STOCKS NEWS US-DA Davidson: Entering healthy bull market

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1215 ET 29June2009-DA Davidson: Entering healthy bull market
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DA Davidson on Monday said it strongly believed that the markets were in
the early stages of a "healthy bull market."

"Investor confidence continues to rise as does consumer confidence, both of
which are key ingredients to sustaining a recovery and stabilizing the
economy," the firm wrote. "We now envision the major stock market indices,
which are positive year-to-date for most market indices, to end the year with
high single digit or low double digit percentage gains."

The firm added that it was looking for the economy to bottom out late in
the third quarter or early in the fourth quarter "as consumers slowly return to
the malls, business investment spending stabilizes and companies begin to
replenish inventories."

"The economy hasn't turned up, but the pace of employment layoffs, the
decline in existing home sales and home prices appear to be stabilizing, while
new and used automobile sales have begun to slowly improve," it wrote.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1209 ET 29June2009-Rochdale's Bove sees Q2 loss for JPMorgan Chase
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Rochdale Securities analyst Richard Bove on Monday forecast a
second-quarter loss for JPMorgan Chase (JPM.N). He also lowered his 2009
earnings outlook on the bank to $1.23 a share from $1.61 a share.

Bove expects a loss in the quarter to come on two charges: the redemption
of TARP preferreds and the payment of an FDIC assessment. The former is
expected to cost JPMorgan 39 cents a share while the latter is expected to cost
it 13 cents a share, Bove wrote to clients. [ID:nWNAB2957]

Shares of the Dow component were flat at $34.45.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1157 ET 29June2009-BofA creates payments company with First Data
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Bank of America (BAC.N) has created a joint venture to offer electronic
payment services to merchants with First Data Corp.

The venture will combine Bank of America's brand name -- and its 240,000
merchant relationships -- with First Data's payment services technology, Thomas
Bell, chief executive of the new company, said in an interview.

For details, see [ID:nN29324870]

Shares of Bank of America, a Dow component, rose 1.3 percent to $12.91.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net; Editing by
Kenneth Barry
1151 ET 29June2009-Encore to buy properties from EXCO Resources
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Encore Acquisitions Co (EAC.N) on Monday said it would buy oil and gas
properties in the mid-continent and East Texas from EXCO Resources Inc (XCO.N)
for $375 million in cash.

Separately, oil and gas company Encore Energy Partners LP (ENP.N) said it
was buying properties in the Rockies and Permian basin from Encore Acquisition
for $190 million.

Encore Energy was formed by Encore Acquisition to acquire oil and gas
properties.

For details, see [ID:nBNG436410]

Shares of Encore Acquisitions rose 3.4 percent to $30.84 while EXCO
advanced 7.4 percent to $11.01 and Encore Energy dropped 7 percent to $14.46.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1148 ET June2009-Goldman Sachs ups Universal Amer, cuts Healthways
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Universal American Corp (UAM.N) shares rose while Healthways Inc slid on
Monday after Goldman Sachs offered differing views on the healthcare management
providers.

The firm upgraded Universal American to "neutral" from "sell," noting that
while it faces a tough Medicare Advantage environment and the challenge of
migrating the private fee-for-service plans, the valuation currently reflects
those challenges.

Healthways was downgraded to "sell" from "neutral" by the firm, which cited
several challenges, including potential in-sourcing risk from national health
plan clients, pricing pressure and selling challenges improved competition from
health care plans in disease management and wellness.

Universal American shares gained 9 percent to $8.70 while Healthways
slumped 8.8 percent to $13.23.

Reuters Messaging:rm://Charles.mikolajczak.reuters.com@reuters.net