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9/17/2010 - The Economic Monitor US Free Edition

9/17/2010 - The Economic Monitor US Free Edition

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- Stock recommendations and price targets from top brokerage firms
Forecasts on Economic Indicators
Important Events Scheduled on 18 September

Economic Events
- OECD Economic Survey of the United States.
- United States to host a meeting of the world's biggest economies to discuss climate change

Corporate Events
- Discover Financial Services, Lennar Corporation third quarter results

Breaking News
- J&J to buy Crucell
- Petrobras expands huge stock offer
- HP close to naming Hurd's successor: Bloomberg
- Carlyle eying stake in hedge fund manager
- SouFun shares jump 64 pct on debut
- BP relief well intercepts ruptured Gulf well
- Oracle profit beats forecast
- Kinross buys Red Back Mining
- Consumer prices rise in August
- Consumer sentiments weak
- Obama appoints Warren for consumer watchdog
- Arena blames FDA
- U.K’s OFT initiates price-fixing probe on truck makers
- U.S. EPA investigates release of benzene at BP refinery
- Stock recommendations and price targets from top brokerage firms
Forecasts on Economic Indicators
Important Events Scheduled on 18 September

Economic Events
- OECD Economic Survey of the United States.
- United States to host a meeting of the world's biggest economies to discuss climate change

Corporate Events
- Discover Financial Services, Lennar Corporation third quarter results

Breaking News
- J&J to buy Crucell
- Petrobras expands huge stock offer
- HP close to naming Hurd's successor: Bloomberg
- Carlyle eying stake in hedge fund manager
- SouFun shares jump 64 pct on debut
- BP relief well intercepts ruptured Gulf well
- Oracle profit beats forecast
- Kinross buys Red Back Mining
- Consumer prices rise in August
- Consumer sentiments weak
- Obama appoints Warren for consumer watchdog
- Arena blames FDA
- U.K’s OFT initiates price-fixing probe on truck makers
- U.S. EPA investigates release of benzene at BP refinery

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Published by: International Business Times on Sep 17, 2010
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17 September 2010
THE ECONOMIC MONITOR U.S.
The
Dow Jones Industrial Average
gained 13.02 points, or 0.12percent, to 10,607.85. The
S&P 500
added 0.93 points, or 0.08percent, to 1,125.59.
The
Dollar
was unchanged at 85.78 yen, while the euro was down0.2 percent at $1.3041, well off a session peak of $1.3159.
The benchmark
10-year Treasury note
was up 12/32 in price, itsyield falling to 2.72 percent from 2.76 percent on Thursday.
U.S.
crude
for
October delivery
with expires on Tuesday fell 91cents, or 1.22 percent, to settle at $73.66 per barrel, trading from$72.75 to $75.25.
U.S.
December gold futures
settled up $3.70 at $1,277.50 anounce.
MARKETS AT A GLANCEINSIDE THE REPORTSTOCK INDICES
INDEX LAST CHNG % CHNG
DJIA* 10607.8513.02 0.12NYSE Composite* 7154.65-14.83 -0.21Nasdaq* 2315.6112.36 0.54S&P 500* 1125.590.93 0.08DJ Total Stock Market* 11740.4218.44 0.16Russell 2000* 651.443.63 0.56Global Dow* 1904.550.87 0.05Nasdaq 100* 1955.837.72 0.40DJ Transportation Avg* 4433.664.58 0.10S&P 100* 509.040.11 0.02* CLOSING VALUES
Stock recommendations and price targets from topbrokerage firms
Forecasts on Economic Indicators
Important Events Scheduled on 18 September
Economic Events
OECD
Economic Survey of the United States.
United States to host a meeting of the world'sbiggest economies to discuss climate change
Corporate Events
Discover Financial Services, Lennar Corporation thirdquarter results
Breaking News
J&J
to buy
Crucell
Petrobras
expands huge stock offer
HP
close to naming
Hurd's
successor: Bloomberg
Carlyle
eying stake in hedge fund manager
SouFun
shares jump 64 pct on debut
BP
relief well intercepts ruptured Gulf well
Oracle
profit beats forecast
Kinross
buys Red Back Mining
Consumer prices
rise in August
Consumer sentiments
weak
Obama
appoints
Warren
for consumer watchdog
Arena
blames
FDA
U.K’s
OFT
initiates price-fixing probe on truck makers
U.S.
EPA
investigates release of benzene at
BP
refinery
Free Edition 
CURRENCIES
INDEX LAST PRIOR 
Euro (EUR/USD)1.30401.3079U.K. Pound (GBP/USD)1.56181.5629Japanese Yen (USD/JPY)85.7685.84
All prices are at 04:36 PM EDT 
FUTURES
SETTLE CHANGE
Crude Oil (Oct)73.62 -0.95Natural Gas (Nov)4.182 -0.056Gold (Dec)1275.3 1.50Copper ( Dec)351.5 2.15Wheat (Dec)737 20.00
All prices are at 04:25PM EDT 
 
