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1203 ET 12June2009-Nasdaq down on sell-off in tech
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The Nasdaq fell on Friday, pressured by a sell off in tech stocks, while a
rise in defensives cushioned losses in the Dow and S&P 500.
For details, see [ID:nN1210642]
The Dow Jones industrial average .DJI fell 0.2 percent to 8,755.73 while
the S&P 500 .SPX lost 0.6 percent to 939.74 and the Nasdaq .IXIC was off
1.3 percent to 1,837.91.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1154 ET 12June2009-Citi raises price target on Microsoft
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Citi on Friday raised its price target on Microsoft Corp (MSFT.O), upping
it to $28 from $23, an increase of almost 22 percent.
"We expect sentiment to continue to improve with the next catalyst likely
fiscal year 2010 expense guidance on fourth-quarter earnings as we expect
Microsoft will unveil a more focused expense plan than the Street is modeling,"
the firm wrote, affirming its buy rating on the software giant.
Citi said that the fourth-quarter might be "difficult" for the stock
because of a weak information technology spending environment, but "we would
urge investors to look through near-term demand weakness and rather focus on
upside potential to 2010 margins as in our view Microsoft is more focused on
its expense structure than it has ever been." [ID:nBNG422756]
Shares of the Dow component were flat at $22.83.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1143 ET 12June2009-Goldman upgrade lifts Alpha Natural
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Alpha Natural Resources Inc (ANR.N) and Foundation Coal Holdings Inc
FCL.N rose on Friday after Goldman Sachs upgraded Alpha Natural and boosted
its price target on Foundation Coal, citing benefits from the pending
combination of the two companies.
The firm boosted Alpha Natural to "conviction list buy" from "neutral" and
raised its target on Foundation Coal by $8 to $41 on the belief that Alpha's
proposed purchase enhances the competitive positioning of both companies in the
medium-to-long term.
Alpha Natural shares gained 2.5 percent to $29.46 while Foundation Coal
added 1.4 percent to $31.15.
