Before the bell 6-25-07: CVX, GE, JNY, WAG ...

Main market news here.

Jones Apparel Group Inc. (NYSE: JNY) announced at the close on Friday that it has entered into a definitive agreement to sell Barneys New York to an affiliate of Dubai-based investment firm Istithmar for $825 million, double what it paid for the chain in December 2004. JNY already closed up 1.5% on Friday in anticipation of the announcement.

Chevron Corp (NYSE: CVX) was upgraded to Buy from Neutral at Banc of America Securities, on its deepwater growth strategy. The broker also said Chevron is the prime beneficiary of the favorable crude pricing. As of 7:34 am, the stock ticked up 0.1%.

That's it, we're in the final stretch. Apple Inc.'s (NASDAQ: AAPL) iPhone will be released Friday, in five days. Consumers and the industry await the "revolutionary" phone, and every shareholder hopes it doesn't disappoint. TheStreet.com's Scott Moritz did the math: With 1,962 Apple and AT&T (NYSE: T) stores and the rumored 200 phones per store, Apple could potentially sell 392,000 iPhones, which at $550 (averaging the more expensive $599 and the less expensive $499), Apple might take in $216 million in revenue on the evening of June 29. Not including online sales.

Following the Paris AirShow where the aerospace industry showed strength, Deutsche Bank raised the price targets of General Electric Co. (NYSE: GE) to $44 from $43, United Technologies Corp. (NYSE: UTX) to $79 from $77 and Honeywell International Inc. (NYSE: HON) $59 from $57.
Meanwhile, GE's Universal "Evan Almighty," had what some called a solid debut with $32.1 million ticket sales over the weekend, while others called it a disappointing one, especially since it was less than half the $68 million opening of its "Bruce Almighty," not to mention being the most expensive comedy ever made at a cost of $175 million.

Walgreen Co. (NYSE: WAG) reported fiscal third-quarter results this morning. The company reported earnings of 56 cents per share, beating Wall Street estimate, which according to Thomson Financial were 54 cents per share. Sales growth also matched expectations. This despite Target Corp. (NYSE: TGT) and Wal-Mart Stores Inc. (NYSE: WMT) offering drugs at deep discount. Same-store sales grew 7.8%. Shares are up 1.2% in pre-market trading (8:10 am).

JMP Securities upped Google Inc.'s (NASDAQ: GOOG) target price from $580 to $625.