Latest News In Stock Market Investment Research – June 05, 2009

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United Airlines cut to underweight at J.P. Morgan

5 Jun 2009 at 5:16am

NEW YORK (MarketWatch) — J.P. Morgan lowered its rating on United Airlines parent company UAL Corp. to underweight from neutral on Friday, saying its proposal request for new jets is a ploy to raise capital and highlights its weak cash position. “Almost 10 years ago to the day, Boeing purchased 17 A340-300s from Singapore to help secure a 777 order,” wrote analyst Jamie Baker. “While it is unlikely that manufacturers could simply advance needed cash to United in exchange for long-term commitments, we believe United itself readily expects significant ‘creativity’ on part of the manufacturers.” But manufacturers Boeing and Airbus are short on cash themselves, and are unlikely to oblige, he said. United announced Thursday it may place a huge order this fall with either Boeing or Airbus, a unit of European Aerospace Defence & Space Co.’s .

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.


Wind River gets downgraded by J.P. Morgan

5 Jun 2009 at 5:13am

NEW YORK (MarketWatch) — Analysts at J.P. Morgan cut their rating on Wind River Systems Inc. on Friday to neutral from overweight and increased their price target on the shares to $11.50 from $9. On Thursday, chipmaking giant Intel Corp. said it would acquire Wind River for $11.50 a share in cash. “The stock closed above the proposed acquisition price yesterday, indicating investors believe there may be alternative bidders,” the analysts wrote. “Though WIND’s unique characteristics in the world of software might appeal to other players outside the typical software M&A arena, we are hard-pressed to identify logical likely bidders.” Wind River’s shares rallied 47% on Thursday to end at $11.76.

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.


Christopher & Banks names chief financial officer

5 Jun 2009 at 4:36am

NEW YORK (MarketWatch) — Christopher & Banks Corp. said Friday that it named Rodney Carter as its chief financial officer, effective June 15. The Minneapolis-based apparel retailer said that Carter most recently served as CFO of Zale Corp. . Michael Lyftogt, who has been serving as Christopher & Banks’ interim CFO for the past seven months, will remain as vice president of finance.

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.


Cessna plans more layoffs, production cuts

5 Jun 2009 at 4:23am

NEW YORK (MarketWatch) — Business-jet manufacturer Cessna said late Thursday it informed employees of further layoffs as its customers continue to cancel new aircraft orders. The business jet market has taken a severe blow in the economic recession as corporations have scaled back capital spending. Cessna said the weakness in the general aviation market is forcing further revisions to its production outlook. Cessna’s parent company, Textron Inc. , said it would update investors of its financial outlook when it releases its second-quarter results. Shares of Textron closed Thursday at $12.27.

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.


GM to finance private-equity deal for Delphi: WSJ

5 Jun 2009 at 4:19am

NEW YORK (MarketWatch) — General Motors Corp. will provide more than $2.5 billion to finance the buyout of bankrupt auto-parts supplier Delphi Corp. by private-equity firm Platinum Equity, according to a report Friday in The Wall Street Journal, which cited an unnamed source. Terms of the deal include an investment by Platinum of up to $750 million and GM’s purchase of four Delphi plants and its global steering division based in Saginaw, Mich., the paper reported.

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.


Magellan to buy Coventry Health unit for $110 mln

5 Jun 2009 at 3:40am

LONDON (MarketWatch) — Health care management group Magellan Health Services Inc. said Friday that it will acquire First Health Services Corp., a subsidiary of Coventry Health Care Inc. for $110 million in cash. First Health, which provides pharmacy benefits administration and other services for Medicaid programs, is based in Glen Allen, Va. Magellan said it expects the deal to lift its earnings by 5 cents a share in 2009.

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.


Spirit Aerosystems upped to buy at Merrill

5 Jun 2009 at 3:11am

LONDON (MarketWatch) — Spirit Aerosystems Holdings was upgraded to buy from neutral at Merrill Lynch on revised Boeing and Airbus delivery estimates, as those plane makers account for about 95% of the part maker’s revenue. “We maintain our view that SPR management has handled the downturn (including the IAM strike) admirably and continues to position the company for growth across multiple platforms,” the broker 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.


DuPont slashed to underweight by Merrill Lynch

5 Jun 2009 at 3:08am

LONDON (MarketWatch) — DuPont was downgraded to underperform from neutral by Merrill Lynch, with the broker concerned both about fundamental trends and valuation. The broker is worried about potential seed challenges, pharma patent expirations, pensions and resurgent crude oil. DuPont is trading at a price-to-earnings premium to the S&P 500 and only a slight discount to Monsanto , which the broker said was unwarrranted.

