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1057 ET 22June2009-Citigroup sees upside in cyclical stocks
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Citigroup said on Monday that even though cyclical stock prices have surged
recently, the run-up wasn't over.
"While there is concern that investors have missed the substantive move in
stocks geared towards the energy/industrial/commodity complex, we think that it
is premature to worry and believe there is still meaningful outperformance
potential," the firm wrote.
"While investor surveys show increasing investor enthusiasm for this area,
such poll results have not proven to be contrarian indicators for the past year
and other factors argue for overweight positions."
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1044 ET 22June2009-Markets tumble on economic worries, energy
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Major U.S. indexes fell on Monday as investors questioned the strength of
an economic recovery, and 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 said on Monday that while repaying money from the
government Troubled Asset Relief Program (TARP) would be a long-term positive
for Goldman Sachs Group Inc (GS.N), it would hurt the company's second-quarter
profit.
Despite that, the firm raised its second-quarter earnings outlook for
Goldman, citing increased underwriting and FICC trading assumptions.
For details, see [ID:nWNAB1670]
Shares of Goldman fell 1.7 percent to $140.72.
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 Inc (SIRI.O) rose on Monday after the company
said it would offer $350 million of senior secured notes due 2013.
Sirius will use the proceeds to repay all amounts outstanding under its
amended and restated credit agreement.
The stock gained 3 percent to 35 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.
Citi 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 would benefit Valspar.
Valspar shares climbed 2.1 percent to $22.57. Rivals Sherwin-Williams Co
(SHW.N) slid 1.6 percent to $52.75, and PPG Industries Inc (PPG.N) shed 1.9
percent to $42.
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).
In an interview with Barron's, Christopher McHugh said he was betting on
mid-cap companies that dominate their sectors. 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 anticipated signs of economy recover through 2010, forecasting the S&P
500 could touch 1,050 by the end of 2009.
For details, see [ID: nN21482711]
Shares of Alexion dropped 1 percent to $38.16, Micron fell 0.4 percent to
$5.31, and Pulte added 1.3 percent to $8.90.
(Reuters Messaging: rachel.chang.reuters.com@reuters.net)
