STOCKS NEWS US-Crude oil rallies after inventory data

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1122 ET 28May2009-Crude oil rallies after inventory data
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July crude futures rose on Thursday, lifted after data from the Energy
Information Administration showed that crude oil stockpiles fell more than
expected as refinery utilization jumped.

Crude stockpiles fell by 5.4 million barrels, compared with the expectation
for a drop of 700,000 barrels. Refinery utilization was up 3.3 percent,
compared with the 0.4 percent forecast.

For details, see [ID:nN28324309]

The contract rose 2 percent to $64.70 while the S&P Energy index .GSPE
rose 2.1 percent to 384.53. Among oil companies, ConocoPhillips (COP.N) gained
2.3 percent to $45.50 while Occidental Petroleum (OXY.N) was up 4.1 percent to
$65.38.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1109 ET 28May2009-Credit Suisse downgrades mall anchor sector
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Credit Suisse on Thursday downgraded the mall anchor sector to underweight
from market weight, saying some of the companies in the group might need to
raise capital.

"Mall anchors have developed into a two-tier industry in our view," the
firm wrote, saying the first tier was characterized by "the ability to sustain
positive cash flow from operations, invest in stores and operations with
sustainable capital spending at or above maintenance levels, and exhibit
balance sheet flexibility." Nordstrom (JWN.N), Kohl's (KSS.N) and J.C. Penney
(JCP.N) were counted as being in this tier.

"The second tier, including Saks (SKS.N), Dillard's (DDS.N) and Bon-Ton
(BONT.O), fails to meet at least one of these criteria... disadvantaging the
equity holder in the short term," Credit Suisse wrote.

As part of its call, the firm downgraded Nordstrom to neutral from
outperform, while lowering Bon-Ton, Dillard's and Saks to underperform.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1101 ET 28May2009 GM option implied volatility stays high, reflects uncertainty
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GM's overall option implied volatiltiy remains high and earlier stood at
around 350 percent, down from 400 percent the start of the week, still
reflecting the uncertainty that remains over the company's survival as traders
eye the equity's near-term puts and calls, according to Interactive Brokers
Group data. Some option traders in General Motors Corp (GM.N) appeared to have
taken a bullish stance after the automaker said a bondholders committee
supported a new debt-for-equity exchange offer. The improved sentiment was
supported by the sharp rise in GM shares, up more than 15 percent to $1.33 in
morning trade. "The sense of uncertainty is palpable in the options market,
where the June $1 and $2 call buyers surfaced early, but volume in the June $1
puts has reached more than 103,000 contracts, making it the busiest equity
options contract on Thursday, said WhatsTrading.com option strategist Frederic
Ruffy.

Reuters Messaging: doris.frankel.reuters.com@reuters.net
1048 ET 28May2009-Target proxy battle to be put to a vote Thursday
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A proxy battle between activist investor William Ackman and Target Corp
(TGT.N) will be put to a vote on Thursday, at the retailer's annual meeting.

In the context, Ackman is seeking enough shareholder votes to win five
seats on the retailer's board, while Target is running a slate of four
incumbent directors.

Shareholders will also have to vote on the size of the board -- Target
wants to set it at 12, while Ackman claims it should be 13.

For details, see [ID:nN28321308]

Shares of Target fell 1.3 percent to $39.09.

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