Company News for June 5, 2009 – Corporate Summary
Source: http://www.zacks.com/stock/news/20799/Company+News+for+June+5%2C+2009+-+Corporate+SummaryPosted on Friday, June 5th, 2009 | In Market Commentary, Stocks to Watch
Contributed by: Zacks Market Commentaries (http://www.zacks.com/) -
* Valero (NYSE:VLO) was downgraded to “underperform” from “market perform” following news of its suspension of expansion plans for its Port Arthur refinery. Valero’s 40 million shares offering was repriced lower at $18, sharply off original estimates, although only a slight discount to Wednesday’s close
* Goldman Sachs’ (NYSE:GS) removed Gap Stores (NYSE:GPS) from its conviction buy list, and downgraded the stock to “neutral.”
* Dupont (NYSE:DD) was downgraded by Merrill’s analysts as being fully priced
* Rio Tinto (NYSE:RTP) initiated a deeply-discounted $15.2 billion rights issue as well as a joint venture with BHP Billiton (NYSE:BHP), walking away from its $19.5 billion Chinalco (NYSE:ACH) deal
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