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Hertz to Buy Dollar Thrifty. Hertz Global Holdings (HTZ) announced it has agreed to buy Dollar Thrifty Automotive Group (DTG) for $1.2 billion in cash and stock. The $41 per share deal is a +5.5% premium over its Friday closing.
IMF Speed Up Greek Aid. The IMF is speeding up efforts to provide Greece with aid before €8.5B ($11.3 billion) of the country's bonds mature on May 19. Officials from the IMF, the European Commission and the European Central Bank should finish talks in the next week regarding the terms and conditions of the aid.
Upgrades
Sysco (SYY): UBS raised their rating from Neutral to Buy.
Zimmer Holdings (ZMH): JP Morgan raised their rating from Neutral to Overweight and raised their target price from $68.00 to $70.00.
Downgrades
Dell (DELL): Standpoint Research lowered their rating from Buy to Hold.
Newell Rubbermaid (NWL): BMO Capital Markets lowered their rating from Outperform to Market Perform.
DeVry (DV): Credit Suisse lowered their rating from Outperform to Neutral.
ITT Educational (ESI): Credit Suisse lowered their rating from Outperform to Neutral.
Nokia (NOK): Bernstein lowered their rating from Outperform to Market Perform.
Coverage Reiterated/Price Target Changed
Cisco Systems (CSCO): Oppenheimer reiterated their Outperform rating and raised their target price from $29.00 to $32.00.
Caterpillar (CAT): Reported Q1 EPS of $0.50 beating estimates by +$0.11 on revenue of $8.24 billion.
Check Point Software (CHKP): Reported Q1 EPS of $0.55 beating estimates by +$0.02 on revenue of $245 million.
Humana (HUM): Reported Q1 EPS of $1.52 beating estimates by +$0.38 on revenue of $8.4 billion.
Whirlpool (WHR): Reported Q1 EPS of $2.13 beating estimates by +$0.80 on revenue of $4.3 billion.
· Futures: Dow +0.2%. S&P +0.1%. Nasdaq 0.0%. Crude +0.2% to $85.27. Gold +0.2% to $1156.
· Asia: Nikkei +2.3% to 11166. Hang Seng +1.6% to 21587. Shanghai -0.5% to 2970. BSE +0.3% to 17745.
· Europe: London +0.7% to 5765. Paris +1.1% to 3993. Frankfurt +0.9% to 6317.
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