MOST NOTEWORTHY: Concur Tech, Groupe Danone and General Motors were today's noteworthy downgrades:
Piper downgraded shares of Concur Tech (NASDAQ: CNQR) to Neutral from Buy after transferring analyst coverage, as they believe potential upside to estimates is priced into shares while competitive concerns from American Express (NYSE: AXP) are not.
Morgan Stanley downgraded shares of Groupe Danone (OTC: GDNNY) to Equal Weight from Overweight to reflect reduced visibility in the company's core business.
Merrill downgraded General Motors (NYSE: GM) to Underperform from Buy citing the company's deteriorating US auto sales, resulting in a higher cash burn, which could result in a larger than expected capital raise. The firm believes GM capital raise could be in the range of $15 billion and notes that bankruptcy is "not impossible."
OTHER DOWNGRADES:
Progenics Pharma (NASDAQ: PGNX) was lowered to Underperform from Market Perform at Friedman Billings.
UAL Corp. (NASDAQ: UAUA) was cut to Neutral from Buy at Goldman.
Brand-Name Stocks Uner $10: Buyer Beware These well-known names in the bargain bin may look appealing, but experts advise laying off until their earnings picture is clear. Among the stocks to be weary of are Sprint Nextel, Motorola, Ford Motor, Qwest, Washington Mutual, Northwest Airlines, Del Monte, Rite Aid, Chico's, Crocs, United Airlines, Palm, Sealy, Blockbuster, Circuit City and Orbitz. Brand-Name Stocks Under $10: Buyer Beware
NYSE Euronext (NYSE: NYX) will pay $250 million in Qatar's Doha stock exchange, the Doha Securities Market (DSM), in return for a 25% stake. It makes sense for NYX to expand into the Middle East as that region is becoming more financially influential.
Nokia (NYSE: NOK) is paying $410 million to buy out the rest of Symbian, a maker of operating systems for mobile phones. This move, announced just as Google (NASDAQ: GOOG) said its Android system will be delayed, could help Nokia as it becomes more entrenched in the marketplace. While Microsoft's (NASDAQ: MSFT) Windows Mobile operating system is Symbian's closest rivals, its still new kid Apple Inc. (NASDAQ: AAPL)'s iPhone that captures the interest of many.
United Airlines (NASDAQ: UAUA) said Monday it will cut about 950 pilot jobs out of its 6,600 pilots beginning this summer. The airline has already announced cutting 1,600 salaried positions and reduce its fleet. UAUA shares, already sliding nearly 15% Monday, continue to decline in premarket trading as airlines will likely stay in focus.
Farm Stocks: Pick of the Crop Millions of acres of farmland may be under water, but some agricultural outfits stand to benefit as higher prices lead to demand for seeds, equipment, and fertilizer. They include Archer Daniels Midland, Mosiac, Potash Corp., Agriam, Monsanto and John Deere. Ag Stocks: Farm Favorites Millions More Could Get a Rebate If They File a Return Even as the IRS has sent out nearly 77 million tax rebates, more than 5 million retirees and disabled veterans who may qualify for a rebate haven't received one because they haven't filed a tax return. Millions more could get a rebate if they file a return - USATODAY.com
Stock futures were lower early Friday as investors seemed concerned about oil prices ahead of a weekend summit in Jeddah, Saudi Arabia. Meanwhile, financials kept the headlines this morning with Washington Mutual and airlines announcing jobs and cost cuts the main story there. It appears that the last day of this week might see some losses before heading into next week and the Federal Reserve meeting.
On Thrusday, stocks managed to finish the session higher after wobbly trading as oil prices dropped and Citigroup announced further writedowns. The Dow industrials ended 34 points, or 0.28%, higher, the S&P 500 added 5 points, or 0.38%, and the Nasdaq composite climbed 32 points, or 1.33%.
As there are no economic reports due today, investors will eye oil prices after crude-oil futures declined $5 a barrel Thursday following news that China is raising retail fuel prices starting Friday. As countries reduce subsidies for gas, many believe it could slow demand. This morning, oil prices traded a little higher at mid $132 per barrel.
