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Overseas Debt Fears: Monday's Headlines

Monday's early headlines included concerns over government debt of Spain, Portugal and Greece.

NEW YORK (

TheStreet

) -- Here are the top stock market headlines for the morning of Monday, Feb. 8, 2010.

Monday's Early Headlines

  • Greece, Spain Default Concerns Ease -- The Wall Street Journal reports that the cost of insuring Greek and Spanish government debt against default fell Monday. According to CMA DataVision, Greece's five-year sovereign credit-default swap spreads -- a key measure of credit risk -- fell back below 4.00 percentage points, the Journal reported. The cost of insuring Spanish debt also shrank, while the cost of insuring Portugal's debt rose, according to CMA Datavision.
  • No Double Dip But Recovery Slow: Geithner -- Treasury Secretary Timothy Geithner said during an interview with ABC News' "This Week" that the risk the U.S. economy will slip back into recession is lower now than at any time in the past year, although he added that the recovery will be slow and uneven. Geithner also said that a scenario where the U.S. loses its triple-A status "will never happen to this country."
  • CIT Group Hires Ex-Merrill Chief John Thain as CEO -- Commercial lender CIT Group (CIT) - Get Report named John Thain, former Merrill Lynch CEO, as its new chairman and chief executive. Thain will take up the post immediately, replacing Peter Tobin, who was serving as interim CEO. CIT entered bankruptcy in late 2009 and re-emerged on Dec. 10. Thain was the architect of Merrill's sale to Bank of America (BAC) - Get Report in the fall of 2008. He left Merrill soon after the merger with Bank of America was completed.
  • Toyota to Announce Prius Plan Soon -- Toyota Motor (TM) - Get Report reportedly said Sunday that it would announce plans soon for dealing with braking problems in its Prius hybrid. The company's statement comes amid media reports that it has decided to issue a recall of the Prius in Japan. Bloomberg reports Monday that Toyota will recall its 2010 model Prius hybrid car in Japan this week to repair a problem with the car's brakes. Bloomberg cited two people familiar with the matter
  • Japan Air Reportedly Favors American Pact -- Japan Airlines is leaning toward staying in its alliance with AMR's (AMR) American Airlines rather than joining an alliance with Delta Air Lines (DAL) - Get Report, according to a report in The Wall Street Journal. American's bid to keep JAL in its Oneworld alliance has gained traction at least in part because of growing concerns a JAL-Delta partnership would trigger antitrust concerns in the U.S., the paper reported, citing people close to the matter.
  • Saints Beat Colts to Win First Super Bowl -- The New Orleans Saints upset the Indianapolis Colts, 31-17, to win Super Bowl XLIV in Miami on Sunday. Saints quarterback Drew Brees was named the game's MVP, throwing 32 completions in the Saints comeback win. It is the team's first Super Bowl championship.

Monday's Earnings Roundup

  • CVS Caremark (CVS) - Get Report notched a fourth-quarter adjusted profit of 79 cents a share, a penny better than the Thomson Reuters average estimate. Revenue was up 7% to $25.82 billion, which was slightly below the $26.22 billion consensus.
  • Hasbro (HAS) - Get Report reported a fourth-quarter profit of $1.09 a share, well ahead of the Thomson Reuters average estimate of 81 cents a share. Sales were up nearly 12% to $1.38 billion, which also came in above analysts' expectations.
  • NasdaqI:IXIC said it had fourth-quarter adjusted earnings of 46 cents a share, which was a penny better than the Thomson Reuters average estimate. Revenue was down more than 8% from a year ago to $369 million, although that beat the consensus target of $364.6 million.

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-- Written by Robert Holmes in Boston

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