Stocks in the news: Lear, Boeing, Discover Financial
The following post rounds up the companies making headlines today:
Lear Corp. (LEAR) has filed for Chapter 11 bankruptcy protection after receiving the support it needed from lenders and bondholders for its restructuring plan. The auto parts supplier previously received a commitment for $500 million in loans to finance its bankruptcy from a group of lenders led by J.P. Morgan (JPM) and Citigroup (C).
Goldman Sachs (GS) -- the former computer programer accused of stealing secret trading codes from GS has been released from federal custody. GS stands to lose millions from increased competition if the software allegedly stolen by him is used by outsiders, a prosecuter said.General Motors (GMGMQ) execs are scheduled to meet with German officials in Berlin today to discuss competing offers for its Opel unit, three people familiar with the matter told Bloomberg.
Boeing (BA) says it will pay $580 million in cash to Vought Aircraft for a South Carolina plant where the company's 787 Dreamliner planes are built. It should increase productivity and efficiency, CEO Carson said.
ConocoPhillips (COP) said its refining and marketing results are expected to be impacted by significantly compressed light-heavy crude differentials, low worldwide distillate margins and the impact of inventory levels.
Weyerhaeuser (WY) cut its quarterly dividend 80 percent, to 5 cents from 25 cents a share, but the company backed its previous outlook for second quarter earnings. Shares declined 4 percent ahead of the bell.
Intel (INTC) was upgraded to Buy from Neutral at Merrill Lynch as part of an overall upgrade of its view on the semiconductor sector. Merrill also upgraded Marvell Technology (MRVL) to Buy from Neutral, LSI Corp. (LSI) to Buy from Underperform, and Maxim Integrated Products (MXIM) and National Semiconductor (NSM) to Neutral from Underperform.
More analyst calls:
- BJ's Wholesale Club Inc. (BJ) was downgraded from Neutral to Sell at Goldman, which also lowered the price target from $39 to $33.
- Dick's Sporting Goods Inc. (DKS) was upgraded from Neutral to Buy at Goldman.
- Jones Apparel Group, Inc. (JNY) was upgraded at Goldman from Neutral to Buy with a $12 price target.
- KeyCorp (KEY) was upgraded to outperform from market perform at Keefe, Bruyette.
- 3M Co. (MMM) was initiated at Jefferies with a buy rating and a $76 price target