THE ECONOMIC MONITOR - U.S.
BROKERAGE/COMPANY ACTIONS RATINGCredit Suisse
Anadarko Petroleum Cuts price target to $69 from $71 --Chesapeake Energy Cuts price target to $22 from $23 --Denbury Resources Cuts price target to $21 from $22 --Devon Energy Corp Cuts price target to $66 from $69 --EOG Resources Raises to neutral from underperform NeutralEQT Corp Cuts price target to $43 from $45 --Murphy Oil Corp Raises price target to $68 from $66 --National Oilwell Varco Raises target price to $54 from $50 --Nike Raises target price to $95 from $85 --Noble Energy Cuts price target to $83 from $85 --Occidental Petroleum Cuts price target to $92 from $94 --Oracle Corp Raises target price to $32 from $30 --Pioneer Natural Resources Cuts price target to $79 from $82 --Range Resources Cuts price target to $45 from $50 --
Goldman Sachs
CenturyLink Raises to buy from neutral BuyJabil Circuit Starts with buy rating BuyWindstream Corp Raises price target to $11 from $10.50 --Qwest Raises to buy from neutral Buy
Jefferies
Darden Restaurants Starts with buy ratings BuyMcDonald's Starts with hold ratings HoldYum Brands Starts with hold ratings Hold
Howard Weil
FMC Technologies Downgrades to market perform from market outperform Market-performMassey Energy Cuts price target to $40 from $50 --
UBS
Micron Technology Cuts price target to $7 from $9 NeutralNoble Energy Cuts to neutral from buy Neutral
BoFA Merrill
Oracle Corp Raises price target to $34 from $30 BuyRed Hat Raises price target to $43 from $36 Buy
RBC
Allergan Starts with price target of $77 OutperformOracle Corp Raises price target to $32 from $28 Outperform
JP Morgan
Autozone Raises price target to $210 from $198 Neutral
Janney Capital Markets
International Game Technology Cuts to neutral from buy Neutral
S&P Equity
Oracle Corp Raises target price by $2 to $31 Strong Buy
FBR 
Oracle Corp Raises price target to $32 from $30 Outperform
Citigroup
Oracle Corp Raises price target to $30 from $28 Buy
JMP Securities
Oracle Corp Raises to market outperform from market perform Outperform
Caris
Oracle Corp Raises price target to $35 Buy
Suntrust Robinson Humphrey
Vulcan Materials Cuts to neutral from buy 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
 
