Daily Highlights: 6.5.09

By Tyler Durden
05 June 2009 @ 09:15 am EDT

Initial Unemployment claims in US decrease, signal worst of slump ending.

Oil climbs higher in Asia, nearing $70 a barrel ahead of US jobs report.

ABM Industries beats by $0.05; posts Q2 EPS of $0.32. Revs fell 5.6% to $855.7M.

AIG may raise $988M selling portion of Transatlantic Holdings stake.

Abercrombie & Fitch's May same-store sales drops 28%.

American Apparel's May same store sales at -10% vs. cons est. of -4.0%.

Axsys Technologies to be acquired by General Dynamics for $54/sh ($643M).

Bank of America ousts head of risk oversight.

BHP to pay Rio Tinto $5.8B under iron ore production joint venture.

Cooper Cos's Q2 net rises 119% to $24.6M; revs up 0.5% at $260.6M.

GM has inks a preliminary deal to sell its Saturn division to mega auto dealer Roger Penske.

GM agreed to finance a PE firm's buyout of bankrupt Delphi.

Intel to acquire Wind River Systems for $11.50/sh cash ($884M).

Krispy Kreme Doughnuts' Q1 net skidded 53%; revs down 9.9% to $93.4M.

Macy's May same-store sales fell 9.1%, while JC Penney reported an 8.2% decline. Saks Inc. posted a 27% plunge.

Qwest's long-distance business has received preliminary bids well below the $2-3B it was seeking.

Rio Tinto cancels the $19.5B deal with Chinalco; announces $12.5B rights issue.

Textron to reduce its workforce at its Cessna unit, cites weakness in aviation market.

Vail Resorts beats by $0.12, posts Q3 EPS of $1.68. Revs fell 21.3% to $333.5M.

Economic Calendar: Data on Average Workweek, Nonfarm Payrolls, Unemployment Rate,Consumer Credit to be released today.

Earnings Calendar: AGYS, AMWD, CHP, CPW, ODC, TOPS, XIDE.

Economic Calendar: Data on Initial Claims, Productivity-Rev. to be released today.

Companies to watch: Abercrombie & Fitch, Agilysys, C&D Technologies, Exide, Intel, Macy's, Rio Tinto, Textron Inc.

Recent Egan Jones Rating Actions:

WEATHERFORD INTERNATIONAL LTD (WFT)

WIND RIVER SYSTEMS INC (WIND)

AVIS BUDGET GROUP INC (CAR)

CHEVRON CORP (CVX)

HESS CORP (HES)

VALERO ENERGY CORP (VLO)

STEEL DYNAMICS INC (STLD)

HOVNANIAN ENTERPRISES INC (HOV)

CARDINAL HEALTH INC (CAH)

STEINWAY MUSICAL INSTRUMENTS (LVB)

EMC CORP/MASSACHUSETTS (EMC)

EXPRESS SCRIPTS INC (ESRX)

MASTEC INC (MTZ)