Company News for June 21, 2010 - Corporate Summary

• BASF is expected to announce a deal this week to acquire specialty chemical maker Cognis, owned by Goldman Sachs GS and Permira Advisors, for over $4.1 billion

• Amazon.com AMZN announced plans to relaunch an on-line clothing store

• BP's BP internal memo reported the spill could be worse than expected at 100,000 bpd Gulf oil spill.  Reports says the company looking to raise $50 billion through asset sales and borrowings

• Citigroup C is reportedly seeking to raise over $3 billion for its private equity and hedge funds, even as the Congress continue to work on a financial regulatory reform package

• California Pizza Kitchen CPKI lowered its fiscal second quarter earnings guidance to 10-15 cents per share from a range of 24-26 cents earlier 

• Anticipating another strong quarterly post, Piper Jaffray PJC analysts reiterated their "overweight" rating on EMC EMC with a $23 price target

• Smart Modular Tech SMOD posted fiscal third quarter adjusted earnings of 26 cents, beating estimates of 18 cents on revenues of $201.2 million, up from estimates of $180.02 million. Guidance for the fourth quarter was set at 22-24 cents on sales of $200-$210 million