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9/13/2010 - The Economic Monitor U.S. Free Edition

9/13/2010 - The Economic Monitor U.S. Free Edition

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- Stock recommendations and price targets from top brokerage firms
- Important Events Scheduled on 14 September

Economic Events
- Treasury Department holds weekly sale of 4-week bills
- American Petroleum Institute issues weekly national petroleum report

Corporate Events
- Best Buy second quarter (2011) results
- The Kroger second quarter (2010) results
- Pall Corporation fourth quarter (2010) results

Breaking News
- HP to buy ArcSight
- Liberty Mutual Agency to raise fund in IPO
- BAE plans to sell U.S. aero assets
- Nokia's mobile unit chief resigns
- LabCorp to buy Genzyme
- Liberty Mutual Agency to raise fund in IPO
- Hertz sweetens Dollar Thrifty deal
- Carlyle scraps Arinc sale, seeks IPO-sources
- Enbridge pipeline stays shut
- U.S. August deficit is $90.53 billion
- Geithner says recovery not fast enough
- IMF urges stimulus to help 'dire' job market
- Bank stocks rise on Basel norms
- Bidder to appeal ruling on AIG Taiwan unit-Paper
- Stock recommendations and price targets from top brokerage firms
- Important Events Scheduled on 14 September

Economic Events
- Treasury Department holds weekly sale of 4-week bills
- American Petroleum Institute issues weekly national petroleum report

Corporate Events
- Best Buy second quarter (2011) results
- The Kroger second quarter (2010) results
- Pall Corporation fourth quarter (2010) results

Breaking News
- HP to buy ArcSight
- Liberty Mutual Agency to raise fund in IPO
- BAE plans to sell U.S. aero assets
- Nokia's mobile unit chief resigns
- LabCorp to buy Genzyme
- Liberty Mutual Agency to raise fund in IPO
- Hertz sweetens Dollar Thrifty deal
- Carlyle scraps Arinc sale, seeks IPO-sources
- Enbridge pipeline stays shut
- U.S. August deficit is $90.53 billion
- Geithner says recovery not fast enough
- IMF urges stimulus to help 'dire' job market
- Bank stocks rise on Basel norms
- Bidder to appeal ruling on AIG Taiwan unit-Paper

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Published by: International Business Times on Sep 14, 2010
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05/05/2014

 
 
13 September 2010
THE ECONOMIC MONITOR U.S.
The
DJIA
gained 81.36 points, or 0.78 percent, to10,544.13. The
S&P 500
climbed 12.35 points, or 1.11percent, to 1,121.90.
The
dollar
fell 0.6 percent to 83.63 yen, still near a 15-yearlow around 83.34 yen on electronic trading platform EBS.
Benchmark
10-year notes
traded 17/32 higher in price fora yield of 2.74 percent, down from 2.80 percent late Friday.
U.S. crude for
October delivery
settled up 74 cents at$77.19 a barrel.
U.S.
December gold futures
settled up 60 cents at$1,247.10 an ounce.
MARKETS AT A GLANCEINSIDE THE REPORTSTOCK INDICES
INDEX LAST CHNG % CHNG
DJIA* 10544.1381.36 0.78NYSE Composite* 7156.1888.67 1.25Nasdaq* 2285.7143.23 1.93S&P 500* 1121.912.35 1.11DJ Total Stock Market* 11698.91146.76 1.27Russell 2000* 652.2815.82 2.49Global Dow* 1897.7925.98 1.39Nasdaq 100* 1921.6729.33 1.55DJ Transportation Avg* 4447.4446.26 1.05S&P 100* 507.575.31 1.06* CLOSING VALUES
Stock recommendations and price targets from topbrokerage firms
Important Events Scheduled on 14 September
Economic Events
Treasury Department holds weekly sale of 4-week bills
American Petroleum Institute issues weekly nationalpetroleum report
Corporate Events
Best Buy
second quarter (2011) results
The Kroger
second quarter (2010) results
Pall Corporation
fourth quarter (2010) results
Breaking News
HP
to buy
ArcSight
Liberty Mutual Agency
to raise fund in IPO
BAE
plans to sell U.S. aero assets
Nokia's
mobile unit chief resigns
LabCorp
to buy
Genzyme
Liberty Mutual Agency
to raise fund in IPO
Hertz
sweetens
Dollar Thrifty
deal
Carlyle
scraps
Arinc
sale, seeks IPO-sources
Enbridge
pipeline stays shut
U.S.
August deficit
is $90.53 billion
Geithner
says recovery not fast enough
IMF
urges stimulus to help 'dire' job market
Bank stocks rise on
Basel
norms
Bidder to appeal ruling on
AIG Taiwan unit
-Paper
Free Edition 
CURRENCIES
INDEX LAST PRIOR 
Euro (EUR/USD)1.28721.2711U.K. Pound (GBP/USD)1.54231.5357Japanese Yen (USD/JPY)83.6584.20
All prices are at 04:13 PM EDT 
FUTURES
SETTLE CHANGE
Crude Oil (Sept)77.19 0.74Natural Gas (Oct)3.935 0.052Gold (Dec)1245.9 -0.60Copper ( Dec)348.65 8.00Wheat (Dec) 747.5 0.00
All prices are at 04:03 PM EDT 
 
