Equities finished in positive territory following encouraging economic data from both sides of the Atlantic and impressive earnings from the likes of Caterpillar (NYSE:CAT) (+1.69%), 3M (NYSE:MMM) (+2.98%) and AT&T (NYSE:T) (+2.37%) all of whom boosted their forecasts. The industrials sector was the best performing sector in the S&P 500 after UPS (+5.23%) reported better than expected earnings. The market slowed down towards in the second half of the session with traders keeping one eye on the publication of the EU stress tests results. At the close; the S&P 500 closed up 2.25% at 1093.67, the DJIA closed up 1.99% at 10322.30, the NASDAQ 100 closed up 2.52% at 1863.10.

UK

BP (NYSE:BP) – Co. to sell stake in Pan American Energy and seeks USD 9bln according to a source. Sale of Pan American stake could take 2-3 months and Argentina’s Bridas has offered USD 6.5bln for co. stake. Elsewhere, Pelosi says backs measure to ban co. from winning new drilling licenses. Elsewhere, the US Coast Guard Allen says storm may hit co. well area for 24 hrs, however says not expected to be hurricane force. In other news, the US government says will continue Gulf well pressure test indefinitely. (Sources/RTRS) – Co. is waiting for approval from the Vietnam government to sell upstream assets to raise cash to pay for the Gulf of Mexico spill. (Vietnam News)

- Co. says relief well activities will be temporarily suspended due to tropical storm Bonnie, and Macondo well remains shut-in at this time. (RTRS)

Vodafone – Co.’s Q1 sales GBP 11.3bln vs. Exp. GBP 11.1bln. Co. says Q1 trading consistent with forecasts, and outlook for current financial year is confirmed. (Sources)

Rolls Royce – Co. won part of a USD 240mln contract to provide V2500 engines to power Vietnam Airlines’ 36 Airbus A321 aircrafts. (Sources)

United Utilities – Co. says current trading is in line. (Sources)

Companies paying Dividend: Experian (USD 0.1600)

US

Microsoft (NASDAQ:MSFT) – Q4 EPS USD 0.51 vs. Exp. USD 0.46, Q4 revenue USD 16bln vs. Exp. USD 15.25bln, record Q4 results. Co. sees YR operating expense USD 26.9-27.3bln and has sold more than 175mln licenses of Windows 7. Co. shares up 1% in after market trade. (RTRS)

Amazon.com (NASDAQ:AMZN) – Q2 EPS USD 0.45 vs. Exp. USD 0.54, Q2 revenue USD 6.57bln vs. Exp. USD 6.55bln. Co. sees Q3 sales USD 6.9-7.62bln vs. 7.17bln and sees Q3 operating income USD 210-310mln. Co. shares down 14% in after market trade. (RTRS)

American Express (NYSE:AXP) – Q2 EPS USD 0.84 vs. Exp. USD 0.77, Q2 revenue USD 6.858bln vs. Exp. USD 6.82bln. Q2 net USD 1.020bln. Q2 provisions for losses USD 625mln and Q2 return on average equity 23.5%. (RTRS)

Chubb (NYSE:CB) – Q2 operating EPS USD 1.41 vs. Exp. USD 1.39, co. reaffirms forecast and sees 2010 operating EPS USD 5.15-5.55. (RTRS)

SanDisk (NASDAQ:SNDK) – Q2 adjusted EPS USD 1.08 vs. Exp. USD 0.90, Q2 revenue USD 1.18bln vs. Exp. USD 1.16bln. Co. doesn’t expect supply to meet demand in H2. Also, co.’s CEO, Eli Harari, will retire on December 31. Co. shares seen down 7.5% in after market trade. (RTRS)

Capital One Financial (NYSE:COF) – Q2 EPS USD 1.78 vs. Exp. USD 0.86, Q2 revenue USD 3.90bln vs. Exp. USD 3.96bln. (RTRS)

Goldman Sachs (NYSE:GS) – SEC General Inspector expands probe into co., says to probe documents and e-mails involved in transaction. The SEC says ‘something fishy’ on timing of settlement. (Sources)

Europe

GERMANY

All of Germany’s Landesbanken have passed a European regulatory stress test on banks, according to sources. Sources also said that some banks received results of the Committee of European Banking Supervisor’s test yesterday afternoon. (FAZ)

Adidas – Co. says H1 group revenues increased 7% on a currency neutral basis or 11% in EUR terms to EUR 5.6bln and H1 net income attributable to shareholders reached EUR 295mln vs. EUR 13mln in 2009. Says in Q2 co.’s sales increased 11% currency neutral or 19% in EUR terms to EUR 2.9bln vs. Exp. 2.61bln and says Q2 net profit was EUR 126mln vs. Exp. EUR 73mln (EUR 9mln in 2009). Also says diluted EPS amounted to EUR 1.41 for the half year. (RTRS)

FRANCE

Porsche – Co.’s CEO says sales in 2009/10 up in double digit percentage range. (Stuttgarter Zeitung)

STMicroelectronics – Co.’s Q2 adjusted EPS USD 0.18 vs. Exp. USD 0.18, and Q2 revenue USD 2.53bln vs. Exp. USD 2.53bln. Co.’s Q2 net income USD 356mln, and Q2 diluted EPS USD 0.39. Co. sees Q3 sales USD 2.58 – 2.71bln vs. Exp. USD 2.63bln. Co. sees Q3 sequential revenue growth 2%-7%, sees Q3 Y/Y revenue 13%-19%, and sees Q3 gross margin up to about 38.8%. (Sources)

Pernod Ricard – Co. says for the full 2009/2010 financial year we target organic growth in profit from recurring operations of between 3-4% and expects full year sales to grow 2% organic. Says FY total sales saw decline of 2%, Q4 organic sales are ‘close to 3%’ and saw improving economic environment in year. (RTRS/Sources)

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