STOCKS NEWS US-BofA's Lewis retains backing of key executive

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1406 ET 26June2009-BofA's Lewis retains backing of key executive
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Kenneth Lewis, the chief executive officer of Bank of America (BAC.N),
retained the backing of a top lieutenant on Friday, when investment bank and
wealth management chief Brian Moynihan called him the "right person" to lead
the nation's largest bank. Moynihan has been widely discussed as a possible
candidate to replace Lewis eventually. For details, see [ID:nN26332238]

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