Company News for July 8, 2010 - Corporate Summary

• Reports said BP BP is working on a plan to cap the spill as early as July 27, but noted it could be "unlikely"

• Wells Fargo WFC plans to cut 3,800 jobs and close its subprime unit

• MasterCard MA reported June luxury purchases fell for the first time since last November

• Goldman Sachs GS added Precision Castparts PCP to its Conviction Buy List, and removed Textron TXT from the list

• Wells Fargo WFC upgraded Petroleum Development PETD to "outperform" from "perform," taking the price range target to $32-$36 from $24-$26

• Needham reiterated a "buy" on Time Warner Cable TWC with a $65 price target

• Deutsche Bank DB initiated coverage of Calpine CPN at a "buy," with a price target of $16