U.S. stock market report
1440 ET 20April2009
JPMorgan upgrades Las Vegas Sands to overweight
JPMorgan on Monday upgraded Las Vegas Sands to overweight from neutral, citing achievable expectations for the casino operator's Las Vegas Strip properties in the near term. The firm also cited stabilization of operations at the company's Macau properties.
The firm set a $8 price target on the stock and said it better appreciated Sands's liquidity position now, as well as its ability to navigate or avoid tripping its U.S. facility leverage covenants.
Shares of Las Vegas Sands fell 8.2 percent to $4.62 on Monday while peer company MGM Mirage plummeted 19 percent to $5.09.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1436 ET 20April2009
Markets tumble on banks, earnings fears
Major U.S. indexes tumbled on Monday, dropping on concerns over the sustainability of recent better-than-expected results from banks, after Bank of America reported a large in crease in troubled loans.
The bank, a Dow component, also said that its credit quality had deteriorated markedly.
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The Dow Jones industrial average fell 3.3 percent to 7,859.61 while the S&P 500 lost 3.9 percent to 835.78 and the Nasdaq was off 3.6 percent to 1,612.74.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1417 ET 20April2009
UBS to sell Brazilian unit for $2.5 billion
UBS AG on Monday said it would sell its Brazilian unit back to BTG Investments, the unit's original owners, for about $2.5 billion, a move that potentially reduces the need for a capital hike at the bank.
The $2.5 billion price tag is the same price UBS paid when it bought the unit in 2006.
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Shares of UBS fell 7.2 percent to $11.13 on Monday.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1413 ET 20April2009
Fannie Mae names Michael Williams CEO
Fannie Mae on Monday named Michael Williams president and chief executive officer. Williams was previously the company's chief operating officer.
Williams succeeds Herbert Allison, who has been nominated as assistant secretary for financial stability and counselor to the secretary at the Treasury Department.
Shares of the government-controlled U.S. home funding company fell 9.4 percent to 77 cents.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1407 ET 20April2009
Several investors eye stake in GM's Opel: source
Four financial and two strategic investors are in talks with General Motors to buy a possible majority stake in its Opel unit for a direct investment of at least 500 million euros, a banker close to negotiations told Reuters.
The source confirmed a report in the Financial Times that $649 million was the minimum cash injection expected.
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Shares of GM, a Dow component, fell 9.7 percent to $1.68.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
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