5 Stocks Dad Will Love Forget ties. For Father's Day this year give him something of real value -- shares of some great companies that make products men love. They include O'Reilly Automotive, The Stanley Works, Diageo, Dick's Sporting Goods and Best Buy. 5 Stocks Dad Will Love - Kiplinger.com
Is Water the New Oil? By 2030 nearly half of the world's population will inhabit areas with severe water stress. In the coming decades, as growing numbers of people live in urban areas and climate change makes some regions much more prone to drought, water -- or what many are calling "blue gold" --will become an increasingly scarce resource. Billionaire T. Boone Pickens thinks water is the new oil -- and he's betting $100 million that he's right. If he's right, T. Boone Pickens is a modern-day John D. Rockefeller. Pickens owns more water than any other individual in the U.S. and is looking to control even more. There Will Be Water - BusinessWeek
No, the airlines haven't started charging by the pound. At least not yet...
Jokes aside, nobody told the airlines there'd be days like these, to paraphrase John Lennon.
Jet fuel costs -- up 84% in the past year alone -- have skyrocketed, along with the cost of just about every other product derived from the world's most vital commodity, and the airlines are looking for every conceivable way to reduce weight, reduce wind/resistance drag, and increase operational efficiency, The New York Times reported Wednesday.
The major carriers are replacing heavier seats with lighter ones, cleaning engines and planes more often, reducing the fresh water available on flights, and plugging into electric outlets instead of idling engines at the gate, among other changes, in order to cut fuel consumption.
More air travel changes ahead
Moreover, the changes -- and charges -- have only just begun, so says stock analyst C. Leonard Bauer. "Everyone knows about the added bag charges, a pain in the neck, for sure. But it could get worse," says Bauer, who also flies on a major carrier about 5-7 times per year. "In the winter you could see a per pound baggage charge, or something along those lines. So don't pack that extra winter coat when you fly this December."
Bankruptcy Odds Watch What are the odds that General Motors will have to file for bankruptcy by the end of the year? 30-in-1. What about American Airlines? 2-in-1. Check out 24/7 Wall Street's Bankruptcy Odds Watch on 10 popular companies and what the odds that Northwest, United Airlines, Wachovia, Ford Motor and more will file for bankruptcy. 24/7 Wall St.: The 24/7 Wall St. Bankruptcy Odds Watch
Small Companies, Big Brands Take a look at 10 overachievers that became breakthrough success stories. See how they made their products a household name. They include Ciao Bella, Clif Bar, John Fluevog Boots & Shoes, Pirate's Booty, The Republic of Tea and more. Small Companies, Big Brands - BusinessWeek
22 Mid-Cap Marvels These top-ranked dividend-paying stocks are also expected by S&P analysts to rise in price during the next 12 months. Smart Dividend Plays: 22 Mid-Cap Marvels - BusinessWeek The Rock Star of Money The world's richest man is having an E.F. Hutton moment. Warren Buffett, dubbed the Oracle of Omaha by Wall Street, is making his voice heard these days. The billionaire investor is out talking to cable TV anchors. To magazines. To shareholders. To Congress. To foreign investors. To a former Wall Street analyst who is writing a book about him. He's even popped up in a CNBC documentary, The Billionaire Next Door: All Access, which delves into all things Buffett. Not to mention a recent guest appearance on the daytime soap opera All My Children. People are really listening to what Buffett has to say more than ever. Warren Buffett hones rock-star status - USATODAY.com
The USA's air-travel map is shrinking fast, dropping scores of routes and flights that airlines simply can't afford anymore in a world of $130-a-barrel oil. The nation's most popular vacation destinations will be among the biggest air-service losers. Many flights to Honolulu, Orlando, Las Vegas and other favorite vacation venues have vanished or will soon because cheap tickets bought by tourists don't cover the cost of getting there.
