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0813 ET 16June2009-Patriot Coal slides after announcing offering
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Shares of Patriot Coal (PCX.N) slid in premarket trading on Tuesday, after
the company announced a public offering of 12 million shares of common stock.
The coal company intends to use the proceeds from the offering to repay
outstanding balance on its revolving credit facility.
For details, see [ID:nWNAB0131]
The stock fell 4.1 percent to $8.55 in premarket trading.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0808 ET 16June2009-FBR: Legg Mason could lose managed sweep funds
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Friedman Billings Ramsey on Tuesday wrote that Legg Mason (LM.N) could lose
$25 billion to $30 billion of managed sweep funds from Citigroup (C.N) because
of the joint venture between Morgan Stanley (MS.N) and Smith Barney.
Affirming its underperform rating and $14 price target on the stock, FBR
wrote that significant outflows from the company's franchise would make it a
challenge for Legg Mason to regain earnings momentum. [ID:nWNAB0092]
Shares slid 0.6 percent to $24.78 in premarket trading.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0801 ET 16June2009-RIM to add another smartphone to its lineup
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BlackBerry maker Research in Motion (RIMM.O) (RIM.TO) is adding another
smartphone to its lineup, as it aims to win market share despite the
recession.
The new model, call BlackBerry Tour, which RIM co-Chief Executive Officer
Jim Balsillie called a "world phone," meaning it can access voice and data
services on networks outside the user's home country, is a popular feature with
business users.
For details, see [ID:nN15191386]
Shares of RIM gained 1.7 percent to $81.73 in premarket trading.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0755 ET 16June2009-Smithfield posts Q4 loss, sees restrictions ahead
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Smithfield Foods (SFD.N) on Tuesday reported a fourth-quarter loss that was
narrower than expected, but said it expects to experience restrictions in some
international markets, especially China.
The company also warned that its hog unit would likely lose money for its
current fiscal year, and that while feed costs are expected to moderate going
forward, it would be reducing its sow herd by 3 percent.
The move follows a previous reduction of 10 percent.
For details, see [ID:nN16512276]
Shares of Smithfield slid 1.6 percent to $11 in premarket trading on light
volume.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0751 ET 16June2009-Five firms bidding for Japanese Citi unit: source
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Five firms are in the second round of bidding for Citigroup's (C.N)
Japanese asset management arm, a deal that is likely to top $1 billion,
according to sources familiar with the matter.
Investment bank Nomura (8604.T) and insurer T&D Holdings (8795.T) are among
the bidders, the sources said.
For details, see [ID:nBNG455012]
Shares of Citigroup rose 3 cents to $3.40 in premarket trading.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0740 ET 16June2009-Barclays downgrades telecom sector, AT&T
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Barclays Capital on Tuesday downgraded the U.S. telecom sector to neutral
from positive, writing that after a period of outperformance, "growth for many
of the companies in our sector will be subdued versus more cyclically exposed
names."
The firm added that because of the "anemic employment outlook," the growth
characteristics of the sector "could lag the broader market for some time to
come."
As part of its call, Barclays downgraded AT&T (T.N) to neutral from
positive and dropped its price target to $28 from $34. The firm said there were
"few foreseeable upside catalysts" for the stock.
The target on Verizon Communications (VZ.N) was dropped to $34 from $37,
though its overweight rating was affirmed.
Shares of AT&T fell 1.3 percent to $24.30 in premarket trading while
Verizon closed Monday at $29.73. Both companies are Dow components.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0732 ET 16June2009-Adobe to charge subscribers to use Acrobat
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Adobe Systems Inc (ADBE.O) late Monday said it had moved Acrobat.com out of
public beta testing, and that it would charge subscribers to use the online
version of its PDF reading software Acrobat.
The company will charge $14.99 per month for the basic service and $39 per
month for a premium service.
For details, see [ID:nLG148612]
Shares closed at $28.82 on Monday.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
