Downgrades:
| FGL | Fidelity & Guaranty Life to Neutral from Outperform at Macquarie |
| GDP | Goodrich Petroleum to Hold from Buy at KLR Group |
| GSJK | Compressco to Market Perform from Outperform at Raymond James |
| HK | Halcon Resources to Reduce from Hold at KLR Group |
| INTC | Intel to Neutral from Buy at B. Riley |
| MSI | Motorola Solutions to Neutral from Buy at Nomura |
| NTAP | NetApp to Neutral from Buy at UBS |
| RGA | Reinsurance Group to Equalweight from Overweight at Barclays |
| SPN | Superior Energy to Equal Weight from Overweight at Morgan Stanley |
| UNH | UnitedHealth to Neutral from Buy at Citigroup |
News:
IHS: Samsung Galaxy S5 carries $250 BOM, DigiTimes reports – An IHS teardown reveals that the Samsung Galaxy S5 carries over $251.52 BOM, reports DigiTimes. The BOM comes out to be more expensive than other high-end smartphones, including the iPhone 5s which carries $207 BOM. Reference
Goldman Sachs tries to jump start stock-trading business amid concerns, WSJ says – Goldman Sachs (GS) is looking to take a more public role in the debate over the market’s future by encouraging employees to stress views on market mechanics and releasing an opinion piece from the firm’s president, reports the Wall Street Journal. The public push is in response to concerns through private conversations with top clients, including Blackrock (BLK) and Fidelity Investments, according to people familiar with the matter. Reference
China GDP growth exceeds expectations, South China Morning Post says – China reported that its GDP had increased at a slightly higher than expected rate of 7.4% last quarter, versus the same period a year earlier, according to The South China Morning Post. However, the country’s GDP growth decelerated from the 7.7% increase reported for the fourth quarter of 2013, and represented the lowest growth rate since the third quarter of 2012, the newspaper noted. Reference
CITIC Pacific buys China assets from parent for $36B, Bloomberg says – Citic Pacific agreed to purchase China assets from its state-owned parent company in a transaction worth $36B in stock and cash, according to Bloomberg, citing a Hong Kong exchange filing. Reference
Former Sony chairman to take place on Time Inc’s board, NY Post says – Time Inc (TWX) is expected to announce its board of directors as soon as next week, when Time Warner files an amended Form 10 ahead of spinning off the publishing unit June 30, the New York Post reports. Former Sony (SNE) Chairman Howard Stringer has agreed to take a position on Time Inc?s board, according to a source. Reference
3M against proposal for shareholder actions without vote first, Reuters says – 3M Company said its board opposed a proposal by shareholder James McRitchie to allow investors with a certain amount of shares to take a specific action through written consent without voting first, according to Reuters, citing a company letter to stockholders. Reference
Apple denied motion to dismiss e-books suit, Reuters says – Apple was denied its motion to dismiss lawsuits by state attorneys general who say it conspired to fix e-book prices, meaning 33 states and territories, along with attorneys for consumers, can pursue hundreds of millions of dollars in damages at a July 14 trial, reported Reuters. Reference
Nokia increases orders for on-cell touch panels, DigiTimes reports – Nokia is increasing orders to Taiwan-based touch panel makers for on-cell touch panels, reports DigiTimes. According to industry sources, Nokia is set to use the touch panels in new smartphones released this year. Innolux and Chunghwwa Picture Tubes are expected to be the main suppliers. Reference
Maserati mulls addition of Alfieri after orders increase, Bloomberg says – Maserati will most likely boost production and add the Alfieri sports car to its lineup after advance sales at Italian car manufacturer have nearly tripled over last year’s deliveries, according to Bloomberg, citing people familiar with the matter. Maserati is owned by Fiat. Reference
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