No details, but a friend on the street tells me AA has been downgraded to equal weight from overweight at Lehman. Not everyone is enthused by the takeover chatter.
Earlier SOLE also downgraded AA. Those downgrades are likely due to a break above their valuations (or did LEHM get po'd because they're derivs desk wrote those Feb35 calls that should have expired worthless (lol).
Not only did Canada.com say BHP is not considering a deal for AA, but Reuters also cited "sources" that poo poo'd the idea.
Earlier JP Morgan said BUY! Pick your poison.