Adtran shares up after Citigroup upgrade

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City of Industry, CA --(www.USEquityNews.com)-- 07/02/2009 - Economy industry alert provided by U.S. Equity News. NEW YORK (AP) -- Shares of communications equipment maker Adtran Inc. rose Thursday, bucking the stock market's direction, after it was upgraded by a Citi Investment Research analyst.


Analyst Jim Suva raised his investment rating on Adtran to "Buy" from "Neutral" in a morning note, saying it is set to benefit from the federal government's $7.2 billion program to increase the reach of broadband.

A quarter of Adtran's sales go to smaller phone companies that are expected to benefit the most from the broadband stimulus program, Suva wrote. He set a price target of $27 on its shares.

Copyright © 2009 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten, or redistributed without the prior written authority of The Associated Press.

Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. [Read the full article]

Reuters - Traders work on the floor of the New York Stock Exchange May 19, 2009. REUTERS/Shannon Stapleton ...

NEW YORK (Reuters) - Stocks fell sharply on Thursday after payrolls data showed more Americans than expected lost their jobs in June, dimming hopes of a quick economic recovery.

U.S. employers cut 467,000 jobs in June, far more than the 363,000 forecast by a Reuters survey, while the unemployment rate rose to 9.5 percent, the government said on Thursday in a report that showed a labor market continuing to struggle.

A separate report showed U.S. factory orders came in better than expected in May, but this provided little comfort in what had turned into a broad sell-off in equities by mid-morning.

"The emphasis has been on jobs, and the fact that the number came in worse than expected is all the reason in the world why the market would sell off," said Kevin Caron, market strategist at Stifel Nicolaus & Co in Florham Park, New Jersey. [Read the full article]

The state, fast running out of cash, is on the brink of not being able to pay its bills for the second time this year.

Unless the governor and legislature pass a balanced budget by Thursday morning, the state will start issuing IOUs to county agencies, small businesses and taxpayers owed billions of dollars.

The state's fiscal condition is disastrous. Officials passed a budget in February, but declining tax revenues have opened up a $24 billion deficit.

Lawmakers and Gov. Arnold Schwarzenegger are locking horns over how to bridge the gap: The governor wants to use deep spending cuts and borrowing, and Senate Democrats are pushing tax increases and less-severe cuts.

Schwarzenegger on Wednesday declared a fiscal emergency, giving the legislature 45 days to address the crisis. He also ordered state workers to take a third furlough day every month.

Meanwhile, the state controller may be forced to turn to IOUs to stave off a deficit of nearly $3 billion for July. [Read the full article]

TEL AVIV, Israel--(BUSINESS WIRE)--Volatility marked trading on the Tel Aviv Stock Exchange (TASE) as on other key international markets during the first week in July, as it was for the last two weeks. By the close of the week the rates of the
leading indices had risen.

The TA-25 index rose by 2.5%, and completed a rise of 32% since the beginning of the year. The TA-75 index ended the week up about 1%, rendering a year-to-date return of 90% which can be attributed to the performance of share prices of companies associated with the discovery of gas on two drilling sites off Israelâ€(TM)s Mediterranean coast.

Leading risers this week were in the major bank shares, those which are included in the Finance-15 index which rose by 5%. Following them were the leading real estate companies, with a weekly rise of 3.5%. [Read the full article]

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