24/7 Wall St. Daily Market Roundup

Author: Ashley Allen
Published: October 18, 2010 at 5:08 pm

Every morning, 24/7 Wall St. editors cover the news, identifying important events and market-moving stories.

The following are the highlights for our Media Digest 10/18/2010 Reuters, WSJ, New York Times, Financial Times and Bloomberg:

Reuters: Rio Tinto (NYSE: RTP) and BHP Billiton (NYSE: BHP) killed a $116 billion joint iron ore venture.
Reuters: The People’s Daily said the rise in the yuan will not last long.
Reuters: The FDIC says it is attempting to gauge the damage caused by the foreclosure crisis.
Reuters: Some investors have begun to prepare for currency wars and global budget cuts.
Reuters: Sprint-Nextel (NYSE: S) and Clearwire (NASDAQ: CLWR) will begin to offer 4G Wimax in New York City, Los Angeles, and San Francisco before the end of the year.
Reuters: Skype and KDDI formed a telecom partnership in Japan.
New York Times: There is a growing problem that workers have begun to sell company secrets overseas.
New York Times: Apple’s closed system for the iPhone could hurt it the way the Mac did two decades ago.
New York Times: Stories meant to draw large amounts of traffic often do not help boost ad sales, according to research firm Perfect Market.
New York Times: The White House says that a stop to mortgage foreclosures would be harmful.

These are this Monday's top analyst upgrades, downgrades, and initiations seen in Wall Street research calls:

ConocoPhillips (NYSE: COP) Started as Neutral at JPMorgan.
Group 1 Automotive Inc. (NYSE: GPI) Cut to Market Perform at Wells Fargo.
Huntsman Corporation (NYSE: HUN) Raised to Buy at Jefferies.
Interpublic Group (NYSE: IPG) Cut to Hold at Deutsche Bank.
Marathon Oil Corp. (NYSE: MRO) Started as Overweight at JPMorgan.
Murphy Oil Corp. (NYSE: MUR) Started as Underweight at JPMorgan.
Overseas Shipholding Group (NYSE: OSG) Cut to Hold at Cantor Fitzgerald.
Philip Morris International (NYSE: PM) Started as Outperform at Credit Suisse.
PG&E Corp. (NYSE: PCG) Raised to Outperform at Wells Fargo.

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Article Author: Ashley Allen

24/7 Wall St. is an independent financial news and opinion Web site focused on the U.S. and global equity markets. The site publishes 20 original articles a day on topics ranging from stock and sector news and market commentary to financial analysis and industry research. …

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