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 07/12/2010 Reuters, WSJ, New York Times, Financial Times and Bloomberg:
Reuters: Lawsuits against Apple Inc. (NASDAQ: AAPL) and AT&T (NYSE: T) over practice of "locking" phones and controlling applications were certified as class action.
Reuters: Eurozone hope on the horizon. Some analysts believe Europe’s finances are improving.
Reuters: The Fed has begun to worry about how badly the recession has hit states.
The New York Times: Investors expect good quarterly profits and forecasts that will tell them about the health of the recovery.
Bloomberg: The EU is under pressure to disclose more about bank stress tests.
Bloomberg: Toyota and Tesla (NASDAQ: TSLA) may be preparing new versions of the RAV 4.
Bloomberg: A member of Obama’s debt reduction committee said states could not count on a federal bailout.
These are this Monday’s top analyst upgrades, downgrades, and initiations seen in Wall Street research calls:
- Aetna Inc. (NYSE: AET) Cut to Neutral at UBS.
- Marriott International, Inc. (NYSE: MAR) Cut To Market Perform at Wells Fargo.
- Microsoft Corporation (NASDAQ: MSFT) Raised to Buy with $30 target at Janney.
- SanDisk Corp. (NASDAQ: SNDK) Raised to Buy at UBS.
- Weyerhaeuser Co. (NYSE: WY) Raised to Buy at UBS.
- Yahoo! Inc. (NASDAQ: YHOO) Raised to Buy at Needham.
The following are this morning's day traders and active traders alerts:
- Alcoa, Inc. (NYSE: AA) is up almost 1% at $11.04 this morning ahead of earnings after the close. This will mark the start of earnings season today.
- BP plc (NYSE: BP) is up on word that it may be able to capture all of the oil in the next week or so and on word that it is in talks with Apache Corp. (NYSE: APA) on selling some assets for as much as $10 billion. Shares were higher earlier in the U.K., but the stock’s ADRs are trading up 3.2% at $35.14 this morning.
- Hewitt Associates Inc. (NYSE: HEW) is surging on word that Aon (AON) has agreed to buy the HR consulting and outsourcing firm in a cash and stock deal valued at $4.9 billion. Shares are up 32% at $46.75.
- SanDisk Corporation (NASDAQ: SNDK) is trading up on an analyst upgrade this morning with shares up over 2% at $43.82 on fairly strong volume of over 30,000 pre-market shares.
- Weyerhaeuser Company (NYSE: WY) is surging on news that it declared a special dividend of $5.6 billion as part of its plan to convert to a REIT by distributing its earnings and profits to shareholders. Shares are up almost 8% at $38.70 this morning.