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 10/04/2010 Reuters, WSJ, New York Times, Financial Times and Bloomberg:
- Reuters: The American Sociology Review said a group of mortgages aimed at racially segregated neighborhoods helped cause the mortgage crisis.
- Reuters: Sanofi-Aventis made an $18.5 billion offer for Genzyme (NASDAQ: GENZ).
- Reuters: Philadelphia Fed chief Plosser warned against agency bond purchases.
- Reuters: Visa (NYSE: V) and MasterCard (NYSE: MA) are near an antitrust settlement.
- Reuters: Verizon Wireless will pay $90 million for billing errors.
- Reuters: Walt Disney (NYSE: DIS) named two people to run its digital operations.
- Reuters: Kuwait will buy $1 billion of the AIA IPO.
- New York Times: Big companies have not spent the money they have raised at low interest rates.
- New York Times: Large casinos have begun to lobby for more lenient online gambling laws.
- New York Times: The Apple (NASDAQ: AAPL) iPad may be critical to the storage of medical records.
- Bloomberg: Sinopec (NYSE: SNP) paid a huge premium for Brazil oil reserves.
These are this Monday's top analyst upgrades, downgrades, and initiations seen in Wall Street research calls:
- Allstate Corporation (NYSE: ALL) Raised to Overweight at JPMorgan.
- AOL Inc. (NYSE: AOL) Cut to Hold at Benchmark Capital.
- Banco Santander S.A. (NYSE: STD) Cut to Neutral at Nomura Securities.
- DragonWave Inc. (NASDAQ: DRWI) Cut to Underperform at Raymond James.
- J. C. Penney Company, Inc. (NYSE: JCP) Cut to Neutral at Goldman Sachs.
- Kellogg Co. (NYSE: K) Cut to Neutral at UBS.
- Microsoft Corporation (NASDAQ: MSFT) Cut to Neutral and $28 target (from Buy/$32) at Goldman Sachs.
- Omnicare Inc. (NYSE: OCR) Cut to Neutral at UBS.
- Phillips-Van Heusen Corp. (NYSE: PVH) Raised to Buy at Goldman Sachs.
- Vodafone Group plc (NYSE: VOD) Raised to Equalweight at Morgan Stanley.