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1145 ET 30June2009-Electronic Arts advances after upgrade
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Shares of Electronic Arts (ERTS.O) rallied on Tuesday after Bank of
America-Merrill Lynch upgraded the stock to "buy" from "neutral," seeing upside
to consensus estimates in the video game publisher's first and second
quarters.
"We are $100 million above consensus in the first and second quarters and
our bias is that Street estimates move higher for fiscal 2010 and 2011 years
over next 90 days, as key 'Active' and 'Sims' titles should have catalog and
sequel strength," the brokerage wrote.
The company is likely tracking at or above their early fiscal 2010 internal
plan, the firm added.
For details, see [ID:nBNG498753]
Shares rose 5 percent to $21.85.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1138 ET 30June2009-Treasury sets wide scope for consumer agency
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The U.S. Treasury on Tuesday sent Congress proposed legislation to create a
new regulatory agency with sweeping powers to write and enforce tough new
consumer protection rules for banks and other financial institutions.
The legislative language fleshes out plans for widespread changes to U.S.
financial regulations the Obama administration released on June 17.
The proposed Consumer Financial Protection Agency aims to protect Americans
from abusive practices widely employed during the recent housing and credit
boom, such as deceptive and undocumented mortgage lending, poor loan
disclosures, and unfair interest rate increases and "fee traps" on credit
cards. For details, see [ID:nN30437901]
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1127 ET 30June2009-Credit Suisse ups containerboard targets
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Packaging Corp of America (PKG.N) and International Paper (IP.N) shares
rose on Tuesday after Credit Suisse boosted its earnings estimates and price
targets on the paper and packaging containerboard companies, citing strength
signals in the sector.
The firm boosted 2009 earnings estimates for the four containerboard
producers it covers, which also includes Buckeye
Technologies Inc (BKI.N) and Crown Holdings Inc (CCK.N) above consensus
estimates on the belief other estimates will rise as second quarter earnings
season gets underway.
Credit Suisse also bumped its target prices for the containerboard
companies by $1 to $2 to reflect better near-term results and the likelihood of
a pricing upcycle.
Packaging Corp, the firm's top pick in the sector, saw its price target
increased by $1 to $22.
International Paper shares gained 4.6 percent to $15.08 while Packaging
Corp rose 5.5 percent to $16.35. Buckeye Tech shares slipped 1.1 percent to
$4.59 and Crown Holdings fell 0.4 percent to $23.80.
Reuters Messaging: Charles.mikolajczak.reuters.com@reuters.net
1120 ET 30June2009-Crude oil falls on strong dollar, data
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August crude futures tumbled on Tuesday, dropping on a stronger U.S. dollar
and as weak consumer confidence data pressure equities.
For details, see [ID:nSP479412]
The contract slid 3 percent to $69.35 per barrel while the S&P Energy index
.GSPE dropped 1.9 percent to 369.61. Among specific oil companies, ExxonMobil
(XOM.N) slid 1.6 percent to $69.42 while Chevron Corp (CVX.N) dropped 1.7
percent to $65.78. Both companies are Dow components.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
