• Asian stocks rose, with benchmark index set for a record gain.
  • Bank of America Merrill Lynch named Erh Fei Liu as its China head of corporate and investment banking.
  • Bernie Madoff was sentenced to 150 years in prison for bilking investors ranging from hedge funds to charities to retirees of $60B.
  • Broadcom Corp. strengthened its unsolicited offer for Emulex Corp. by 19% to $912M
  • Cathay Pacific Airways Ltd., Air China Ltd. and Singapore Airlines Ltd. can take some solace from the 43% surge in the price of jet fuel this year.
  • China raised fuel prices by as much as 11% to prevent making losses as crude oil costs rise.
  • Dollar weakens as improving risk appetite spurs yield demand.
  • Elpida Memory Inc. will receive 50 billion yen ($521 million) from the Japanese government
  • Facebook Inc. announced David Ebersman, former CFO of Genentech Inc., as its new CEO.
  • General Motors Corp. will pull out of auto-assembly venture with Toyota Motor Corp.
  • Insurgents in Nigeria drive up oil prices by striking one of Royal Dutch Shell's units.
  • Japan's unemployment rate rose to a five-year high in May; 5.2% from 5%in April.
  • Johnson & Johnson ordered Abbott to pay its rival $1.67B for patent infringements.
  • Justice objected to a plan by UAL Corp. and Continental to cooperate on routes world-wide.

Recent Egan-Jones Rating Actions 

ASHLAND INC (ASH)
TRW AUTOMOTIVE HOLDINGS CORP (TRW)
KB HOME (KBH)
SEARS HOLDINGS CORP (SHLD)
BE AEROSPACE INC (BEAV)
ENTERPRISE PRODUCTS PARTNERS LP (EPD)
KIMBERLY-CLARK CORP (KMB)
HJ HEINZ CO (HNZ)
MICRON TECHNOLOGY INC (MU)
MCCORMICK & CO INC/MD (MKC)
LENNAR CORP (LEN)
CONAGRA FOODS INC (CAG)
LEAR CORP (LEA)

Data provided by: Egan-Jones Ratings and Analytics