June 22, 2009 / 3:41 PM / in 10 years

STOCKS NEWS US-CBS names Joseph Ianniello CFO

 Stocks on the move [HOT-RTRS]
 Real-time Equity news [U][E]  [RESF/US]
 For U.S. stock market report double-click [.N] 1138 ET 22June2009-CBS Corp names Joseph Ianniello CFO ------------------------------------------------------------------------------
 CBS Corp (CBS.N) on Monday named Joseph Ianniello chief financial officer and executive vice president, effective July 20.
 Ianniello has served as deputy CFO since November. He succeeds Fred Reynolds, who is retiring.
 For details, see [ID:nWNBB0005]
 Shares fell 3.7 percent to $7.07.
 Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 1124 ET 22June2009-Merck to sell $3.5 bln debt in four parts: IFR ------------------------------------------------------------------------------
 Merck & Co (MRK.N) is planning to sell $3.5 billion in debt in a four-part sale, said IFR, a Thomson Reuters service, on Monday.
 The offering includes a two-year, six-year and 10-year note issue and a 30-year bond issue, according to IFR.
 Banc of America Securities, Citigroup Global Markets, JP Morgan and RBSGC are the joint lead managers on the sale.
 Shares of the pharmaceutical company, a Dow component, fell 2 percent to $25.39.
 Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 1115 ET 22June2009-Medarex shares jump on Mayo Clinic study ------------------------------------------------------------------------------
 Medarex Inc MEDX.O shares jumped on Monday after a Mayo Clinic report that two patients being treated in a mid-stage trial with its experimental cancer drug are now cancer free. [ID:nBNG498210]
 The clinic said the patients' prostate cancer was considered inoperable and was treated with a combination of Medarex's ipilimumab, standardized hormone treatment and radiation therapy.
 Medarex shares surged 16 percent to $8.54.
 Reuters Messaging:rm://Charles.mikolajczak.reuters.com@reuters.net 1111 ET 22June2009-LodgeNet shares tumble, to sell $50 mln in stock ------------------------------------------------------------------------------
 Shares of LodgeNet Interactive Corp LNET.O tumbled on Monday, after the company said it plans to sell $50 million in convertible preferred stock and use part of the proceeds to reduce debt.
 The company plans to sell the convertible preferred in a private offering to institutional investors. The preferred stock will have a liquidation preference of $1,000 per share.
 For details, see [ID:nBNG499448]
 The stock sank 26 percent to $3.35.
 Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 1057 ET 22June2009-Citigroup sees upside in cyclical stocks ------------------------------------------------------------------------------
 Citigroup said on Monday that even though cyclical stock prices have surged recently, the run-up wasn't over.
 "While there is concern that investors have missed the substantive move in stocks geared towards the energy/industrial/commodity complex, we think that it is premature to worry and believe there is still meaningful outperformance potential," the firm wrote.
 "While investor surveys show increasing investor enthusiasm for this area, such poll results have not proven to be contrarian indicators for the past year and other factors argue for overweight positions."
 Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 1044 ET 22June2009-Markets tumble on economic worries, energy ------------------------------------------------------------------------------
 Major U.S. indexes fell on Monday as investors questioned the strength of an economic recovery, and the price of crude oil dropped, pressuring energy shares.
 For details, see [ID:nN22501514]
 The Dow Jones industrial average .DJI fell 1.6 percent to 8,403.92, while the S&P 500 .SPX lost 2.1 percent to 902.12, and the Nasdaq .IXIC was off 2.5 percent to 1,782.32.
 Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 1036 ET 22June2009-TARP repayment to hurt Goldman's Q2 profit: O'Neill ------------------------------------------------------------------------------
 Sandler O'Neill said on Monday that while repaying money from the government Troubled Asset Relief Program (TARP) would be a long-term positive for Goldman Sachs Group Inc (GS.N), it would hurt the company's second-quarter profit.
 Despite that, the firm raised its second-quarter earnings outlook for Goldman, citing increased underwriting and FICC trading assumptions.
 For details, see [ID:nWNAB1670]
 Shares of Goldman fell 1.7 percent to $140.72.
 Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net 

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