THE ECONOMIC MONITOR - U.S.
BROKERAGE/COMPANY ACTIONS RATINGUBS
Boeing Cuts price target to $69 from $72 NeutralHalliburton Raises price target to $43 from $39 BuyLockheed Martin Cuts price target to $74 from $78 NeutralNorthrop Grumman Cuts price target to $64 from $65 BuyRaytheon Cuts price target to $49 from $52 NeutralSimon Property Cuts to neutral from buy BuyStryker Corp Cuts price target to $60 from $66 BuyZimmer Holdings Cuts price target to $62 from $72 Buy
Bernstein
Huntington Bancshares Raises to outperform from market perform OutperformBB&T Corp Cuts price target to $41 from $43 OutperformMarshall & Ilsley Corp Raises to outperform from market perform OutperformRegions Financial Corp Raises to outperform from market perform OutperformZions Bancorp Raises to outperform from market perform Outperform
Credit Suisse
Applied Materials Cuts target price to $12.25 from $13.50KLA-Tencor Cuts target price to $35 from $4Novellus Systems Cuts target price to $35 from $39.90PG&E Corp Cuts to neutral from outperform Neutral
Raymond James
Chevron Cuts to outperform from strong buy OutperformChesapeake Energy Cuts to market perform from outperform Market-performExxon-Mobil Cuts to market perform from outperform Market-performRange Resources Corp Cuts to market perform from outperform Market-perform
Citigroup
Goldman Sachs Cuts Q3 share view to $2.30 from $3Morgan Stanley Cuts Q3 share view to $0.10 from $0.58
Goldman Sachs
Autozone Raises target price to $213 from $211 Sell3M Removes from conviction buy list Buy
Kaufman Bros
Salesforce.Com Raises price target to $140 from $120 Buy
Baird
Western Digital Raises price target to $140 from $120 Neutral
Disclaimer 
: The views and investment tips expressed by investment experts are their own, and not that of IBTimes or its management. We advise users to check with certified experts before taking any investment decisions.
STOCK RECOMMENDATIONS BY BROKERAGE HOUSES
A. Stocks started higher on with investor sentiment bolsteredby a burst of corporate deals and after signs of robusteconomic growth in China. The Dow Jones added 81.05points to 10,543.82.B. Dow has been undermined by weakness among consumerstaples plays like
Coca-Cola
and
McDonalds
. Big pharmaplay
Merck 
and integrated oil giant
Exxon Mobil
were alsolaggards.C. After a 100-point rise earlier in the day, the Dow Jones waslately up 68.64 points, or 0.7%, at 10,531.34, with 21 of its 30components gaining, led by
Alcoa Inc
., up 3.3%.
DJIA
MARKET PERFORMANCE
 
