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Americas Morning Summary
June 25, 2009
For further product information,contact:
New York Investment Research
(212) 902-1000Analysts employed by non-USaffiliates are not registered/qualifiedas research analysts with FINRA inthe U.S.
Global Investment Research
The Goldman Sachs Group, Inc. does and seeks to do business with companies covered in its researchreports. As a result, investors should be aware that the firm may have a conflict of interest that couldaffect the objectivity of this report. Investors should consider this report as only a single factor in makingtheir investment decision. Customers in the US can receive independent, third-party research oncompanies covered in this report, at no cost to them, where such research is available. Customers canaccess this independent research at www.independentresearch.gs.com or call 1-866-727-7000. For RegAC certification, see the end of the text. Other important disclosures follow the Reg AC certification, or goto www.gs.com/research/hedge.html.
The Goldman Sachs Group, Inc.
This document contains commentsrelated to the following stocks:Abbott Laboratories (ABT)Allegheny Energy, Inc. (AYE)Ameren Corp. (AEE)American Electric Power (AEP)Anadarko Petroleum Corp. (APC)Apache Corp. (APA)Atwood Oceanics, Inc. (ATW)Baker Hughes Inc. (BHI)Basic Energy Services, Inc. (BAS)Bed Bath & Beyond, Inc. (BBBY)Berry Petroleum (BRY)Bill Barrett Corp. (BBG)BJ Services Co. (BJS)Cabot Oil & Gas Corp. (COG)Cameron International Corp. (CAM)Canadian Natural Resources Ltd.(CNQ)Chesapeake Energy Corp. (CHK)Chevron Corp. (CVX)CIGNA Corp. (CI)Cleco Corp. (CNL)CNH Global N.V. (CNH)Companhia Siderurgica Nacional(CSNA3.SA)ConocoPhillips (COP)Consolidated Edison, Inc. (ED)Darden Restaurants, Inc. (DRI)Deere & Co. (DE)Devon Energy Corp. (DVN)Diamond Offshore Drilling (DO)Dresser-Rand Group Inc. (DRC)Duke Energy Corporation (DUK)Edison International (EIX)El Paso Electric Co. (EE)EnCana Corp. (ECA)Encore Acquisition Company (EAC)ENSCO International Inc. (ESV)Entergy Corp. (ETR)EOG Resources Inc. (EOG)EXCO Resources, Inc. (XCO)Exelon Corp. (EXC)Exxon Mobil Corp. (XOM)FMC Technologies (FTI)
Focus Items
Americas: Energy: Oil & Gas - E&P: Independence Day for natural gas v2: 2010strip too high, downgrading E&Ps to Neutral
1
Americas: Energy: Oil Services: Further shifting our preference for "oily" over "gassy"
2
ConocoPhillips (COP): Removing ConocoPhillips from Americas Buy List
3
Americas: Energy: Oil - Integrated: Lowered natural gas deck reinforcespreference for "oily" favorites
4
Americas: Utilities: Power: Stepping up the voltage: Upgrading Regulated &Diversified Utilities
5
Novellus Systems Inc. (NVLS) Sell: Adding to Conviction Sell List; returns toolow to support valuation
6
