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Morning Coffee Pre-Market Wall Street News

173 views  2013-05-20 07:15   Tagsbackground  purchase  company 

Tumblr Bought By Yahoo. Search engine Yahoo's (YHOO) has announced the purchase of Tumblr for $1.1 billion. Tumbler is a social media mico-blogging site for posting pictures, text and video. The company was started by high school dropout David Karp in his mother's Manhattan apartment in 2007. Karp is now just 26 years old. Tumblr says that it has over 1 million users and over 90 million post per day, but the company only generated $13 million last year. YHOO Pre-market: 26.60 +0.08 (0.30%)

Upgrades

Abbott Labs (ABT): Goldman Sachs raised their rating from Neutral to Buy and raised their rating from $38.00 to $44.00. Pre-market: 37.16 +0.57 (1.56%)

Accenture (ACN): Goldman Sachs raised their rating from Neutral to Buy and raised their rating from $72.00 to $90.00. Pre-market: 82.61 +0.37 (0.45%)

Northrop Grumman (NOC): Drexel Hamilton raised their rating from Hold to Buy and raised their target price from $70.00 to $90.00.

Northrop Grumman (NOC): CRT Capital raised their rating from Sell to Fair Value.

Downgrades

Bank of America (BAC): Keefe Bruyette lowered their rating from Outperform to Market Perform and placed a target price of $13.50 on the company. Pre-market: 13.39 -0.04 (-0.30%)

Blackrock (BLK): Keefe Bruyette lowered their rating from Outperform to Market Perform and placed a target price of $300.00 on the company.

Bed Bath & Beyond (BBBY): Jefferies lowered their rating from Buy to Hold and lowered their target price from $76.0-0 to $71.00.

Brinker International (EAT): Wells Fargo lowered their rating from Outperform to Market Perform and maintained their target range of $40.00 - $42.00.

CarMax (KMX): William Blair lowered their rating from Outperform to Market Perform. Pre-market: 48.40 -0.27 (-0.55%)

Charles Schwab (SCHW): Keefe Bruyette lowered their rating from Market Perform to Underperform and placed a target price of $16.50 on the company.

Dunkin’ Brands (DNKN): Longbow lowered their rating from Buy to Neutral. Pre-market: 41.22 -0.82 (-1.95%)

Equifax (EFX): Goldman Sachs lowered their rating from Buy to Neutral and maintained a target price of $65.00.

SanDisk (SNDK): Nomura lowered their rating from Buy to Neutral and placed a target price of $60.00 on the company. Pre-market: 59.35 -0.55 (-0.92%)

TD Ameritrade (AMTD): Keefe Bruyette lowered their rating from Market Perform to Underperform and placed a target price of $20.00 on the company.

Coverage Reiterated/Price Target Changed

Ryder System (R): FBR Capital reiterated their Outperform rating and raised their target price from $75.00 to $82.00. Pre-market: 63.90 +1.38 (2.21%)

Earning Reports

Campbell Soup (CPB): Reported EPS of $0.62 beating estimates by +$0.02. Pre-market: 48.38 +0.75 (1.57%)

Markets: 
Futures at 7:00: Dow -0.02%. S&P -0.02%. Nasdaq -0.03%. Crude -0.5% to $95.54. Gold -1.09% to $1349.00.

Europe: London -0.06%. Paris +0.24%. Frankfurt +0.42%. 

Asia: Japan +1.47% to 15360. Hong Kong +1.78% to 23493. China +0.75% to 2299. India -0.31% to 20223. 

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