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BroadcomCorp posts

Before the bell: BX, BRCM, NOK, AAPL, MAT

Main market news here: Before the bell: Cisco (CSCO) earnings boost futures.

The Blackstone Group (NYSE: BX) announced Wednesday morning that it has closed its latest fund, Blackstone Capital Partners V. The $21.7 billion fund is the largest buyout fund ever.

Broadcom Corp. (NASDAQ: BRCM) has added insult to injury in its rivalry with Qualcomm Inc. (NASDAQ: QCOM), following up a legal victory with news of a deal to supply chips to cell phone maker Nokia Corp. (NYSE: NOK), which is currently squabbling with Qualcomm.

In addition to the Broadcom deal and its continuing contract with Texas Instruments (NYSE: TXN), Nokia has also announced two new chip suppliers: Infineon Technologies (NYSE: IFX) and STMicroelectronics (NYSE: STM).

Apple (NASDAQ: AAPL) unveiled its new iMac on Tuesday, which features a slimmer, aluminum casing and a suite of software targeted at winning over users of Microsoft (NASDAQ: MSFT)'s Windows.

Mattel Inc. (NYSE: MAT) has named the Chinese manufacturer of almost 1 million Fisher-Price toys that it had to recall last week for possible lead paint.

MOST NOTEWORTHY: Royal Dutch Shell PLC (NYSE: RDS.A), Broadcom Corporation (NASDAQ: BRCM) and National Semiconductor Corporation (NYSE: NSM) were today's noteworthy upgrades:

Royal Dutch Shell was upgraded to Buy from Neutral at Merrill Lynch to reflect the company's strong refining backdrop and potential for positive surprise in the gas and power and downstream segments.
Broadcom was upgraded to Market Outperform from Market Perform at JMP Securities following positive channel checks and the recent court win over Qualcomm Incorporated (NASDAQ: QCOM).
UBS upgraded shares of National Semiconductor to Buy from Neutral on the Q4 upside, ongoing share buyback and guidance which calls for further margin improvement.

OTHER UPGRADES:

Banc of America upgraded shares of Qwest Communications International Inc (NYSE: Q) to Buy from Neutral to reflect greater visibility into cash flow generation potential through 2008.
Banc of America also upgraded Cincinnati Bell Inc (NYSE: CBB) to Neutral from Sell, as they believe the stock is not a sell in a market focused on cash flow.
Genentech Inc (NYSE: DNA) was upgraded at Deutsche Bank to Buy from Hold based on compelling valuation and fundamental outlook.
Bear Stearns upgraded shares of Nordstrom Inc (NYSE: JWN) to Outperform from Peer Perform citing the recent share pullback and top-line growth.