×

STOCKS NEWS-Markets soar at the open on global bailout

Real-time equity news U.S. stock market report 0940 ET 10May2010-Markets soar at the open on global bailout ------------------------------------------------------------------------------ U.S. stocks surged at the opening on Monday as a $1 trillion global emergency rescue package eased contagion concerns. The Dow Jones industrial average soared 332.61 points, or 3.20 percent, at 10,713.04. The Standard & Poor's 500 Index was up 36.31 points, or 3.27 percent, at 1,147.19. The Nasdaq Composite Index jumped 98.43 points, or 4.34 percent, at 2,364.07. Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 0905 ET 10May2010-Bernstein downgrades cable sector to "neutral" ------------------------------------------------------------------------------ Bernstein Research on Monday downgraded the cable sector to "neutral," citing the prospect of broadband price regulation. "The sector remains a relatively defensive one; indeed, it would arguably be only more so under regulation," the firm wrote to clients. "But the upside is now sufficiently diminished -- or, at least, obscured-- to no longer warrant an aggressively positive stance." As part of its call, Bernstein downgraded Comcast Corp, Time Warner Cable and Cablevision Systems Corp to "neutral." Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 0857 ET 10May2010-Polycom CEO to step down ------------------------------------------------------------------------------ Video conferencing company Polycom Inc said Robert Hagerty will step down as chief executive and resign from the board on Monday. Polycom named Executive Vice President Andrew Miller, a former CEO of Norwegian rival Tandberg, as chief executive. Hagerty, who also served as chairman, will be an adviser to Miller and the board. David DeWalt, Polycom's lead independent director, will assume the role of chairman. For details, see Shares of Polycom closed Friday at $29.20. Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 0850 ET 10May2010-Mill Road to buy Rubio's for $91 mln ------------------------------------------------------------------------------ Mexican restaurant chain Rubio's Restaurants Inc said it agreed to be acquired by private equity firm Mill Road Capital LP for about $91 million in cash. The offer of $8.70 a share represents a premium of about 14 percent to Rubio's Friday closing price of $7.66. For details, see Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 0836 ET 10May2010-Hotel companies are overpriced: Barron's ------------------------------------------------------------------------------ Hotel stocks may be overpriced considering that the industry is only just emerging from one of its worst slumps ever and are vulnerable to any faltering of the economy, Barron's said in its May 10 edition. Barron's pointed to Starwood Hotels and Resorts, saying its $47 share price was high at 52 times projected 2010 earnings, and Hyatt Hotels , whose shares have risen to about $40 from $25 when it went public last autumn, despite expectations it will lose money this year. For details, see Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 0832 ET 10May2010-Sony profit to beat estimates on cost cuts ------------------------------------------------------------------------------ Sony Corp said it is likely to swing to an annual profit in the past financial year and beat forecasts, instead of an estimated loss. Analysts, however, are focused on how well Sony will shift gears from its restructuring phase to sales growth even as Japanese rival Panasonic Corp beat its forecast for the past year. For details, see U.S.-listed shares of Sony rose 2.7 percent to $33.79 before the bell. Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.