STOCKS NEWS US-Wachovia upgrades Cognizant to market perform

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1037 ET 29June2009-Wachovia upgrades Cognizant to market
perform
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Shares of Cognizant Technology Solutions Corp (CTSH.O) rose
on Monday after Wachovia upgraded the stock to "market perform"
from "underperform."

The firm cited better revenue growth for the information
technology services company in 2009 compared to rivals Infosys
Technologies Ltd (INFY.BO) and Wipro Ltd (WIT.N).

"We look for topline growth to be about 10 percent, maybe a
touch higher, for Cognizant in 2009, while we expect slightly
negative comparisons during the same period for Infosys and
Wipro," the firm wrote.

For details, see [ID:nBNG269019]

Shares of Cognizant rose 1.7 percent to $27.06.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1028 ET 29June2009-Agrium says CF won't engage in talks
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Fertilizer maker Agrium Inc (AGU.N) (AGU.TO) on Monday said
that CF Industries Inc (CF.N) refused to meet with it even
after a majority of CF's shareholders tendered their shares in
its hostile bid for the U.S. rival.

About 62 percent of the total outstanding shares were
tendered to Agrium as of Agrium's June 22 deadline, which it
extended to July 22.

CF spokesman Charles Nekvasil said nothing had changed. "We
have indicated that given that situation we are willing to
listen but nothing new is on the table," he said.

For details, see [ID:nN29376831]

Shares of CF fell 0.3 percent to $75.98 while U.S.-listed
shares of Agrium gained 2.4 percent to $41.35.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1022 ET 29June2009-TRW Auto surges after upgrade
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TRW Automotive Holdings Corp (TRW.N) shares jumped on
Monday after JPMorgan boosted its rating on the stock, citing
its recent credit facility amendment. [ID:nN26319078]

The firm boosted its rating on the auto parts supplier to
"overweight" from "neutral" and said the recent amendment
resulted in sizable covenant ratio headroom and no reduction to
large revolver capacity, making it a clear survivor in the
beleaguered industry.

JPMorgan also noted TRW now compares favorably to its
highly leveraged peer group and ranked it as the least likely
bankruptcy risk of the six auto parts supplier stocks the firm
covers currently trading in the single-digit range.

Shares surged more than 16 percent to $10.47 while the Dow
Jones U.S. AutoParts index .DJTATO eased back 0.2 percent to
242.66.

Reuters
Messaging:rm://Charles.mikolajczak.reuters.com@reuters.net
1015 ET 29June2009-Stifel upgrades PepsiCo, Pepsi Bottling
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Stifel Nicolaus on Monday upgraded both PepsiCo Inc (PEP.N)
and Pepsi Bottling Group (PBG.N) to "buy" from "hold."

The firm cited valuation in its upgrade of Pepsi Bottling,
and said that PepsiCo shares were attractive whether or not it
bought the outstanding shares of Pepsi Bottling and
PepsiAmericas (PAS.N) that it does not already own.

Earlier this month, PepsiCo hinted it could walk away from
its proposed takeover of Pepsi Bottling Group Inc (PBG.N), even
as the bottler tried to make its case for a higher bid.

For details, see [ID:nBNG497183]

Shares of PepsiCo rose 0.4 percent to $54.90 while Pepsi
Bottling was up 0.2 percent to $33.68.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1002 ET 29June2009-Fox-Pitt lowers Q2 earnings view on
JPMorgan
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Fox-Pitt on Monday lowered its second-quarter earnings
outlook on JPMorgan Chase & Co (JPM.N), forecasting net
earnings of 17 cents a share. It previously saw a net profit of
35 cents a share for the bank.

The firm said that the second half of 2009 "should be
tougher on a core basis" for the bank.

At the same time, Fox-Pitt narrowed its loss view on
Citigroup Inc (C.N), citing better capital markets. The firm
forecast a loss of 21 cents a share for Citigroup in the
quarter, compared with a previous estimate of a loss of 57
cents a share.

For details, see [ID:nWNAB2868]

Shares of JPMorgan, a Dow component, fell 0.8 percent to
$34.18 while Citigroup slid 0.9 percent to $3.

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