Along with president Bart McDade, Fuld is said to be “upbeat” and working on several strategies and looking for the “most feasible way” to restore confidence in the company, including talks with investors from Asia. Sources say several private-equity firms have expressed interest in acquiring a majority stake of Lehman’s asset management business, although no formal sale has been launched. The sources also say Fuld isn’t looking to “dump securities at rock-bottom prices.”
Martin Marietta-MLM reports Q2 EPS $1.52 vs. consensus of $1.84
Reports Q2 revenue $598.7M vs. consensus $611.56M
Transocean-RIG upgraded to Buy from Hold@STFL
Stifel upgraded RIG citing valuation. Target $158.
Devon Energy-DVN target raised to $136 after solid Q2 results@DBAB
Deutsche Bank raised their estimates to reflect the company’s Haynesville Shale potential and finds the stock significantly undervalued at current levels. Shares remain Buy rated.
Flowserve-FLS to Supply Coke-Cutting Pumping System to refinery in India
Flowserve Corporation announced it will supply Indian Oil Corporation’s Gujarat Refinery with a special coke-cutting pumping system for the heavy oil upgrading project.
Concur Tech-CNQR extends and expands stock repurchase program
Concur has modified its current stock repurchase program by increasing the number of shares of its common stock eligible for repurchase from 2M to 5M and extending the program through January 2011. The company has repurchased over 1.4 million shares under the current program, all within the first three quarters of the current fiscal year.
Citrix Systems-CTXS added to Conviction Buy List; maintain Buy@GSCO
CA, Inc.-CA removed from Conviction Buy List; maintain Buy@GSCO
First Solar-FSLR initiated with an Overweight, target $344@TWPT
Thomas Weisel believes FSLR’s low cost structure insulates it from pricing pressure that traditional PV is facing.
Alexion Pharma-ALXN secures patent for ALXN6000
Alexion Pharmaceuticals, Inc. announced that the U.S. Patent and Trademark Office has issued Patent Number 7,408,041 titled, “Polypeptides and Antibodies Derived from Chronic Lymphocytic Leukemia Cells and Uses Thereof.” The patent is assigned to Alexion and includes claims that encompass the composition-of-matter of Alexion’s anti-CD200 humanized monoclonal antibody, which is known by its working name, ALXN6000.
Fast Money Position Recap- First Moves: Jeff says sell WMT, Guy likes ANF, Joe likes X.
Macke Owns (MSFT) (IMAX) (COST) (WMT), Macke Is Short (TM), Finerman’s Firm Is Short (IYR) (IJR) (SPY) (MDY) (IWM),Finerman’s Firm Owns (ANF) Call Spread, Finerman’s Firm And Finerman Own (C) Leap (FLS), Finerman Owns (GS), Finerman’s Firm Owns (MSFT) (SUN) (TSO) (VLO), Finerman’s Firm Is Short (XLF) (BBT) (COF), Adami Owns (AGU) (C) (BTU) (GS) (INTC) (MSFT) (NUE), Terranova Owns (YHOO) (CME) (SA) (VLO) (KOL) (RIMM) (IYT) (GOOG) (SU) (FCX) (INTC) (XLF) (BNI).
The market hit 1290 and now is weak after a slew of negative news in the premarket. There should be a pullback today, how big the pullback will be is the unknown. Looking for shorts over longs but i want to see how the market ranges this morning and trades. Pick plays with a high probability of success, have focus and patience, run technicals through supply and demand. Great luck and great trading.
