Stocks on the move Real-time Equity news
U.S. stock market report
1739 ET 14April2009
Earnings diary for April 15
Wednesday's earnings diary includes results of the following companies:
Abbott Laboratories
AMR Corp
Crown Holdings Inc
Landstar System Inc
Peabody Energy Group
Piper Jaffray Cos
For more details, see
Reuters Messaging: ellis.mnyandu.reuters.com@reuters.net
1415 ET 14April2009
Bove raises price target on Goldman Sachs
Rochdale Securities analyst Dick Bove on Tuesday raised his price target on Goldman Sachs to $142 from $123, a day after the financial services company reported first-quarter results that topped expectations.
Bove wrote that the outlook for Goldman 'has improved notably,' and said that the main reason was an improvement in trading, 'which has always been Goldman's most important business.'
Despite the strong quarterly results, Bove expressed some reservation about Goldman's plan to sell $5 billion in new shares in a move to repay the TARP funds it had received.
'Goldman clearly needed these funds last year because the firm was cash flow negative and was in danger of failing,' Bove wrote. 'Giving them up so quickly does not appear to be a wise idea unless the firm is convinced the financial crisis is over. Paying back TARP funds to allow the firm to raise salaries does not seem to be a valid reason for diluting shareholders.'
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1138 ET 14April2009-Most big
cap Internet stocks near trough: Citi
Citi on Tuesday wrote that while fundamentals for Internet companies 'continued to weaken' in the first quarter, the group was nearing a trough.
In a preview for the sector's first-quarter results, Citi wrote that while there were still risks to 2009 estimates, there were fewer risks than three months ago.
'Going into the first quarter, we see three stocks (Expedia, Google, IAC Interactive) with the greatest risk to '09 estimates, although with Google we view the magnitude of the risk as very limited and with Expedia we believe the issue is MIA Street estimates post major fee reductions,' the firm wrote.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1130 ET 14April2009
SF economist sees stabilization in U.S. economy
John Williams, director of research at the San Francisco Federal Reserve Bank, on Tuesday said that the U.S. economy seemed to be stabilizing and could come out of recession in the 'latter part' of 2009.
In the bank's latest 'FedViews' newsletter, Williams wrote that the economy probably shrank in the first quarter at a rate similar to, or slightly greater than, the 6.3 percent reported for the fourth quarter of 2008. Beyond that, 'we expect real GDP to decline at a significantly more modest, 1.25 percent annual rate in the current quarter,' he said.
Williams also wrote that the U.S. jobless rate could beat at 9.5 percent before starting to edge down in 2010.
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
1739 ET 14April2009
Earnings diary for April 15
Wednesday's earnings diary includes results of the following companies:
Abbott Laboratories
AMR Corp
Crown Holdings Inc
Landstar System Inc
Peabody Energy Group
Piper Jaffray Cos
For more details, see
Reuters Messaging: ellis.mnyandu.reuters.com@reuters.net
1415 ET 14April2009
Bove raises price target on Goldman Sachs
Rochdale Securities analyst Dick Bove on Tuesday raised his price target on Goldman Sachs to $142 from $123, a day after the financial services company reported first-quarter results that topped expectations.
Bove wrote that the outlook for Goldman 'has improved notably,' and said that the main reason was an improvement in trading, 'which has always been Goldman's most important business.'
Despite the strong quarterly results, Bove expressed some reservation about Goldman's plan to sell $5 billion in new shares in a move to repay the TARP funds it had received.
'Goldman clearly needed these funds last year because the firm was cash flow negative and was in danger of failing,' Bove wrote. 'Giving them up so quickly does not appear to be a wise idea unless the firm is convinced the financial crisis is over. Paying back TARP funds to allow the firm to raise salaries does not seem to be a valid reason for diluting shareholders.'
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1138 ET 14April2009-Most big
cap Internet stocks near trough: Citi
Citi on Tuesday wrote that while fundamentals for Internet companies 'continued to weaken' in the first quarter, the group was nearing a trough.
In a preview for the sector's first-quarter results, Citi wrote that while there were still risks to 2009 estimates, there were fewer risks than three months ago.
'Going into the first quarter, we see three stocks (Expedia, Google, IAC Interactive) with the greatest risk to '09 estimates, although with Google we view the magnitude of the risk as very limited and with Expedia we believe the issue is MIA Street estimates post major fee reductions,' the firm wrote.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1130 ET 14April2009
SF economist sees stabilization in U.S. economy
John Williams, director of research at the San Francisco Federal Reserve Bank, on Tuesday said that the U.S. economy seemed to be stabilizing and could come out of recession in the 'latter part' of 2009.
In the bank's latest 'FedViews' newsletter, Williams wrote that the economy probably shrank in the first quarter at a rate similar to, or slightly greater than, the 6.3 percent reported for the fourth quarter of 2008. Beyond that, 'we expect real GDP to decline at a significantly more modest, 1.25 percent annual rate in the current quarter,' he said.
Williams also wrote that the U.S. jobless rate could beat at 9.5 percent before starting to edge down in 2010.
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.