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Newspaper wrap-up 6-15-07: Gateway selling products in China

MAJOR PAPERS:

Higher interest rate are making commercial real estate deal makers think twice about deals, according to the Wall Street Journal's "Heard on the Street," sending shares of companies like Archstone-Smith Trust (NYSE: ASN) down from $64 to $60.75 a share.
The Financial Times reported that U.S. senators have proposed new laws that would impose higher taxes on private equity firms that list their shares on stock exchanges, a move that could be a blow to private-equity firm Blackstone Group, which is seeking to list its shares.
The U.S. and U.K. are working on a treaty that would allow Britain to buy American weapons without obtaining export licenses, the Financial Times reported; any deal on the issue could face opposition in the U.S. Congress, although the British believe eliminating the need for the licenses would expedite the arms purchasing process.

OTHER PAPERS:

Turnaround candidate Eastman Kodak Company (NYSE: EK) may be ready to shine, BusinessWeek's "Inside Wall Street" column reported, and now may be a good time to evaluate a potential EK play, according to investment advisor Gregory MacArthur.
Gateway Inc (NYSE: GTW) is selling products in China for the first time in a pilot program with Digital China Holdings Ltd, the LA Times reported.
According to The Nation, The Dow Chemical Company (NYSE: DOW) is planning to ask its board of directors later this year for approval to invest in five petrochemical projects in Thailand.
Cementos Portland Valderribas, a unit of Fomento de Construcciones y Contractas is planning a bid for Texas Industries Inc (NYSE: TXI), the Expansion reports, citing people close to the situation.

MOST NOTEWORTHY: Bioenvision (BIVN), Archstone-Smith Trust (ASN) and GlaxoSmithKline (GSK) were today's noteworthy downgrades:

Rodman & Renshaw downgraded Bioenvision to Market Perform from Outperform, as the firm expects the majority of shareholders to vote in favor of Genzyme Corp.'s (NASDAQ: GENZ) acquisition, but does not believe the transaction price reflects the true value of the company.
Bioenvision Inc. (NASDAQ: BIVN) was also downgraded at UBS to Neutral from Buy due to the acquisition.
Archstone-Smith Trust (NYSE: ASN) was downgraded to Hold from Buy at Stifel Nicolaus, to Market Perform from Outperform at Wachovia and to Market Perform from Outperform at Friedman Billings following the acquisition by Tishman Speyer and Lehman Brothers Holdings Inc. (NYSE: LEH).
GlaxoSmithKline (NYSE: GSK) was downgraded to Sell from Neutral at Merrill Lynch to reflect an unattractive risk/reward profile as they believe Avandia sales will be negatively impacted by the safety concerns raised in the New England Journal of Medicine.

OTHER DOWNGRADES:

Clayton Holdings Inc. (NASDAQ: CLAY) was downgraded to Market Outperform from Strong Buy at JMP Securities, as the firm believes a 2H07 recovery in the subprime MBS market is becoming less visible.
CDW Corp (NASDAQ: CDWC) was downgraded to Peer Perform from Outperform at Bear Stearns following the acquisition by Madison Dearborn Partners.

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