Latest News In Stock Market Investment Research – August 14, 2009

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Boeing halts 787 work at Italian facility: report

14 Aug 2009 at 4:32am

NEW YORK (MarketWatch) — Boeing Co. has stopped production at a 787 Dreamliner facility in Italy that was making parts of the plane’s fuselage, the Wall Street Journal reported late Thursday. The Chicago-based manufacturer ordered its subcontractor, Alenia Aeronautic in Naples, to stop work two months ago after structural flaws were discovered at where the wing and the fuselage meet, the newspaper reported. Boeing downplayed the news, saying Alenia was installing a fix to the problem. Boeing had to cancel the maiden flight for the 787 scheduled for June because of the structural weakness, and hasn’t announced yet a new target date. The wide-body jetliner is about two years behind schedule due to various problems in its supply chain. Shares of Boeing were down about 1% to $46.25.

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Phillips-Van Heusen gets upgraded by J.P. Morgan

14 Aug 2009 at 4:25am

NEW YORK (MarketWatch) — Analysts at J.P. Morgan raised their rating Friday on Phillips-Van Heusen Corp. to overweight from neutral and lifted their price target on the stock to $37 from $27. “We think [Phillips-Van Heusen] represents an attractive investment opportunity due to both its margin expansion potential and global growth opportunities with its Calvin Klein brand,” they wrote in a note to clients. Shares of the apparel company ended Thursday at $33.88.

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HSI: Hang Seng unchanged, adds BYD to H-shares

14 Aug 2009 at 4:26am

HONG KONG (MarketWatch) — The compiler of Hong Kong’s stock indexes said Friday it will make no changes to the constituents of the blue-chip Hang Seng Index but added Chinese battery and electric car maker BYD Co. [s:hk:1211] to the Hang Seng China Enterprises Index, or H-share index, lifting the number of constituents in the share tracker to 44. Hang Seng Indexes, the compiler, announced the change as part of its quarterly review and said the addition would take place Sept. 7. Shares of BYD have risen about five fold in price since billionaire Warren Buffet announced a large investment in the company last September.

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Abercrombie & Fitch swings to loss as sales tumble

14 Aug 2009 at 4:20am

NEW YORK (MarketWatch) — Abercrombie & Fitch Co. swung to a fiscal second-quarter loss of $26.7 million, or 30 cents a share, compared with profit of $77.8 million, or 87 cents a share, in the year-earlier period. Sales in the quarter ended Aug. 1 fell 23% to $648.5 million from $845.8 million, the teen clothing retailer said Friday. The loss included a $24.4 million charge for closing Ruehl operations and related store asset impairment charges. Excluding those costs, analysts, on average, estimated the retailer to lose 3 cents a share, according to FactSet.

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Avery Dennison upped to overweight at J.P. Morgan

14 Aug 2009 at 4:19am

NEW YORK (MarketWatch) — Analysts at J.P. Morgan lifted their rating Friday on Avery Dennison Corp. to overweight from neutral and hiked their price target on the stock to $33 from $25. In a note to clients, they wrote that they believe the Pasadena, Calif.-based provider of labels, retail tags, branding systems and office supplies “is well positioned for a period of margin expansion as demand rebounds from cyclically depressed levels.” Shares of Avery Dennison ended Thursday at $27.43.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Schering-Plough gets FDA OK for schizophrenia drug

14 Aug 2009 at 4:11am

NEW YORK (MarketWatch) — Schering-Plough Corp. said Friday that the U.S. Food and Drug Administration has approved Saphris tablets for acute treatment of schizophrenia in adults and acute treatment of manic or mixed episodes associated with bipolar I disorder in adults. The pharmaceutical company said that Saphris is the first psychotropic drug to receive simultaneous initial approval for both indications. The company expects the drug to be available in the U.S. during the fourth quarter.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Genesee & Wyoming same-railroad traffic down 13.8%

14 Aug 2009 at 3:57am

LONDON (MarketWatch) — Railroad operator Genesee & Wyoming Inc. said Friday that traffic volumes in July fell 1.2% from a year earlier to 67,423 carloads. Same-railroad traffic, which excludes the impact of acquisitions in the last year, fell 13.8% as shipments of pulp and paper, metals and coal all declined.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Royal Bank of Canada wants AIB stake: report

