Real-time equity news
U.S. stock market report
1735 ET 26Aug2010
US earnings diary for Aug. 27
Companies expected to report quarterly results on Friday include Tiffany & Co.
Reuters Messaging: leah.schnurr.thomsonreuters.com@reuters.net
1730 ET 26Aug2010
US economic diary for Aug. 27
Economic data on tap on Friday includes the preliminary reading of gross domestic product for the second quarter and the final reading of consumer sentiment for August.
Reuters Messaging: leah.schnurr.thomsonreuters.com@reuters.net
1720 ET 26Aug2010
J Crew cuts 2010 outlook, shares drop
Shares of J Crew Group Inc sank after the clothing retailer gave earnings outlooks for the third quarter and full year that were below expectations, citing economic uncertainty.
J Crew tumbled 6.7 percent to $31.18 in after-hours trade.
Reuters Messaging: leah.schnurr.thomsonreuters.com@reuters.net
1715 ET 26Aug2010
HP trumps Dell again in 3PAR bidding war
Hewlett-Packard Co raised its offer for data storage company 3PAR Inc to $1.8 billion, besting a $1.6 billion bid by Dell Inc that came just hours earlier in a rapidly escalating bidding war.
The new bid sent 3PAR's shares up 6.9 percent at $27.82 in after-hours trade. Dell lost 0.8 percent to $11.65, while HP was off 0.6 percent to $38.
Reuters Messaging: leah.schnurr.thomsonreuters.com@reuters.net
1710 ET 26Aug2010
Wall Street hit by economy woes; Dow ends below 10,000
U.S. stocks sagged on Thursday and the Dow closed below 10,000 a day ahead of an expected downward revision in U.S. second-quarter economic growth and a major speech by Federal Reserve Chairman Ben Bernanke.
Major technology shares were among the biggest losers, with the Nasdaq falling more than the Dow and S&P 500. Tech shares have been seen as a proxy for economic growth.
Reuters Messaging: leah.schnurr.thomsonreuters.com@reuters.net
1220 ET 26Aug2010-Birinyi lowers year
end S&P 500 target
Birinyi Associates lowered its year-end estimate for the S&P 500 to 1,225 from 1,325, noting there is an increasing chance that the market could get stuck in a trading range.
Birinyi wrote there is a 20 percent chance that good news from corporations could continue to offset economic concerns, putting the trading range between 1,150 and 1,000.
Birinyi's target would represent a nearly 10 percent increase for the year and a gain of about 5 percent from current levels.
The firm noted the lowered target is also due to less time remaining in the year. Wall Street's consensus estimate of 1,234 would require a gain of 0.16 percent every day for the 88 trading days left, which Birinyi considers 'unlikely'.
'We are also subdued because the large names which so affected the indices are not, we contend, going anywhere,' Birinyi wrote, pointing to blue-chip names such as Wal-Mart and Procter & Gamble. 'They have not done much this year and we see no reason for a resurrection in those names.'
Even so, Birinyi said it continued to be positive, contending Wall Street is currently in a bull market.
Reuters Messaging: leah.schnurr.thomsonreuters.com@reuters.net
1146 ET 26Aug2010
Dahlman Rose starts coverage on FedEx, UPS
Dahlman Rose on Thursday started coverage on package shippers FedEx Corp and United Parcel Service Inc , rating FedEx 'buy' and UPS 'hold.'
Writing about FedEx, the firm wrote that the company was 'well positioned to benefit from the eventual pick-up in economic recovery, international growth, and expansion of FedEx Ground.'
Dahlman added that regulatory concerns were waning at FedEx, though uncertainties about global economic growth could pressure the stock in the near term.
The broker said UPS was also poised to benefit as the recovery takes shape, though there wasn't enough upside potential in the stock to warrant a 'buy' rating.
