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Newspaper wrap-up: Anheuser-Busch prepares to battle InBev

MAJOR PAPERS:

Anheuser-Busch Companies Inc (NYSE: BUD) is going to turn down InBev's unsolicited $46.35B takeover offer and that may come before week's end, the Wall Street Journal reported. InBev is then expected to pursue a hostile takeover and Anheuser will say the offer undervalues the company. Instead, Anheuser will attempt to boost its share price by selling non-core assets such as its theme parks.
The Wall Street Journal also reported that Belgian-Dutch financial firm Fortis NL (OTC: FORSY), in a move to increase its solvency, will attempt to raise $12.54B, and will also cancel its interim dividend and sell some assets.
According to people familiar with the situation, the Wall Street Journal reported that JP Morgan Chase & Co (NYSE: JPM) reportedly dropped out of the bidding for General Electric Company's (NYSE: GE) $30B credit-card business. The sources said Citigroup Incorporated (NYSE: C), Bank of America Corporation (NYSE: BAC) and Capital One Financial Corporation (NYSE: COF) are not expected to submit bids, as a result of charge-offs and rising delinquencies in their own credit card portfolios.
The Financial Times reported that the London Stock Exchange, in a joint venture with Lehman Brothers Holdings Inc (NYSE: LEH), unveiled a pan-European equities trading platform to fight rivals that are hurting its market share.

MOST NOTEWORTHY: Lehman, PNM Resources and Hilb, Rogal and Hobbs were today's noteworthy downgrades:

Wachovia downgraded Lehman (NYSE: LEH) to Market Perform from Outperform citing the larger capital raise, poorly marked assets, and lack of confidence.
Jefferies downgraded PNM Resources (NYSE: PNM) to Hold from Buy citing valuation and lower contribution from the company's First Choice supply subsidiary.
Hilb, Rogal and Hobbs (NYSE: HRH) was cut at Davenport to Neutral from Buy following the acquisition by Willis Group Holdings (NYSE: WSH).

OTHER DOWNGRADES:

Merrill lowered Fortis (OTC: FORSY) to Neutral from Buy.
Continental Resources (NYSE: CLR) was downgraded to Hold from Buy at Deutsche Bank.
Calyon downgraded Helmerich and Payne (NYSE: HP) to Neutral from Add.

MOST NOTEWORTHY: Air Products, Eaton and Pharmaceutical Product Development were today's noteworthy downgrades:

Jefferies downgraded shares of Air Products (NYSE: APD) to Hold from Buy and lowered their target to $105 from $112 as they believe investors should wait for a better entry point given the company's more cyclical growth portfolio. They see downside risks to its electronics, chemicals and equipment businesses.
Eaton Corp. (NYSE: ETN) was downgraded to Neutral from Buy at Goldman due to its high exposure to the U.S. economy.
Baird downgraded Pharmaceutical Product Development (NASDAQ: PPDI) to Neutral from Outperform as its 2008 development guidance appears full and margins look full.

OTHER DOWNGRADES:

Goldman downgraded the U.S. non-life insurance sector to Neutral from Attractive and removed Synchronoss (NASDAQ: SNCR) from its Conviction Buy List.
ING downgraded Fortis (OTC: FORSY) to Hold from Buy.

MOST NOTEWORTHY: Polaris Industries, Edwards Lifesciences, BearingPoint and Fortis were today's noteworthy upgrades:

Rochdale upgraded Polaris Industries (NYSE: PII) to Buy from Hold, as they have increased confidence in the company's ability to achieve estimates.
Piper upgraded shares of Edwards Lifesciences (NYSE: EW) as they believe the bad news is behind the company with a U.S. turnaround expected in 2008.
Jefferies raised shares of BearingPoint (NYSE: BE) to Hold from Underperform on valuation as they believe the risk/reward is neutral following the recent pullback.
Fortis (OTC: FORSY) was upgraded to Outperform from Peer Perform at Bear Stearns. The firm upgraded shares on valuation as they believe the recent weakness is overdone.

OTHER UPGRADES:

Goldman Sachs added Research in Motion Limited (NASDAQ: RIMM) and Commercial Metals (NYSE: CMC) to its Conviction Buy List.
Credit Suisse upgraded Varian Semiconductor (NASDAQ: VSEA) to Outperform from Neutral.
Bear upgraded Bruker Biosciences (NASDAQ: BRKR) and Hutchison Telecom (NYSE: HTX) to Outperform from Peer Perform.
Banc of America upgraded Werner Enterprises (NASDAQ: WERN) and J.B. Hunt (NASDAQ: JBHT) to Neutral from Sell.