Stock Market News Briefs: Bank Of America, Best Buy Co., Burger King Holdings, Citigroup, CSX, J P Morgan Chase & Co, Johnson & Johnson, Masco, Owens Corning Inc, Blue Nile, Dell, Fastenal Company, Microsoft, OSI Pharmaceuticals

• ·         Johnson & Johnson (JNJ: 60.56 +0.06 +0.10%) posted second quarter EPS of $1.15 which was lower than Zacks estimates of $1.21 and $1.18 in the year ago period. Revenues were $15.2 billion in the second quarter lower than Zacks estimates of $15.7 billion 
• ·         Microsoft (MSFT: 25.39 +0.26 +1.03%) faced negative reporting from a ScriptLogic survey that suggested that six out of ten firms would not purchase the newest version of its operating software. On the other hand, the company announced plans to launch a free online software next year  
• ·         Fastenal (FAST: 50.87 +0.43 +0.85%) reported second quarter earnings of 29 cents per share on revenues of $474.9 million  
• ·         Dell (DELL: 13.71 +0.51 +3.86%) warned of pressure on gross margin in the second quarter and stated that it was likely to generate only slight sequential revenue growth versus earlier estimate of 1.6% growth. Although, Dell asserted stabilization in demand for IT products on a year-over-year basis, the company added that its profits were adversely affected by higher component costs, a competitive pricing environment, and an unfavorable mix of product and business-segment demand  
• ·         CSX (CSX: 52.52 +0.80 +1.55%) reported better-than-expected EPS of 72 cents from continuing operations versus 95 cents in the year ago period, despite a 21% decline in shipping volumes and lower fuel surcharge recovery  
• ·         Oppenheimer upgraded Best Buy (BBY: 35.03 -0.39 -1.10%), asserting that the shares are currently oversold  
• ·         OSI Pharmaceuticals (OSIP: 0.00 N/A N/A) reported successful completion of a Phase III study, demonstrating increased survival rate following initial chemotherapy treatment for patients suffering from advanced non-small cell lung cancer  
• ·         Citigroup (C: 4.26 -0.04 -0.93%) upgraded shares of Blue Nile (NILE: 49.35 -1.48 -2.91%) to Buy from Hold while maintaining a $50 price target 
• ·         Burger King (BKC: 17.74 +0.03 +0.17%) was downgraded by Bank of America (BAC: 15.685 +0.015 +0.10%) to Neutral with a lowered price point of $19 compared with $22 earlier  
• ·         Masco (MAS: 11.25 -0.18 -1.57%) was downgraded by JP Morgan(JPM: 40.24 -0.24 -0.59%) to Underweight from Overweight, with its price target reduced to $6.50 from $7.50  
• ·         Owens Corning (OC: 29.94 -0.14 -0.47%) was upgraded by JP Morgan (JPM: 40.24 -0.24 -0.59%) to Overweight from Neutral, with a price target of $15, up from $13.50
  
  

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