STOCKS NEWS US-Goldman adjusts ratings on oil and gas stocks

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0817 ET 25June2009-Goldman adjusts ratings on oil and gas stocks
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Goldman Sachs on Thursday adjusted its ratings on several energy stocks,
writing that it was shifting its preference towards oil-leveraged stocks and
away from gas-leveraged ones.

Halliburton Co (HAL.N), Nabors Industries (NBR.N), Patterson-UTI Energy
(PTEN.O) and Oil States International (OIS.N) were all downgraded by Goldman,
which wrote that it doesn't expect high beta stocks with gas leverage to
outperform.

"While we continue to believe that the turn in fundamentals is in sight and
that we are in the midst of the next up-cycle, we are less positive on 'gassy'
North American levered stocks given that we see reduced upside potential for
2010," it wrote.

As part of its move to oil-leveraged stocks, Goldman upgraded Cameron
International (CAM.N), Transocean Ltd (RIG.N), and Diamond Offshore (DO.N).

For details, see [ID:nBNG447254]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0811 ET 25June2009-Crude oil up on conflict in Nigeria
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August crude futures rose on Thursday, after Nigeria's main militant group
shut down one of Royal Dutch Shell's (RDSa.L) pipeline junction points,
heightening concerns about supplies from the region.

For details, see [ID:nSP191786]

The contract CLc1 gained 1.1 percent to $69.43 per barrel.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0805 ET 25June2009-Hertz outlook lifts Avis in premarket
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Shares of Hertz Global (HTZ.N) rallied in premarket trading on Thursday,
after the car rental company forecast quarterly profit above market estimates,
as well as a surprise full-year profit.

The company also said it saw no significant long-term financial impact from
General Motors GMGMQ.PK and Chrysler bankruptcies.

For details, see [ID:nBNG382203]

Shares of Hertz rose 12.4 percent to $7.88 in premarket trading while peer
company Avis Budget (CAR.N) added 5.4 percent to $4.69 on light volume.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0751 ET 25June2009-New Toyota president expects challenges to continue
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The new president of Toyota Motor (TM.N) (7203.T) on Thursday warned that
the auto industry faced two more tough years, as he sketched out a roadmap to
return the carmaker to profit.

"The new Toyota sets sail in very stormy waters," Toyoda said at a news
conference. "But right now we're working at full speed to cut costs and
jump-start sales with the support of various government incentives being rolled
out."

"We want to do everything possible to avoid a third consecutive year of
losses," he said, adding he would take a 30 percent pay cut for the first year.

For details, see [ID:nT242118]

Shares of Toyota closed Wednesday at $76.06.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0743 ET 25June2009-Citigroup sees challenging Q2 for Bank of America
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Citigroup on Thursday said that Bank of America's (BAC.N) second quarter
was "likely to be a challenge," and cut its price target on the stock to $18
from $20.

"We see another large reserve build in the second quarter and expect loan
loss provisions to be up versus the elevated first quarter," the firm wrote.

Despite that, Citi wrote that there was potential for a second straight
quarter of stabilization of consumer early stage delinquencies, "which could
mean the second quarter may be the peak in terms of reserve build (not
charge-offs)."

Shares of Bank of America, a Dow component was flat in premarket. The
shares closed Wednesday at $12.35.

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