AWI Posts -- BloggingStocks

AWI posts

Newspaper wrap-up: Subpoenas sent to Merrill, Bear and Deutsche Bank

MAJOR PAPERS:

According to people familiar with the matter, the New York Attorney General has sent subpoenas to Merrill Lynch & Co Inc (NYSE: MER), The Bear Stearns Companies Inc (NYSE: BSC) and Deutsche Bank AG (NYSE: DB). The Wall Street Journal reported the subpoenas are related to the "packaging and selling of debt tied to high-risk mortgages."
The Financial Times' dealReporter said that Armstrong World Industries Inc (NYSE: AWI) is "leaning towards" selling assets in order to fund a buyback. The dealReporter is citing a buyside source and a source familiar with the situation.

WEB SITES:

According to Bloomberg, close to twenty percent of the funds held by Orange County, California are SIVs that may face credit-rating cuts. These funds are similar to the ones that bankrupted the county in 1994.
TechCrunch reported that Google Inc (NASDAQ: GOOG) has launched a new interface for Apple Inc's (NASDAQ: AAPL) iPhone.

MOST NOTEWORTHY: The only company that topped today's list of initiations was Armstrong World Industries Inc (NYSE: AWI).

Oppenheimer initiated Armstrong, whom they consider a relatively undiscovered, asbestos-related post-bankruptcy company, with a Buy rating and $55 target. They believe Armstrong could aggressively deliver its already conservative balance sheet and ultimately repurchase shares.

OTHER INITIATIONS:

General Motors Corp (NYSE: GM) was reinstated at Morgan Stanley with an Equal-Weight rating.

Cowen initiated Level 3 Communications Inc (NASDAQ: LVLT) with an Outperform rating.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

MOST NOTEWORTHY:

Motorola Inc (NYSE: MOT) was the sole notable initiation today. Shares of the cellphone giant were resumed at Goldman Sachs with a Neutral rating and $18 target.

OTHER INITIATIONS:

Penn Virginia GP Holdings L.P.(NYSE: PVG) was initiated by AG Edwards with a Buy and RBC Capital Markets with an Outperform.

Stifel initiated Armstrong World Indus (NYSE: AWI) with a Buy rating; the firm expects a sale of the 65.5% control block of stock owned by the Asbestos Trust to a strategic buyer or private equity firm. The firm believes the company can be valued in the $55-$60 range in a buyout.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

#	Blogger	Posts
1	Joseph Lazzaro	116
2	Tom Johansmeyer	104
3	Steven Mallas	52
4	Connie Madon	48
5	Tom Taulli	47
6	Steven Halpern	37
7	Mark Fightmaster	37
8	Trey Thoelcke	35
9	Paul Foster	25
10	Zac Bissonnette	24
11	Brian White	24
12	Brent Archer	23
13	Melly Alazraki	22
14	Jon Ogg	22
15	Jim Cramer	22
16	Eric Buscemi	18
17	Michael Fowlkes	15
18	Michael Shulman	13
19	Elizabeth Harrow	12
20	David Schepp	9

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