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TWM Today: Wall Street

|Includes: Dell Inc. (DELL), TYL
House Vote Sends Finance Overhaul to Senate ~ The House agreed Wednesday to a sweeping rewrite of the nation's financial regulations, moving the initiative one step closer to becoming law. Focus now shifts to the Senate, where questions linger about whether Democrats have nailed down enough support from the handful of Republicans needed to overcome a likely filibuster. The Senate won't take up the bill until after the July 4 recess, creating an awkward pause in which the bill's opponents will have one last chance to derail it. (WSJ)

Construction Spending Weak, but Better Than Expected ~ Total construction expenditures outperformed the Briefing.com consensus as actual spending declined 0.2% in May compared to an expected drop of 0.9%. The fall would have been slightly worse if not for a 0.4% pickup in public construction. Private construction expenditures fell 0.5%. The private residential construction data were at odds with the housing starts and retail sales releases. We anticipated that the weakness in housing starts coupled with the drop in building material purchases would drive residential construction down at least 1.0%.

Dell: Upgrade Details ~ UBS upgraded DELL to Buy from Neutral and lowered their tgt to $15.50 from $17.50 saying they continue to believe DELL will be a beneficiary of an enterprise PC refresh that should begin in 2H10 and grow in 2011. They see concerns over PC industry softness driven mostly by consumer rather than enterprise as an aging enterprise installed base makes upgrades a greater priority. Firm sees limited downside risk from current levels as DELL is currently trading at 0.2x fwd EV/Sales, vs. the downturn in early '09 when it was trading at ~0.3x fwd EV/Sales (shares were $8). (Briefing)

Mortgage Rates Drop to Lowest Rate in 50 Years ~ Mortgage rates have sunk to the lowest level in more than five decades, but consumers aren't rushing to refinance their loans or buy homes. Mortgage company Freddie Mac said Thursday the average rate for 30-year fixed loans sank to 4.58 percent this week.That's down from the previous record of 4.69 percent set last week and the lowest since the mortgage company began keeping records in 1971. The last time they were cheaper was the 1950s, when most long-term home loans lasted just 20 or 25 years. (NASDAQ:CNBC)

Tyler Tech Signs Multi-Solution Contract With the City of Madison, Wisconsin ~ Co announced that the City of Madison, Wisconsin, with a population of approximately 230,000, has signed a multi-solution agreement with Tyler for its Incode municipal court and Munis enterprise resource planning solutions. The agreement is valued at approximately $5.5 million. (Briefing)

 



 
Tyler Tech signs multi-solution contract with the City of Madison, Wisconsin
Co announced that the City of Madison, Wisconsin, with a population of approximately 230,000, has signed a multi-solution agreement with Tyler for its Incode municipal court and Munis enterprise resource planning solutions. The agreement is valued at approximately $5.5 million.
 


Disclosure: Long TYL