STOCKS NEWS US-Bove raises price target on Citigroup

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0725 ET 29Sept2009
Bove raises price target on Citigroup

Rochdale Securities analyst Richard Bove on Tuesday raised his price target on Citigroup Inc to $6.50 from $4, an increase of 62.5 percent.

In a note to clients, Bove said the bank 'has an attractive long-term future,' and that its future 'will be funded by one of the most liquid balance sheets in banking.'

Shares of Citigroup were down 1 cent to $4.56 in premarket trading.

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0720 ET 29Sept2009
UBS isn't selling Paine Webber unit yet: FT

UBS AG's U.S. wealth management unit Paine Webber will not be sold at present, UBS Chief Executive Oswald Gruebel was quoted saying in the Financial Times, though he said the bank had received 'a lot of inquiries from potential buyers.'

Gruebel said it 'wouldn't make sense' to sell the unit at current valuations.

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U.S.-listed shares of UBS fell 1.6 percent to $18.41 in premarket trading on light volume.

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0716 ET 29Sept2009
KBR wins Saudi Shaybah gas contract

KBR Inc won a contract to work on a natural gas liquids project at Saudi's Shaybah oilfield, the firm said in a statement on Tuesday.

The company didn't give the value of its contract, but industry sources said the combined value was around $100 million.

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Shares of KBR closed Monday at $22.91.

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0712 ET 29Sept2009
Crude oil edges lower ahead of inventory data

November crude futures edged lower on Tuesday, as a weak demand outlook was expected to be reinforced by weekly inventory data from the United States.

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The contract fell 0.6 percent to $66.44 per barrel.

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0708 ET 29Sept2009
Sequenom shares plummet after probe, CEO fired

Shares of Sequenom plunged in premarket trading on Tuesday, a day after the company said it had removed almost its entire top management team as a result of a scandal involving mishandling of research and critical data on its prenatal Down syndrome test.

The genetic analysis products maker's board said it fired president and CEO Harry Stylli and research chief Elizabeth Dragon and obtained the resignation of Chief Financial Officer Paul Hawran and one other unidentified officer.

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The stock shed 46 percent to $3.06 in premarket trading.

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0705 ET 29Sept2009
Paulson considering merging CIT, IndyMac: NYP

Hedge fund manager John Paulson is considering merging troubled U.S. finance company CIT Group with failed mortgage lender IndyMac Federal Bank, the New York Post said, citing people familiar with the matter.

According to the paper, the merger, a plan floated by a number of CIT's creditors including Paulson, is not part of any formal discussions between CIT and IndyMac.

The New York Post also said the plan of merger was one of several being discussed.

For details, see

Shares of CIT gained 9.6 percent to $1.83 in premarket trading.

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