Wednesday's stocks in the news
From Standard & Poor's Equity ResearchBanc of America reportedly downgrades Intel (INTC) to neutral from buy; and reportedly cuts Advanced Micro Devices (AMD) to sell from neutral. BoA reportedly downgrades LSI, NSM, ADI, TXN, POWI, SMTC.
LDK Solar (LDK) sees 2008 revenue of $960 million to $1 billion, 510 MW-530 MW of wafer shipments, polysilicon production of 100 metric tons to 350 metric tons, with a 26%-31% gross margin. LDK's 2009 preliminary outlook is for wafer shipments of 1,050 MW to 1,150 MW, polysilicon production of 5,000 metric tons to 7,000 metric tons, with a gross margin of 42%-50%.
Citigroup reportedly upgrades Amazon.com (AMZN) to buy from hold.
ThinkEquity upgrades Yahoo (YHOO) to buy from accumulate.
Starbucks (SBUX) falls after Bear Stearns downgrades to peer perform from outperform.
Akeena Solar (AKNS) announces that its solar panel technology, Andalay, will be distributed in Europe, Japan and Australia under a license agreement with Suntech Power, a leading manufacturer of photovoltaic (PV) cells and modules.
Northwest Airlines (NWA) and other airline stocks seen lower as crude oil eclipsed $100 per barrel during trading, and settled at $99.62 for the day. Some say oil rise tied to Nigerian militant attacks, unrest in Pakistan.
Harte-Hanks (HHS) falls after Deutsche Bank downgrades to sell from hold.
Textron (TXT) falls after Citigroup downgrades to hold from buy on valuation, sees less compelling upside after 50%+ rise in stock price in 2007.
Freddie Mac (FRE) says it will not issue a Reference REMIC security during the week of Jan.b 14, 2008.
Qualcomm (QCOM) says a federal district judge issued an injunction against certain QCOM products for the U.S. market that were found to infringe three Broadcom (BRCM) patents. Separately, QCOM announces availability of new UMTS chipsets designed to comply with the latest ruling.
PHH Corp. (PHH) terminates agreement to be acquired in a 2-step deal because the deal was not completed by Dec. 31. The merger agreement, dated March 15, 2007, provided that a wholly-owned unit of General Electric Capital Corp. (GECC) would merge with and into PHH and that immediately following that closing, GECC would sell PHH's mortgage business to Pearl Mortgage Acquisition 2 L.L.C., an affiliate of The Blackstone Group (BX).
Varian Medical Systems (VAR) receives FDA clearance for its RapidArc radiotherapy technology.
Watson Pharmaceuticals (WPI) gets final approval from FDA on its Abbreviated New Drug Application for Ipratropium Bromide and Albuterol Sulfate Inhalation Solution in the 0.5 mg/3 mg strength, the generic equivalent to Dey, L.P.'s DuoNeb, which is indicated for treatment of bronchospasm associated with chronic obstructive pulmonary disease (COPD) in patients requiring more than one bronchodilator.
YRC Worldwide (YRCW) expects to incur non-cash impairment charges in the fourth quarter relating to prior acquisitions in pre-tax range of $700-$800 million ($650-$750 million after-tax).
Cameron International (CAM) says it awarded a contract worth more than $190 million to provide subsea equipment and services to Petroleos De Venezuela S. A. (PDVSA), the Venezuelan national oil company.
CIBC World upgrades Humana (HUM) to sector outperform from sector perform; downgrades Unitedhealth Group (UNH) to sector perform from sector outperform.
Sepracor (SEPR) says it and Bial announce exclusive licensing agreement for development, commercialization of Bial's anti-epileptic compound BIA 2-093 in U.S. and Canada. SEPR will be responsible for filing U.S. NDA, seeking marketing approval from FDA, and contingent on obtaining regulatory approval, commercialization of the product in the U.S.
Verifone Holdings (PAY) says it does not expect to file its restated historical financial statements for the first three quarters of fiscal year 2007 (October) prior to March 2008, although notes it cannot be certain how much time will ultimately be required for it to complete the restatement process.