• UAE ditched plans to join the proposed Gulf Cooperation Council monetary union.

  • Oil drops below $62 in Asia as big rally pauses.

  • Singapore economy shrinks 14.6 percent in 1Q.

  • World markets fall after Fed sees deeper slowdown.

  • Advance Auto beats by $0.10, posts Q1 EPS of $1.02 as revs rise 10.3% to $1.68B.

  • AnnTaylor Stores swung to a Q1 loss of $2.3M; revs down 28% to $426.7M.

  • Britain's debt outlook lowered to negative.

  • BJ's Wholesale Club's Q1 net rises 41% to $24.3M; revs up 0.2% at $2.26B.

  • Cable & Wireless full-year profit drops 13 percent on restructuring costs.

  • China shares down on renewed concerns over economic recovery.

  • Computer Sciences reports Q4 EPS of $1.53 (cons $1.47); revs down 8.3% to $4.11B. Sees FY10 EPS of $4.20-4.30 (cons $4.08).

  • Deere & Co.'s Q2 net fell 38% on weak equipment sales. Sees Y09 net at $1.1B (prev $1.5B).

  • Eaton Vance beats by $0.01, posts Q2 EPS of $0.22. Revs fell 5.3% to $198.4M.

  • Forest Oil prices a 12.5M share common stock offering at $18.25/sh.

  • Treasury poised to inject more than $7B into GMAC, the first instalment of a new aid package that could reach $14B.

  • GMAC to receive $7+B from the federal government.

  • Limited beats by $0.04, posts Q1 EPS of $0.01. Revs fell 10.4% to $1.73B.

  • NetApp to acquire fellow data-storage company Data Domain Inc. for $1.5B.

  • Regions Financial plans to offer $1B in common shares, $250M in new convertible preferred shares.

  • Southwest Airlines warned that May revenues are quite soft.

  • Target's Q1 earnings decline 13% to $522M but beat expectations. Revs up 0.2% at $14.83B.

  • Tween Brands beats by $0.13, Q1 loss of $0.06. Revs fell 18.5% to $205.2M.

Economic Calendar: Data on Initial Claims, Leading Indicators, Philadelphia Fed to be released today.

Earnings Calendar: ADSK, ARO, BKE, BKS, BONT, BRCD, CRM, FL, GPS, HIBB, HRL, KIRK, NWY, PSUN, ROST, SMRT, TECD.


Recent Egan-Jones Rating Actions


GMAC LLC (GM1) [ Upgrade from D to B-! on too important to fail sentiment ]

DEERE & CO (DE)

MEDTRONIC INC (MDT)

CUMMINS INC (CMI)

MCDONALD'S CORP (MCD)

GENWORTH FINANCIAL INC (GNW)

AGCO CORP (AGCO)

MACY'S INC (M)

HEWLETT-PACKARD CO (HPQ)

FOOT LOCKER INC (FL)

GENESCO INC (GCO)

AGILENT TECHNOLOGIES INC (A)

VALSPAR CORP (VAL)


Provided by www.egan-jones.com