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*    US Personal Income (Jul) M/M 0.2% vs. Exp. 0.3% (Prev. 0.0%)
(RTRS)


*    US Personal Spending (Jul) M/M 0.4% vs. Exp. 0.3% (Prev. 0.0%)
(RTRS)


*    US PCE Deflator (Jul) Y/Y 1.5% vs. Exp. 1.5% (Prev. 1.4%) (RTRS)


*    US PCE Core (Jul) M/M 0.1% vs. Exp. 0.1% (Prev. 0.0%) (RTRS)


*    US PCE Core (Jul) Y/Y 1.4% vs. Exp. 1.4% (Prev. 1.4%) (RTRS)

*    US economists are sharply divided on just how the US can avoid a
double-dip recession and keep its dwindling recovery afloat in the coming year, according to a survey released today by the National Association of Business Economists. (Sources)

*    The Obama administration has not decided whether it should
resurrect a popular tax credit for first time homebuyers, according to US Housing and Urban Development Secretary Donovan. (RTRS)

President Obama said that the US economy was expanding, but not quickly enough, and there was no magic bullet that will fix its problems. He added that the batch of grim economic data over the past few weeks was something his administration had anticipated. 

Other News

IBM - Co. today announced that it completed the acquisition of Storwize, a privately-held company based in Marlborough, MA. Financial details were not disclosed. The companies announced in July a definitive agreement to pursue the acquisition. (Sources)

3M - Co. and Cogent announced that they have entered into a definitive agreement for co.'s acquisition of Cogent for USD 10.50 per share. The proposed transaction has an aggregate value of approximately USD 943mln, or approximately USD 430mln net of cash acquired. Co. sees deal hurting EPS USD 0.09-0.10 GAAP in first 12 months and sees deal adding to EPS ex-items of USD 0.01-0.02 per share in the first year. (Sources)

Chevron - Co. agreed with Turkey's state-owned oil company Turkiye Petrolleri A0 to invest USD 500mln to explore in two wells in the country's Black Sea waters, according to sources. (Sabah)

Hewlett-Packard - Co. authorises additional USD 10bln for share repurchases. Says to repurchase at least USD 3bln worth of shares in Q4 at current price levels. To repurchase USD 2.6bln worth of shares in Q3 and as of July 31. To use the additional authorisation as part of its ongoing programme to manage dilution created by shares issued under plans. (RTRS/Sources) In other news, co. launches CloudStartHP announced HP CloudStart, the industry's first all-in-one solution for deploying an open and flexible private cloud environment within 30 days. Pact worth up to USD 800mln (Sources)

Boeing - Co. says 787 delay won't affect plane order of Royal Jordanian.
(Sources)

S&P 500

Other News

US Banks - According to analyst Meredith Whitney, American banks will need to increase their capital in order to survive the latest decline in the housing market. (New York Times)

AIG - Japanese and Qatari firms may consider a bid for co.'s Taiwan unit if a current bid for it does not go through, according to Taiwan's Commercial Times newspaper. The paper cited a former Taiwanese diplomat as saying he had set up a company to make a bid and had talked to Japan-based Firix Partners and a Qatari fund about funding for a bid worth some USD 2.5bln. (Taiwan's Commercial Times)

Ford - Due to concerns that real axles can corrode and potentially break, co. will reportedly recall 575,000 Windstar vans from the model years 1998-2003 in the U.S. and Canada. Previous reports indicated the recall would total over 460,000 vehicles. (AP)

ConocoPhillips - According to sources, so.'s Wood River refinery crude distillation unti seen down after weekend power failure. (RTRS)

Charles Schwab - Co. to acquire Windward Investment Management for USD 150mln in stock and cash; anticipates that the acquisition will be modestly accretive to EPS in the first 12 months post-closing.
(Briefing.com)

Companies going Ex-Dividend: Goldman Sachs (USD 0.3500-), Schlumberger (USD 0.2100), Lockheed Martin Corp (USD 0.6300), SunTrust Banks (USD 0.01000), Loews (USD 0.0625), Kellogg (USD 0.4050), Smith International (USD 0.1200), M&T Bank Corp (USD 0.7000)

NASDAQ 100

Other News

Google, Apple, Yahoo and Facebook - Are among eleven major companies being accused of infringing patents belonging to a company linked to Microsoft co-founder Paul Allen. The companies, also including YouTube, AOL, eBay, Netflix, Staples, OfficeMax and Office Depot, are being accused of infringing patents relating to search and e-commerce.
Interval Licensing, which is not targeting Microsoft or Amazon, is seeking the end of the infringement and damages. (Guardian)

Google - Co. is in talks with Hollywood movie studios to start a pay-per-view video service on its YouTube website by the end of the year, according to sources. (FT) In other news, co. has acquired Angstro in its efforts to build a social-networking service to compete with Facebook. (WSJ)

Qualcomm - Oppenheimer believes that Intel's acquisition of Infineon's wireless business makes Intel more of a threat to co. However, the firm thinks that Qualcomm can still compete effectively.
(theflyonthewall.com)

Cisco - According to sources, co. has made an offer to acquire Skype before the Internet telephony service completes its IPO process. Co.
would likely to have to pay in the USD 5bln range to get a deal done.
(TechCrunch)

Intel - Co. and Infineon have entered into a definite agreement to transfer Infineon's Wireless Solution business to co. in a cash transaction valued at approximately USD 1.4bln. (Sources) Co. CEO says our goals include acquisitions in out core segments, no talks currently.
(RTRS)

Starbucks - Co. expands presence in USD 377mln flavoured coffee market in the US with New Natural Flavours. (Sources)

Genzyme - Sanofi-Aventis publicly disclosed its USD18.5bln bid for co.
on Sunday, upping the ante in its effort to take over the company. (NY
Times) Co. board believes this is not the right time to sell the co. and unanimously affirmed its previous rejection of Sanofi's proposal. (RTRS)

Research in Motion - Ahead of a deadline for co. to give security agencies in India access to encrypted data, reports are that Indian authorities will meet this evening to decide whether to ban some BlackBerry services. Government officials have indicated that India could be willing to extend the deadline. (Globe and Mail)

Citrix - Co. says signed a definitive agreement to acquire Vmlogix and acquisition expected to close in the Q3 of 2010. (RTRS)

BROKER MOVES

Upgrades

Raytheon - Co. upgraded to outperform from market perform at Wells Fargo.

Downgrades

Intel - Co. price target lowered to USD 26 from USD 30 at RBC Capital.

Texas Instruments - Co. downgraded to neutral from positive at Susquehanna.

Lockheed Martin - Co. downgraded to market perform from outperform at Wells Fargo.


OTHER NEWS

USD Index up 0.08% and CRB Index up 0.18% at 1343 BST (0743 CDT).

3Par - Bidding for co. could go as high as USD 2.5bln. (Barron's)


Potash - If BHP Billiton is successful in its USD 39bln bid for co. it could consider divesting Potash's nitrogen and phosphates business.
(RTRS)

US Airliners - American regulators have cleared the way for a merger of United and Continental airlines, a deal that will create the world's largest carrier. (Sunday Times)

According to the U.S. Bureau of Transportation Statistics, total airline passenger numbers increased about 3% in May from the same month last year, indicating the U.S. airline industry is beginning to show signs of recover. Though in May, 82% of seats were filled and revenue from transporting cargo also increased, airlines are still not forgoing new passenger fees. (LA Times)