STOCKS NEWS US-Department stores rise after J.C. Penney upgrade

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1117 ET 29June2009-Department stores rise after J.C. Penney upgrade
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Shares of department stores rose on Monday after Morgan Stanley upgraded
J.C. Penney Co (JCP.N) to "overweight" from "equal-weight," calling the
retailer "the most likely candidate" in the sector to outperform current gross
margin expectations in the second half of the year and beyond.

The firm wrote that J.C. Penney's margins would benefit from a fall in
apparel costs, as well as from sales as private-label merchandise.

For details, see [ID:nBNG500277]

J.C. Penney shares rose 2.6 percent to $29.12 while the S&P Department
Stores Sub-Industry index .GSPRETD gained 1.2 percent to 117.24. Among other
department stores, Sears Holding (SHLD.O) added 2.8 percent to $67.19, Macy's
(M.N) was up 2.1 percent to $11.91 and Nordstrom (JWN.N) climbed 1 percent to
$19.73.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1108 ET 29June2009-Crude rallies after EIA revises April demand up
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August crude futures rose on Monday, extending gains after the Energy
Information Administration said U.S. oil demand in April was 216,000 barrels
per day more than previously expected.

Oil demand in the month was revised up by 1.18 percent from the EIA's early
estimate of 18.255 million barrels per day.

For details, see [ID:nN29382698]

The contract gained 3 percent to $71.25 per barrel while the S&P Energy
index .GSPE gained 1.5 percent to 377.41. Among specific oil companies,
ExxonMobil (XOM.N) advanced 2.1 percent to $70.47 while Chevron Corp (CVX.N)
was up 1.3 percent to $66.82. Both companies are Dow components.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1100 ET 29June2009-Markets extend gains on strength in energy
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Major U.S. indices extended their gains on Monday as a rise in the price of
crude oil boosted energy shares.

For details, see [ID:nN29382684]

The Dow Jones industrial average .DJI rose 1 percent to 8,520.46 while
the S&P 500 .SPX gained 0.8 percent to 926.06 and the Nasdaq .IXIC was up
0.3 percent to 1,843.76.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1054 ET 29June2009-Blackstone raises $4.3 bln for property fund
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Private equity firm Blackstone Group (BX.N) on Monday said it had raised
3.1 billion euros, or $4.3 billion, for a fund to invest in property throughout
Europe, as it anticipates the sector's recovery.

The Blackstone Real Estate Partners Europe III fund, which has reached its
final close, had initially sought to raise 2.5 billion euros, the company said
in a statement.

"(The fund) is well positioned to take advantage of the inevitable
recapitalization of the property sector," Chad Pike, co-head of Blackstone Real
Estate, said.

For details, see [ID:nLT727855]

Shares of Blackstone rose 0.3 percent to $10.91.

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