14 Aug 2009 at 2:32am

LONDON (MarketWatch) — Shares in Allied Irish Banks rose over 10% Friday after reports that Royal Bank of Canada is interested in buying a stake in the group. Dow Jones Newswire reported that Royal Bank of Canada has started discussions with the AIB, but wants to see the Irish firm’s risky property loans transferred to the Irish government’s bailout scheme before it purchases a stake. The majority of the loans are expected to be transferred to Ireland’s National Asset Management Agency by the middle of next year, making it possible for RBS to buy a stake around that time, the report said, citing a person familiar with the situation. Earlier the Irish Times reported that a major Canadian bank had made a proposal to AIB, but didn’t name the bank.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Euro-zone July CPI posts record 0.7% drop

14 Aug 2009 at 2:06am

LONDON (MarketWatch) — Consumer price inflation in the 16-nation euro zone fell at a record-low annual rate of 0.7% in July, the statistics agency Eurostat reported Friday. Eurostat had previously estimated a 0.6% annual drop in July. CPI fell at an annual pace of 0.1% in June. The euro remained flat versus the U.S. dollar, changing hands at $1.4281 following the data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Hong Kong’s recession ends in second quarter

14 Aug 2009 at 2:04am

HONG KONG (MarketWatch) — Hong Kong’s economy came out of recession in the second quarter, expanding a seasonally-adjusted 3.3% from the first quarter, ending 12 months of contraction, according to government data released Friday. Against the year-earlier period the economy contracted 3.8%, narrowing from a 7.8% contraction in the first quarter on year. The data prompted the government to revise its 2009 economic forecast to a contraction of 3.5% to 4.5% from 5.5% to 6.5%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


FirstGroup upgraded at Morgan Stanley

14 Aug 2009 at 2:00am

LONDON (MarketWatch) — Morgan Stanley raised its rating on FirstGroup to overweight from equal-weight, saying it believes the U.K. bus and rail operator should benefit from an uptick in earnings following a disproportionate fall in operating profit due to fuel hedging.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Citigroup upgrades Royal Dutch Shell to buy

14 Aug 2009 at 1:55am

LONDON (MarketWatch) — Royal Dutch Shell was upgraded to buy from hold at Citigroup on Friday. “We believe growing visibility around project delivery over the next 12-24 months should finally provide the impetus to unlock material upside in the most deeply discounted value case in the sector,” the broker said. Shares rose 1.5%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Safran upped at Citi, new CFO, resilience cited

14 Aug 2009 at 1:54am

LONDON (MarketWatch) — Citigroup on Friday raised its rating on French aerospace and defense supplier Safran to hold from sell, citing the impetus of the new financial officer, results that demonstrated surprising resilience and the market’s appetite for cyclicals. “We believe the market has high hopes that Ross McInnes, Safran’s new CFO, can cut costs, raise margins and improve financial communication,” the broker wrote in a note to clients.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Air France cut at Citi on valuation, costs

14 Aug 2009 at 1:45am

LONDON (MarketWatch) — Citigroup on Friday cut its rating on Air France-KLM , Europe’s largest transatlantic airline, to sell from hold, noting that the shares have increased 69% since March despite profit warnings and an earnings miss. The broker told clients it now expects the airline to post an operating loss in the second quarter. It added that it doesn’t think the current crisis can be addressed without tougher cuts to expenses. “Only laying off non-French/Dutch residents is unlikely to be sufficient to restore profitability. Further restructuring efforts are likely to mainly impact fiscal 2011 and not fiscal 2010,” it said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Spanish GDP falls 1% in second quarter

14 Aug 2009 at 1:21am

LONDON (MarketWatch) — Spain’s economic output contracted for the fourth consecutive quarter in the April-June period, with gross domestic product falling at a quarterly rate of 1%, the statistical agency INE said Friday in a preliminary report. Compared to the second quarter of last year, GDP fell 4.1%. GDP declined at a quarterly rate of 1.9% in the first quarter for a 3% annual fall.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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August 14 2009 04:15 am | Stock Market News

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