• ADB: East Asian economies may have 'V' shaped recovery.
  • Asian stocks rise on yen; merging market stocks hit 10-month high.
  • IMF says China has room for more fiscal stimulus through 2010.
  • Iceland formally applies to join EU, faces talks on fishing rights.
  • Japan's export fall by smallest margin in 6 months as recession eases.
  • Weaker yen sends Japan stocks higher for seventh straight session of gains.
  • Oil above $65 in noon European trading after mixed US investory data.
  • Sri Lanka's mulling a US dollar bond that will test investors' appetite for risk.
  • Swedish unemployment jumps to 9.8 percent in June, men hit hardest.
  • US May Home Prices rise 0.9% vs. previous month: FHFA.
  • Allegheny Tech sees Q3 EPS at break-even vs. cons. est. of a profit of $0.24/sh.
  • Amazon to acquire online footwear retailer Zappos for ~$847M in cash, stock.
  • Bank of New York Mellon's writedowns rose 68% on declines in residential value.
  • Bristol Myers Squibb to acquire Medarex for about $2.4B.
  • Celera Corp. withdraws 2009 f'cast; expects 2Q sales to decline YoY.
  • Chrysler offers car buyers $4,500 cash as US 'clunker' program begins.
  • Deutsche Post second quarter net profit falls 71%; sales fall 17%.
  • Dutch telecom KPN says Q2 profit rises only 4.8%, sees weak demand.
  • Engineering company ABB reports 31 pct drop in Q2 net profit to $675M.
  • Fiat to sell €1.25B of bonds at 9.25 percent yield.
  • Ford lost $2.8B in June 2009.
  • Goldman Sachs pays $1.1B to redeem TARP warrants.
  • Hyundai Motor says 2nd-quarter net profit rises 48 percent on China, India sales.
  • Intuitive Surgical posted Q2 EPS of $1.62. topping cons. est. by 26 percent.
  • Morgan Stanley posted $159M Q2 loss cites conservatism in running its business.
  • Pacific Sunwear of California expects 2Q loss of at least $0.22/sh (cons -$0.13/sh).
  • Porsche Board agrees to prepare €5B capital increase.
  • St. Jude Medical's Q2 net up 14% at $219.34M, revs up 4.3% at $1.18B.
  • Tupperware's Q2 net falls 8.1% to $33.1M; sees Y09 EPS at $2.59-2.64, sales decline of 5-7%.

Economic Calendar: Data on Initial Claims, Existing Home Sales to be released today.

Recent Egan Jones Rating Actions:

PEPSICO INC/NC (PEP)
ELI LILLY & CO (LLY)
FREEPORT-MCMORAN COPPER (FCX)
MORGAN STANLEY (MS)
LEGG MASON INC (LM)
ADVANCED MICRO DEVICES INC (AMD)
MERCK & CO INC/NJ (MRK)
CATERPILLAR INC (CAT)
COCA-COLA CO/THE (KO)
BOSTON SCIENTIFIC CORP (BSX)
LEXMARK INTERNATIONAL INC (LXK)
CONTINENTAL AIRLINES INC (CAL)
EI DU PONT DE NEMOURS & CO (DD)

Data Provided by: Egan-Jones Ratings And Analytics