Deere & Co. (DE): Upgrading to Neutral on improved risk-reward
7
CNH Global N.V. (CNH): Lowering 2009 estimates and target; maintain Sell
8
OfficeMax Inc. (OMX): We see excellent value in OMX shares at current levels
9
Bed Bath & Beyond, Inc. (BBBY): This consolidation story is working; costs driveEPS; raise target
10
Americas: Retail: Supermarkets: SVU's EPS warning has little bearing on KR,some for SWY
11
Key Data Changes
Investment List Additions
Company Ticker Investment List Additions
Cameron International Corp.CAMAmericas Buy ListAmericas Conviction Buy ListEntergy Corp.ETR Americas Conviction Buy ListForest Oil Corp.FST Americas Sell ListMariner Energy Inc.MEAmericas Conviction Sell ListAmericas Sell ListNabors Industries, Ltd.NBR Americas Sell ListNovellus Systems Inc.NVLS Americas Conviction Sell ListNRG Energy Inc.NRG Americas Buy ListOil States InternationalOIS Americas Sell List
 
 
Forest Oil Corp. (FST)Great Plains Energy Inc. (GXP)Halliburton Company (HAL)Helmerich & Payne Inc (HP)Hess Corp. (HES)Hornbeck Offshore Services (HOS)Jefferies Group Inc. (JEF)Kroger Company (KR)Marathon Oil Corp. (MRO)Mariner Energy Inc. (ME)Monsanto Co. (MON)Murphy Oil Corp. (MUR)Nabors Industries, Ltd. (NBR)National Oilwell Varco (NOV)Newfield Exploration (NFX)Nexen Inc. (NXY)Nike, Inc. (NKE)Noble Corporation (NE)Noble Energy (NBL)Northeast Utilities (NU)Novellus Systems Inc. (NVLS)NRG Energy Inc. (NRG)NSTAR (NST)NV Energy, Inc. (NVE)Occidental Petroleum Corp. (OXY)OfficeMax Inc. (OMX)Oil States International (OIS)Ormat Technologies, Inc. (ORA)Patterson-UTI Energy, Inc. (PTEN)Paychex, Inc. (PAYX)Petro-Canada (PCA.TO)Petro-Canada (PCZ)Petroleo Brasileiro S.A. (PBR__A)Petroleo Brasileiro S.A. (ADR)(PBR)Pfizer Inc. (PFE)PG&E Corporation (PCG)Pioneer Natural Resources Co.(PXD)Pitney Bowes Inc. (PBI)Portland General Electric Co. (POR)Pride International (PDE)Progress Energy Inc. (PGN)Questar Corp. (STR)Quicksilver Resources, Inc. (KWK)Red Hat, Inc. (RHT)Rowan Companies, Inc. (RDC)RRI Energy, Inc. (RRI)Safeway Inc. (SWY)SandRidge Energy, Inc. (SD)SCANA Corp. (SCG)Schlumberger, Ltd. (SLB)Sempra Energy (SRE)Sherwin-Williams Company (SHW)Smith International Inc. (SII)Southwestern Energy Co. (SWN)Suncor Energy Inc. (SU)SUPERVALU Inc. (SVU)Talisman Energy Inc. (TLM)Tenaris S.A. (TS)Teva Pharmaceuticals (TEVA)Tidewater Inc. (TDW)Transocean Ltd. (RIG)Ultra Petroleum (UPL)UnitedHealth Group (UNH)Usiminas (USIM5.SA)
Transocean Ltd.RIG Americas Buy ListWestar Energy Inc.WRAmericas Buy ListAmericas Conviction Buy List
Investment List Removals
Company Ticker Investment List Removals
