Late-Night Headlines
Bloomberg:
- Federal Realty Investment Trust(FRT) shares had the biggest rise in more than 13 years on a report the developer and manager of shopping centers may be a takeover target.
- Shares of Samsung Electronics,
- Amaranth Advisors LLC, the hedge fund that collapsed in September after losing $6.6 billion on energy trades, and JPMorgan Chase(JPM) were sued by a natural gas trader who accused the fund of market manipulation.
- Third Point LLC, the activist hedge fund firm run by Daniel Loeb that oversees more than $5 billion, bought a 7.2% stake in Atmel Corp.(ATML).
- Energizer Holdings(ENR) agreed to acquire Playtex Products for about $1.2 billion in cash, adding consumer products such as the Banana Boat sunscreen line.
- Democratic presidential candidate Barrack Obama supports legislation to raise the tax rate for publicly traded private-equity and hedge funds, an aide said today.
- Issuance of subprime mortgage securities fell 41% last quarter from a year earlier to $74 billion, while sales of so-called Alt A home-loans bonds fell 2.7% to $100.9 billion, newsletter Inside MBS & ABS said.
- General Electric(GE) plans to sell its three-year-old US subprime mortgage unit, the company said in an e-mail to employees.
- Roche Holding AG signaled it may raise its $3 billion hostile takeover bid for
- The House of Representatives voted to require the withdrawal of US troops from
Wall Street Journal:
- Nordstrom Inc.(JWN) is close to selling its Faconnable line to M! Group for more than $200 million.
Reuters:
- Intercontinental Exchange(ICE), an electronic energy market which lost a bidding war this week to buy the Chicago Board of Trade(BOT), is open to acquiring another exchange or becoming a takeover target itself, citing Chairman Jeffrey Sprecher.
Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (BKD), target raised to $65.
- Reiterated Buy on (PAYX), target raised to $50.
Business Week:
- Zoltek Companies’(ZOLT) profit will rise because of demand for the carbon-fiber components it makes for wind turbines. Michael Carboy of Signal Hill Capital Group expects profit to reach .72 a share in 2007 and $1.60 in 2008, up from 13 cents in 2006.
- Ziopharm Oncology(ZIOP) is trying to get approval to treat cancer with organic arsenic, and its shares could rise fourfold in the process. Griffin Securities’ Chrystyna Bedrij rates the stock a “buy” and said the stock could rise to $20 a share within a year based on the company’s trials on its arsenic drug.
- Arbitron Inc.(ARB) shares could rise 40% if the NY-based provider of radio and audience ratings uses its free cash flow to buy back shares, citing Mark Boyar, president of Boyar Asset Management.
Night Trading
Asian Indices are +.75% to +1.50% on average.
S&P 500 indicated +.03%.
NASDAQ 100 indicated +.07%.
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Earnings of Note
Company/EPS Estimate
- (GE)/.52
Upcoming Splits
- None of note
Economic Releases
8:30 am EST
- The Import Price Index for June is estimated to rise .7% versus a .9% gain in May.
- Advance Retail Sales for June are estimated to fall .1% versus a 1.4% increase in May.
- Retail Sales Less Autos for June are estimated to rise .2% versus a 1.3% gain in May.
10:00 am EST
- The
- Business Inventories for May are estimated to rise .3% versus a .4% gain in April.
Other Potential Market Movers
- The BMO Capital Markets Media/Comm./Tech Conference could also impact trading today.
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