Late-Night Headlines
Bloomberg:
- Precision Castparts Corp.(PCP), a maker of metal forgings used in jet engines, may replace MedImmune Inc.(MEDI) in the S&P 500 Index, according to an analyst at Wachovia Capital Markets LLC.
- Bill Gross, manager of the world’s biggest bond fund, is sticking to his call that the Federal Reserve will cut interest rates this year.
- The yen headed for a fourth weekly decline against the US dollar as signs of weakening growth in Japan are likely to keep the Bank of Japan from lifting borrowing costs anytime soon.
- Copper prices fell to their lowest in eight weeks in Shanghai on concern that rising production and inventories in China, the world’s biggest consumer of the metal, may signal a glut in the market. The world’s copper surplus will rise to 520,000 metric tons next year from 280,000 tons this year, the Lisbon-based International Copper Study Group said.
- Crude oil was little changed near a three-week high in NY after rising more than $2 a barrel yesterday on speculation refiners won’t restore below-average US gasoline stockpiles before the summer demand peaks.
- General Electric(GE) is close to selling its plastics unit for about $11 billion. Saudi Basic Industries, known as Sabic, and Basell, a unit of Access Industries, are the remaining suitors after a long auction process.
Business Week:
- Current and former employees at Wall Street firms including Bear Stearns(BSC), Morgan Stanley(MS), Goldman Sachs(GS) and Merrill Lynch(MER) are being investigated over alleged kickbacks involving short sellers.
Financial Times:
- Britons bought goods worth $6.9 over the Internet last month, an increase of 55% compared with April 2006, citing Interactive Media in Retail Group. Interactive Media had expected
Financial Express:
- The Tata Group is in talks with JC Penney(JCP) and Woolworths Ltd. for its retail business. Infiniti Retail, a fully owned unit of Tata Sons Ltd., may seek a technical alliance with JC Penney for its apparel segment and with Woolworths for its supermarket division.
Late Buy/Sell Recommendations
Citigroup:
- Rated (GET) Buy, target $68.
- Raised (RVBD) to Buy, target raised to $52.
- Raised (VZ) to Buy from Sell, target raised to $48.
- Reiterated Buy on (KYPH), target $54.
- Reiterated Buy on (AKAM), target $68.
CSFB:
- Investors should use options to bet the US dollar will extend gains against the British currency as US economic growth accelerates.
Business Week:
- Morton’s Restaurant Group(MRT), a steakhouse chain, is benefiting from boardroom business. The chain receives about 20% of sales from private rooms tailored to function as ad hoc boardrooms.
- VeriChip Corp.(CHIP) shares may almost triple to $12 in a year as more hospitals and doctors use the company’s product, citing William Woodward of Anthem Venture Partners.
- OfficeMax(OMX) could be acquired by Staples(SPLS) or Office Deport(ODP). The top two competitors only have a 20% share of the office supply market, and buying OfficeMax would add to either company’s earnings with a buyout price in the mid-$50 range, citing Jack Cunningham, CIO at J&W Seligman.
Night Trading
Asian Indices are -.75% to +.25% on average.
S&P 500 indicated -.03%.
NASDAQ 100 indicated +.01%.
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