2/47 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 07/06/2010 Reuters, WSJ, New York Times, Financial Times and Bloomberg:
Reuters: Crude continued a four-week drop.
Reuters: China awaits record AgBank IPO as books close. The fourth biggest bank in China will generate the biggest IPO in history.
New York Times: As China’s Wages Rise, Export Prices Could Follow. Rising labor cost cuts hurt margins on the iPhone and other electronics.
New York Times: Turning East, Turkey Asserts Economic Power. The country's success and the Eurozones failures have left Greece and Italy with higher credit-default spreads than Turkey.
Bloomberg: Gold futures tumbled below $1,200 an ounce as demand waned following the metal’s rally to a record last month.
Bloomberg: Treasuries Show 12% Chance of Double Dip to Fed as Yields Near Record Lows
These are this Tuesday’s top analyst upgrades, downgrades, and initiations seen in Wall Street research calls:
- Apple Inc. (NASDAQ: AAPL) estimates cut at Kaufman.
- Bank of America Corporation (NYSE: BAC) Raised to Buy at NAB.
- BP plc (NYSE: BP) Raised to Buy at RBS.
- Deutsche Bank AG (NYSE: DB) Cut to Underweight at JPMorgan.
- Family Dollar Stores Inc. (NYSE: FDO) Raised to Buy at Citigroup.
- Goldman Sachs Group Inc. (NYSE: GS) Raised to Overweight at JPMorgan.
- RF Micro Devices Inc. (NASDAQ: RFMD) Cut to Underweight at JPMorgan.
- BP plc (NYSE: BP) is rallying on an analyst upgrade at RBS and after it denied that it was looking for a white knight investor to take a large stake based upon the need to raise capital. Shares are up 6% and they are not just back over the old $30.00 hurdle. That 6% gain in ADRs is up to $31.11.
- Cell Therapeutics, Inc. (NASDAQ: CTIC) is trading up after the company Advanced its Pixantrone filing process in the E.U. with an expanded pediatric investigation plan. Shares were up about 9% in earlier indications, and shares are up about 7% at $0.41 on fairly light volume.
- Citigroup, Inc. (NYSE: C) may actually be the biggest winner in the JPMorgan upgrade of Goldman Sachs due only to its low share price and its trading volume. Shares are up 1.6% at $3.85, but at almost 4 million shares it is one of the most actives.
- Fidelity National Information Services Inc. (NYSE: FIS) is up after it launched its planned $2.5 billion stock repurchase program and unveiled a $1.2 billion note sale to help fund it. Shares are up just over 4% at $27.50.
- JA Solar Holdings Co., Ltd. (NASDAQ: JASO) is up almost 4% at $5.27 after it announced a multi-year supply pact with MEMC which starts in Q3 and goes through 2012.