Company News for June 12, 2009

• BlackRock (NYSE:BK - Snapshot Report) will become the world's largest money manager by assets under management, following its planned purchase of BGI for $13.5 billion in cash and stock

• Progressive (NYSE:PGR - Analyst Report) authorized purchase of up to 50 million common shares beginning July 1, 2009

• National Semiconductor's (NYSE:NSM - Analyst Report) reported a fourth-quarter loss of 28 cents per share, versus Street estimates of a 38 cent loss.  Revenues plunged 39.2% year-over-year to $280.8 million, versus $273.4 million expected.  However, the firm said it expects first quarter revenue of $285 million to $305 million, versus Street estimates of $282.52 million

• At a medical conference Pfizer (NYSE:PFE - Analyst Report) disclosed impressive results for its experimental oral drug, which would compete with Abbott Labs' (NYSE:ABT - Analyst Report) Humira, Johnson & Johnsons' (NYSE:JNJ - Analyst Report) and Schering-Plough's (NYSE:SGP) Remicade, Amgen (NASDAQ:AMGN - Analyst Report) and Wyeth's (NYSE:WYE) Enbrel anti-rheumitoid athritis medications

• Bank of America (NYSE:BAC - Analyst Report) raised its price target for Palm (NASDAQ:PALM - Analyst Report) to $16 from $14

• Oppenheimer downgraded United Health Group (NYSE:UNH - Snapshot Report) to "underperform" from "perform," citing margin pressure from its Medicare business