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2010-03-05

Stock Market News Briefs: Agrium Inc., Allergan, Inc., Bank Of America Corporation, Capital One Financial Corporation, Deutsche Bank AG, Goldman Sachs Group, Inc. (The), J P Morgan Chase & Co, Mosaic Company (The), Potash Corporation Of Saskatchewan Inc., Sprint Nextel Corporation, Marvell Technology Group, Ltd., TiVo Inc.

  •  Marvell Tech (MRVL: 20.40 +0.27 +1.34%) swung to a fourth quarter profit on strength in its new communication chips. Adjusted earnings jumped to 40 cents a share, up from last year's five cents, on revenues that rose 64% to $842.5 million. Results topped the firm's earlier forecast of 33-39 cent results on $820-$850 million in revenues. Goldman Sachs (GS: 167.18 +3.57 +2.18%) this morning maintained its "buy" rating, and lifted the price target to $24 from $22
  •  Sprint (S: 3.28 +0.02 +0.61%) received a corporate rating downgrade and senior unsecured debt rating decrease from Standard & Poor's to BB- from BB. Analysts there cautioned, "The rating action reflects our view that post-paid subscriber losses will continue to pressure revenue and cash flow despite growth in the pre-paid business."
  •  Lazard upgraded Allergan (AGN: 62.10 +2.00 +3.33%) to "buy" from "hold," with a price target of $74.
  •  JP Morgan (JPM: 42.81 +0.89 +2.12%) upgraded TiVo (TIVO: 17.50 +0.97 +5.87%) to "overweight" from "neutral," lifting the price target from $15 to $23
  •  Deutsche Bank (DB: 69.41 +1.91 +2.83%) initiated coverage on a number of fertilizer stocks, starting Agrium (AGU: 67.94 +0.76 +1.13%) with a "buy" and an $85 price target, Potash (POT: 116.81 +1.89 +1.64%) with a "hold" and a $120 price target, and Mosaic (MOS: 61.60 +1.17 +1.94%) with a "hold" and a $65 price target
  •  Goldman Sachs (GS: 167.18 +3.57 +2.18%) downgraded Capital One (COF: 37.94 +1.10 +2.99%) to "neutral" from "buy" and lowered the price target from $50 to $45
  •  The US government reported more than $1.5 billion profit from selling warrants received as part of its Bank of America (BAC: 16.70 +0.30 +1.83%) bailout, using a foreign bank, Deutsche Bank (DB: 69.41 +1.91 +2.83%) as its sole underwriter to do so

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