STOCKS NEWS US-Ista wins FDA panel support for eye itch drug

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1203 ET 26June2009-Ista wins FDA panel support for eye itch drug
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Shares of Ista Pharmaceuticals Inc (ISTA.O) rose on Friday after the
company's eye drop Bepreve won unanimous support from a U.S. advisory panel as
a treatment for itchiness caused by allergies.

The committee of Food and Drug Administration advisers voted 7-0 that Ista
had adequately demonstrated the safety and effectiveness of the Bepreve eye
drops, which would be sold by prescription if the agency granted final
approval.

For details, see [ID:nN26328014]

Shares gained 7.6 percent to $4.56.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1153 ET 26June2009-Ross Stores gets bearish option trade
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Shares of U.S. retailer Ross Stores (ROST.O) fell 37 cents to $38.45 near
midday on Friday and its option volume was eight times the norm with 9,114 puts
and 1,093 calls traded, according to Trade Alert. The put turnover increased
after a combination strategy, which appeared to be part of a so-called "tree,"
was implemented. It looked like an investor bought 3,000 August $37.50 puts for
a premium of $1.80 apiece, and sold 3,000 August $35 puts for 95 cents and
3,000 August $32.50 puts for 40 cents, said WhatsTrading.com option strategist
Frederic Ruffy. If so, the strategy fetched 45 cents and stands to make $2.05
if shares fall to $35 or 9 percent by August expiration, he added.

Reuters Messaging: doris.frankel.reuters.com@reuters.net
1145 ET 26June2009-FBR upgrades Webster Financial to market perform
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Shares of Webster Financial (WBS.N) rallied on Friday, after FBR Capital
Markets upgraded the stock to "market perform" from "underperform," citing
improvement in the bank's capital after a successful exchange offer.

"The tender attracted significantly more investor interest than we
expected," the firm wrote, lifting its price target on the stock to $8 from
$6.

For details, see [ID:nBNG492616]

Shares rose 9.2 percent to $7.95.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1137 ET 26June2009-Lear to file for Ch 11 soon, sources tell RLPC
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Auto parts maker Lear Corp (LEA.N) is expected to file for bankruptcy by
June 30, sources close to the deal told RLPC, a Thomson Reuters company.

Lear has been in talks with lenders and potential investors on
restructuring its debt-laden balance sheet for months and warned in March it
might have to file for bankruptcy. It has a June 30 deadline for a waiver from
lenders on its existing defaults on its main credit facility.

For details, see [ID:nN2685594]

Shares of Lear sank 30 percent to 38 cents. Among other auto suppliers,
BorgWarner slid 1.4 percent to $32.77 while Johnson Controls (JCI.N) was off
0.9 percent to $21.09.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1125 ET 26June2009-FBR starts coverage on 3M at outperform
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Friedman Billings Ramsey on Friday started coverage on a number of
companies in the multi-industry and electrical equipment sector, rating them
outperform.

The company said that multi-industry primes were still the best names to
own for relative outperformance in the later stages of an economic downcycle.

FBR started 3M (MMM.N), Actuant Corp (ATU.N), Tyco International Ltd
(TYC.N) and W.W. Grainger Inc (GWW.N) all at outperform, and resumed coverage
on ITT Corp (ITT.N) at outperform.

For details, see [ID:nBNG512094]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1112 ET 26June2009-Credit Suisse expects quiet summer on index side
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Aggressive policy response and a weak dollar fueled an impressive stock
rally from March to mid-May. Since then, equity markets have been range-bound,
in part supported by positive news on the macro side, said Credit Suisse
derivatives strategists in a note. "We therefore expect a relatively quiet
summer as leading indicators continue to rebound -- before things get
potentially serious again in Q4, in particular in Europe," the note said.
Equity indexes are expected to remain range-bound. "However, single stocks
should see more price action, ... in particular in cyclicals where valuations
currently appear uniquely stretched," the note said.

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