Cabot Oil & Gas Corp.COG Americas Buy ListConocoPhillipsCOP Americas Buy ListDeere & Co.DE Americas Sell ListDevon Energy Corp.DVN Americas Conviction Buy ListDiamond Offshore DrillingDO Americas Sell ListFMC TechnologiesFTI Americas Sell ListHalliburton CompanyHALAmericas Buy ListAmericas Conviction Buy ListNabors Industries, Ltd.NBR Americas Buy ListNV Energy, Inc.NVE Americas Buy ListPatterson-UTI Energy, Inc.PTEN Americas Buy ListTalisman Energy Inc.TLM Americas Sell List
Rating and price target changes
Rating/Coverage viewPrice Target EstimatesCompany Ticker New Old New Old % chg Current YearNext YearFiscal y/e
Allegheny Energy, Inc.AYE N/A unch
↑
$31.00 $29.00 6.9% $2.22 $2.86 DecAmeren Corp.AEE S/A unch
↑
$21.00 $18.00 16.7% $2.74 $2.06 DecAmerican Electric Power AEP B/A unch
↑
$32.00 $30.00 6.7% $2.90 $2.97 DecAnadarko Petroleum Corp.APC N/N unch
↓
$52.00 $59.00 (11.9%) ($1.13) $0.91 DecApache Corp.APA N/N unch
↓
$88.00 $101.00 (12.9%) $5.24 $10.13 DecBaker Hughes Inc.BHI B/A unch
↓
$52.00 $54.00 (3.7%) $2.01 $2.11 DecBasic Energy Services, Inc.BAS N/A unch
↓
$8.60 $11.25 (23.6%) ($2.01) ($1.18) DecBed Bath & Beyond, Inc.BBBYN/N unch
↑
$32.00 $30.00 6.7% $1.80 $2.04 FebBerry PetroleumBRY B/N unch
↓
$22.00 $26.00 (15.4%) $1.49 $2.24 DecBill Barrett Corp.BBG S/N unch
↓
$29.00 $38.00 (23.7%) $1.97 $0.63 DecBJ Services Co.BJS N/A unch
↓
$16.00 $19.00 (15.8%) $0.78 $0.39 SepCabot Oil & Gas Corp.COG
↓
N/N B/A
↓
$35.00 $45.00 (22.2%) $1.45 $0.97 DecCameron International Corp.CAM
↑
B/A N/A
↑
$42.00 $38.00 10.5% $1.88 $1.85 DecCanadian Natural Resources Ltd.CNQ N/A unch
↓
$70.00 $75.00 (6.7%) $3.89 $4.64 DecChesapeake Energy Corp.CHK B/N unch
↓
$24.00 $31.00 (22.6%) $2.22 $2.06 DecCleco Corp.CNL N/A unch
↑
$25.00 $23.00 8.7% $1.48 $2.25 DecCNH Global N.V.CNH S/N unch
↓
$14.00 $16.00 (12.5%) ($0.67) ($0.10) DecConocoPhillipsCOP
↓
N/A B/A
↓
$53.00 $60.00 (11.7%) $2.91 $6.55 DecConsolidated Edison, Inc.ED S/A unch
↑
$34.00 $32.00 6.3% $3.14 $3.21 DecDeere & Co.DE
↑
N/N S/N $42.00 unch -- $2.60 $2.00 OctDevon Energy Corp.DVN B/N unch
↓
$75.00 $86.00 (12.8%) $2.74 $5.73 DecDiamond Offshore DrillingDO
↑
N/A S/A
↑
$103.00$100.00 3.0% $10.18 $10.16 DecDuke Energy CorporationDUK N/A unch
↑
$15.00 $14.00 7.1% $1.13 $1.27 DecEdison InternationalEIX N/A unch
↑
$31.00 $26.00 19.2% $2.74 $3.44 DecEl Paso Electric Co.EE B/A unch
↑
$19.00 $18.00 5.6% $1.22 $1.37 DecEnCana Corp.ECA N/N unch
↓
$52.00 $64.00 (18.8%) $3.85 $2.11 Dec
 
 
Weatherford International Ltd.(WFT)Westar Energy Inc. (WR)Wisconsin Energy Corp. (WEC)XTO Energy Inc. (XTO)Yum! Brands, Inc. (YUM)
Encore Acquisition CompanyEAC N/N unch
↓
$35.00 $44.00 (20.5%) $2.55 $1.12 DecENSCO International Inc.ESV B/A unch
↓
$53.00 $55.00 (3.6%) $5.59 $4.78 DecEntergy Corp.ETR B/A unch
↑
$91.00 $84.00 8.3% $6.24 $6.92 DecEOG Resources Inc.EOG B/N unch
↓
$82.00 $92.00 (10.9%) $3.00 $3.80 DecEXCO Resources, Inc.XCO N/N unch
↓
$11.00 $18.00 (38.9%) $0.98 $0.93 DecExelon Corp.EXC B/A unch
↑
$60.00 $55.00 9.1% $3.75 $3.82 DecFMC TechnologiesFTI
↑