THE ECONOMIC MONITOR - U.S.
COMPANY NEWS
HP to buy ArcSight
Hewlett-Packard Co
agreed to buy
ArcSight Inc
for about $1.5 billion in cashto gain security software. ArcSight shareholders will receive $43.50 a share which
is 24 per cent more than the stock’s September 10 closing price. ArcSight, a
maker of software used to identify suspicious activity on a corporate network,may help HP better incorporate security features into other products. Netincome at ArcSight almost tripled to $28.4 million in the fiscal year that ended inApril. Sales increased 33 per cent to $181.4 million in the period.
Liberty Mutual Agency to raise fund in IPO
Liberty Mutual Agency Corp
filed with U.S. regulators to raise $1.22 billion inan initial public offering of its shares. In an amended filing with the SEC, thecompany said it expects the offering of 64.3 million class A shares to be priced at$18 to $20 a share. The company said it will use proceeds from the offering torepay debt. Underwriters for the IPO include
Citigroup
,
BofA Merrill Lynch
,
J.P.Morgan
,
Mitsubishi UFJ Securities
and
Wells Fargo Securities
.
BAE plans to sell U.S. aero assets
BAE Systems
plans to sell as much as $2billion worth of U.S. aircraft and vehiclecontrols, it may help the company focus ondefense services and raise cash for potentialpurchases.
Wells Fargo
and
JPMorgan Chase
has been hired by the company to find outoption for the so-called platform solutionsbusiness, including a possible sale, thecompany. The unit includes hybrid propulsionsystems for buses and trucks as well as flight controls used by Airbus and Boeing.
Nokia's mobile unit chief resigns
Anssi Vanjoki
, the head of Nokia's mobile solutions unit is resigning, whileoutsider
Stephen Elop
will be replacing him as chief executive of the world'sbiggest cellphone maker. Nokia has also stated its intention on hiring Elop, aCanadian Microsoft executive with Silicon Valley credentials, to replaceembattled CEO
Olli-Pekka Kallasvuo
.
Hertz sweetens Dollar Thrifty deal
Outdoing a rival bid from
Avis Budget Group Inc
, car rental company
HertzGlobal Holdings Inc.
sweetened $1.56 billion deal to buy
Dollar ThriftyAutomotive Group Inc.
It raised its bid for Dollar to $50 per share, including a$10.80 per share increase in the cash component of the offer. The price alsoincludes $122 million of options and restricted shares.
LabCorp to buy Genzyme
Genzyme Corp
said it agreed to sell itsgenetic-testing business to
Laboratory Corpof America Holdings
for $925 million in cash.Confirming the report, LabCorp said the dealhas a net cash cost of about $795 million tothe medical-testing company. LabCorp said itobtained a funding commitment from
Citi
toprovide debt financing for the transaction.According to the LabCorp also committed tooffer jobs to the unit's nearly 1,900 employees, including senior management,upon closing.
Carlyle scraps Arinc sale, seeks IPO-sources
Private equity firm
Carlyle Group
has withdrawn its plans to sell
Arinc Inc
.People familiar with the matter said the company failed to find a buyer for thedefense and aviation company in the past six months. Carlyle hired
GoldmanSachs
 
early this year to advise it on the sale of Arinc, but now it’s pursuing an
initial public offering for Arinc, the sources said.
IMF urges stimulus to help 'dire' job market
The
International Monetary Fund
said the world's rich countries need toextend fiscal stimulus and job growth initiativesto fix a "dire" labor market that could threatenentire societies. The IMF said more and moreworkers worldwide were unable to find jobs forlonger periods, weakening social cohesion andraising risks of unrest and even underminingdemocracy. "The labor market is in dire straits,"IMF Managing Director
Dominique Strauss-Kahn
told the one-day meeting, adding that theGreat Recession had left a "wasteland of  joblessness".
Bank stocks rise on Basel norms
Bank stocks soared in U.S., Europe and Asia as regulators gave firms more timethan analysts expected to obey with firmer capital requirements meant forpreventing future financial crises. Regulators reached a consensus that more
than doubles capital requirements for the world’s banks, while giving them as
long as eight years to comply in full at a meeting held in Basel, Switzerland. U.S.,U.K. and Switzerland pushed for a maximum of five years, while Germany hadsought to give firms a decade to make the transition. (See Special Report)
Bidder to appeal ruling on AIG Taiwan unit-Paper
One of the bidders for
American InternationalGroup's Taiwan unit
,
Primus
 
Financial Holdings
will appeal the regulator's decision to block the deal,the Economic Daily news reported.The Economic Daily news said Primus did not want togive up on the Nan Shan unit and would alsoconsider bidding again if AIG put the unit back onsale. The paper said that if AIG put
Nan Shan
on sale again, the price would bemuch lower because of projected losses of T$23 billion ($723 million) this year atNan Shan.
ECONOMY NEWS
U.S. August deficit is $90.53 billion
Treasury Department
data showed that the United States posted a $90.53billion budget deficit in August. The government has now posted a budgetdeficit for a record 23 straight months, the Treasury Department said. Thedepartment said the budget gap so far for fiscal 2010 was $1.260 trillion, smallerthan the $1.371 trillion posted for the first 11 months of fiscal 2009. Receiptstotaled $164 billion in August, higher than the prior year's $145.53 billion inAugust receipts.
Geithner says recovery not fast enough
Treasury Secretary
Timothy Geithner
said the U.S.economy was recovering but not fast enough.Geithner urged Congress to act quickly onextending expiring tax cuts for the middle classand on a proposal by President Barack Obama toprovide new federal financing for rebuilding U.S.roads, bridges and other infrastructure.
ECONOMY NEWS
COMPANY NEWS (contd…)
 
Enbridge pipeline stays shut
Enbridge's
Line 6A pipeline carrying Canadian crude oil to U.S. refineries and oilhub in Cushing, Oklahoma, remained shut on Monday. No date has been set forrestarting the pipeline, which was shut Thursday as oil was bubbling up throughthe soil in a industrial section of Romeoville, Illinois.

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