FedEx rose 0.4 percent to $79.07 while UPS rose 0.8 percent to $63.84.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net; Editing by Andrew Hay
Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2010. 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
1735 ET 26Aug2010
US earnings diary for Aug. 27
Companies expected to report quarterly results on Friday include Tiffany & Co.
Reuters Messaging: leah.schnurr.thomsonreuters.com@reuters.net
1730 ET 26Aug2010
US economic diary for Aug. 27
Economic data on tap on Friday includes the preliminary reading of gross domestic product for the second quarter and the final reading of consumer sentiment for August.
Reuters Messaging: leah.schnurr.thomsonreuters.com@reuters.net
1720 ET 26Aug2010
J Crew cuts 2010 outlook, shares drop
Shares of J Crew Group Inc sank after the clothing retailer gave earnings outlooks for the third quarter and full year that were below expectations, citing economic uncertainty.
J Crew tumbled 6.7 percent to $31.18 in after-hours trade.
Reuters Messaging: leah.schnurr.thomsonreuters.com@reuters.net
1715 ET 26Aug2010
HP trumps Dell again in 3PAR bidding war
Hewlett-Packard Co raised its offer for data storage company 3PAR Inc to $1.8 billion, besting a $1.6 billion bid by Dell Inc that came just hours earlier in a rapidly escalating bidding war.
The new bid sent 3PAR's shares up 6.9 percent at $27.82 in after-hours trade. Dell lost 0.8 percent to $11.65, while HP was off 0.6 percent to $38.
Reuters Messaging: leah.schnurr.thomsonreuters.com@reuters.net
1710 ET 26Aug2010
Wall Street hit by economy woes; Dow ends below 10,000
U.S. stocks sagged on Thursday and the Dow closed below 10,000 a day ahead of an expected downward revision in U.S. second-quarter economic growth and a major speech by Federal Reserve Chairman Ben Bernanke.
Major technology shares were among the biggest losers, with the Nasdaq falling more than the Dow and S&P 500. Tech shares have been seen as a proxy for economic growth.
Reuters Messaging: leah.schnurr.thomsonreuters.com@reuters.net
1220 ET 26Aug2010-Birinyi lowers year
end S&P 500 target
Birinyi Associates lowered its year-end estimate for the S&P 500 to 1,225 from 1,325, noting there is an increasing chance that the market could get stuck in a trading range.
Birinyi wrote there is a 20 percent chance that good news from corporations could continue to offset economic concerns, putting the trading range between 1,150 and 1,000.
Birinyi's target would represent a nearly 10 percent increase for the year and a gain of about 5 percent from current levels.
The firm noted the lowered target is also due to less time remaining in the year. Wall Street's consensus estimate of 1,234 would require a gain of 0.16 percent every day for the 88 trading days left, which Birinyi considers 'unlikely'.
'We are also subdued because the large names which so affected the indices are not, we contend, going anywhere,' Birinyi wrote, pointing to blue-chip names such as Wal-Mart and Procter & Gamble. 'They have not done much this year and we see no reason for a resurrection in those names.'
Even so, Birinyi said it continued to be positive, contending Wall Street is currently in a bull market.
Reuters Messaging: leah.schnurr.thomsonreuters.com@reuters.net
1146 ET 26Aug2010
Dahlman Rose starts coverage on FedEx, UPS
Dahlman Rose on Thursday started coverage on package shippers FedEx Corp and United Parcel Service Inc , rating FedEx 'buy' and UPS 'hold.'
Writing about FedEx, the firm wrote that the company was 'well positioned to benefit from the eventual pick-up in economic recovery, international growth, and expansion of FedEx Ground.'
Dahlman added that regulatory concerns were waning at FedEx, though uncertainties about global economic growth could pressure the stock in the near term.
The broker said UPS was also poised to benefit as the recovery takes shape, though there wasn't enough upside potential in the stock to warrant a 'buy' rating.
FedEx rose 0.4 percent to $79.07 while UPS rose 0.8 percent to $63.84.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net; Editing by Andrew Hay
Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2010. 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.