Latest Market News: Verizon, ProLogis and Research in Motion

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Latest market news includes Verizon in talks with content providers for tablet TV service, ProLogis closes on two senior credit facilities for ProLogis European Property Funds, and Oppenheimer trims Research In Motion stock price target to $58, from $69.

Verizon Communications Inc. (NYSE:VZ) said on Wednesday that it expects next year to launch a software application that will allow FiOS TV customers to watch live television on tablet computers such as Apple Inc's iPads. Verizon Chief Information Officer Shaygan Kheradpir told reporters at a demonstration of the new technology that his company is in talks with content providers such as Time Warner Inc to gain rights to extend programming agreements to tablet computers. Verizon does not expect to pay programmers any additional fees for putting their content on mobile devices. Kheradpir told reporters that he does not expect any resistance from content companies, which are also looking to extend their programming beyond the living room television. Verizon had 3.8 million customers for FiOS Internet customers and 3.2 million for FiOS TV at the end of the second quarter. The FiOS network has been launched in markets with about 18 million people. - Reuters

ProLogis (NYSE:PLD), a leading global provider of distribution facilities, announced today that it has closed on two, new unsecured credit facilities on behalf of ProLogis European Properties (Euronext: PEPR) and ProLogis European Properties Fund II (PEPF II).  PEPR has finalized a new euro 50 million, three-year, unsecured credit facility jointly arranged by Deutsche Bank AG, Morgan Stanley Senior Funding Inc. and The Royal Bank of Scotland N.V., which replaces PEPR's existing unsecured credit facility due December 2010.  The new facility has a euro 100 million accordion increase feature, subject to obtaining additional lender commitments, and has a maturity of August 9, 2013. Pricing for the new facility will range from 225 to 300 basis points over applicable Euribor or Libor, depending upon PEPR's credit rating. At the company's current rating, PEPR's margin is 240 basis points over applicable Euribor or Libor.  ProLogis also has closed on a new euro 75 million, three-year, unsecured credit facility on behalf of PEPF II jointly arranged by Bank of America, N.A., ING Real Estate Finance N.V. and The Royal Bank of Scotland N.V.   The new facility has a euro 75 million accordion increase feature, subject to obtaining additional lender commitments, and replaces PEPF II's unsecured credit facility that matured on July 30, 2010.  Pricing for the new facility will be 250 basis points over applicable Libor, but may be reduced to 225 basis points if PEPF II were to obtain a private investment grade rating. - PRNewswire

Oppenheimer analyst Ittai Kidron this morning repeated his Outperform rating on Research In Motion Limited (NASDAQ:RIMM), though he trimmed his price target on the stock to $58, from $69. Kidron writes that his checks find “a mixed reception” for the new BlackBerry Torch, adding that he is “not impressed with its lackluster specs and performance,” and that the company “still hasn’t introduced anything that would appeal to the growing iPhone/Android audience.” Not least, he writes that “BlackBerry 6 still isn’t closing the gap” with other mobile phone software. Kidron thinks the Curve 3G launch and Pearl 3G ramp “could support volumes,” but don’t address the real issues with the company’s positioning. He trimmed his FY 2011 EPS estimate to $5.48, from $5.53; he cuts 2012 to $5.65, from $5.77. Nonetheless, he says that Street expectations for RIMM already reflect further smart phone market share losses, limiting downside in the stock. – Barron’s

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