STOCKS NEWS US-Bove details "Golden Age" for banks claim

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Rochdale Securities analyst Richard Bove late Monday detailed his belief that banks would "enter a new Golden Age," noting that the claim "is met with more than a little skepticism."

Bove listed a few "core beliefs" for the claim, including the reappearance of revenue growth, an industry balance sheet that is "stronger than ever" and an all-time record level of cash earnings. He added that costs were under control in the sector, and that loan losses would plummet in a recovery economy.

"When the economy turns, banks are ready to take advantage of the recovery," Bove wrote. "Moreover, this time it is likely to be better for the large banks. This is because their biggest competitors are either contracting or have disappeared from the business. They will be back but it will take years for them to recover."

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 0722 ET 02June2009-Morgan Stanley announces equity offering, shares down ------------------------------------------------------------------------------

Morgan Stanley (MS.N) on Tuesday announced a $2.2 billion public offering of common equity in order to satisfy a condition to redeem TARP preferred capital.

The company expects the redemption before the end of June.

For details, see [ID:nWNAB5513]

Shares fell 3 percent to $28.99 in premarket trading.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 0716 ET 02June2009-Cameron to buy NATCO Group in $780 mln deal ------------------------------------------------------------------------------

Cameron International (CAM.N) late Monday said it would buy NATCO Group NTG.N in an all-stock deal that values NATCO for $780 million.

Under the terms of the agreement, NATCO shareholders will receive 1.185 shares of Cameron common stock for each of NATCO's outstanding shares. Cameron will issue around 24 million shares of common stock to NATCO shareholders and said the deal should add to earnings in 2010.

For details, see [ID:nN0121780]

Shares of NATCO rose 3.1 percent to $32 in premarket trading while Cameron closed Monday at $32.45.