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Morning Coffee Pre-Market Wall Street News

214 views  2012-12-12 08:11   Tagstotal  background  executive  reporting 

Investigation of Insider Trading at Big Lots Expands. The Wall Street Journal is reporting that as many as ten executive at Big Lots (BIG) sold a total of over $23 million in stock in March. The sales occurred just before the company reported slowing Q1 revenues, which caused the share price to free fall 24% in one day. The CEO Steven Fishman, is already the subject of FBI and SEC investigations for selling $10 million worth of shares just before the announcement. Pre-market: 28.25 -0.01 (-0.04%)

Upgrades

Coinstar (CSTR): Northland Securities raised their rating from Market Perform to Outperform and raised their target price from $48.00 to $62.00. Pre-market: 53.00 +2.19 (4.31%)

Downgrades

Mondelez (MDLZ): Argus lowered their rating from Buy to Hold. Pre-market: 26.00 -0.13 (-0.50%)

Teva Pharmaceuticals (TEVA): Leerink lowered their rating from Outperform to Market Perform and lowered their target range from $47.00 - $48.00 to $44.00 - $45.00.

FedEx (FDX): Raymond James lowered their rating from Strong Buy to Outperform and lowered their target price from $106.00 to $100.00.

National Oilwell (NOV): CLSA lowered their rating from Outperform to Buy and lowered their target lowered their target price from $95.00 to $80.00.

Coverage Initiated

Nike (NKE): JPMorgan initiated coverage with a Neutral rating and placed a target price of $100.00 on the company.

Under Armour (AU): JPMorgan initiated coverage with an Underweight rating and placed a target price of $45.00 on the company. Pre-market: 30.34 +0.13 (0.43%)

Priceline.com (PCLN): Janney Capital initiated coverage with a Neutral rating and placed a target price of $650.00 on the company. Pre-market: 626.95 +3.73 (0.60%)

Expedia (EXPE): Janney Capital initiated coverage with a Neutral rating and placed a target price of $60.00 on the company.

Deckers Outdoor (DECK): Janney initiated coverage with a Buy rating and placed a target price of $50.00 on the company.

Mosaic (MOS): Goldman Sachs initiated coverage with a Buy rating and placed a target price of $68.00 on the company. Pre-market: 56.24 +0.44 (0.79%)

Yelp! (YELP): Credit Suisse initiated coverage with an Outperform rating and placed a target price of $25.00 on the company.

Yelp! (YELP): JPMorgan initiated coverage with a Neutral rating and placed a target price of $19.00 on the company.

Earning Reports

Costco (COST): Reported EPS of $0.95 beating estimates by +$0.02. Pre-market: 99.60 +1.29 (1.31%)

Joy Global (JOY): Reported EPS of $2.13 beating estimates by +$0.21. Pre-market: 58.25 +0.38 (0.66%)

Markets: 
Futures at 7:39: Dow +0.17%. S&P +0.22%. Nasdaq +0.29%. Crude +0.80% to $86.48. Gold +0.43% to $1716.90.

 

Europe: London +0.27%. Paris +0.07%. Frankfurt +0.41%. 

 

Asia: Japan +0.59% to 9581. Hong Kong +0.80% to 22503. China +0.39% to 2083. India -0.16% to 19355. 

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