Stocks on the move [HOT-RTRS] Real-Time Equity news [U E]
U.S. stock market report [.N]
0820 ET 16March2009-Wachovia cuts earnings targets on S&P 500
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Wachovia on Monday cut its earnings outlook for the S&P 500 .SPX for 2009
and 2010 "on account of greater deterioration in economic data since the
beginning of the year."
The firm forecast earnings of $52 a share in 2009 and $64 in 2010, compared
with a prior view of $54 in 2009 and $67 in 2010.
"Our 2009 profit outlook indicates there remains downside risk to stock
prices in the near term, but assuming our 2010 earnings target gains
credibility as the economy recovers later this year, and bond yields improve a
bit, stocks should be able to trade back to fair value in the mid-to-high 700s
later this year," Wachovia wrote.
The firm also said that the fourth quarter of 2008 "will likely go down in
history books as one of the most difficult earnings seasons in history."
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0814 ET 16March2009-Futures up as Barclays lifts bank optimism
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U.S. index futures rose on Monday, after Barclays said it had seen a strong
start to 2009, in comments that echoed recent statements made by executives of
major U.S. banks. The comments all went to suggest that some stabilization may
be returning in the banking sector.
For details, see [ID:nN16502506]
Dow Jones industrial average futures DJc1 rose 74 points while S&P 500
futures SPc1 gained 6.2 points and Nasdaq 100 futures NDc1 were up 5
points.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0807 ET 16March2009-Small software cos may be buyout targets: Barrons
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Barron's said that smaller software companies could be compelling
acquisition targets, despite some depressed stock valuations in the sector.
The financial publication listed Informatica (INFA.O), JDA Software
(JDAS.O), Manhattan Associates MANH.O and Quest Software (QSFT.O) as possible
targets because they have little to no debt and even if they are not bought
out, their services are useful for companies maintaining and operating their
businesses.
Barron's said the companies could by bought by a larger firm like Oracle
(ORCL.O). [ID:nN15379560]
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0801 ET 16March2009-UBS removes short-term sell rating on GE
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UBS removed its short-term sell rating on General Electric (GE.N), saying
that the likelihood of further negative catalysts in the near-term was now much
lower.
Despite that, the firm lowered its price target on the company to $9.50
from $12. [ID:nWNAB4244]
Shares of GE, a Dow component, rose 3.2 percent to $9.93 in premarket
trade.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net; Editing by
Kenneth Barry
0756 ET 16March2009-Goldman upgrades Coca-Cola Enterprises
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Goldman Sachs on Monday upgraded Coca-Cola Enterprises (CCE.N) to buy from
neutral while cutting its price target on PepsiAmericas (PAS.N) to $14 from
$16.
The firm recommended that investors short PepsiAmericas and go long
Coca-Cola Enterprises in a pair trade. [ID:nWNAB4183]
Shares of PepsiAmericas closed Friday at $16.60 while Coca-Cola Enterprises
shares closed at $11.25.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
