STOCKS NEWS US-Citi sees start to steel demand recovery

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1439 ET 18June2009-Citi sees start to steel demand recovery
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Citi on Thursday wrote that it believed the U.S. steel market was in "the
early stages of an apparent demand recovery."

In an investment note, Citi said that AK Steel's (AKS.N) Butler facility
was rolling 65,000 tons per month, compared with recent levels of 60,000 tons,
while U.S. Steel (X.N) was in the process of restarting one of two blast
furnaces in Granite City.

"We believe more restarts are likely in the third quarter as apparent
demand improves," it wrote, recommending that investors buy steel companies.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1432 ET 18June2009-Cowen starts coverage on IBM at "outperform"
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Cowen & Co on Thursday started coverage on International Business Machine
Corp (IBM.N) with an "outperform" rating, "considering the resilience of the
company's business model and earnings base."

The brokerage firm said the market underappreciated IBM's growth and
profitability potential "as most sell-side and buy-side analysts continue to
over-emphasize the company's legacy hardware operations. Accordingly, we expect
20 percent upside relative to the market during the next 6-12 months."
[ID:nBNG425937]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1419 ET 18June2009-Stocks rise on positive data, financials
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U.S. stocks rose on Thursday as data about the job market and regional
manufacturing revived hopes that the recession-hit economy is stabilizing.

For details, see [ID:nN18532563]

The Dow Jones industrial average .DJI rose 0.8 percent to 8,564.22, while
the S&P 500 .SPX gained 0.9 percent to 918.79 and the Nasdaq .IXIC edged up
0.2 percent to 1,811.29.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net;
1353 ET 18June2009-Chevron unit in pact with Kentz venture
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A unit of Chevron Corp (CVX.N) has signed a contract worth about $398.4
million with Irish engineering group Kentz Corp Ltd's (KENZ.L) joint venture in
Australia.

Kentz and its partners are under contract to design and build a
construction village on Barrow Island, Western Australia, by Chevron Australia
Pty Ltd.

For details, see [ID:nBNG431396]

Shares of Chevron, a Dow component, slid 1 percent to $68.13.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1343 ET 18June2009-Wells Fargo shares rise on CEO TARP comment
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Shares of Wells Fargo & Co (WFC.N) rose on Thursday after John Stumpf, the
chief executive, said in a newspaper interview he would like the bank to repay
the $25 billion it took from the Troubled Asset Relief Program (TARP) as soon
as it was practical, but gave no time frame.

The TARP money was "meant to be temporary," Stumpf told the Charlotte
Observer. "We want it to be temporary. We will pay it back as soon as
practical."

For details, see [ID:nN18380266]

Shares rose 2 percent to $23.55.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1256 ET 18June2009-Supreme Court rules in favor of Travelers
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The Supreme Court ruled for Travelers Co Inc (TRV.N), one of the largest
U.S. property and casualty insurers, on Thursday, saying a lower court erred in
overturning the approval of the company's nearly $500 million settlement of
asbestos-related litigation.

The settlement also barred new lawsuits against Travelers stemming from its
relationship with Johns Manville Corp, which had been a major manufacturer of
asbestos-containing products.

Travelers had been Manville's primary insurer from 1947 through 1976.
Exposure to asbestos has been found to increase the risk of lung cancer,
mesothelioma and other illnesses. [ID:nN18391968]

Shares slipped 0.2 percent to $42.42.

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