Merrill Lynch Cut to `Sell' at Goldman on Writedowns
Sept. 5 (Bloomberg) -- Merrill Lynch & Co., down 51 percent in New York
trading this year, was cut to ``sell'' at Goldman Sachs Group Inc. on concern
the firm may post more writedowns tied to credit-related investments. Included
are analysts' calls for American International Group Inc., Monsanto Co.,
Mosaic Co., Genzyme Corp., Advanced Micro Devices Inc., Analog Devices Inc.,
Ciena Corp., Safeway Inc., Illumina Inc. and Affymetrix Inc.
U.S. Semiconductor Cut at Morgan Stanley on DRAM Risk
Sept. 4 (Bloomberg) -- Morgan Stanley downgraded U.S. semiconductor
stocks, saying a recovery in orders for Dynamic Random Access Memory chips, or
DRAM, won't take place until mid-2009. Included are analysts' calls for United
States Steel Corp., Robert Half International Inc., Qualcomm Inc., Acme Packet
Inc., Legg Mason Inc., Marvell Technology Group Ltd., EMC Corp., Seagate
Technology and Hawaiian Electric Industries Inc.
United Technologies Raised to `Buy' From `Neutral' at UBS
Sept. 3 (Bloomberg) -- United Technologies Corp. was raised to ``buy''
from ``neutral'' at UBS AG, which said the company has been a ``proven
performer'' in prior periods of economic weakness. Included are analysts'
calls for Goldman Sachs Group Inc., ConAgra Foods Inc., Baxter International
Inc., Kellogg Co., Extra Space Storage Inc., Monsanto Co., Cabot Corp.,
Allscripts Healthcare Solutions Inc., Invesco Ltd. and GT Solar International
Inc.
Xerox Rated `Buy' in Assumed Coverage at Citigroup
Sept. 2 (Bloomberg) -- Xerox, the world's largest maker of high-speed
color printers, was rated ``buy'' in assumed coverage at Citigroup on
expectations for ``growth to resume in 2009.'' Included are analysts' calls
for Pepsi Bottling Group Inc., Dean Foods Co., GT Solar International Inc.,
MarkWest Energy Partners LP, Lowe's Cos., Bucyrus International Inc., Leap
Wireless International Inc., Joy Global Inc., Greenfield Online Inc. and
Norfolk Southern Corp.
Elan's Tysabri Prompts Morgan Stanley `Overweight' Rating
Aug. 29 (Bloomberg) -- Elan Corporation plc, a specialty pharmaceutical
company, was rated ``overweight'' at Morgan Stanley based on their contrarian
view of Elan's multiple sclerosis drug, Tysabri. Included are analysts' calls
for International Paper Co., Constellation Energy Group Inc., Cabot Corp.,
Williams-Sonoma Inc., Regency Energy Partners LP, FPIC Insurance Group Inc.,
Energy Conversion Devices Inc., SY Bancorp Inc. and Domtar Corp.
Morgan Stanley Reduces Earnings Estimate for Goldman Sachs
Aug. 27 (Bloomberg) -- Morgan Stanley cut Goldman Sachs & Co.'s
third-quarter earnings estimate to $1.65, down from a previous estimate of $3,
saying that Goldman ``is not immune to difficult market conditions.'' Included
are analysts' calls for Hewlett-Packard Co., AMR Corp., NRG Energy Inc., Oneok
Inc., Rigel Pharmaceuticals Inc., Incyte Corp., McCormick & Co., OAO
Wimm-Bill-Dann Foods and Amylin Pharmaceuticals Inc.
Lorillard Viewed as `Best Positioned' by Goldman Sachs
Aug. 26 (Bloomberg) -- Lorillard Inc., the third-largest U.S. cigarette
producer, is being called the ``best positioned'' U.S. cigarette firm for its
``ability to grow profitably'' by Goldman Sachs & Co. Included are analysts'
calls for Grey Wolf Inc., Cott Corp., Marvell Technology Group Ltd., Liberty
Global Inc., Salesforce.com Inc. and El Paso Pipeline Partners LP.
Aug. 25 (Bloomberg) -- Cablevision Systems Corp., a cable television
company, was cut to ``sell'' from ``buy'' at Citigroup Inc. Cablevision shares
have climbed 32 percent in 2008. Included are analysts' calls for AnnTaylor
Stores Corp., CME Group Inc., OAO Wimm-Bill-Dann Foods, Bemis Company Inc.,
EXCO Resources Inc., China Sunenergy Co., Biodel Inc., Orexigen Therapeutics
Inc. and Bonterra Energy Income Trust.
UBS Says Wachovia Unlikely to Raise `Large' Amounts of Capital
Aug. 22 (Bloomberg) -- Wachovia Corp. and Fifth Third Bancorp are not
likely to need to raise significant capital and UBS AG lifted its price
estimates on the banks. Included are analysts' calls for O'Reilly Automotive
Inc., Burger King Holdings Inc., Pacific Sunwear of California Inc., Gentiva
Health Services Inc., Concur Technologies Inc., Lawson Software Inc., Las
Vegas Sands Corp. and Canfor Corp.
Aug. 21 (Bloomberg) -- A series of coal producers including Arch Coal
Inc., Foundation Coal Holdings Inc. and Massey Energy Co. were raised to
``buy'' from ``neutral'' by analyst Shneur Gershuni at UBS Securities LLC.
