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1044 ET 22June2009-Markets tumble on economic worries, energy
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Major U.S. indexes fell on Monday, dropping as investors questioned the
strength of an economic recovery, and as the price of crude oil dropped,
pressuring energy shares.
For details, see [ID:nN22501514]
The Dow Jones industrial average .DJI fell 1.6 percent to 8,403.92 while
the S&P 500 .SPX lost 2.1 percent to 902.12 and the Nasdaq .IXIC was off
2.5 percent to 1,782.32.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1036 ET 22June2009-TARP repayment to hurt Goldman's Q2 profit: O'Neill
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Sandler O'Neill on Monday wrote that while repaying TARP would be a
long-term positive for Goldman Sachs (GS.N), it would hurt the company's
second-quarter profit.
Despite that, the firm raised its second-quarter earnings outlook on the
financial services company because of increased underwriting and FICC trading
assumptions.
For details, see [ID:nWNAB1670]
Shares of Goldman fell 1.2 percent to $141.43.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1022 ET 22June2009-Sirius shares rise, to offer $350 mln in notes
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Shares of Sirius XM Radio (SIRI.O) rose on Monday, after the company said
it would offer $350 million of senior secured notes due 2013.
The radio company will use the proceeds to repay all amounts outstanding
under its amended, restated credit agreement.
The stock gained 3.7 percent to 36 cents.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1017 ET 22June2009-Valspar climbs after upgrade
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Valspar Corp (VAL.N) shares rose on Monday after Citigroup upgraded the
stock and increased its price target, citing results from recent channel
checks.
The firm boosted the paint and coatings maker to "hold" from "sell" and
lifted its price target to $22, noting their paint survey indicated a demand
shift to do-it-yourself consumers at big-box stores, which it believes will
benefit Valspar.
Valspar shares climbed 2.8 percent to $22.72. Rivals Sherwin-Williams Co
(SHW.N) slid 1.2 percent to $52.95 while PPG Industries Inc (PPG.N) shed 2.2
percent to $41.88.
Reuters Messaging:rm://Charles.mikolajczak.reuters.com@reuters.net
1007 ET 22June2009-Fund manager likes Alexion, Micron, Pulte-Barron's
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The lead manager of Turner MidCap Growth Investor fund is betting on growth
in Alexion Pharmaceuticals Inc (ALXN.O), chipmaker Micron Technology Inc (MU.N)
and home builder Pulte Homes Inc (PHM.N).
Speaking to business weekly publication Barron's, Christopher McHugh said
he was betting on mid-cap companies that dominate their sector. His fund
suffered a 48.6 decline last year, though it averaged a yearly return of 7.8
percent since its inception in 1996.
He said that he anticipated signs of economy recover through 2010,
forecasting that the S&P 500 could touch 1,050 by the end of 2009.
For details, see [ID: nN21482711]
Shares of Alexion Pharmaceuticals dropped 1.8 percent to $37.83, Micron
Technology was up 3.2 percent to $5.50, and Pulte was up 1.3 percent to $8.90.
(Reuters Messaging: rachel.chang.reuters.com@reuters.net)
0956 ET 22June2009-Fed may revamp U.S. repo market: FT
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The Federal Reserve is considering creating a utility to replace the Wall
Street banks that handle U.S. repo market transactions, the Financial Times
reported on Monday, citing people familiar with the matter.
The proposal is partly motivated by concerns that the structure of the U.S.
overnight repurchase market may have exacerbated the financial turmoil that
followed the collapse of Lehman Brothers (LEHMQ.PK) in September. Fed officials
plan to meet next month with market participants to discuss reforms, the paper
wrote.
For details, see [ID:nLM709079]
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
