Company News for July 7, 2010 - Corporate Summary

• Microsoft MSFT is reportedly planning to cut a small number of positions this week

• Family Dollar Stores FDO reported a 19% rise in fiscal third-quarter earnings to 77 cents from 62 cents a year ago, one cent higher than Zacks estimates, on an 8.4% gain in revenues to $2 billion, in-line with Zacks estimates.  However, the firm said it sees full-year earnings of $2.53 to $2.58 a share, below expectations

• Alcon ACL said it plans to acquire privately-held LenSX lasers firm for $744 million

• A Saudi newspaper says Saudi investors are seeking a 10-15% stake in BP BP.  The US Department of Justice has requested BP to provide notice of any planned asset sale or significant cash deal, with US leverage coming from possible fines and loss of US drilling permits.  Yesterday saw BP shares higher from news of upgrades to "buy" from analysts at RBS RBS and Bernstein

• Piper Jaffray PJC upgraded Jupiter Networks JNPR to "overweight" from "neutral" with a price target of $31

• Oppenheimer upgraded EMC EMC to "outperform" from "perform," with a price target of $22