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Morning Coffee Pre-Market Wall Street News

202 views  2013-02-28 08:01   Tagsnet  background  white  style  share 

JCPenney Shares Drive on Earnings. J.C. Penney's (JCP) shares are lower in the premarket after the retailer announced Q4 results. JCP's net losses grew almost six-fold to $552 million, losses per share were $0.24 and revenue fell 28.4% to $3.8 billion.  Additionally, the company gave no future guidance. CEO Ron Johnson said he made "big mistakes" in his attempts to turn JCP around. Pre-market: 17.42 -3.74 (-17.67%)

Groupon Shares Under Heavy Pressure. Groupon's (GRPN) reported Q4 earnings yesterday after the market close and the shares are under heavy pressure in the pre-market. The company reported losses per share of $0.12 missing estimates by $0.15. Revenues at the company rose 30% to $638.3 million coming in with estimates.  The company's net loss widened 24% to $81.1 million and the company gave Q1 future guidance below estimates. Pre-market: 4.34 -1.64 (-27.46%)

Upgrades

AB InBev (BUD): Credit Suisse raised their rating from Neutral to Outperform.

Deutsche Bank (DB): Keefe Bruyette raised their rating from Market Perform to Outperform. Pre-market: 45.83 -0.15 (-0.33%)

Edison International (EIX): BMO Capital raised their rating from Market Perform to Outperform and raised their target price from $47.00 to $56.00.

Joy Global (JOY): CLSA raised their rating from Underperform to Perform.

Downgrades

Boston Beer Co (SAM): Williams Capital Group lowered their rating from Outperform to Perform.

Groupon (GRPN): Raymond James lowered their rating from Market Perform to Underperform. Pre-market: 4.34 -1.64 (-27.46%)

Groupon (GRPN): Wells Fargo lowered their rating from Outperform to Market Perform and lowered their target range from $6.00-$7.00 to $5.00-$6.00. Pre-market: 4.34 -1.64 (-27.46%)

Saks (SKS): Morgan Stanley lowered their rating from Equal Weight to Underweight and placed a target price of $10.00 on the company.

UBS (UBS): Keefe Bruyette lowered their rating from Outperform to Market Perform.

Coverage Initiated

eBay (EBAY): BMO Capital initiated coverage with an Outperform rating and target price of $64.00. Pre-market: 54.48 +0.33 (0.61%)

VMware (VMW): Stifel Nicolaus initiated coverage with a Hold rating. Pre-market: 73.00 +0.18 (0.25%)

Earning Reports

Chico's FAS (CHS): Reported EPS of $0.20 in-line with estimates. Pre-market: 15.99 -0.42 (-2.56%)

JC Penny (JCP): Reported EPS of $1.95 missing estimates by -$1.78. Pre-market: 17.42 -3.74 (-17.67%)

Kohl's (KSS): Reported EPS of $1.66 beating estimates by +$0.03. Pre-market: 45.00 -1.61 (-3.45%)

Sears Holdings (SHLD): Reported EPS of $1.12 in-line with estimates. Pre-market: 48.50 +1.03 (2.17%)

Sturm Ruger (RGR): Reported EPS of $1.00 beating estimates by +$0.18. re-market: 54.25 +0.74 (1.38%)

Toronto-Dominion Bank (TD): Reported EPS of $2.00 beating estimates by +$0.07.

Visteon (VC): Reported EPS of $0.74 missing estimates by -$0.14.

Markets: 
Futures at 7:38: Dow +0.07%. S&P +0.11%. Nasdaq +0.17%. Crude -0.08% to $92.69. Gold -0.374% to $1589.80.

Europe: London +0.30%. Paris +0.13%. Frankfurt +0.62%. 

Asia: Japan +2.71% to 11559. Hong Kong +1.96% to 23020. China +2.26% to 2366. India -1.52% to 18862. 

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