• Mattel (NYSE:MAT) reported second quarter earnings of 6 cents a share, ahead of estimates of breakeven results, despite a 19% revenue fall to $898.2 million

• UBS (NYSE:UBS) initiated coverage of Valero Energy (NYSE:VLO) with a “buy” rating, citing the anticipated cyclical recovery in the industry as well as the firm’s structural changes

• A news agency reported Brazilian mining firm Vale is eyeing Mosiac (NYSE:MOS) as a possible acquisition target

• Goldman Sachs (NYSE:GS) cut its rating on Motorola (NYSE:MOT) shares to “neutral” from “buy,” citing the recent appreciation stock’s price

• Ryder (NYSE:R) increased its quarterly dividend 8.7% to 25 cents

• According to Bank of America (NYSE:BAC) CEO Lewis, “Difficult challenges lie ahead from continued weakness in the global economy, rising unemployment and deteriorating credit quality that will affect our performance for the rest of the year and into 2010.” The firm’s second quarter, however, bettered estimates of 28 cents a share, posting at 33 cents versus 72 cents on revenues of $32.77 billion versus estimates of $33.1 billion

Zacks Investment Research

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