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Closing Bell: DJIA's first "almost" positive month this year (C, GU, MRK, SGP, MON, NCST)

Posted Mar 31st 2008 5:19PM by Jon Ogg (RSS feed)
Filed under: Citigroup Inc. (C), Merck and Co (MRK)

Today marked the end of the first quarter of 2008, and the markets ended on an up-note today. The gains in the DJIA today were within a few points of closing up for the month of March 2008. The DJIA hasn't had a positive month since October 2007.

One of the premiere helping hands came from Hank Paulson's proposals that would regulate more players in the financial services industry ahead. Another note was that the Chicago Purchasing managers Index actually gained from 44.5 in February to 48.2 in March, also above the 47.3 estimates. Below are the unofficial closing levels for the DJIA:

DJIA 12,262.89 (+46.49, +0.38%)
NASDAQ 2,279.10 (+17.92, +0.79%)
S&P500 1,322.69 (+7.47, +0.57%)
10YR-TBond 3.432% (-0.034%)
Full 52-Week Lows

Citigroup Inc. (NYSE: C) announced today that it plans to reorganize its consumer credit card business into two parts, Consumer Banking and Global Cards. Analysts doubt the move will eventually result in a spin-off of the unit. The regionalized restructuring will allow more localized control which should enable Citigroup to target international markets more effectively.

Continue reading Closing Bell: DJIA's first "almost" positive month this year (C, GU, MRK, SGP, MON, NCST)

Analyst initiations: NYB, GU and CEDC

Posted Mar 13th 2008 11:50AM by Eric Buscemi (RSS feed)
Filed under: Analyst Reports, Ciena Corp (CIEN), Analyst Initiations

MOST NOTEWORTHY: New York Community Bancorp, Gushan Environmental and Central European Distribution were today's noteworthy initiations:

Citigroup believes New York Community Bancorp (NYSE: NYB) is uniquely-positioned to benefit from the current operating environment and expects loan growth, NIM expansion, and good credit to boost EPS growth over the next year. The firm initiated shares with a Buy rating and $19 target.
Oppenheimer said Gushan Environmental (NYSE: GU) benefits from the Chinese government's policies encouraging growth of renewable fuels; shares were initiated with an Outperform rating and $14 target.
Jefferies initiated Central European Distribution (NASDAQ: CEDC) with a Buy rating and $66 target and views the company as a pure play on rising disposable incomes, particularly in Poland where it is headquartered.

OTHER INITIATIONS:

Lehman assumed Ciena (NASDAQ: CIEN) with an Overweight rating and $35 target.
BMO Capital started Millenium Pharma (NASDAQ: MLNM) with an Outperform rating and $18 target.
Keefe Bruyette started Meridian Interstate Bancorp (NASDAQ: EBSB) with an Outperform rating and $11.50 target.