STOCKS NEWS US-Dick Bove slashes targets on BB&T

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U.S. stock market report [.N]
1249 ET 03Feb2009-Dick Bove slashes targets on BB&T
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Ladenburg Thalmann analyst Dick Bove on Tuesday slashed his targets on BB&T
Corp (BBT.N), dropping the price target to $22 from $35 and the 2009 earnings
estimate to $1.56 a share from $2.79 a share.

Bove noted that shares of the company have continued to fall despite the
bank seeing lending opportunities and possible gains in market shares. "The
reasoning by investors is that the company may have severe real estate problems
in Atlanta with land loans and North Carolina with condo loans. To this point,
nothing that management says will change investors' views on this subject,"
Bove wrote.

Shares of BB&T slid 4.5 percent to $18.45 on Tuesday.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1239 ET 03Feb2009-Fed extends swap lines programs through Oct. 30
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The U.S. Federal Reserve on Tuesday extended "swap line" programs designed
to funnel billions of U.S. dollars to markets around the world in an attempt to
keep money flowing in the troubled banking system.

The swap lines will be extended for six months, through Oct. 30. The
program provides U.S. dollars to 13 central banks. [ID:nN03404937]

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1138 ET 03Feb2009-Citi sees new version of Amazon's Kindle soon
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Citi on Tuesday said it expects online retailer Amazon.com Inc (AMZN.O) to
unveil the second version of its popular Kindle product at a press conference
on Feb. 9.

The Kindle is an electronic reading product that Citi called "the iPod of
the book world," speculating that Amazon sold about 500,000 Kindle units in
2008.

The firm said that revenue related to the Kindle could reach $1.2 billion
by 2010, which would amount to about 4 percent of Amazon's total estimated
annual revenue that year.

"Kindle's success highlights the very significant and consistent innovation
focus that Amazon has maintained over the past five years and helps hedge the
company against the digitization of media products," Citi wrote.

Shares of Amazon rose 2.2 percent to $62.50 on Tuesday.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1131 ET 03Feb2009-UPS cost cuts lifts shares, boost FedEx
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Shares of United Parcel Service (UPS.N) rose on Tuesday, lifting peer
shipping company FedEx Corp (FDX.N) after it detailed cost-cutting measures it
was instituting in a move to combat the global economic downturn.

UPS, which earlier on Tuesday reported fourth-quarter earnings that were
worse than expected, hurt by a decline in package volume, said the cost cuts
would include freezing some wages and eliminating some package handling
operations. For details, see [ID:nN03511422]

The stock gained 7.1 percent to $45.41 while FedEx added 5.3 percent to
$51.74.

Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1104 ET 03Feb2009-Marshall & Ilsley falls after Goldman cuts target
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Shares of Marshall & Ilsley (MI.N) slid on Tuesday after Goldman Sachs
lowered its price target on the stock to $5 from $11, along with a host of
other regional banks to reflect the severity of the current credit cycle.

Goldman also lowered its target on other banks including Zions Bancorp
(ZION.O), Regions Financial (RF.N) and City National Corp (CYN.N).

Marshall & Ilsley shares tumbled 19 percent to $3.97, Zions Bancorp shed 8
percent to $13.31, Regions Financial slipped 3 percent to $2.83, and City
National fell 3.5 percent to $33.03.

Reuters Messaging: Charles.mikolajczak.reuters.com@reuters.net