WALL STREET JOURNAL: In what may trump a GBP1.6B bid from a private-equity led consortium consisting of of Goldman Sachs Capital Partners (GS), Candover Partners (CDRIF), and Alpinvest, Expro International Group (EXPRF) said it received a GBP1.71B bid proposal from Halliburton (HAL), the Wall Street Journal reported. Expro said the proposal “does not amount to a firm intention to make an offer and is subject to certain preconditions.”…The Wall Street Journal also reported that the oil industry and some U.S. lawmakers are looking to end long-standing bans on domestic drilling put in place to protect areas that are environmentally-sensitive, fueled by concerns about global energy…FINANCIAL TIMES: In an interview with the Financial Times, Citigroup’s (C) former chairman and CEO Sandy Weill acknowledged that choosing Chuck Prince as his successor in 2003 turned out not to be the “right thing” for the company and was flawed. Instead of handing the job to Prince, Weill said the board should have fostered competition among the bank’s top managers for the job…WASHINGTON POST: According to the Washington Post, MedImmune, a unit of drug giant AstraZeneca (AZN),settled with Genentech (DNA) a lawsuit over a patented component of its best-selling drug Synagis, which is aimed at preventing respiratory infections in infants. No details of the settlement were provided…
Brazil: The next oil power?-WSJ
A number of oil strikes by Brazil’s Petroleo Brasileiro (PBR) has speculators saying that Brazil could be the next oil powerhouse, perhaps easing escalating oil prices, according to the Wall Street Journal. The focus is on the Santos Basin under the ocean. But skeptics abound. “This is still at a very early stage,” says Peter Jackson at Cambridge Energy Research Associates “In a play that size and scale, they’ve still got a lot of appraisal and homework to do to establish the likely holdings, and then they’ve got a lot of work to do to deliver it.”
AAPL: Estimates & target raised to $215 from $186@MLCO
Merrill raised their AAPL estimates based on expectations for iPhone market share gains. Shares are Buy rated.
AAPL added to Conviction Buy List; maintain Buy@GSCO
Goldman added AAPL to its Conviction Buy List citing the upcoming 3G iPhone launch in June and potential upside from higher iPhone sales in 2H08. Target to $220 from $185.
DRQ target raised to $71 from $58, maintain Buy@SMMI
SMH Capital raised their target to reflect the peer group multiple expansion.
FRO: Shares may be a sell post ex-dividend date@JPMS
JP Morgan maintains a Neutral rating on the stock but believes the stock may be better to sell following the ex-dividend date (June 2) as believe rates could see a seasonal fall.
ISRG: AUA talks indicate expanded use of daVinci systems@COWN
Cowen said presentations at the American Urology Association indicate expanding use of the da Vinci systems and that the addressable U.S.
