Filed under: Before the bell, Analyst upgrades and downgrades, Deals, Google (GOOG), Apple Inc (AAPL), General Electric (GE), Pfizer (PFE), Intel (INTC), Ford Motor (F), XM Satellite Radio (XMSR), Sirius Satellite Radio (SIRI), Walt Disney (DIS), Advanced Micro Dev (AMD), Merrill Lynch (MER), Bear Stearns Cos (BSC)
Before the bell: Futures higher ahead of data, despite OPEC decision
Merrill Lynch & Co. (NYSE: MER), Deutsche Bank AG (NYSE: DB) and Bear Stearns Cos. (NYSE: BSC) have been subpoenaed by New York Attorney General Andrew Cuomo as part of an investigation of “related to the packaging and selling of debt tied to high-risk mortgages,” according to the Wall Street Journal [subscription required].
Two Apple’s (NASDAQ: AAPL) iPhone news/tidbits this morning: France Telecom stated its Orange division had already sold close to 30,000 iPhones in France since its launch there last week. If some were concerned about a cold shoulder from consumers in Europe, perhaps they had nothing to worry about.
Also, Google Inc. (NASDAQ: GOOG) released its list of top search terms in 2007 and the iPhone grabbed the No. 1 slot on a list of the fastest-rising search terms in the United States. Webkinz and TMZ took the No. 2 and 3 spots respectively.
Intel Corp (NASDAQ: INTC) was upgraded to Overweight from Market Weight at Thomas Weisel Partners. The broker believes 2008 could exceed expectations with Intel seeing PC strength and benign selling price pressure next year. However, the broker cut estimates on rival Advanced Micro Devices (NYSE: AMD). INTC shares are up 1.75% in premarket trading, AMD shares up 1.2%.
Hong Kong government is unhappy with Disneyland (NYSE: DIS). The government, which holds a majority stake of 57% in the $3.5 billion park in Hong Kong, stated performance was unsatisfactory as it missed its attendance target for the second year in a row.
India’s Tata Motors has the edge in the bidding for Ford Motor’s (NYSE: F) Jaguar and Land Rover brands because of its size, its dealmaking record and its familiarity with the UK market, bankers and analysts say. CEO Alan Mulally has said Ford could announce the sale of Jaguar and Land Rover by the year-end or early next year. Ford shares are up 3.3% in premarket trading.
General Electric’s (NYSE: GE) Consumer Product Safety Commission said the company is recalling 92,000 combination wall and microwave ovens after at least 35 incidents of fire that damaged property. The door switch in the microwave oven can overheat and ignite plastic components in the appliance.
Pfizer Inc. (NYSE: PFE) and biotechnology company Adolor Corp. (NASDAQ: ADLR) are partnering to develop two pain treatments for conditions that include inflammatory pain and neuropathic pain, which stems from the nervous system. ADLR shares have spiked 20% in premarket trading (8:16 a.m.).
XM Satellite Radio Holdings Inc. (NASDAQ: XMSR) continues its slide this morning, declining 1.4% in premarket trading after closing down 5.37% Tuesday following a Goldman Sachs downgrade of the shares. Sirius Satellite Radio Inc. (NASDAQ: SIRI) shares, on the other hand, are recovering from yesterday’s 2.93% slide and are adding over 0.8% in premarket trading. Sirius’s CFO stated Tuesday his company remains hopeful that it can close its acquisition of XM Satellite Radio by the end of the year. Royalties for the two companies are also set till 2012.
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