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Morning Coffee Pre-Market Wall Street News

214 views  2012-10-19 08:14   Tagsbackground  Microsoft  companies  reported  Google 

Microsoft and Google Disappoint Wall Street. Both Google (GOOG) and Microsoft (MSFT) disappointed traders after both companies reported earnings that missed estimates.  Things started off bad for Google when their earnings report was accidently release during trading hours.  The company was not due to report until after the market close. The company reported EPS of $9.03 missing estimates by -$1.63. Share immediately began to fall and fell over 9%, until a freeze was put on trading the shares. When shares reopened for trade they recover some, but still posted a loss of 8% for the day.

Next was Microsoft’s turn to report.  The company reported that their FQ1 net profit dropped 22% to $4.47 billion as sales declined 8% to $16.01 billion, which missed expectations.  Earnings came in at EPS of $0.53. Earnings were hurt by a 33% drop Microsoft's Windows division and the slumping PC market.

Upgrades

Huntington Banc (HBAN): FBR Capital raised their rating from Underperform to Market Perform and raised their target price from $5.50 to $7.50. Pre-market: 6.62 +0.01 (0.15%)

Textron (TXT): JPMorgan raised their rating from Neutral to Overweight and maintained their target price of $29.00.

Harley-Davidson (HOG): JPMorgan raised their rating from Neutral to Overweight and raised their target price from $38.00 to $56.00.

Verizon (VZ): Pacific Crest raised their rating from Sector Perform to Outperform and raised their target price from $38.00 to $56.00.

Abbott Labs (ABT): Wells Fargo raised their rating from Market Perform to Outperform and placed a target range of $71.00-$74.00 on the company.

Downgrades

Snap-On (SNA): Janney Capital lowered their rating from Buy to Neutral and maintained their target price of $81.00.

Fifth Third (FITB): Compass Point lowered their rating from Buy to Neutral and lowered their target price from $17.00 to $16.00. Pre-market: 15.00 -0.12 (-0.79%)

Northrop Grumman (NOC): Oppenheimer lowered their rating from Outperform to Perform.

Google (GOOG): Oppenheimer lowered their rating from Outperform to Perform and lowered their target price from $800.00 to $765.00. Pre-market: 703.50 +8.50 (1.22%)

Marvell (MRVL): FBR Capital lowered their rating from Outperform to Market Perform and lowered their target price from $12.50 to $9.50.00. Pre-market: 7.95 -0.88 (-9.97%)

Advance Micro (AMD): FBR Capital lowered their rating from Outperform to Market Perform and lowered their target price from $5.00 to $3.00. Pre-market: 2.54 -0.08 (-3.05%)

NVIDIA (NVDA): FBR Capital lowered their rating from Outperform to Market Perform and lowered their target price from $5.00 to $3.00. Pre-market: 12.67 -0.19 (-1.48%)

Coverage Initiated

Baidu (BIDU): UBS initiated coverage with a Buy rating and target price of $155.00.

Coverage Reiterated/Price Target Changed

Google (GOOG): Cantor Fitzgerald reiterated their Buy rating and lowered their target price from $830.00 to $820.00. Pre-market: 703.50 +8.50 (1.22%)

Earning Reports

Advance Micro (AMD): Reported EPS of -$0.20 missing estimates by -$0.04. Pre-market: 2.54 -0.08 (-3.05%)

Capitol One (COF): Reported EPS of $2.01 beating estimates by +$0.31. Pre-market: 59.09 +1.79 (3.12%)

Chipotle Mexican Grill (CMG): Reported EPS of $2.27 missing estimates by -$0.03. Pre-market: 255.75 -30.18 (-10.56%)

E*TRADE (ETFC): Reported EPS of $0.10 missing estimates by -$0.01. Pre-market: 8.82 -0.60 (-6.37%)

Forward Air (FWRD): Reported EPS of $0.41 beating estimates by +$0.01.

Google (GOOG): Reported EPS of $9.03 missing estimates by -$1.63. Pre-market: 703.50 +8.50 (1.22%)

Microsoft (MSFT): Reported EPS of $0.65 beating estimates by +$0.02. Pre-market: 29.11 -0.39 (-1.31%)

Markets: 
Futures at 8:40: Dow -0.30%. S&P -0.21%. Nasdaq -0.14%. Crude +0.18% at $92.27. Gold -0.50% to $1736.00.

Europe: London -0.08%. Paris -0.45%. Frankfurt -0.47%. 

Asia: Japan +0.22% to 9003. Hong Kong +0.15% to 21552. China -0.16% to 2128. India -0.58% to 18682. 

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