stn posts
FeedPosted Feb 26th 2007 9:52AM by Eric Buscemi (RSS feed)
Filed under: Newspapers, Magazines, Internet, Citigroup Inc. (C), , , Dow Chemical (DOW)
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.
Posted Feb 26th 2007 12:00AM by Kevin Shult (RSS feed)
Filed under: Before the bell, Analyst upgrades and downgrades, Bad news, Nokia Corp. (NOK), New York Times'A' (NYT), ,
MOST NOTEWORTHY: The New York Times Co (NYT), Moody's Corp (MCO), Nokia Corp ADS (NOK) and Circuit City Stores (CC) were some of today's most notable downgrades:
- Lehman Brothers cut the New York Times Co (NYSE: NYT) to Underweight from Equal-Weight as they believe the company's recent cost cuts reflect management's concerns over its top-line.
- Moody's Corp (NYSE: MCO) was downgraded to Underperform from Neutral at Credit Suisse based on the potential to impact from a slowdown in collateralized debt obligation issuance on growth.
- Nokia Corp ADS (NYSE: NOK) was removed from Goldman Sachs's Conviction Buy List based on its recent strength.
- William Blair cut Circuit City Stores (NYSE: CC) to Underperform from Market Perform as the firm has concerns over the slowing of the advanced TV cycle and challenges to the company's turnaround plans.
OTHER DOWNGRADES:
- UBS lowered Cypress Semiconductor Corp's (NYSE: CY) rating to Neutral from Buy based on valuation.
- Citigroup cut BAE Systems plc ADR (OTC: BAESY) to Hold from Buy.
- Raymond James downgraded Caremark RX (NYSE: CMX) to Market Perform from Outperform.
- Matrix USA downgraded The Goodyear Tire & Rubber Co (NYSE: GT) to Hold from Buy and removed the company from its Focus List as they see little upside from its recent rally.
- Nollenberger downgraded shares of Station Casinos (NYSE: STN) to Neutral from Buy after the company accepted a revised buyout offer from Fertitta Colony Partners as they feel the chance for a higher offer to emerge is unlikely.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).
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