Company News for June 5, 2009

• Valero (NYSE:VLO - Analyst Report) was downgraded to "underperform" from "market perform" following news of its suspension of expansion plans for its Port Arthur refinery. Valero's 40 million shares offering was repriced lower at $18, sharply off original estimates, although only a slight discount to Wednesday's close

• Goldman Sachs' (NYSE:GS - Analyst Report) removed Gap Stores (NYSE:GPS - Analyst Report) from its conviction buy list, and downgraded the stock to "neutral."

• Dupont (NYSE:DD - Analyst Report) was downgraded by Merrill's analysts as being fully priced

• Rio Tinto (NYSE:RTP - Analyst Report) initiated a deeply-discounted $15.2 billion rights issue as well as a joint venture with BHP Billiton (NYSE:BHP - Analyst Report), walking away from its $19.5 billion Chinalco (NYSE:ACH - Analyst Report) deal