Welcome to GuruFocus Investment Space.

Please Join Us to share your investment ideas with more than 100,000 GuruFocus users.

Join      Log in

Morning Coffee Pre-Market Wall Street News

120 views  2013-06-05 08:04   Tagsbackground  released  morning  payroll  report 

Payroll Numbers Miss Estimates. The morning ADP released their payroll report for May.  Economist had estimated that 157,000 new jobs were created.  But the report showed that private sector employment increased by only 135,000 jobs from April to May. Additionally,  April’s job gains were revised downward to 113,000 from 119,000. In a statement Carlos A. Rodriguez, president and CEO of ADP said "The majority of new jobs in May came from the service-providing sector, which added a total of 138,000 jobs, while the goods-producing sector recorded a loss of 3,000 jobs. Notably, a gain of 5,000 jobs in the construction industry during May was offset by a decline of 6,000 lost jobs in the manufacturing industry."

Upgrades

Bed Bath & Beyond (BBBY): Nomura raised their rating from Neutral to Buy and raised their target price from $72.00 to $82.00.

Forest Labs (FRX): Argus raised their rating from Hold to Buy and placed a target price of $46.00 on the company.

Downgrades

JA Solar (JASO): Goldman Sachs lowered their rating from Neutral to Sell and lowered their target price from $4.50 to $4.25.

Joy Global (JOY): Goldman Sachs lowered their rating from Buy to Neutral and lowered their target price from $72.00 to $60.00.

Microsoft (MSFT): Deutsche Bank lowered their rating from Buy to Hold. Pre-market: 34.60 -0.39 (-1.11%)

Occidental Petroleum (OXY): Sterne Agee lowered their rating from Buy to Neutral.

VMware (VMW): Deutsche Bank lowered their rating from Buy to Hold. Pre-market: 67.54 -1.08 (-1.57%)

Coverage Initiated

Allstate Corp (ALL): Nomura initiated coverage with a Neutral rating.

American International Group (AIG): Nomura initiated coverage with a Neutral rating.

Carlyle Group (CG): Sandler O’Neill initiated coverage with a Buy rating and target price of $36.00. Pre-market: 27.75 -0.07 (-0.24%)

Chubb (CB): Nomura initiated coverage with a Neutral rating. Pre-market: 86.23 +0.07 (0.08%)

First Solar (FSLR): Maxim Group resumed coverage with a Sell rating and target price of $42.00. Pre-market: 51.97 -0.65 (-1.24%)

Marsh & McLennan (MMC): Nomura initiated coverage with a Neutral rating.

PartnerRe (PRE): Nomura initiated coverage with a Neutral rating.

Travelers Group (TRV): Nomura initiated coverage with a Neutral rating.

Earning Reports

Brown-Forman (BF.B): Reported EPS of $0.52 beating estimates by +$0.06.

Jos A. Bank (JOSB): Reported EPS of $0.29 in-line with estimates.

Markets: 
Futures at 8:39: Dow -0.30%. S&P -0.31%. Nasdaq -0.30%. Crude +0.48% to $93.75. Gold +0.51 at $1404.30.

Europe: London -1.45%. Paris -1.21%. Frankfurt -0.85%. 

Asia: Japan -3.26% to 13015. Hong Kong -0.97% to 22069. China -0.38% to 2271. India +0.11% to 19568. 

Comments Comments (0 )



Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
FEEDBACK