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1448 ET 30June2009-American Commercial Lines falls on downgrade
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American Commercial Lines Inc (ACLI.O) shares slid on Tuesday after Morgan
Keegan cut its rating and lowered its second quarter, full-year 2009 and
full-year 2010 earnings estimates.
The firm lowered its rating to "market perform" from "outperform," citing
continued weakness in the barge maker and operator's transportation business
and concerns that barge orders will not materialize at Jeffboat.
Morgan Keegan also noted that it expects the inland barge market will lag a
general recovery in the economy with excess capacity chasing weak volumes.
Shares fell 6.3 percent to $15.60.
Reuters Messaging:rm://Charles.mikolajczak.reuters.com@reuters.net
1334 ET 30June2009-Fed's Bullard: Deflation risks easing
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St. Louis Federal Reserve Bank President James Bullard said on Tuesday that
the danger the United States would suffer a Japan-style period of sustained
falling prices had eased, but had not vanished altogether.
"I think deflation risks are abating," he told reporters after a speech at
a Global Interdependence Center event.
He noted that inflation expectations implied by Treasury Inflation
Protected Securities has recently risen back into positive territory, but said
that financial markets still did not expect much inflation over the next couple
of years.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1322 ET 30June2009-Cisco may take on Microsoft in office software
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Cisco Systems Inc (CSCO.O) is considering offering Web-based alternatives
to Microsoft Corp's (MSFT.O) popular Office software as the networking giant
expands on the Internet.
Cisco Senior Vice President Doug Dennerline said on Tuesday his company may
develop a service that would allow business users to create documents they
could draft and share through its WebEx meeting and collaboration service.
For details, see [ID:nN30448273]
Shares of Cisco fell 2.3 percent to $18.54 while Dow component Microsoft
slid 0.4 percent to $23.78.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1301 ET 30June2009-Corn Products International falls after U.S. plant report
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Shares of Corn Products International (CPO.N) fell on Tuesday after the
U.S. government said farmers had planted their second-largest corn acreage
since 1946, shocking traders who thought that cold, wet spring weather in the
U.S. Midwest had shrunk corn sowings.
Shares of Corn Products fell 2.2 percent to $26.85.
Corn plantings rose 1 percent from last year to 87.035 million acres, the
U.S. Agriculture Department said, up from March estimates of 84.986 million
acres and above trade estimates that averaged 83.961 million acres.
"These numbers definitely are bearish on corn," said Mario Balletto, an
analyst with Citigroup in Chicago, noting crop conditions bode well for strong
yields.
The report pushed Chicago corn futures for July delivery CN9 down 8
percent to $3.43-3/4 per bushel.
For details, see [ID:nN30445883]
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
