STOCKS NEWS US-Lear Corp shares slide on Barclays' downgrade

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1204 ET 15June2009 Lear Corp shares slide on Barclays' downgrade
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Lear Corp (LEA.N) shares plunged on Monday after Barclays Capital cut its
rating and price target on the stock, citing the diminished value for
shareholders.

The auto parts supplier was downgraded to "underweight" from "equal
weight," noting that even if an out-of-court solution is found for the company
to avoid bankruptcy, it would still involve a significant equity dilution.

The stock tumbled more than 19 percent to $1.56. The Dow Jones U.S. Auto
Parts index .DJUSAP dropped 3.7 percent.

Reuters Messaging: Charles.mikolajczak.reuters.com@reuters.net
1150 ET 15June2009 Savient puts look attractive before FDA review of gout drug
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Put options in Savient Pharmaceuticals Inc (SVNT.O) look attractive ahead
of an FDA Advisory Committee meeting on Tuesday to discuss whether to recommend
approval of its proposed gout drug Krystexxa, said Jefferies derivatives
strategists in a note. "For investors who believe there is risk of a negative
AdComm recommendation, we recommend buying the June $5 put," they said. Savient
shares rallied after the U.S. Food and Drug Administration said on Friday
Krystexxa appears effective despite serious health issues cited by the agency.
Savient is seeking U.S. approval for the drug to treat patients whom other
therapies have not helped. "Given the large run-up in the stock after the
briefing documents were announced, we think a negative recommendation from the
panel would weigh heavily on the shares," the note said. Savient shares were up
1.95 percent to $9.44 near midday.

Reuters Messaging: doris.frankel.reuters.com@reuters.net
1133 ET 15June2009-Data Domain rejects EMC offer in favor of NetApp
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Shares of Data Domain (DDUP.O) fell on Monday, dropping 1.2 percent to
$33.11 after it rejected a hostile takeover bid from EMC Corp (EMC.N). It also
asked shareholders to back a $30-per-share deal it had signed with NetApp
(NTAP.O).

The move sets the stage for EMC to increase its $30-per-share cash offer
for Data Domain.

For details, see [ID:nN15198442]

Shares of EMC fell 1.9 percent to $13.01 while NetApp was off 2.4 percent
to $19.65.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1117 ET 15June2009 CBOE VIX tops 30, suggests wider swings
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The CBOE Volatility Index .VIX jumped above the 30 mark for the first
time since June 8. The so-called VIX, a 30-day risk forecast priced off of
Standard & Poor's 500 index .SPX options, was up 8.60 percent to 30.57,
signaling expectations of wider stock market swings. The VIX moved inversely to
the underlying S&P 500, which fell 2.48 percent to 922.12 in late morning
trade.

This puts a large gap between the VIX and historical volatility for the S&P
500, which for the past 30 days stood at 25 percent and for 10 days is down at
16 percent, said optionMonster.com analyst Chris McKhann. This is another sign
that traders are concerned about a pullback in the market, he said.

In addition, the premium for June VIX futures, which settle on Wednesday,
is below spot VIX at 29.90 while July futures is at 31.05, pointing to higher
volatility. August futures are 30.90 with September at 31.25. The fact that the
futures premium has also narrowed compared to levels last week suggests further
declines. VIX call buyers last week appeared to betting on a correction as
well, he said.
1110 ET 15June2009-Goldman upgrades 3 IT services companies
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Goldman Sachs on Monday upgraded a trio of companies in the information
technology services sector, arguing that growth prospects in the group would
improve in 2010, though growth would remain elusive in 2009.

Both Accenture (ACN.N) and Solera Holdings (SLH.N) were upgraded to buy
from neutral while Sapient (SAPE.O) was lifted to neutral from sell.

The firm continues to rate the transaction processing coverage group
attractive and remained neutral on the consulting and outsourcing coverage
group. Despite that, it said it remained "guarded" on the Indian IT sub-sector
with a "cautious" coverage view.

For details, see [ID:nBNG443017]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1103 ET 15June2009-Markets fall on weak commodities, Wal-Mart
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Major U.S. indexes fell on Monday, pressured by a drop in commodity prices,
as well as a Goldman Sachs downgrade of Wal-Mart (WMT.N). Tech stocks also fell
heavily.

For details, see [ID:nN15186753]

The Dow Jones industrial average .DJI fell 2.3 percent to 8,596.02 while
the S&P 500 .SPX lost 2.4 percent to 923.29 and the Nasdaq .IXIC was off
2.8 percent to 1,807.06.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net