24/7 Wall St. Daily Market Roundup
Every morning, 24/7 Wall St. editors cover the news, identifying important events and market-moving stories.
The following are the highlights for our Media Digest 09/03/2010 Reuters, WSJ, New York Times, Financial Times and Bloomberg:
- Reuters: China has approached a Canadian fund about a rival bid for Potash (NYSE: POT).
- Reuters: The cost of Gulf clean-up hit $8 billion.
- Reuters: China said that its $2.45 trillion currency holdings was mostly in dollars and said it may have to depreciate part of the value of the fund.
- Reuters: The White House said that no second stimulus is being considered.
- Reuters: One Senator said food safety was a priority for the body.
- Reuters: Google Inc (NASDAQ: GOOG) is preparing a music download business to compete with Apple Inc. (NASDAQ: AAPL).
- Reuters: Netflix (NASDAQ: NFLX) may get new growth due to its relationship with Apple.
- Reuters: Verizon (NYSE: VZ) will offer prepaid options for cellphones.
- Reuters: Hewlett-Packard (NYSE: HPQ) won the bidding for 3PAR (NYSE: PAR) and paid $2.4 billion, topping a bid by Dell Inc. (NASDAQ: DELL).
- New York Times: BP plc says limits on Gulf drilling will hurt its oil spill payouts.
- New York Times: Google’s YouTube should bring in $450 million in revenue this year, most of which will be from advertising.
- New York Times: A strong yen has helped German exports.
- New York Times: The yen will cripple Toyota Motor profits.
- New York Times: Putin extended a ban on grain exports.
- Bloomberg: The EU may limit naked shorting and shorting of government debt.
These are this Friday's top analyst upgrades, downgrades, and initiations seen in Wall Street research calls:
- Burger King Holdings Inc. (NYSE: BKC) Cut to Neutral at Piper Jaffray.
- Collective Brands, Inc. (NYSE: PSS) Cut to Neutral at Susquehanna.
- DRDGOLD Ltd. (NASDAQ: DROOY) Cut to Equal-Weight at Morgan Stanley.
- Gold Fields Limited (NYSE: GFI) Raised to Overweight at Morgan Stanley.
- K-Sea Transportation Partners L.P. (NYSE: KSP) Raised to Hold at Stifel Nicolaus.
- McAfee, Inc. (NYSE: MFE) Cut to Neutral (exit coverage yesterday) at Cowen (clean up call only).
- Mitel Networks Corp. (NASDAQ: MITL) Cut to Neutral at JPMorgan.
- MercadoLibre, Inc. (NASDAQ: MELI) Reiterated Overweight at Piper Jaffray.