Stocks on the move [HOT-RTRS] Real-time Equity news [U E] [RESF/US]
U.S. stock market report [.N]
0854 ET 27May2009-Citi optimistic on recovery for oil service co's
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Citi on Wednesday issued a bullish note on the prospect for a recovery for
oil service and equipment companies, saying it saw a recovery "sooner rather
than later."
"We believe investors are becoming increasingly confident that a recovery
in fundamentals will occur sooner rather than later," the firm wrote.
"Sustained $50-$60 per barrel oil stands to mitigate the pace of international
drilling decline. A return to growth is possible if activity stabilizes as new
offshore rigs enter the fleet."
Citi added that margins for the group were likely to stabilize in the
second half of the year "as full benefits of leaner operations catch up."
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0849 ET 27May2009-MGA asks court to stop transfer of franchise
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MGA Entertainment late Tuesday asked a U.S. appeals court to stop the
transfer of its Bratz franchise to rival Mattel Inc MAT.N. It also asked the
court to overturn a 2008 jury verdict, which it argued was tainted by racial
discrimination against its Iranian-born chief executive.
For details, see [ID:nN26313885]
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0844 ET 27May2009-Borders results lift Barnes & Noble in premarket
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Shares of Borders Group (BGP.N) rose in premarket trading on Wednesday,
after the company reported an adjusted quarterly loss that was narrower than
expected, helped by cost cutting measures.
For details, see [ID:nN26489362]
The stock gained 8.9 percent to $2.80 in premarket trading while peer
company Barnes & Noble Inc (BKS.N) rose 1.9 percent to $26.68 on light volume.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0836 ET 27May2009-Bove cuts earning estimates on BofA
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Rochdale Securities analyst Richard Bove on Wednesday cut his profit
estimates on Bank of America Corp (BAC.N), saying the stock "may perform poorly
near-term as the company continues to sell shares."
Despite that, Bove kept his buy rating on the Dow component, saying it
continued to be "very attractive" in the longer term.
Bove cut his 2009 earnings estimate on Bank of American to 74 cents a share
from $1.08 a share while the 2010 view was cut to $1.79 a share from $1.87 a
share.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0828 ET 27May2009-SanDisk rises after license with Samsung renewed
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Shares of SanDisk Corp (SNDK.O) rose in premarket trading on Wednesday,
after Samsung Electronics said it renewed its NAND flash memory chip license
with the company.
The license was renewed for seven years, at a lower royalty rate, while
guaranteeing a portion of its chips output to SanDisk.
For details, see [ID:nSEO225692]
The stock rose 11.4 percent to $15.13 in premarket trading.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
