News Briefs: Blackrock To Become World’s Largest Money Manager, Bank Of America Raises Price Target On Palm

BlackRock (BK) 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 (PGR) authorized purchase of up to 50 million common shares beginning July 1, 2009

National Semiconductor’s (NSM) 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 (PFE) disclosed impressive results for its experimental oral drug, which would compete with Abbott Labs’ (ABT) Humira, Johnson & Johnsons’ (JNJ) and Schering-Plough’s (SGP) Remicade, Amgen (AMGN) and Wyeth’s (WYE) Enbrel anti-rheumitoid athritis medications

Bank of America (BAC) raised its price target for Palm (PALM) to $16 from $14

Oppenheimer downgraded United Health Group (UNH) to “underperform” from “perform,” citing margin pressure from its Medicare business

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