• Reports said BP (NYSE:BP) is working on a plan to cap the spill as early as July 27, but noted it could be “unlikely”
• Wells Fargo (NYSE:WFC) plans to cut 3,800 jobs and close its subprime unit
• MasterCard (NYSE:MA) reported June luxury purchases fell for the first time since last November
• Goldman Sachs (NYSE:GS) added Precision Castparts (NYSE:PCP) to its Conviction Buy List, and removed Textron (NYSE:TXT) from the list
• Wells Fargo (NYSE:WFC) upgraded Petroleum Development (NASDAQ:PETD) to “outperform” from “perform,” taking the price range target to $32-$36 from $24-$26
• Needham reiterated a “buy” on Time Warner Cable (NYSE:TWC) with a $65 price target
• Deutsche Bank (NYSE:DB) initiated coverage of Calpine (NYSE:CPN) at a “buy,” with a price target of $16
