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Greece, Dubai Debt: Wednesday's Headlines

Wednesday's early headlines include Greece aid speculation and reports Dubai World will ask for another debt standstill.

NEW YORK (

TheStreet

) -- Here are the top stock market headlines for the morning of Wednesday, Feb. 10, 2010.

Wednesday's Early Headlines

  • Greece Aid Speculation Boosts Stocks Overseas -- Stocks across Asia and Europe rose Wednesday on reports the European Union was planning a rescue of Greece. The Associated Press reports the European Central Bank may come up with a form of support for Greece which wouldn't require a bailout, such as guarantees for debt. Alternatively, big economies like Germany and France could offer support. There is a special EU summit planned for Thursday in Brussels to discuss the situation in Greece and other debt-laden countries like Portugal and Spain.
  • Dubai World Seeks Temporary Debt Freeze: Report -- Dubai World will ask creditors for a six-month standstill on $22 billion in debt this month until it completes restructuring, according to a report in Arabic-language daily newspaper Al Ittihad. Dubai World will request a debt freeze from the end of this month, which would cover a bond repayment of $980 million from its troubled property unit Nakheel, the paper reported.
  • Honda Widens Airbag Recall -- Honda (HMC) - Get Report recalled an additional 378,758 vehicles in the U.S. to replace the driver's airbag inflator because it may deploy with too much pressure, causing the inflator casing to rupture resulting in injury or fatality. The expanded recall takes the tally to more than 826,000 Honda and Acura vehicles covered by a series of airbag system recalls that began in 2008. The affected airbag systems are found primarily in 2001 and 2002 Accords, Civics, Odysseys, CR-Vs and certain Acura models from those years.
  • Mortgage Applications, Rates Fall -- The Mortgage Bankers Association said mortgage loan application volume fell by 1.2% on a seasonally adjusted basis last week from one week earlier. On an unadjusted basis, the index increased 0.6% compared with the previous week. The refinance index rose 1.4% last week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.94% from 5.01%, the MBA said.
  • Micron to Buy Numonyx for $1.27 Billion -- Micron Technology (MU) - Get Report agreed to acquire Numonyx Holdings, a maker of memory products, in a stock deal valued at $1.27 billion. Micron will issue 140 million shares to Numonyx shareholders, Intel (INTC) - Get Report, STMicroelectronics (STM) - Get Report and Francisco Partners. An additional 10 million shares will be issued ratably to Numonyx shareholders under certain conditions.

Wednesday's Earnings Roundup

  • Disney (DIS) - Get Report reported an adjusted first-quarter profit of 47 cents a share, which was well ahead of the Thomson Reuters average estimate for a profit of 38 cents a share. Revenue was up 1.5% from the year-ago quarter to $9.74 billion, which was also better than analysts had expected.
  • Sprint Nextel (S) - Get Report posted a fourth-quarter loss of 34 cents a share, which was wider than the Thomson Reuters average estimate for a loss of 19 cents a share. Revenue of $7.87 billion was also below estimates. Sprint's total subscriber count fell to 48.1 million from 48.3 million at the end of the third quarter.
  • ArcelorMittal (MT) - Get Report swung to a profit of $1.07 billion in the fourth quarter and said it's increasing capital expenditures as demand improves. Sales in the fourth quarter fell to $18.64 billion from $22.09 billion a year earlier. Shipments rose 17%.
  • Baidu (BIDU) - Get Report reported a fourth-quarter profit of $1.80 a share, which was better than the $1.68-a-share target analysts had forecasted. Revenue jumped 40% to $184.7 million, which was also above expectations. Baidu also offered better-than-expected revenue guidance for the first quarter.
  • Marsh & Mclennan (MMC) - Get Report posted a fourth-quarter profit of 38 cents, which was a penny above the Thomson Reuters average estimate. Revenue was up 3.4% to $2.73 billion, which was well ahead of the $2.56 billion forecast.

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-- Written by Robert Holmes in Boston

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