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Newspaper wrap-up 2-26-07: Sam Zell interested in Tribune

MAJOR PAPERS:

According to the Wall Street Journal, citing sources close to the situation, Las Vegas casino company Station Casinos Inc (NYSE: STN) has entered into a definitive agreement with Fertitta Colony Partners to be acquired by the company for about $5.5B and taken private.
The Wall Street Journal's "Heard on the Street" column reported that many investors are getting cautious on REITs, saying "If Sam Zell is selling, I should too." The article advises to be cautious, and not to flood the REIT market, but not to be too worried by these signs.

OTHER PAPERS:

In more Sam Zell related news, the Chicago real estate billionaire who just sold his office development company for $39B wants to buy the Tribune Company (NYSE: TRB), according to the New York Times.
Also according to the New York Times, Citigroup Inc (NYSE: C) is expected to name Gary Crittenden as its new CFO, replacing Sallie Krawcheck.
According to Bloomberg, Dow Chemical Co. (NYSE: DOW) is expected to receive an LBO offer of up to $54B, or $60 per share, from a private equity consortium.
According to the Sunday U.K. Times, EQT is close to acquiring Hilton Hotels Corporation (NYSE: HLT) Scandic Hotels for around $1B.
The Associated Press, citing an Iranian State-run radio, is reporting that President Mahmoud Ahmadinejad said Iran will move forward with its nuclear program despite international demands to halt the uranium enrichment.

MOST NOTEWORTHY: Casino Stocks and Qualcomm (QCOM) were the notable companies downgraded today:

CIBC recommends that investors continue to own casino operators heading into 2007 based on their view that while many stocks are fully valued, drivers could persist into the first-half of 2007;

the firm downgraded MGM Mirage (NYSE:MGM), Station Casinos Inc. (NYSE:STN) & Ameristar Casinos Inc (NASDAQ:ASCA) to Sector Performer from Sector Outperformer based on valuation and Wynn Resorts Ltd. (NASDAQ:WYNN) to Sector Underperformer from Sector Performer based on valuation and increased competition.

JP Morgan downgraded shares of Qualcomm Inc. (NASDAQ:QCOM) to Underweight from Neutral, citing increased legal expenses that could impact margins.

OTHER DOWNGRADES:

Keefe Bruyette downgraded shares of Washington Mutual Inc. (NYSE:WM) to Market Perform from Outperform, citing limited margin expansion due to the inverted yield curve.
BB&T downgraded Bassett Furniture Industries Inc. (NASDAQ:BSET) to Hold from Buy, citing weak consumer demand for the move.
Deutsche Bank downgraded CNOOC Ltd. (NYSE:CEO) to Hold from Buy.

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