THE ECONOMIC MONITOR - U.S.
COMPANY NEWS
J&J to buy Crucell
Johnson & Johnson
is in talks to pay €1.75 billion (£1.46 billion ) to buy Dutch
biotech Crucell. J&J owns a 17.9 percent stake in vaccine maker Crucell. The U.S.health care company is looking to catapult itself into the global vaccine market.
The potential cash offer by J&J is at €24.75 per share, a 58 percent premium to
Thursday's closing price of Cruecll shares.
Petrobras expands huge stock offer
Brazil's state oil giant
Petrobras
said it will increase the amount of sharesavailable to meet additional investor demand in its massive stock offering. Thecompany said it will go for the greenshoe option to 20 percent of the originaloffer, up from 10 percent previously. The offer includes a $43 billion state-backed swap of oil for shares.
HP close to naming Hurd's successor: Bloomberg
Citing a person familiar with the matter Bloomberg reported that
Hewlett-Packard
is nearing a decision on a new chief executive to succeed Mark Hurdand is likely to pick an internal candidate. According to the report the board of HP, the world's largest computer maker, met this week to consider possiblesuccessors to Hurd, who departed in August, and a decision could beannounced in the coming week. HP spokeswoman
Mylene Mangalindan
declined comment on the matter. While the company hasn't ruled out hiringfrom outside, HP may not be inclined to recruit from a rival, the report said.
Carlyle eying stake in hedge fund manager
According to the source, private equity firm
Carlyle Group
may buy a stake in ahedge fund manager and is looking at raising two new debt funds as well as a$1 billion pool to buy small companies. Bloomberg said in a report that Carlyle istalking to several hedge fund firms.
SouFun shares jump 64 pct on debut
Shares of Chinese online real estate website
SouFun Holdings Ltd
soared on itsdebut. The investors bet that growing interest in Internet advertising and abooming real estate sector would boost earnings. According to its prospectus,SouFun sells real estate-related marketing and listing services. As of June 30 itcovered 106 Chinese cities. Shares of the company opened at $67, 57.6 percentabove their IPO price on the New York Stock Exchange.
BP relief well intercepts ruptured Gulf well
According to a U.S. official efforts to permanently plug the world's largestoffshore oil spill reached a milestone when
BP Plc's
crucial relief well reached itstarget. Retired Coast Guard
Admiral Thad Allen
, the top U.S. official overseeingthe spill response in the Gulf of Mexico, said in a statement, "The aggregate dataavailable supports the conclusion that the two wells are joined."
Oracle profit beats forecast
Oracle Corp
posted a 25 percent surge insoftware sales. Oracle said it expected non-GAAP earnings per share of 45 cents to 47cents for the second fiscal quarter which farbetter than 45 cents expected by analysts.New software sales were up 25 percent at$1.3 billion. It reported a profit of 42 cents pershare and Revenue rose 50 percent to $7.6billion on a non-GAAP basis. Oracle Chief Executive
Larry Ellison
said, "We look at IBM as our No. 1 competitor."
Kinross buys Red Back Mining
The Toronto-based gold miner
Kinross Gold
said it has completed its $7.1billion purchase of 
Red Back Mining
. The gold miner said the combinedcompany would produce 2.6 million to 2.7 million gold equivalent ounces in2010, and that production would grow to up to 4.9 million gold equivalentounces in 2015.
Obama appoints Warren for consumer watchdog
President
Barack Obama
announced Harvard law professor and outspokenconsumer advocate
Elizabeth Warren
to set up the powerful new consumerfinancial protection agency, a centerpiece of the sweeping regulatory overhaulObama signed into law in July. The naming of Warren drew praise from liberals,but an outcry from Republican opponents and the financial industry.The President announced Warren not as head of the new agency but as specialadviser to oversee its establishment, allowing him to avoid a bitter Senateconfirmation fight. With the November mid term elections at its helm theappointment have a populist appeal to voters resentful of Wall Street excessesthat are seen as a key cause of the financial crisis that drove the United Statesinto its deepest economic downturn since the Great Depression.
Arena blames FDA
Arena Pharmaceuticals Inc
blamed a lack of understanding on the part of U.S.reviewers for their failure to recommend approval of its experimental obesitydrug. An advisory panel to the
U.S. Food and Drug Administration
voted 9-5against recommending the drug, lorcaserin. On a conference call with analystson Friday, Arena Chief Executive Jack Lief said it was a "shame" that there wereno experts in potential cancer-causing agents on the panel. "My view is theywere having difficulty understanding the presentation," he said.
U.K’s OFT initiates price
-fixing probe on truck makers
The
UK's Office of Fair Trading (OFT)
contacted leading truck makers including
Scania
,
Daimler
and
MAN
as part of a probe into suspected cartel activity. ADaimler spokesman said the company has been cooperating with theinvestigation. The OFT said investigations are at an early stage and it had not yetdetermined whether the law was violated or not. Under OFT rules, companiesinvolved in price-fixing can be fined up to 10 percent of their annual turnoverand executives will be prosecuted and sentenced to an imprisonment of fiveyears.
U.S. EPA investigates release of benzene at BP refinery
The
Environmental Protection Agency
said it has started an investigation intothe release of benzene at
BP's
Texas City, Texas refinery earlier this year. EPA hasrequested BP to provide information regarding the release of chemicals likebenzene at the plant between April 6 and May 16.
ECONOMY NEWS
Consumer prices rise in August
Labor Department
reported flat core consumer price index for the last month.The core CPI, which excludes food and energyprices, rose 0.1 percent in July. The overall CPI rose0.3 percent, lifted by higher food and energy costs.August's rise was above expectations of a 0.2percent increase. In the 12 months to August, theCPI rose 1.1 percent after a 1.2 percent increase theprior month.Last month energy prices rose 2.3 percent afterrising 2.6 percent in July, while gasoline prices wereup 3.9 percent. Food costs rebounded 0.2 percent from July's 0.1 percent drop.
Consumer sentiments weak 
The
Thomson Reuters/University of Michigan's
preliminary Septemberreading shows the consumer sentiment unexpectedly worsened in earlySeptember to its weakest level in more than a year. The reading on the overallindex on consumer sentiment came in at 66.6, down from 68.9 in August.The survey's director
Richard Curtin
said, "Confidence edged downward in earlySeptember, as consumers judged prospects for the national economy lessfavorably." The survey's gauge of consumer expectations unexpectedly slippedto 59.1, the lowest since March 2009. This was below August's 62.9 and apredicted reading of 64.2.
REGULATORY NEWS

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