Equities finished in negative territory after weaker than anticipated US existing home sales data. The oil & gas sector was the worst performer in the S&P 500 after the White House’s Gibbs said the administration would appeal against a New Orleans Judge’s ruling to lift the ban against deepwater drilling. Elsewhere, Apple (+1.36%) shares outperformed after the company announced that 3mln iPads had been sold in 80 days whilst Walgreen (-6.57%) shares came under pressure after the drug-store chain reported disappointing earnings. In the late stages of trade; stocks came under a heavy bout of selling pressure after the S&P 500 broke through some key levels. At the close; the S&P 500 closed down 1.61% at 1095.33, the DJIA closed down 1.43% at 10293.45 and the NASDAQ 100 closed down at 0.80% at 1880.54.
UKUK Banks - Fitch says no bank ratings impact from UK’s announced bank levy. (RTRS)
UK Retailers - Fitch says Emergency budget removes uncertainty for UK retailers. (RTRS)
BP (BP: 29.68 0.00 0.00%) - A US judge rules against Obama Administration’s 6-month moratorium on deepwater drilling. The White House replied saying it will immediately appeal the court decision. In addition, the US interior department said deepwater exploratory drillers have to meet new safety rules before resuming operations despite the ruling. US Interior Secretary says deepwater drilling moratorium is the right decision, and will issue new order in coming days on need for ban. Also, co.’s chief economist says the temporary ban on deepwater offshore drilling in the US will have an impact on global oil supplies, particularly if it spreads to other countries. (RTRS/Sources)
Rio Tinto (RTP: 49.89 0.00 0.00%) - Co.’s Alcan says cautious about short term market volatility. Alcan added that Bauxite market is trending upwards, and Bauxite volumes in China will recover to pre crisis level in 2010. Says Alumina market remains finely balanced, and 2010 global Aluminium demand expected to rise by about 15%, however still cautious on short term. (Sources)
British Airways (BAY: 79.44 0.00 0.00%) - Co. has agreed not to make dividend payments to the holding company to be crated following its planned merger with Iberia until the next valuation of its pension assets, according to the CFO. (FT)
Unilever (UN: 28.47 0.00 0.00%) - Co. plans to boost spending on factories in Indonesia to about EUR 200mln as part of a drive to add products to compete with Procter & Gamble. (Sources)
Companies going Ex-Dividend: Experian (USD 0.1600), Invensys (GBP 0.0200), Land Securities (GBP 0.0700)
USAdobe (ADBE: 32.7625 0.00 0.00%) - Q2 adjusted EPS USD 0.44 vs. Exp. USD 0.43 and Q2 revenue USD 943.0mln vs. Exp. USD 906.86mmln, although targets Q3 EPS USD 0.32-0.37 vs. Exp. USD 0.49. In addition, co. says to buy back up to USD 1.6bln stock. (RTRS)
Apple (AAPL: 273.85 0.00 0.00%) /AT&T (T: 25.36 0.00 0.00%) - AT&T says on track to deliver iPhone 4 to customers who preordered the device on June 15. (RTRS)
Apple - Co.’s iPhone 4 will dazzle consumers with its thinner redesign, radically sharpen screen, higher resolution front facing camera and updated operating system, reviewers said. (Sources)
Abbott (ABT: 47.99 0.00 0.00%) - Co. settles Biaxin drug patent suit, says terms of the settlement are confidential. (Sources)
EuropeGERMANY
Siemens (SI: 95.19 0.00 0.00%) - Co. is bullish on growth in transport and rail technology. (Sources)
BASF - Cognis confirms to sell shares to co.. Co. also confirms bid for Cognis and will buy Cognis for EUR 3.1bln. (Sources)
SAP (SAP: 45.83 0.00 0.00%) - Co.’s CEO says is very much planning on moving into the cloud computing space, but has no interest in the acquisition of salesforce.com. (Sources)
ThyssenKrupp - Co.’s workers council may block co.’s plan to sell metalworking operations, according to work council chairman. (Rheinische)
FRANCE
French Banks - According to French bank group, French bank tax is not good for the economy. (Sources)
Vivendi - Co. is in talks with Reliance Communications to buy a 26% stake in India’s number 2 mobile carrier. (Economic Times)
ArcelorMittal - Co. sees steel demand slowing in H2. (Sources)
EADS - Air France-KLM is examining an order for 80-100 Airbus A350s to replace much of its long-haul fleet from 2015. In other news, co. is planning new joint ventures in China. Co. plans to nearly double production at its venture in northern China and will roll out 48 A320 aircraft in 2010, according to sources. (Sources/China Daily/Xinhua)
Renault - Co.’s CEO says Nissan needs more capacity in Korea for exporting cars. (Sources)
Air Liquide - Co. says it was recently awarded a contract to supply the hydrogen, filing station and infrastructure to power Walmart’s new fleet of green lift trucks at new distribution centre located in Alberta, Canada. (Sources)
Companies paying Dividend: Societe Generale (EUR 0.2500)
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