STOCKS NEWS US-Goldman starts Eastman Chemical at 'buy'

Stocks on the move

Real-time Equity news

U.S. stock market report


1222 EST 10Dec2009
Goldman starts Eastman Chemical at 'buy'

Shares of Eastman Chemical Co rose on Thursday, after Goldman Sachs started coverage on the company with a 'buy' rating.

The firm expects the company to benefit from a recovery in its cyclical end markets, as well as cost cuts and other restructuring efforts.

For details, see

The stock rose 1.2 percent to $59.51.

Reuters Messaging: [e-mail]


1156 EST 10Dec2009
Markets rise on jobless claims and trade data

U.S. stocks advanced on Thursday as data showed continuing claims for jobless benefits dropped while the trade gap unexpectedly narrowed for October, which should provide a lift to economic growth.

For details, see

The Dow Jones industrial average rose 0.7 percent to 10,411.87 while the S&P 500 gained 0.7 percent to 1,103.24 and the Nasdaq was up 0.6 percent to 2,196.89.

Reuters Messaging: [e-mail]

1138 ET 10Dec2009 YRC Worldwide April $1 calls gets build up in open interest

Trucking company YRC Worldwide Inc April $1 calls attracted a second day of increasing open interest. At 62,841, the total contracts outstanding in those calls is by far the largest of any YRCW contract, said WhatsTrading.com option strategist Frederic Ruffy. The company on Wednesday failed to get sufficient bondholder participation in a critical debt-for-equity exchange offer but said it plans to extend the tender deadline. It has been struggling to avoid bankruptcy. YRC shares fell 1.85 percent to $1.06 near midday. The stock staged a partial recovery on Wednesday. After closing down more than 13 percent on Tuesday, shares ended up 9.1 percent at $1.08 on Wednesday and 4,589 April $1 calls traded, said Ruffy. As a result, open interest in the strike rose by another 3,681 contracts, adding to the 10,000 of new open interest that was created when 14,800 traded on Tuesday.

Reuters Messaging: [e-mail]


1119 EST 10Dec2009-AOL falls in return to trading after spin
off

Shares of AOL Inc fell in their return to trading on the New York Stock Exchange on Thursday, after being spun off from Time Warner Inc.

The stock dropped 2 percent to $23.20, while Time Warner climbed 4.3 percent to $30.48.

Reuters Messaging: [e-mail]


1111 EST 10Dec2009
Shutterfly shares rise after upgrade

Shares of Shutterfly Inc rallied on Thursday after Janney Montgomery upgraded the stock to 'buy' from 'hold,' citing reduced pricing pressure that came as peer Eastman Kodak Co raised its prices.

For details, see

The stock gained 3.4 percent to $17.10, while Kodak was up 0.7 percent to $4.39.

Reuters Messaging: [e-mail]


1058 EST 10Dec2009
Citigroup planning roughly $15 bln offering

Citigroup Inc plans to sell roughly $15 billion of common shares to help repay funds borrowed under the Troubled Asset Relief Program, people briefed on the matter said on Thursday.

The bank received $45 billion in TARP money last year in two different rescues. In a third rescue this year, it agreed to convert $25 billion of TARP preferred shares into common stock, giving the U.S. government a roughly 34 percent stake. The other $20 billion of securities were converted into trust preferred, a hybrid of debt and equity.

Citigroup would sell common stock to help repay that $20 billion, people said.

Shares of Citigroup rose 0.5 percent to $3.88.

Reuters Messaging: [e-mail] 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.