro Bank Health - U.S. Commentary. June 30th., 2010

Morning Market Briefing Wed Jun 30 09:01 2010 

Commentary

Jun?30,?2010 Stocks May Open Higher Amid Calming News On Euro Bank Health - U.S. Commentary Stocks are poised for a slightly higher open on Wednesday, as European banks borrowed less than expected from the European Central Bank, calming some fears over the health of the region's banks. However, optimism is being limited by disappointing U.S. private payroll figures. The major index futures are all in positive territory, with the Dow futures up by 20 points. Full Article

Economic News

Jun?30,?2010 U.K. June House Price Inflation Eases More Than Expected: Nationwide U.K. house prices rose less than expected in June as the supply of property coming to the market increased amid the abolition of the Home Information Packs, while demand remained broadly stable. Full Article
Jun?30,?2010 ADP Says Private Sector Added 13,000 Jobs In June With the data likely to add to recent concerns about the outlook for the labor market, Automatic Data Processing, Inc. (ADP) released a report Wednesday morning showing that private sector employment increased by much less than expected in the month of June. Full Article
Jun?30,?2010 German Unemployment Continues To Fall In June German unemployment fell for the twelfth consecutive month in June, although the pace of decline slowed compared to the previous three months, official figures showed Wednesday. Full Article
Jun?30,?2010 U.K. Consumer Morale Hurt By Emergency BudgetSentiment among British consumers weakened further in June on the back of growing concerns over government spending cuts and tax hikes in the run up to the emergency budget unveiled by the new government. Full Article
Jun?30,?2010 Eurozone Consumer Price Inflation Eases In June Eurozone annual inflation slowed in June and remained within the central bank target, giving relief to policy makers. Full Article

Earnings News

Jun?30,?2010 Monsanto Q3 profit slides 45%, misses estimate; backs FY10 EPS viewWednesday, Monsanto Co. (MON) reported a 44.7% drop in its third-quarter profit, reflecting a 6.3% dip in sales, as well as lower gross margin. Agricultural productivity for the quarter took a hit as revenue from herbicides declined year-over-year. Both earnings and revenue came in below the Street view. Gross profit margin for the period shrank to 47% from 58% last year. Looking ahead to the full year, the company reiterated its earnings outlook. Full Article
Jun?30,?2010 General Mills Q4 profit down 41%, adj. EPS meets Street; guides FY11 EPS below estimateTuesday, General Mills Inc. (GIS) posted a 41% drop in its fourth-quarter profit as sales dipped 2.1% year-over-year in the period consisting of fewer days of operation. However, adjusted earnings per share came in line with the Street view. Gross margin also shrank to $36.2% from 42.4% in the year-ago quarter. Looking ahead to fiscal year 2011, the company guided earnings to fall short of the current estimate of analysts. Full Article
Jun?30,?2010 Phillips-Van Heusen backs Q2, FY10 guidanceWednesday, Phillips-Van Heusen Corp. (PVH) said it's maintaining its earlier earnings guidance for the second quarter and full year 2010, but indicated that if the current business trends continued, results could surpass the previous outlook. The company reiterated its outlook based on the continuation of a comparable store sales increase for the U.S. outlet business at around 12%, and also on strong trends across other businesses. Full Article

Corporate News

Jun?30,?2010 Boeing to buy Argon ST for around $775 mlnWednesday, Boeing Co. (BA) said it agreed to acquire Argon ST (STST) for $34.5 per share, or about $775 million, net of cash acquired. The companies expect the transaction to close by the end of this September. Argon ST will function as a stand-alone subsidiary of Boeing and a new division of Boeing Network & Space Systems. Further, the firms confirmed that Argon will continue to be headed by its present chief executive Terry Collins. Boeing revealed that it plans to fund the purchase with existing cash. Full Article
Jun?30,?2010 Celgene to buy Abraxis in $2.9 bln cash and stock dealWednesday, Celgene Corporation (CELG) said it's acquiring Abraxis BioScience, Inc. (ABII) for $2.9 billion in cash and stock to expand its cancer drugs business. Under terms of the deal, Celgene will exchange $58 in cash and 0.2617 shares of the company for every Abraxis share. The deal values Abraxis at $71.9 a share, representing a 17% premium over the stock's Tuesday closing price. Celgene expects the acquisition to be dilutive to adjusted earnings in 2011 and accretive in 2012. The company also anticipates the deal to close in the fourth quarter. Full Article

Broker Ratings Changes

Jun?30,?2010 FBR Capital Markets Ups US Bancorp (USB) To Outperform From Market Perform With $28 Price Target

Todays WS Events

Jun?30,?2010 Monsanto Q3 10 Earnings Conference Call At 9:30 AM ET Monsanto Co (MON) will host a conference call at 9:30 AM ET, to discuss Q3 10 earnings results, on June 30, 2010. To access the live webcast, log on at www.monsanto.com/investors
Jun?30,?2010 Apollo Q3 10 Earnings Conference Call At 5:00 PM ET Apollo Group Inc. (APOL) SVP Brian Swartz, will host a conference call at 5:00 PM ET, June 30, 2010, to discuss its Q3 10 earnings resutls. To access the live webcast, log on at www.apollogrp.edu To Participate a call, dial 877-292-6888 (US) or 973-200-3381 (international) with Conference ID: 78017946 For replay, dial 800-642-1687 (US) or 706-645-9291 (International) with Conference ID: 78017946

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