Stocks on the move Real-time Equity news
U.S. stock market report
0854 ET 27May2009
Citi optimistic on recovery for oil service co's
Citi on Wednesday issued a bullish note on the prospect for a recovery for oil service and equipment companies, saying it saw a recovery 'sooner rather than later.'
'We believe investors are becoming increasingly confident that a recovery in fundamentals will occur sooner rather than later,' the firm wrote. 'Sustained $50-$60 per barrel oil stands to mitigate the pace of international drilling decline. A return to growth is possible if activity stabilizes as new offshore rigs enter the fleet.'
Citi added that margins for the group were likely to stabilize in the second half of the year 'as full benefits of leaner operations catch up.'
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0849 ET 27May2009
MGA asks court to stop transfer of franchise
MGA Entertainment late Tuesday asked a U.S. appeals court to stop the transfer of its Bratz franchise to rival Mattel Inc. It also asked the court to overturn a 2008 jury verdict, which it argued was tainted by racial discrimination against its Iranian-born chief executive.
For details, see
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0844 ET 27May2009
Borders results lift Barnes & Noble in premarket
Shares of Borders Group rose in premarket trading on Wednesday, after the company reported an adjusted quarterly loss that was narrower than expected, helped by cost cutting measures.
For details, see
The stock gained 8.9 percent to $2.80 in premarket trading while peer company Barnes & Noble Inc rose 1.9 percent to $26.68 on light volume.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0836 ET 27May2009
Bove cuts earning estimates on BofA
Rochdale Securities analyst Richard Bove on Wednesday cut his profit estimates on Bank of America Corp, saying the stock 'may perform poorly near-term as the company continues to sell shares.'
Despite that, Bove kept his buy rating on the Dow component, saying it continued to be 'very attractive' in the longer term.
Bove cut his 2009 earnings estimate on Bank of American to 74 cents a share from $1.08 a share while the 2010 view was cut to $1.79 a share from $1.87 a share.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0828 ET 27May2009
SanDisk rises after license with Samsung renewed
Shares of SanDisk Corp rose in premarket trading on Wednesday, after Samsung Electronics said it renewed its NAND flash memory chip license with the company.
The license was renewed for seven years, at a lower royalty rate, while guaranteeing a portion of its chips output to SanDisk.
For details, see
The stock rose 11.4 percent to $15.13 in premarket trading.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
U.S. stock market report
0854 ET 27May2009
Citi optimistic on recovery for oil service co's
Citi on Wednesday issued a bullish note on the prospect for a recovery for oil service and equipment companies, saying it saw a recovery 'sooner rather than later.'
'We believe investors are becoming increasingly confident that a recovery in fundamentals will occur sooner rather than later,' the firm wrote. 'Sustained $50-$60 per barrel oil stands to mitigate the pace of international drilling decline. A return to growth is possible if activity stabilizes as new offshore rigs enter the fleet.'
Citi added that margins for the group were likely to stabilize in the second half of the year 'as full benefits of leaner operations catch up.'
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0849 ET 27May2009
MGA asks court to stop transfer of franchise
MGA Entertainment late Tuesday asked a U.S. appeals court to stop the transfer of its Bratz franchise to rival Mattel Inc. It also asked the court to overturn a 2008 jury verdict, which it argued was tainted by racial discrimination against its Iranian-born chief executive.
For details, see
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0844 ET 27May2009
Borders results lift Barnes & Noble in premarket
Shares of Borders Group rose in premarket trading on Wednesday, after the company reported an adjusted quarterly loss that was narrower than expected, helped by cost cutting measures.
For details, see
The stock gained 8.9 percent to $2.80 in premarket trading while peer company Barnes & Noble Inc rose 1.9 percent to $26.68 on light volume.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0836 ET 27May2009
Bove cuts earning estimates on BofA
Rochdale Securities analyst Richard Bove on Wednesday cut his profit estimates on Bank of America Corp, saying the stock 'may perform poorly near-term as the company continues to sell shares.'
Despite that, Bove kept his buy rating on the Dow component, saying it continued to be 'very attractive' in the longer term.
Bove cut his 2009 earnings estimate on Bank of American to 74 cents a share from $1.08 a share while the 2010 view was cut to $1.79 a share from $1.87 a share.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0828 ET 27May2009
SanDisk rises after license with Samsung renewed
Shares of SanDisk Corp rose in premarket trading on Wednesday, after Samsung Electronics said it renewed its NAND flash memory chip license with the company.
The license was renewed for seven years, at a lower royalty rate, while guaranteeing a portion of its chips output to SanDisk.
For details, see
The stock rose 11.4 percent to $15.13 in premarket trading.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
