STOCKS NEWS US-Treasury sets wide scope for consumer agency

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1138 ET 30June2009-Treasury sets wide scope for consumer agency
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The U.S. Treasury on Tuesday sent Congress proposed legislation to create a
new regulatory agency with sweeping powers to write and enforce tough new
consumer protection rules for banks and other financial institutions.

The legislative language fleshes out plans for widespread changes to U.S.
financial regulations the Obama administration released on June 17.

The proposed Consumer Financial Protection Agency aims to protect Americans
from abusive practices widely employed during the recent housing and credit
boom, such as deceptive and undocumented mortgage lending, poor loan
disclosures, and unfair interest rate increases and "fee traps" on credit
cards. For details, see [ID:nN30437901]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1127 ET 30June2009-Credit Suisse ups containerboard targets
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Packaging Corp of America (PKG.N) and International Paper (IP.N) shares
rose on Tuesday after Credit Suisse boosted its earnings estimates and price
targets on the paper and packaging containerboard companies, citing strength
signals in the sector.

The firm boosted 2009 earnings estimates for the four containerboard
producers it covers, which also includes Buckeye
Technologies Inc (BKI.N) and Crown Holdings Inc (CCK.N) above consensus
estimates on the belief other estimates will rise as second quarter earnings
season gets underway.

Credit Suisse also bumped its target prices for the containerboard
companies by $1 to $2 to reflect better near-term results and the likelihood of
a pricing upcycle.

Packaging Corp, the firm's top pick in the sector, saw its price target
increased by $1 to $22.

International Paper shares gained 4.6 percent to $15.08 while Packaging
Corp rose 5.5 percent to $16.35. Buckeye Tech shares slipped 1.1 percent to
$4.59 and Crown Holdings fell 0.4 percent to $23.80.

Reuters Messaging: Charles.mikolajczak.reuters.com@reuters.net
1120 ET 30June2009-Crude oil falls on strong dollar, data
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August crude futures tumbled on Tuesday, dropping on a stronger U.S. dollar
and as weak consumer confidence data pressure equities.

For details, see [ID:nSP479412]

The contract slid 3 percent to $69.35 per barrel while the S&P Energy index
.GSPE dropped 1.9 percent to 369.61. Among specific oil companies, ExxonMobil
(XOM.N) slid 1.6 percent to $69.42 while Chevron Corp (CVX.N) dropped 1.7
percent to $65.78. Both companies are Dow components.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1054 ET 30June2009-Hotel index falls after Starwood downgrade
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The Dow Jones U.S. Hotels Index .DJUSLG fell on Tuesday after Wachovia
Capital Markets downgraded Starwood Hotels and Resorts Worldwide (HOT.N) to
"market perform" from "outperform."

The firm cited an anemic demand in the company's core businesses, and
wrote: "We feel the opportunity for disappointment is 'high'" at the company.

For details, see [ID:nBNG128036]

Shares of Starwood fell 2.7 percent to $22.02 while the index lost 1.8
percent to 310.81. Among other components of the index, Wyndham Worldwide
(WYN.N) fell 3 percent to $12.04 and Marriott International (MAR.N) slid 1.5
percent to $21.84.

The only company in the index that was in positive territory was Choice
Hotels (CHH.N), which added 2.9 percent to $27. Wachovia upgraded Choice to
"outperform," calling its relative valuation attractive.

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