- BP’s (BP: 31.86 +1.19 +3.88%) credit ratings were downgraded by Fitch today to two levels above “junk”. Its long-term issuer default and senior unsecured ratings were cut six notches to BBB from AA, following a cut from AA+ on June 3. BP shares are down 0.75% in early Tuesday trading. Meanwhile, CEOs from oil companies Exxon Mobil (XOM: 62.05 +0.68 +1.11%), Chevron (CVX: 74.85 +0.67 +0.90%) and ConocoPhillips (COP: 53.85 +1.05 +1.99%) are scheduled to testify at today’s hearing in Washington. Exxon shares are slightly up in early New York trading.
- The world’s largest consumer-electronics retailer, Best Buy (BBY: 38.42 -2.63 -6.41%), fell 5.5% to $38.80 after it reported first- quarter profit excluding some items of 36 cents a share. The market had expected earnings of 50 cents per share on higher revenue.
- Transocean (RIG: 47.27 +2.49 +5.56%) shares rose 2.7% to $46.00. It owned the Deepwater Horizon oil rig that exploded and sank. Anadarko Petroleum (APC: 44.7701 +2.7701 +6.60%), the Texas oil company that owns a 25% stake in BP’s well, rose more than 2% in early trading.
- Motorola (MOT: 7.08 +0.12 +1.72%) announced Tuesday the expansion of its portfolio of WiMAX devices with the addition of new fourth-generation, 800 Series CPEs. The CPE or customer premises equipment is designed to help operators cut cost, increase market penetration and reduce customer turnover.
- Tenet Healthcare (THC: 5.17 +0.11 +2.17%) has its estimates raised at Goldman (GS: 135.23 +1.79 +1.34%), with a $5.50 price target. Its 2010 and 2011 EPS estimates were increased to $0.39 and $0.42, respectively, on favorable trends.
- Chocolate maker Hershey (HSY: 50.24 -0.64 -1.26%) said it expects 2010 adjusted profit of $2.47 to $2.52 a share. Analysts had forecast a profit of $2.49 a share. It also plans to slash 500 to 600 jobs. Its shares fell less than 1%.
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