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1222 ET 29June2009-KBW starts coverage of Berkshire Hathaway
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Keefe, Bruyette & Woods on Monday started coverage of Berkshire Hathaway
(BRKa.N) with an "outperform" rating, calling the company "a myriad collection
of high quality businesses, particularly in insurance and reinsurance, with
attractive long-term growth prospects.
"Despite negative marks in its derivative portfolio, the recent global
financial turmoil has left Berkshire standing tall as one of the world's few
financially sound institutions," Keefe, Bruyette & Woods added.
The stock of Berkshire, run by billionaire investor Warren Buffett, rose
1.5 percent to $87,498 on Monday.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1215 ET 29June2009-DA Davidson: Entering healthy bull market
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DA Davidson said on Monday it strongly believed that the markets were in
the early stages of a "healthy bull market."
"Investor confidence continues to rise as does consumer confidence, both of
which are key ingredients to sustaining a recovery and stabilizing the
economy," the company's analysts wrote. "We now envision the major stock market
indices, which are positive year to date for most market indices, to end the
year with high single-digit or low double-digit percentage gains."
The company added that it was looking for the economy to bottom out late in
the third quarter or early in the fourth quarter "as consumers slowly return to
the malls, business investment spending stabilizes and companies begin to
replenish inventories.
"The economy hasn't turned up, but the pace of employment layoffs, the
decline in existing home sales and home prices appear to be stabilizing, while
new and used automobile sales have begun to slowly improve," it wrote.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1209 ET 29June2009-Rochdale's Bove sees Q2 loss for JPMorgan Chase
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Rochdale Securities analyst Richard Bove on Monday forecast a
second-quarter loss for JPMorgan Chase & Co (JPM.N). He also lowered his 2009
earnings outlook on the bank to $1.23 a share from $1.61 a share.
Bove expects a loss in the quarter to come on two charges: the redemption
of TARP preferreds and the payment of an FDIC assessment. The former is
expected to cost JPMorgan 39 cents a share, while the latter is expected to
cost it 13 cents a share, Bove wrote to clients. [ID:nWNAB2957]
Shares of JPMorgan, a Dow component, were flat at $34.45.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1157 ET 29June2009-BofA creates payments company with First Data
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Bank of America (BAC.N) has created a joint venture to offer electronic
payment services to merchants with First Data Corp.
The venture will combine Bank of America's brand name -- and its 240,000
merchant relationships -- with First Data's payment services technology, Thomas
Bell, chief executive of the new company, said in an interview.
For details, see [ID:nN29324870]
Shares of Bank of America, a Dow component, rose 1.3 percent to $12.91.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1151 ET 29June2009-Encore to buy properties from EXCO Resources
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Encore Acquisitions Co (EAC.N) said on Monday it would buy oil and gas
properties in the mid-continent and East Texas from EXCO Resources Inc (XCO.N)
for $375 million in cash.
Separately, oil and gas company Encore Energy Partners LP (ENP.N) said it
was buying properties in the Rockies and Permian basin from Encore Acquisition
for $190 million.
Encore Energy was formed by Encore Acquisition to acquire oil and gas
properties.
For details, see [ID:nBNG436410]
Shares of Encore Acquisitions rose 3.4 percent to $30.84 while EXCO's stock
advanced 7.4 percent to $11.01 and Encore Energy dropped 7 percent to $14.46.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
