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0717 ET 30June2009-FedEx upgraded to "overweight" at Barclays
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Barclays on Tuesday upgraded FedEx Corp (FDX.N) to
"overweight," writing that the market was underestimating the
company's upside potential.
The market is "too focused" on pricing weakness given high
fuel price and is indifferent to the company's cost-cutting
initiatives that have only just begun to bear fruit, the firm
wrote, adding that future pricing prospects appear encouraging.
[ID:nBNG487123]
Shares of FedEx closed Monday at $55.63.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0711 ET 30June2009-Airlines lost more than $3 bln in Q1: IATA
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Global airlines lost more than $3 billion in the first
quarter of 2009, the International Air Transport Association
said on Tuesday, maintaining its estimate for full-year losses
of $9 billion.
In its latest snapshot on the industry, the Geneva-based
lobby said weak travel demand and lower freight volumes in the
global recession had bled revenues for major carriers, in "a
significant deterioration from last year."
For details, see [ID:nLU644766]
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0709 ET 30June2009-AIG revises report to add a new risk factor
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American International Group Inc (AIG.N) revised its 2008
annual report to add a new risk factor that shows it may
recognize valuation losses on a credit default swap (CDS)
portfolio held by its troubled financial products unit.
At issue is a super senior CDS portfolio held by AIG
Financial Products with a notional value of $192.6 billion as
of March 31, 2009.
The company said in a regulatory filing that it might have
to incur further losses on the portfolio if credit markets
continue to deteriorate. [ID:nN29406743]
Shares rose 3 cents to $1.36 in premarket trading.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0705 ET 30June2009-European regulators extend review for Pfizer
deal
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European Union antitrust authorities on Tuesday extended
the deadline for their review of Pfizer's (PFE.N) $68 billion
plan to take over rival Wyeth WYE.N.
The deadline was extended to July 20 from July 6 to
consider remedies offered to address competition concerns, a
daily list of planned mergers being scrutinized by the EU
executive said.
For details, see [ID:nBFA002955]
Shares of Pfizer, a Dow component, closed Monday at $15.26
while Wyeth shares closed at $45.35.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0701 ET 30June2009-Economic indicators for June 30
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Economic indicators on tap for Tuesday include weekly ICSC
chain store data, weekly Redbook data, the weekly ABC consumer
confidence index, April CaseShiller data, Chicago PMI data for
June, the June New York NAPM index and June consumer confidence
data.
For details, see [ECI/US]
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0657 ET 30June2009-Earnings diary for June 30
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Companies scheduled to report quarterly results on Tuesday
include: Park Electrochemical (PKE.N), Sealy Corp (ZZ.N),
Synnex Corp (SNX.N), FSI International (FSII.O), Schnitzer
Steel (SCHN.O) and Investors Real Estate (IRET.O).
For details, see [RESF/US]
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
