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US EQUITIES OPENING HEADLINES INCLUDING: isco announces intent to acquire Arch Rock, terms undisclosed
• US Initial Jobless Claims (Aug 28) W/W 472K vs. Exp. 475K (Prev. 473K Rev. to 478K) (RTRS)
• US Continuing Claims (Aug 21) W/W 4456K vs. Exp. 4450K (Prev. 4456K Rev. 4479K) (RTRS)
• US Non-Farm Productivity (Q2 F) Q/Q -1.8% vs. Exp. 1.9% (Prev. -0.9%) (RTRS)
• US Labour Costs (Q2 F) Q/Q 1.1% vs. Exp. 1.2% (Prev. 0.2%) (RTRS)
DJIA
Other News
Exxon Mobil - Co. price target lowered to USD 70 from USD 80 at Deutsche Bank, maintains buy rating.
Boeing - Thai Air in talks with co. and Airbus on plane purchases. (Sources)
Johnson & Johnson - Co’s Cordis unit says long term data confirm cut in adverse events for Cypher stent vs. Endeavor stent. (Sources)
Hewlett-Packard - Co. raises bid 3Par to USD 33 per share. (Sources) Elsewhere, according Digitimes Research senior analyst Joanne Chien, co. may not see notebook shipments surpassing 40mln units in 2010. All first-tier notebook vendors, excluding Apple, reduced their notebook orders significantly in July due to a strong dive in consumer demand around the world, with co.'s volume dropping back to the levels seen in April and May. Co. may only have a volume of 39.5mln units for 2010, Chien estimates, below its goal of 45-47mln units. (Digitimes)
Merck - Co.’s spokeswoman says co. has received approaches of interest for former Organon Dutch operations, says no serious talks yet. Says a lot of options for Organon being considered including talks to sell the Dutch operations. (RTRS)
General Electric - Co. could spend up to USD 30bln on takeovers over the next two to three years, according to a top co. executive. (RTRS)
S&P 500
Other News
Ford - Co.’s China August vehicle sales rise 24% on year. (Sources) In addition, co. says that 70% of its growth this decade will come from the Asia-Pacific region and Africa. (WSJ)
Target - August same store sales up 1.8% vs. Exp. up 2%, August sales USD 5,023mln. (RTRS)
Eli Lilly - Co.’s Actavis drug received FDA approval to market Atomoxetine HCl capsules. No release date for Atomoxetine, Actavis' generic equivalent to co.'s Strattera has been set. (briefing.com)
Praxair - Jefferies notes that Brazil's CADE fined co.'s White Martins unit USD 1.27bln yesterday due to antitrust violations. The firm believes appeals are likely, but lowered its target on shares to USD 98 from USD 100 out of conservatism. Jefferies keeps a buy rating on the stock. (theflyonthewall.com)
Duke Energy - Within five years, co. may decide to close seven coal-fired units at its Carolinas power plants, as the move may be cheaper than refitting the plants to meet new environmental regulations. All coal-fired units for which it's not economical to install sulfur-dioxide controls may be retired by 2015, co. says. (Charlotte Observer)
TJX - August comparable sales up 2% vs. Retail Metrics Exp. up 2.4%, says sales rose 6% to USD 1.7bln and says continues to see customer traffic increase.
