Before the bell: Futures mixed as oil drops, ahead of earnings season kickoffAccording to the New York Post Friday, Merrill Lynch (NYSE: MER) is in talks to sell its 20% stake in Bloomberg L.P. back to New York City Mayor Michael Bloomberg. The post cited anonymous sources. But Merrill will likely not end its cash raising efforts there and could also try to sell its 49% stake in investment manager BlackRock (NYSE: BLK). Selling different assets, could bring some $50 billion to cash-strapped Merrill.
APP Pharmaceuticals (NASDAQ: APPX) shares are up nearly 32% to $23.50 in premarket trading after Germany's health-care giant Fresenius said it's going to buy it for up to $4.6 billion, or $29 a share, depending if certain financial targets are met. This marks Fresenius attempt to enter the U.S. market.
Apple Inc. (NASDAQ: AAPL) is set to launch its next generation iPhone Friday. The 3G, or third-generation, phone will be cheaper and faster than its predecessor and could expand Apple's reach to many more countries that rely on that technology. Apple has set a target to sell 10 million iPhones in 2008, and already sold 1.79 million in the first quarter. Analysts have so far kept their target on Apple, such as Lehman reiterating its Overweight on the stock.
Merck (NYSE: MRK) was downgraded to Neutral from Buy at UBS and target price was cut to $40 from $43.
Lehman Brothers downgraded both Walt Disney (NYSE: DIS) and News Corp. (NYSE: NWS). Disney was downgraded from Equal Weight to Underweight and its stock is down 2.9% in premarket trading. News Corp. was downgraded from Overweight to Equal Weight and its price target cut from $26 to $15.
Lehman Brothers downgraded both Walt Disney (NYSE: DIS) and News Corp. (NYSE: NWS). Disney was downgraded from Equal Weight to Underweight and its stock is down 2.9% in premarket trading. News Corp. was downgraded from Overweight to Equal Weight and its price target cut from $26 to $15.
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