Stock Market News Briefs: BP P.l.c., Calpine, Deutsche Bank AG, Goldman Sachs Group, Mastercard Incorporated, Precision Castparts, Textron, Time Warner Cable Inc, Wells Fargo & Company, Petroleum Development Corporation

•  Reports said BP (BP: 33.2601 +0.0701 +0.21%) is working on a plan to cap the spill as early as July 27, but noted it could be “unlikely”

•  Wells Fargo (WFC: 26.46 -0.20 -0.75%) plans to cut 3,800 jobs and close its subprime unit

•  MasterCard (MA: 207.83 +0.26 +0.13%) reported June luxury purchases fell for the first time since last November

•  Goldman Sachs (GS: 134.35 -1.48 -1.09%) added Precision Castparts (PCP: 109.01 +2.06 +1.93%) to its Conviction Buy List, and removed Textron(TXT: 16.95 -0.22 -1.28%) from the list

•  Wells Fargo (WFC: 26.46 -0.20 -0.75%) upgraded Petroleum Development(PETD: 27.19 +1.71 +6.71%) to “outperform” from “perform,” taking the price range target to $32-$36 from $24-$26

•  Needham reiterated a “buy” on Time Warner Cable (TWC: 55.08 +0.39 +0.71%) with a $65 price target

•  Deutsche Bank (DB: 62.16 +1.14 +1.87%) initiated coverage of Calpine(CPN: 13.38 +0.26 +1.98%) at a “buy,” with a price target of $16

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