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Before the bell: Futures higher on Ambac bailout hope; Genetech in focusSeveral analyst calls from Briefing.com:
- General Motors (NYSE: GM) was downgraded by Deutsche Securities from Buy to Hold. Shares are down nearly 2% in premarket trading.
- YUM! Brands (NYSE: YUM) was upgraded by UBS from Neutral to Buy.
- Genetech (NYSE: DNA) was upgraded by Rodman & Renshaw from Market Perform to Market Outperform with a $90 target price. Friedman Billings, with its Market Perform rating on DNA, upped the target price on the stock from $67 to $76. Shares are up over 8% on FDA approval of Avastin as breast cancer treatment drug.
- Motorola (NYSE: MOT) was downgraded by Oppenheimer from Outperform to Perform.
Cultural influence goes both way between China and McDonald's (NYSE: MCD). As some of its restaurants are using Feng Shui principles to remodel and makeover locations, a fleet of 300 motorcycles delivers hamburgers from 42 restaurants in Shanghai to half the city's 14 million population.
Microsoft Corp. (NASDAQ: MSFT) said Sunday it will stop making HD DVD players for its Xbox 360 video game system after Toshiba Corp. announced last week it will also cease making the high-definition video format and cede to Sony (NYSE: SNE)'s Blu-ray.
According to TechCrunch, News Corp. (NYSE: NWS)'s Fox may be exploring termination of advertising deal with Google (NASDAQ: GOOG).
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Burberry Shares Leap on Sales Update
