Company News for December 30, 2009 - Corporate Summary
• STEC (NASDAQ:STEC) shares moved higher for the tenth session, gaining on takeover speculation. Moreover, Broadpoint AmTech posted a "buy" rating on the shares with a $23 price target.
• Broadcom (NASDAQ:BRCM) agreed to a $160.5 million proposed settlement of a class-action lawsuit concerning the back-dating of stock options after SEC complaints against the firm's CEO and CFO were dismissed by a California judge on claims the state prosecutors had intimidated three key witnesses.
• Bank of America (NYSE:BAC) upgraded Con-Way (NYSE:CNW) to "buy," increasing its price target to $45.
• Broadpoint AmTech reiterated its "buy" rating on Bucyrus (NASDAQ:BUCY), and increased its 2010 earnings forecast with a price target of $75. The firm raised the 2010 estimate to $3.49 from $3.35, above Street estimates, although under management's qualitative guideline.
• A research note from Kaufman Brothers claims additional climbs in semiconductor shares are likely, noting that"we are incrementally constructive on holding the group given the likelihood of a move to the upside from essentially a range-bound performance since August." The analyst finds PC-exposed semi shares most attractive, including Intel (NASDAQ:INTC), Volterra (NASDAQ:VLTR) and Standard Microsystems (NASDAQ:SMSC). Volterra and Standard Microsystems' price targets were lifted to $23 and $25, respectively, with Intel's retained at $25.
• Barrington Research upgraded H&R Block (NYSE:HRB) from "market perform" to "outperform", with a $30 price target.
• China BAK Battery (NASDAQ:CBAK) shares soared 64% on Tuesday following unsubstantiated rumors that the company will manufacture batteries to be used in Google's (NASDAQ:GOOG) pending Nexus One smartphone.
• Pfizer (NYSE:PFE) announced plans to discontinue its Phase 3 trial of figitumumab in non-small cell lung cancer for futility.
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