STOCKS NEWS US-Adtran gains after Citigroup upgrade

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1407 ET 02July2009-Adtran gains after Citigroup upgrade
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Adtran Inc (ADTN.O) shares rose on Thursday after Citigroup
upgraded the stock to "buy" from "hold" with a $27 price
target.

The firm said the potential for revenue acceleration at
Adtran is "significant" as the $7.2 billion in broadband
stimulus funds are spent, given the company's exposure to Tier
2 and Tier 3 carriers and its market share in broadband
access.

In contrast, Citigroup maintained its "neutral" rating on
Tellabs Inc (TLAB.O), saying the company's limited exposure to
Tier 2 and Tier 3 carriers suggests the revenue impact from the
stimulus package is less meaningful.

Adtran shares gained 3.4 percent to $23.15 while Tellabs
shed 4 percent to $5.60.

Reuters
Messaging:rm://Charles.mikolajczak.reuters.com@reuters.net
1141 ET 02July2009-JPMorgan sees industrial intensive recovery
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JPMorgan on Thursday forecast a
"resource/industrial-intensive" recovery, that would be "less
fueled by credit expansion for households (a la 2002) and where
emerging markets play a larger role in driving this (now 115
percent of US GDP)."

The firm wrote that its economists "expect the global
economic recovery to "take off with a bang," with global
industry retracing 1/3 of its recession losses by year-end and
leading to 8 percent annualized growth in industrial
production."

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1130 ET 02July2009 Traders circle USEC puts for second day
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Option traders are circling the put options in energy
company USEC Inc (USU.N) for the second straight day. Heavy
trading on Wednesday, including a substantial calendar spread
involving 47,500 contracts, created new open interest of more
than 51,000 contracts in USU Oct $5 puts, said WhatsTrading.com
option strategist Frederic Ruffy. Shares of the company, which
enriches uranium, slipped 2 cents to $5.32 near midday and
another 26,000 puts traded vs 1,037 calls, double the norm,
according to Trade Alert. The same July/October $5 put spread
is seeing interest again and traded 5,000 times, Ruffy said.
The other activity seems to include a mixture of buyers and
sellers. The stock's option implied volatility stood at 121
percent from 118 percent on Wednesday and 110 percent last
Friday. McDermott International Inc (MDR.N) said on Wednesday
that its subsidiary Babcock and Wilcox won a contract to
downblend over 12 metric tons of highly enriched uranium into
low enriched uranium used in nuclear power reactors.

Reuters Messaging: doris.frankel.reuters.com@reuters.net