In a move to help cut expenses and save on fuel prices, UAL Corporation (NASDAQ: UAUA), parent of United Airlines, will reduce its 460 airplane fleet by 70 jets. Not yet known is how may jobs will be affected, the Wall Street Journal reported.
In an all stock deal, J.M. Smucker Co. (NYSE: SJM) is expected to buy Folgers coffee from The Proctor & Gamble Company (NYSE: PG) for an estimated $2B, according to the Wall Street Journal. Folgers, the best selling ground coffee in the U.S., has annual sales of about $1.6B.
The Financial Times reported that Lehman Brothers Holdings Inc (NYSE: LEH) lost $500M-$700M on some of its hedging positions in Q2, which have contributed to a larger than expected loss that could result in the bank raising more capital by selling a stake to an outside investor. Lehman has begun negotiations with potential investors, including asset managers and Asian banks, sources said.
OTHER PAPERS:
According to sources, the Rocky Mountain News reported that troubled home builder Beazer Homes USA Inc (NYSE: BZH) is pulling out of Colorado. Beazer, which is being investigated for mortgage fraud by several government agencies, has built homes in the suburbs of Denver and in Colorado Springs.
$8-a-Gallon Gas Americans should be celebrating rather than shuddering over the arrival of $4-a-gallon gasoline. We lived on cheap gas too long, failed to innovate and now face the consequences of competing for a finite resource amid fast-expanding global demand. Here are eight reasons higher prices will do us a world of good. Eight reasons you'll rejoice when we hit $8-a-gallon gasoline - MarketWatch
Answers to All Your Tax Rebate Questions Tell 200 million taxpayers that they'll be getting a share of $130 billion in tax rebates and you're sure to bring smiles to a lot of faces. You'll also prompt many quizzical looks ... and an avalanche of questions. Now one month after the rebates started going out there are still many questions people have. Kiplinger answers over 20 of the most common questions. Answers to ALL Your Tax Rebate Questions - Kiplinger.com
The Charleston Gazette reported that Chesapeake Energy Corporation (NYSE: CHK) has decided not to build its Eastern Division headquarters in Charleston, West Virginia in the wake of a West Virginia Supreme Court ruling on May 22.
WEB SITES:
AppleInsider reported that Apple Inc (NASDAQ: AAPL) is expected to announce a back-to-school deal soon that will encourage students to buy new Macs by offering some of the largest incentives in the history of the company.
Stock futures were higher early Friday morning as oil futures continued to drop and Dell reported surprising strong earnings. (Read the full transcript of the conference call that followed the earnings announcement.)
Some upcoming economic readings about personal income might affect the Street's mood yet, but as long as oil prices remain at around $125 a barrel or go even lower, investors may feel more positive on the day.
If last week stocks witnessed one sharp-drop session after another, this week stocks have been more consistent on their way up and on Thursday U.S. stocks rose for the third session in a row due to a big drop in crude-oil futures. The Dow industrials rose 52 points, or 0.41%, the S&P 500 added 7 points, or 0.53%, and the Nasdaq Composite rose 21 points, or 0.87%.
On the economic calendar today several releases:
At 8:30 a.m. EDT April Personal Income and spending is due. While not perfect, personal income is a decent indicator of future consumer demand. Once personal income starts to stagnate, meaning inflation has caught up with income growth, this is another indication of a recession. A price index is included in the income report. The personal-consumption expenditures is often considered to be the Federal Reserve's preferred inflation gauge.
A little after the open, May Chicago PMI, a regional manufacturing survey, is due out.
Finally, at 10:00 a.m., a revised reading on consumer sentiment from the University of Michigan for May will also be released.
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MOST NOTEWORTHY: Concur Tech, Groupe Danone and General Motors were today's noteworthy downgrades: 
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Stock futures were higher early Friday morning as oil futures continued to drop and Dell reported surprising strong earnings. (
Mall vacancies and store closures at 28-year-high
Merrill seeks $6 billion from Bloomberg, Blackrock to finance asset write-downs
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