N/A S/A
↑
$51.00 $49.00 4.1% $2.14 $2.02 DecForest Oil Corp.FST
↓
S/N N/A
↓
$15.00 $23.00 (34.8%) $1.90 $1.44 DecGreat Plains Energy Inc.GXP B/A unch
↑
$21.00 $19.00 10.5% $1.10 $1.46 DecHalliburton CompanyHAL
↓
N/A B/A
↓
$28.00 $32.00 (12.5%) $1.14 $1.17 DecHelmerich & Payne IncHP N/A unch
↓
$37.00 $41.00 (9.8%) $3.18 $1.55 SepHornbeck Offshore ServicesHOS N/A unch
↓
$30.00 $37.00 (18.9%) $3.46 $3.98 DecJefferies Group Inc.JEF N/N unch
↑
$20.00 $18.00 11.1% $0.80 $0.90 DecMariner Energy Inc.ME
↓
S/N N/A
↓
$12.00 $18.00 (33.3%) $0.88 $0.37 DecMonsanto Co.MON N/A unch
↓
$80.00 $87.00 (8.0%) $4.34 $4.30 AugMurphy Oil Corp.MUR N/A unch
↓
$70.00 $75.00 (6.7%) $3.40 $6.50 DecNabors Industries, Ltd.NBR
↓
S/A B/A
↓
$17.00 $25.00 (32.0%) $1.30 $1.06 DecNational Oilwell VarcoNOV N/A unch
↓
$48.00 $51.00 (5.9%) $3.37 $2.83 DecNewfield ExplorationNFX B/N unch
↓
$40.00 $49.00 (18.4%) $4.57 $4.33 DecNexen Inc.NXY N/A unch
↓
$28.00 $32.00 (12.5%) $1.28 $2.90 DecNike, Inc.NKE N/N unch
↑
$49.00 $48.00 2.1% $3.54 $3.75 MayNoble EnergyNBL N/N unch
↓
$65.00 $72.00 (9.7%) $2.15 $3.94 DecNortheast UtilitiesNU N/A unch
↑
$25.00 $24.00 4.2% $1.69 $1.90 DecNRG Energy Inc.NRG
↑
B/N N/N
↑
$28.00 $23.00 21.7% $1.99 $3.11 DecNSTARNST S/A unch
↑
$27.00 $26.00 3.8% $2.23 $2.18 DecNV Energy, Inc.NVE
↓
N/A B/A
↑
$13.00 $12.00 8.3% $0.72 $1.04 DecOil States InternationalOIS
↓
S/A N/A
↓
$29.00 $35.00 (17.1%) $2.14 $2.02 DecOrmat Technologies, Inc.ORA N/N unch
↑
$45.00 $40.00 12.5% $1.37 $1.72 DecPatterson-UTI Energy, Inc.PTEN
↓
N/A B/A
↓
$15.00 $19.00 (21.1%) ($0.27) ($0.33) DecPG&E CorporationPCG N/A unch
↑
$37.00 $35.00 5.7% $3.05 $3.39 DecPioneer Natural Resources Co.PXD B/N unch
↓
$33.00 $40.00 (17.5%) ($0.55) $1.79 DecPortland General Electric Co.POR N/A unch
↑
$22.00 $21.00 4.8% $1.74 $2.01 DecProgress Energy Inc.PGN N/A unch
↑
$37.00 $35.00 5.7% $2.90 $3.03 DecQuestar Corp.STR N/N unch
↓
$36.00 $42.00 (14.3%) $2.81 $2.40 DecQuicksilver Resources, Inc.KWK N/N unch
↓
$11.00 $14.00 (21.4%) $0.81 $0.92 DecRed Hat, Inc.RHT N/N unch
↑
$18.00 $16.00 12.5% $0.48 $0.61 FebRowan Companies, Inc.RDC N/A unch
↓
$26.00 $28.00 (7.1%) $3.61 $2.08 DecSandRidge Energy, Inc.SD N/N unch
↓
$9.00 $13.00 (30.8%) $0.69 $0.43 DecSCANA Corp.SCG N/A unch
↑
$37.00 $35.00 5.7% $2.81 $3.11 DecSchlumberger, Ltd.SLB N/A unch
↓
$73.00 $75.00 (2.7%) $2.54 $2.43 DecSempra EnergySRE N/A unch
↑
$51.00 $46.00 10.9% $4.51 $5.03 DecSmith International Inc.SII B/A unch
↓
$38.00 $42.00 (9.5%) $1.22 $1.48 DecSouthwestern Energy Co.SWN N/N unch
↓
$42.00 $51.00 (17.6%) $1.61 $1.64 DecTalisman Energy Inc.TLM
↑
N/N S/A
↓
$16.00 $18.00 (11.1%) $0.66 $0.69 DecTenaris S.A.TS N/A unch
↓
$37.00 $41.00 (9.8%) $1.79 $2.18 DecTidewater Inc.TDW S/A unch
↓
$52.00 $56.00 (7.1%) $4.33 $4.51 Mar 
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