24/7 Wall St. Pre-Market Roundup
Every morning, 24/7 Wall St. editors cover the news to identify important events and market-moving stories.
The following are the highlights for our Media Digest 6/21/2010 Reuters, WSJ, NYTimes, FT, Bloomberg:
Reuters: announcement that China may allow the Yuan to rise pushed the price of oil to $79 per barrel.
Wall Street Journal: "Toy Story 3" brought in $109 million in its opening weekend, making it Pixar's biggest opening and one of the first blockbusters of the summer.
Reuters: BP raises estimates again - top end is now 100,000 barrels per day. This raises the question: if you can't measure something accurately, then how does BP know if the amount is increasing or decreasing.
Wall Street Journal: Japan Airlines Corp. may need to raise 1.1 billion to cover larger than expected write-down losses from asset valuations. This may also suggest that the airline industry recovery is stalling.
Bloomberg: Toyota and Honda have decided to give workers at their Chinese plants raises to keep them on the job.
The Twitter-24/7 Wall St. Stock Market Report 6.21.2010:
Among the most tweeted stocks on market aggregator Top Stock Tweets are GBPUSD, AUDUSD, BP plc, Apple, Inc. (NASDAQ: AAPL), Affymax, Inc (NASDAQ: AFFY), Valeant Pharmaceuticals International (NYSE: VRX), Walt Disney Company (NYSE: DIS), and Verizon Communications, Inc. (NASDAQ: VZ).
The following are the Top Analyst Upgrades and Downgrades seen in Wall Street research notes:
- FirstEnergy Corp. (NYSE: FE) Cut to Hold at Citigroup.
The Mosaic Company (NYSE: MOS) Maintained Hold but Target cut to $45 from $57 at Soleil. - OpenTable, Inc. (NASDAQ: OPEN) Cut to Hold at Citigroup.
Potash Corp. of Saskatchewan (NYSE: POT) Maintained hold but target cut to $89 from $100 at Soleil. - ProLogis (NYSE: PLD) Raised to Market Perform at Wells Fargo.
Public Service Enterprise Group, Inc. (NYSE: PEG) Added to Conviction Buy List at Goldman Sachs. - QuinStreet, Inc. (NASDAQ: QNST) Raised to Overweight at Thomas Weisel.
Finally, here are some stocks on the move this morning:
Affymax, Inc. (NASDAQ: AFFY) is down huge after reporting that its anemia drug met primary endpoints. Shares closed at $23.01, but the stock is down almost 65% at $8.07 on over 1.7 million shares.
Baidu, Inc. (NASDAQ: BIDU) is rallying with stocks and with China after the Yuan de-pegging news from the weekend. Shares are up 3.3% at $76.59 on about 150,000 shares.
BP plc (NYSE: BP) is down 3.6% at $30.62 on heavy ADR volume. The oil giant has said that the costs of cleaning up the oil spill already reached $2 billion. Weekend reports put the company at raising up to $50 billion through debt and via asset sales. The worst case scenario now have the leak being up to 100,000 barrels a day.
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