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.


SIA sees semiconductor sales falling 21.3% in 2009

5 Jun 2009 at 3:06am

LONDON (MarketWatch) — The Semiconductor Industry Association said Friday that it expects worldwide semiconductor sales to fall 21.3% in 2009 to $195.6 billion from $248.6 billion in 2008. The industry group said it expects that sales will begin to rebound in 2010, with year-on-year growth of 6.5% to $208.3 billion. For 2011 the group is predicting another 6.5% rise in sales to $221.9 billion.

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.


Goldman shifts ratings in construction sector

5 Jun 2009 at 2:07am

LONDON (MarketWatch) — Goldman Sachs on Friday shifted ratings in the construction sector. It upgraded French construction giant Lafarge to buy from neutral, citing its exposure to emerging markets. It also forecast that the group would generate the highest free-cash-flow yield in the building materials sub sector in the next two years and further repair its balance sheet. Simultaneously the broker turned negative on Italy’s Buzzi Unicem , which it cut to sell from neutral, citing the recent sharp rally in the shares. It added that geographically it believes Italy will be one of the weakest cement markets in Europe. Finally Goldman upgraded Italcementi , to neutral from sell, citing the stock’s recent underperformance and the company’s exposure to Egypt and Morocco.

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.


U.K. May PPI posts first annual fall since 2002

5 Jun 2009 at 1:46am

LONDON (MarketWatch) — U.K. May producer prices posted an annual decline for the first time since July 2002, the Office for National Statistics reported Friday. Prices at the wholesale level saw a monthly rise of 0.4%, and were down 0.3% compared to May 2008. The annual fall was in line with forecasts, while the monthly rise exceeded forecasts for a 0.2% rise. Core output prices, which exclude food, beverages, tobacco and petroleum, rose 0.2% on a monthly basis and were up 1.2% year on year, the lowest annual rise since December 2005.

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.


Goldman raises oil-price forecasts, lifts Statoil

5 Jun 2009 at 1:30am

LONDON (MarketWatch) — Goldman Sachs raised its forecast for the oil price in 2009 and 2010 on Friday, saying it continues to gain confidence that the trough in the oil cycle has passed and a new upturn is underway. It added it believes the oil supply remains challenged and that demand rationing prices will return in the years ahead. As a result, the broker lifted its forecast for 2009 to $59 a barrel from $50 a barrel and for 2010 to $80 a barrel from $70 a barrel. It also cut its rating on Italian oil giant Eni to neutral from buy, following the stock’s recent relative outperformance versus the sector. Simultaneously the broker turned more positive on StatoilHydro , lifting its rating on the stock to buy from neutral, citing the sensitivity of the company’s earnings to changes in the oil price.

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.


NYSE Euronext reports trading volume growth

5 Jun 2009 at 1:05am

LODON (MarketWatch) — Stock exchange operator NYSE Euronext said Friday that average daily volumes in U.S. cash products for May rose 40.4% compared to a year earlier. In Europe, the average daily number of transactions rose 14.6% from a year earlier to 1.5 million, but was down 6.8% compared to April. The average daily volumes of European derivatives products rose 28.4% to 5.6 million, driven by record over-the-counter volumes in its Bclear business.

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.


Darling to remain as U.K. chancellor: report

5 Jun 2009 at 12:46am

LONDON (MarketWatch) — Alistair Darling will stay in his post as Chancellor of the Exchequer as British Prime Minister Gordon Brown begins a reshuffle of his cabinet in a last-ditch bid to remain in power, the BBC reported Friday. Brown was expected to bring forward the reshuffle after Work and Pensions Secretary James Purnell resigned Thursday and called on Brown to step aside in order to give Labour a chance to avoid defeat in the general election that must be held no later than mid-2010. Darling has reportedly resisted efforts by Brown to move him to another post.

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.


European shares higher in early trading

5 Jun 2009 at 12:08am

LONDON (MarketWatch) — European shares advanced on Friday ahead of some key U.S. jobs data, with mineral extractors in the lead. Rio Tinto shares surged 8.2% after the mining giant rejected a $19.5 billion deal to sell part of itself to China’s Aluminium Corp., announced the launch of a heavily discounted rights issue to raise about $15.2 billion and signed a joint venture deal with BHP Billiton . BHP Billiton shares jumped 10.7%. The U.K. FTSE 100 index rose 1.5% to 4,453.96 the German DAX 30 index climbed 0.9% to 5,108.56 and the French CAC-40 index advanced 1.1% to 3,348.39.

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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June 05 2009 04:47 am | Stock Market News

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