Included are analysts' calls for Salesforce.com Inc., Lehman Brothers Holdings
Inc., Wachovia Corp., Synchronoss Technologies Inc., Republic Airways Holdings
Inc. and Teekay Corp.
Aug. 20 (Bloomberg) -- General Motors Corp., the biggest U.S. automaker,
will probably need $7.3 billion of fresh capital to pay its bills through
2009, Lehman Brothers Holdings Inc. said. Included are analysts' calls for
Morgan Stanley, Kohl's Corp., Macy's, Inc., Analog Devices Inc., Dr. Pepper
Snapple Group Inc., Yamana Gold Inc., Dish Network Corp., O'Reilly Automotive
Inc., ITT Corp., National Instruments Corp., Jack Henry & Associates Inc. and
Amgen Inc.
JPMorgan Says Lehman May Report $4 Billion Writedown
Aug. 19 (Bloomberg) -- Lehman Brothers Holdings Inc. may write down about
$4 billion in credit-related investments and other assets when it reports
fiscal third-quarter earnings, JPMorgan Chase & Co. analysts said. Included
are analysts' calls for Darden Restaurants Inc., MasterCard Inc., Cross
Country Healthcare Inc., JPMorgan Chase & Co., Buckeye GP Holdings LP, Hasbro
Inc., Dick's Sporting Goods Inc., Greystar Resources Ltd., Conceptus Inc. and
Sun Healthcare Group, Inc.
Goldman Sachs Third-Quarter Estimate Cut at Fox-Pitt Kelton
Aug. 18 (Bloomberg) -- The third-quarter earnings estimate for Goldman
Sachs & Co., was cut at Fox-Pitt Kelton Ltd., saying that Goldman will have
weak results``across the board.'' Included are analysts' calls for Citigroup
Inc., Robert Half International Inc., Air Products and Chemicals Inc., Cadence
Design Systems Inc., Lecg Corp., Hershey Co., CardioNet Inc., Omrix
Biopharmaceuticals Inc., Ingram Micro Inc. and AnnTaylor Stores Corp.
Nordstrom Cut to `Neutral' at Merrill on Deteriorating Margins
Aug. 15 (Bloomberg) -- Nordstrom Inc., the U.S. department-store chain
with 105 locations, was cut to ``neutral'' at Merrill Lynch & Co. on
expectations of ``continued margin erosion.'' Included are analysts' calls for
Genentech Inc., Johnson & Johnson, Citigroup Inc., Goldman Sachs Group Inc.,
Choice Hotels International Inc., Orient-Express Hotels Ltd., Cameco Corp. and
SunPower Corp.
Aug. 14 (Bloomberg) -- Amgen Inc., the world's largest biotechnology
company, was added to the `conviction buy' list at Goldman Sachs Group Inc.
Included are analysts' calls for CSX Corp., Credit Suisse Group AG, Longs Drug
Stores Corp., General Dynamics Corp., Quality Systems Inc., McCormick & Co.,
NCI Building Systems Inc. and Cepheid Inc.
Canadian Natural Resources Rated New `Buy' at Deutsche Bank
Aug. 13 (Bloomberg) -- Canadian Natural Resources, the developer of an
oil-sands project in northern Alberta, was rated ``buy'' in new coverage at
Deutsche Bank. Included are analysts' calls for Petro-Canada, Advance Auto
Parts Inc., Watson Wyatt Worldwide Inc., Brady Corp., Ultrapetrol Bahamas
Ltd., Optimer Pharmaceuticals Inc., athenahealth Inc., Fushi Copperweld Inc.
and Capital One Financial Corp.
Goldman Profit Estimates Lowered by Deutsche Bank, Oppenheimer
Aug. 12 (Bloomberg) -- Goldman Sachs Group Inc., the biggest U.S.
securities firm, had its third-quarter profit estimates lowered by Deutsche
Bank AG analyst Mike Mayo and Oppenheimer & Co.'s Meredith Whitney. Included
are analysts' calls for AMR Corp., McDonald's Corp., AnnTaylor Stores Corp.,
AvalonBay Communities Inc., JPMorgan Chase & Co., Companhia Vale do Rio Doce,
Wynn Resorts Ltd., Fluor Corp., Cabot Oil & Gas Corp., Macerich Co. and ITT
Corp.
Brinker International Cut to `Sell' From `Neutral' at Goldman
Aug. 11 (Bloomberg) -- Brinker International Inc., which operates the
Chili's Grill & Bar restaurant chain, was cut to ``sell'' from ``neutral'' at
Goldman Sachs Group Inc. Included are analysts' calls for FTI Consulting Inc.,
Varian Medical Systems Inc., Hertz Global Holdings Inc., DCP Midstream
Partners LP, Qwest Communications International Inc., Pride International
Inc., Emulex Corp., QLogic Corp., Consolidated Edison Inc. and Williams
Partners LP.
Aug. 8 (Bloomberg) -- Dell Inc., the second-largest personal-computer
maker, was rated ``outperform'' in new coverage at Credit Suisse Group AG.
Included are analysts calls for Companhia Vale do Rio Doce, Warner Music Group
Corp., Hansen Natural Corp., Penn National Gaming Inc., Ross Stores Inc., EMC
Corp., Lexmark International Inc., Apple Inc., Anadigics Inc., AnnTaylor
Stores Corp. and Guidance Software Inc.
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