Kohl’s - August same store sales up 4.5% vs. Retail Metrics estimate up 3.2%. (Sources)
GAP - August sales USD 1.1bln vs. USD 1.1bln, says comparable store sales for August were flat vs. Retail Metrics estimate down 0.5%. (RTRS)
Macy’s - August sales rose 6.2% to USD 1.64bln, says August same-store sales up 4.3% vs. Exp. 4.0%. (RTRS)
Forest Laboratories - US FDA says co.’s experimental antibiotic drug Ceftaroline is effective for treating Pneumonia in 2 studies. However, says drug has similar rate of side effects and is tied to more digestive problems, headache and insomnia. (RTRS)
JC Penney - August same store sales up 2.3% vs. Exp. up 1.6%. Says total co. sales in August increased 0.8%. (RTRS)
Limited Brands - Co.’s August sales USD 630.3mln vs. USD 561.4mln. Says August same-store sales rose up 10% vs. Exp. 7.3%. (RTRS)
Owens-Illinois - Co. announced the acquisition of Brazilian glassmaker Companhia Industrial de Vidros. Under the terms of the agreement, co. is purchasing CIV's glass container business for USD 603mln, which includes future tax benefits with an estimated present value of USD 140mln. In the first full year of operation, co. expects the acquisition will boost regional net sales by approximately USD 200mln. The return on investment is expected to exceed co.'s cost of capital. The purchase price reflects a 5.8 times EBITDA multiple for the first year of operation, excluding the present value of future tax benefits and including estimated net cost savings. (briefing.com)
Abercrombie & Fitch - August sales rose 14% to USD 353.7mln, says same store sales up 6% vs. Exp. up 5.9%. (RTRS)
Companies paying Dividend: TJX (USD 0.1500)
Companies going Ex-Dividend: Coach (USD 0.1500)
NASDAQ 100
Other News
Apple - JP Morgan believes co’s iOS update should drive further adoption of the iPad and thinks the co.'s entrance into social networking via Ping represents its widening impact on consumers’ digital way of life. JP Morgan views yesterday's event as positive for shares and maintains an overweight rating on co. with a USD 400 price target. (Sources)
Google - Co. and AOL expand pact to include mobile search. (Sources)
Dell - Co. has offered higher price for 3Par shares and is said to have negotiated a higher breakup fee. (Sources)
Cisco - Co. announces intent to acquire Arch Rock, terms undisclosed. (RTRS)
Amazon - Co. lowered the price on some downloaded TV shows to USD 0.99 from USD 2.99 after Apple said it will begin streaming shows for USD 0.99. Co.’s new prices affect more than 260 shows from the Walt Disney's ABC, News Corp.'s and the BBC. (All Things Digital)
Baidu - Co. says it wants to focus mobile Internet investments in the future on its core search business. Broader future investment priorities for the co. may include mobile Internet and ecommerce initiatives in the business-to-consumer space, CFO Jennifer Li says. (Economic Times)
Costco Wholesale - August sales rose 9% to USD 5.9bln and Q4 sales rose 8% to USD 23.6bln. Says August comparable same-store sales up 7%, including fuel and up 5% excluding fuel vs. Exp. up 4.2%, including fuel. (RTRS)
Ross Stores - August same store sales up 5% vs. Exp. up 2.9%, says August sales rose 9% to USD 608mln. (RTRS)
Companies paying Dividend: Microchip Technology (USD 0.3430)
Companies going Ex-Dividend: Joy Global (USD 0.1750)
BROKER MOVES
Upgrades
Hewlett-Packard - Co. upgraded to outperform from market perform at JMP Securities, price target USD 50.
Downgrades
PPL Corp. - Co. downgraded to hold from buy at Citigroup, lowers price target to USD 28.50 from USD 30.50.
OTHER NEWS
USD Index down 0.17% and CRB Index down 0.03% at 1356 BST (0756 CDT)
Baltic Dry Index rises 3.4% to 2,835 points. (Sources)
**BP & The Gulf of Mexico Oil Spill**:
• BP expects to remove a failed blowout preventer atop its ruptured Gulf of Mexico oil well by Saturday or Sunday and later plug the leak for good, the top US official overseeing the spill response said.
Burger King - Co. is to be acquired by 3G Capital for USD 24/share, deal worth USD 4bln. (CNBC)
BJ’s Wholesale - August sales rose 4.9% to USD 794.6mln, says August same store sales up 1.9% (excl. gasoline) vs. Exp. up 3.3% (incl. impact of fuel). (RTRS)
Dillards - August comparable store sales were unchanged vs. Exp. same-store sales down 0.5%. Says merchandise sales for the four weeks ended August 28, 2010 were USD 426.831mln. (RTRS)
Saks - August sales fell 0.9% to USD 159.3mln and says same store sales up 1%. Says August comparable store sales were negatively impacted due to reduced levels of clearance inventory and says sees comparable store sales growth in the mid-single digit range for H2 of the fiscal year in the aggregate. (RTRS)
In other news, S&P said that it may reconsider Japan’s sovereign rating if economy worsens or deflation persists, adding that frequent Japanese government changes hurt odds of long term fiscal fix. (Sources)
