24/7 Wall St. Morning 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 6/30/2010 Reuters, WSJ, New York Times, Financial Times and Bloomberg:
Reuters: Oil will have its first quarterly drop in prices since 2008.
Reuters: Asian stocks will have their worst quarter since Lehman Bros. collapsed.
WSJ: GM Touts New Cars, Growth Markets in Investor Session. GM argued its future is bright with new cars and improved sales outside the US.
NYT: In U.S. Bailout of A.I.G., Forgiveness for Big Banks. Documents show that regulators left banks off the hook in the AIG bailout.
NYT: From the Material Girl, New Material at Macy’s. Macy’s (NYSE: M) will sell a line of clothes designed by Madonna.
Bloomberg: Verizon Wireless will start to sell the Apple Inc (NASDAQ: AAPL) iPhone in January, according to rumors.
These are this Wednesday’s top analyst upgrades, downgrades, and initiations seen in Wall Street research calls:
- AstraZeneca plc (NYSE: AZN) Raised to Hold at Jefferies; Raised to Neutral at JPMorgan; Targets raised by Morgan Stanley.
- France Telecom S.A. (NYSE: FTE) Cut To Neutral at Goldman Sachs.
- Louisiana-Pacific Corp. (NYSE: LPX) Raised to Sector Outperform at Scotia Capital.
- Portugal Telecom SGPS, S.A. (NYSE: PT) Cut To Neutral From Buy By Goldman Sachs
- Smith & Nephew plc (NYSE: SNN) Started At Buy By Jefferies
- U.S. Bancorp (NYSE: USB) Raised to Outperform at FBR.
- Vodafone plc (NYSE: VOD) Target Cut at Goldman Sachs.
- The active trader and day trader alerts seen so far this morning in the pre-market are American International Group, Inc. (NYSE: AIG), Apple Inc. (NASDAQ: AAPL), Baidu, Inc. (NASDAQ: BIDU), BP plc (NYSE: BP), Monsanto Co. (NYSE: MON), SuperGen Inc. (NASDAQ: SUPG), and YRC Worldwide Inc. (NASDAQ: YRCW).
- American International Group, Inc. (NYSE: AIG) is trading up on news that it has picked David DeMuro as the company's new chief of compliance and regulatory affairs - the head of the same division at Lehman Brothers. AIG is up only 0.5% at $34.70, which may be a disappointing move to some.
- Apple Inc. (NASDAQ: AAPL) is on a TECHNICAL WATCH… Shares broke and closed under the 50-day moving average yesterday of $257.74. The stock closed at $256.17 and this morning’s indication is up just over 0.5% at $257.52.
- Baidu, Inc. (NASDAQ: BIDU) is trying to recoup some of yesterday’s loss on news that it is looking to hire about 30 software engineers from the U.S. to help innovation as it aims to pick up more of what Google lost in China for search and advertising. Shares are up almost 1.5% and right at the $68.50 level.
- BP plc (NYSE: BP) is seeing a rise in ADRs. Some say no reason, but there is the notion that Hurricane Alex is heading far away from BP’s work in the Gulf of Mexico and that there is some interest in BP assets as it is out trying to raise capital. Shares are up 4% at $28.76 on strong volume, although this was up 6% earlier in London trading.
- Monsanto Co. (NYSE: MON) posted disappointing earnings this morning, although mostly on disappointing ROUNDUP sales. Shares are indicated down almost 2% at $46.50.
- SuperGen Inc. (NASDAQ: SUPG) looks more like Stuper-Jen…. Dacogen for injection in Phase III AML results were announced and they did not meet statistical endpoints. Shares are down almost 18% at $1.91, which is under the prior 52-week range of $1.98 to $3.80.
- YRC Worldwide Inc. (NASDAQ: YRCW) is in the most actives this morning after the company said yesterday that it sees positive EBITDA and approved a share plan. This is a penny stock, but shares up up over 6% this morning at $0.16 on 150,000+ shares. Its 52-week range is $0.15 to $6.18.