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0855 ET 28May2009-Citi cuts estimates on Bank of America
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Citigroup on Thursday cut its full-year earnings estimate
on Bank of America (BAC.N) to 85 cents a share from $1 a share,
citing dilution from preferred conversion.
Despite that, Citi firm kept its buy rating on the bank,
saying the shares represented the best value in the sector.
"While overhang likely remains from preferred shareholders
converting and then selling common, we would recommend using
the opportunity to build positions," it wrote.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0851 ET 28May2009-Futures rise after durable goods, jobless
data
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U.S. index futures rose on Thursday, following the release
of data that showed that durable good orders rose more than
expected in April, while jobless claims fell.
For details, see [ID:nN28317508]
Dow Jones industrial average futures DJc1 rose 27 points
while S&P 500 futures SPc1 gained 3.10 points and Nasdaq 100
futures NDc1 were up 0.25 points.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0844 ET 28May2009-Durable goods orders rise 1.9 pct in April
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New orders for long-lasting U.S. manufactured goods rose
more than expected in April, rising 1.9 percent, according to
data from the Commerce Department.
Analysts had expected orders to rise 0.4 percent.
For details, see [ID:nN27221554]
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0836 ET 28May2009-Jobless claims fell by 13,000 last week
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The number of U.S. workers filing new claims for jobless
pay dropped by 13,000 last week, the Labor Department reported
on Thursday, but continued claims hit a new record as the
recession took a further toll on job prospects.
Initial claims for state unemployment insurance benefits
declined to a seasonally adjusted 623,000 in the week ended May
23 from a revised 636,000 in the prior week. It was the second
straight week in which initial claims fell.
For details, see [ID:nN28160720]
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0826 ET 28May2009-Goldman upgrades hotel group to 'attractive'
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Goldman Sachs upgraded the hotel sector to "attractive"
from "neutral" on Thursday, saying the supply story kept
getting better for the group while comparisons would get easier
going forward.
"RevPAR (revenue per available room) did not turn negative
until the second half of 2008 and did not deteriorate
significantly until the fourth quarter of 2008," the firm
wrote. "As we move into the second half and the fourth quarter
of 2009, comparisons will be easier and the economy is expected
to be growing sequentially according to the Goldman Sachs
economics research team, which should further help growth."
As part of its call, the firm upgraded Starwood Hotels &
Resorts Worldwide Inc (HOT.N) to "buy" from "neutral."
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0821 ET 28May2009-Poniard rises after results of drug trial
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Poniard Pharmaceuticals Inc (PARD.O) said on Thursday its
experimental drug picoplatin showed favorable results in
mid-stage trials against advanced colorectal cancer and
advanced prostate cancer, clearing the path for possible
late-stage studies in 2010. For details, see [ID:nN27340203]
Shares surged 17 percent to $5.25 in premarket trading.
