Equities finished in negative territory despite some encouraging earnings before the bell from the likes of Morgan Stanley (MS: 26.80 0.00 0.00%) (+6.26%) and Wells Fargo (WFC: 26.06 0.00 0.00%) (+0.58%). Apple (AAPL: 254.24 0.00 0.00%) (+0.93%) saw decent gains after they reported impressive numbers at the close of the previous session. The early down-tick arose on speculation of a large S&P 500 order and also due to EU stress test jitters in the back ground. Equities were range-bound ahead of Bernanke’s testimony but plunged after he said the economic outlook is “unusually uncertain.” The sell-off abated after he said the expectation is still for a moderate recovery as oppose to a double-dip. At the close; the S&P 500 closed down 1.28% at 1069.59, the DJIA closed down 1.07% at 10120.53 and the NASDAQ 100 closed down 1.27% at 1817.30.
UK
BP (BP: 36.13 0.00 0.00%) - Oil and Natural Gas Corporation (ONGC) of India has expressed its interest to Vietnam Oil and Gas Group, or PetroVietnam, to buy co.’s stake in a gas block in Vietnam, according to the chairman of ONGC. Co. holds a 35% stake in the block and is also the operator, ONGC owns 45% while PetroVietnam has the remaining 20%. (WSJ)
GlaxoSmithKline (GSK: 36.36 0.00 0.00%) - The US FDA says has told co. that the Avandia tide trial has been placed on partial clinical hold. Co. says will suspend enrolment of new patients in clinical trial at the request of FDA. (RTRS)
RBS (RBS-A: 0.00 N/A N/A) - Co. may select winning bidder for credit-card unit next month, unit valued at USD 3.8bln. (Sources)
BAE Systems - Co. says seeing unprecedented levels of interest from Middle East, Asian customers who ‘awash with money’. (RTRS)
Imperial Tobacco Group - Co. trading in line with board’s expectations, co. also maintained their sales growth momentum in rest of the world region. (RTRS)
Scottish & Southern Energy - Co. on course to deliver its dividend growth targets in years ahead. (RTRS)
Mitchells & Butlers - Co.’s 42 weeks to July 17 like for like sales up 1.6% and says good progress is made in achieving strategic objectives. (RTRS)
Autonomy - Co.’s Q2 net income USD 52.4mln vs. Prev. USD 50.9mln a year earlier, and says is confident to deliver strong FY growth. (Sources)
Kingfisher - Co.’s Q2 like for like sales down 0.8%, however co. is cautious about the outlook for consumer spending. (RTRS)
Tate & Lyle - Co. has made a sound start to their financial year. (RTRS)
Lonmin - Co maintains 700,000 platinum OZ FY sales forecast. (Sources)
Capita Group - Co.’s H1 net GBP 98.2mln vs. Prev. GBP 98.7mln, and H1 sales GBP 1.36bln vs. Exp. GBP 1.36bln. Co. says it made good progress in 2010. (Sources)
US
US Banks - Fed’s Bernanke says cos. much improved since the worst of the crisis but many still have a large volume of troubled loans. Also says large losses seem to have peaked, overall capital levels and quality of capital much improved over past couple of years. (RTRS)
Qualcomm (QCOM: 36.16 0.00 0.00%) - Q3 adjusted EPS USD 0.57 vs. Exp. USD 0.54, Q3 revenue USD 2.7bln vs. Exp. USD 2.64bln. Co. boosts forecast. Shares seen up 3% in after-market trade. (RTRS)
eBay (EBAY: 20.17 0.00 0.00%) - Q2 adjusted EPS USD 0.40 vs. Exp. USD 0.38, Q2 revenue USD 2.22bln vs. Exp. USD 2.16bln. Q2 net USD 412.19mln, Q2 operating income USD 484.57mln, Q2 Paypal revenue USD 817mln, Q2 marketplaces revenue USD 1.40bln. Co. sees Paypal unit positive effect on YR of USD 0.06-0.08, sees YR adjusted EPS 1.60-1.65 vs. Exp. USD 1.64 and sees YR pressure from currencies hurting USD 0.09-0.11. Sees YR revenue USD 8.8-9.0bln, sees Q3 adjusted EPS 0.35-0.37 vs. Exp. USD 0.39 and sees Q3 revenue USD 2.13-2.18bln vs. Exp. USD 2.16bln. Co. shares seen up 1.1% in after-market trade. (RTRS)
Starbucks (SBUX: 25.17 0.00 0.00%) - Q3 adjusted EPS USD 0.29 vs. Exp. USD 0.29, Q3 revenue USD 2.61bln vs. Exp. USD 2.56bln. Q3 comp sales up 9% and Q3 global traffic up 6%. Co. sees FY 2010 adjusted EPS USD 1.22-1.23 vs. Exp. USD 1.23, sees FY 2011 EPS USD 1.36-1.41 vs. Exp. USD 1.42 and sees FY 2011 mid-high single digit revenue growth. Sees FY 2011 low-mid single digit comp sales and sees FY 2011 opens about 500 net new stores globally. Co. boost cash dividend by 30% to USD 0.13. (RTRS)
Baidu (BIDU: 73.31 0.00 0.00%) - Q2 EPS per Ads USD 0.35 vs. Exp. USD 0.31, Q2 revenue USD 282.3mln vs. Exp. USD 275.3mln. Co. sees Q3 revenue USD 324.4-333.3mln vs. Exp. USD 322.2mln. Co. shares up 1.3% in after market trade. (RTRS)
Xilinx (XLNX: 27.80 0.00 0.00%) - Q1 EPS USD 0.58 vs. Exp. USD 0.53, Q1 revenue USD 594.7mln vs. Exp. USD 567.26mln. (RTRS)
Intuitive Surgical (ISRG: 316.10 0.00 0.00%) - Q2 EPS USD 2.19 vs. Exp. USD 2.06, Q2 revenue USD 350.7mln vs. Exp. USD 338.2mln. Co. shares seen down 6.7% in after-market trade. (RTRS)
Morgan Stanley (MS: 26.80 0.00 0.00%) - Private equity firm Blackstone Group LP is close to finalising the purchase of property loans, with a face value of around USD 1.1bln owned by co. (RTRS)
Europe
GERMANY
Deutsche Telekom - Talks between Apple and T-Mobile are heating up, a source says there’s an 80% chance the iPhone lands at T-Mobile in Q3 of this year. (Business Insider)
FRANCE
Technip - Co.’s Q2 net EUR 106mln vs. Exp. EUR 103.7mln, and co. confirmed 2010 outlook. (Sources)
Unibail-Rodamco - H1 net EUR 1.11bln vs. Prev. loss EUR 1.32bln. Co. plans to return EUR 20/share to investors. (Sources)
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