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Morning Coffee Pre-Market Wall Street News

281 views  2013-06-28 06:10   Tagsbackground  reported  company  profit  white 

Nike Beast Earnings Estimates. Sporting goods manufacture Nike (NKE) reported that their FQ4 earnings beat Wall Street expectations. Net profit at the company soared +22% to $668M, adjusted EPS came in at $0.76 while revenues climbed +7% to $6.7B. Sales in North American increased by +12% and revenues continued to grow in emerging markets.  The company saw a decline in both Japan and Europe, while China was flat. Pre-market: 61.10 -1.22 (-1.96%)

Upgrades:

Bed Bath & Beyond (BBBY): BofA Merrill Lynch raised their rating from Neutral to Buy and placed a target price of $82.00 on the company. After Hours: 70.15 0.00 (0.00%)

Zumiez (ZUMZ): Wedbush raised their rating from Neutral to Outperform and raised their target price from $30.00 to $36.00. Pre-market: 28.25 +0.30 (1.07%)

Pacific Sunwear (PSUN): Wedbush raised their rating from Neutral to Outperform and raised their target price from $3.75 to $4.00. Pre-market: 3.41 +0.08 (2.40%)

Downgrades:

Accenture (ACN): UBS lowered their rating from Buy to Neutral and lowered their target price from $85.00 to $77.00. Pre-market: 73.50 -6.72 (-8.38%)

BAE Systems (BAESY): Deutsche Bank lowered their rating from Buy to Hold.

Owens Corning (OC): Citigroup lowered their rating from Buy to Neutral and lowered their target price from $48.00 to $43.00.

Coverage Initiated:

Cognizant Tech (CTSH): Societe Generale initiated coverage with a Buy rating and target price of $74.00. Pre-market: 61.00 -2.10 (-3.33%)

Infosys (INFY): Societe Generale initiated coverage with a Hold rating and target price of $44.00. Pre-market: 41.50 +0.11 (0.27%)

Tesla Motors (TSLA): Wedbush initiated coverage with a Neutral rating and target price of $110.00. Pre-market: 110.02 +0.77 (0.70%)

Torchmark (TMK): RBC Capital initiated coverage with an Underperform rating and target price of $60.00. After Hours: 65.72 0.00 (0.00%)

Earning Reports:

Accenture (ACN): Reported EPS of $1.14 beating estimates by +$0.01. Pre-market: 73.50 -6.72 (-8.38%)

Finish Line (FINL): Reported EPS of $0.20 beating estimates by +$0.04. After Hours: 21.20 0.00 (0.00%)

Nike (NKE): Reported EPS of $0.76 beating estimates by +$0.01. Pre-market: 61.10 -1.22 (-1.96%)

Research in Motion (BBRY): Reported EPS of -$0.13 missing estimates by -$0.20. Pre-market: 11.91 -2.57 (-17.75%)

Markets: 
Futures at 6:25: Dow +0.19%. S&P +0.15%. Nasdaq +0.16%. Crude +0.24% to $97.27. Gold -0.65% to $1204.00. U.S. 10 Year +4/32 2.456%

Europe: London -0.05%. Paris -0.49%. Frankfurt -0.21%. 

Asia Japan +3.51% to 13677. Hong Kong +1.78% to 20803. China+1.50% to 1979. India +2.75% to 19396. 

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