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 07/13/2010 Reuters, WSJ, New York Times, Financial Times and Bloomberg:
- Reuters: BP plc (NYSE: BP) will test a new oil cap in place.
- Reuters: Most Americans lack faith in Obama.
- Reuters: Avis-Budget (NYSE: CAR) topped the bid of Hertz (NYSE: HTZ) to buy Dollar-Thrifty.
- Wall Street Journal: A new oil drilling ban will hurt the industry.
- Wall Street Journal: Slow access to credit for small businesses hurts the economy.
- Wall Street Journal: The growth in China’s housing market slowed, marking a slowdown in the country's overheated market and possibly showing the signs of a real correciton.
- The New York Times: Hefner moves to make playboy private, offering $5.50 a share in a suprise
- The New York Times: Consumer Reports says iPhone 4 has design flaw.
These are this Tuesday's top analyst upgrades, downgrades, and initiations seen in Wall Street research calls:
- Alcoa, Inc. (NYSE: AA) is up after beating earnings last night and on the news that a demand increase of 12% versus a prior 10% expected is - offsetting the price drop in tonnage. Alcoa is up 3.7% at $11.28 on more than 500,000 shares.
- MBIA Inc. (NYSE: MBI) is up after Bruce Berkowitz’ Fairholme disclosed a new stake of 11% in the financial guaranty company. This makes him the largest single holder of MBIA. Shares are up a sharp 10.5% at $7.11 on almost 400,000 shares.
- Ambac Financial Group, Inc. (NYSE: ABK) is the surprise move as this was not a Berkowitz pick but is just a troubled competitor rising with the tide (on a leveraged basis). Shares are up over 13% at $0.74 on over 100,000 shares.
- Sequenom Inc. (NASDAQ: SQNM) is one of the larger drops this morning. Shares are down 5% at $5.37 on over 50,000 shares.