WALL STREET JOURNAL Reported:
GNK extends time charter for Genco Prosperity
Genco Shipping & Trading has reached an agreement to extend the
time charter for the Genco Prosperity, a 1997-built Handymax with
Pacific Basin Chartering Ltd. for an additional 35 to 37.5 months at a
rate of $37,000 per day, less a 5% third party brokerage commission.
AMZN coverage transferred with a Buy from Neutral@GSCO
Goldman upgraded shares of AMZN and added them to its Conviction Buy
List based on strong revenue growth prospects and expectations for its
investor base to widen as investors believe revenue expansion is
sustainable. Target $98.
General Motors (GM) plants that were idled during the American Axle (AXL) strike are set to resume production mow that the strike has been settled, the Wall Street Journal reported…TELEGRAPH: The Telegraph reported that Halliburton (HAL) is expected to determine this week whether it will make a GBP1.8B counter bid for its British competitor, Expro International (EXPRF)….The Telegraph also reported that U.K.-based Imperial Tobacco (ITY) could conduct a GBP5B rights issue this week. The company has suggested that it needs the funds in order to retain its investment-grade credit rating following its acquisition of Altadis…BLOOMBERG: Regulatory filings show that banks, such as Citigroup (C) are failing to acknowledge at $35B of additional writedowns in their income statements…
UNP upgraded to Buy from Hold@STFL
Stifel believes management’s plans to generate growth and margin expansion will drive share appreciation. Target $182.
EXM reports Q1 EPS $1.93 vs. consensus of $1.79
Reports Q1 revenue $69.8M vs. consensus of $61.83M.
RIMM: Checks show May sell-through tracking above April@PACS
PacCrest’s checks indicate that RIMM’s sell through in May is tracking
above April and the CDMA Curve ramp is in line with their current
forecasts. However, they continue to believe Street estimates are
aggressive and remain on the sidelines in the near-term despite keeping
an Outperform rating.
SPWR downgraded to Underperform from Sector Perform@PACS
Pacific Crest downgraded shares on valuation as they believe the Street is too optimistic with regard to a favorable U.S. ITC extension this year. Pacific Crest expects the legislation to fail and sees downside to $60 in SPWR shares. :
GRMN downgraded to Hold from Buy@NEED
MSFT: Joint venture with YHOO would be seen as a positive@TWPT
Thomas Weisel believes a joint venture with Yahoo (YHOO) would be viewed more positively than a takeover deal, since a joint venture would entail reduced expenses and a lower risk. Thomas Weisel reiterated their Buy rating on Microsoft, as they believe its valuation is attractive.
YHOO upgraded to Buy from Hold@NEED
Needham upgraded shares with a $31 target.
