• Bank of America/Merrill (NYSE:BAC) downgraded a number of semiconductor companies, expecting a modest inventory correction, even as economies improve and demand for electronics rises. Four shares were downgraded to neutral, including Intel (NASDAQ:INTC), Texas Instruments (NYSE:TXN), Marvel Technology Group (NASDAQ:MRVL) and LSI Corp (NYSE:LSI). The form lowered Maxim Integrated Products (NASDAQ:MXIM), National Semiconductor (NYSE:NSM), Power Integrations (NASDAQ:POWI) and Microchip Technology (NASDAQ:MCHP) to underperform
• Advanced Micro Devices (NYSE:AMD) rose 10.6% yesterday. The firm announced a private debt offering of $500 million of senior notes. This morning's news saw FBR Research raising its price target to $9 from $8, while maintaining a "market perform" opinion
• Goldman Sachs (NYSE:GS) reiterated its "buy" rating on CVS Caremark (NYSE:CVS), saying the shares are cheap at current levels. The firm said at $30, CVS is selling at just 10.6 times 2010 estimates, below a two year, 14x average, with long-term growth of 13% anticipated
• Reports said Blackstone (NYSE:BX) plans to acquire Birds Eye Foods, the largest US frozen-vegetable company, for over $1.3 billion in an all-cash deal
• Tenneco (NYSE:TEN) priced a 12 million share offering at $16.50 per share for $187 million
• Sears Holding (NASDAQ:SHLD) reported a third quarter loss of 81 cents, less than the $1.09 loss expected, on better-than-expected revenues of $10.19 billion
• Dick's Sporting Goods (NYSE:DKS) reported third quarter earnings of 16 cents a share, ahead of estimates by 7 cents as revenues of $990 million topped expectations of $961 million. The company said it expect fourth-quarter earnings of 41 cents to 46 cents a share
• Children's Place (NASDAQ:PLCE) reported in-line earnings of $1.38 on in-line revenues of $463 million. Comparable sales fell 2%
• Williams-Sonoma (NYSE:WSM) third quarter beat by 11 cents as earnings posted at 16 cents and revenues exceeded estimates at $729 million
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