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

MAJOR PAPERS:
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.

Analyst initiations 1-24-07: Morgan Stanley reinstates GM with an Equal-Weight

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).

Symbol Lookup
IndexesChangePrice
DJIA-89.2312,801.23
NASDAQ-23.352,903.88
S&P 500-9.311,342.64

Last updated: February 12, 2012: 11:14 PM

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