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MORNING COFFEE

114 views  2011-05-06 06:56   TagsCVS  sally  blue  constellation  hanson  kraft  microchip 

Oil Prices Fall. Oil prices are continuing to fall after Thursday’s -9% decline oil again is lower in overseas trading.  In Asia oil was down -$3.86 to $95.94 on fears that the U.S. Economy is slowing which will affect future demand.  Traders will be watching closely today at the release of the government’s non-farm payroll numbers which is expected to come in at 185,000 and the unemployment rate to remain unchanged at 8.8%. Crude Oil $98.09  -$1.71

CVS Caremark Receives SEC Subpoena.  Yesterday CVS Caremark (CVS) reported earnings Q1 EPS of $0.57 beating estimates by +$0.02 on revenue of $25.88 billion, beating estimates by +$0.01 billion.  The company also disclosed that they had received a subpoena from the SEC in requesting information about public disclosures it made in 2009 on its Caremark pharmacy-benefits-management division and its Medicare Part D business. The SEC is also looking at employee security transactions. Pre-market:  37.01 +0.22 (0.60%)

Upgrades

Sally Beauty (SBH): Robert W. Baird raised their rating from neutral to Outperform and raised their target price from $16.00 to $18.00. Pre-market: 15.36 +0.35 (2.33%)

Coverage Reiterated/Price Target Changed

DIRECTV (DTV): Kaufman Bros reiterated their Buy rating and raised their target price from $55.00 to $57.00.

Emerson (EMR): Oppenheimer reiterated their Outperform rating and lowered their target price from $74.00 to $71.00. Pre-market: 56.40 +1.37 (2.49%)

CIGNA (CI): Oppenheimer reiterated their Outperform rating and raised their target price from $52.00 to $54.00.

Aeropostale (ARO): Oppenheimer reiterated their Outperform rating and lowered their target price from $31.00 to $27.00. Pre-market: 21.41 +0.12 (0.56%)

Blue Nile (NILE): The Benchmark Company reiterated their Hold rating and lowered their target price from $44.00 to $41.00.

Priceline.com (PCLN): The Benchmark Company reiterated their Buy rating and raised their target price from $660.00 to $676.00. Pre-market: 522.25 -11.72 (-2.19%)

Earning Reports

AIG (AIG): Reported Q1 EPS of -$0.35 missing estimates by -$0.20. Pre-market: 30.60 -0.19 (-0.62%)

Constellation Energy Group (CEG): Reported Q1 EPS of $0.63 beating estimates by +$0.33 on revenue of $3.57 billion, missing estimates by -$0.55 billion. Pre-market: 34.55 -1.11 (-3.11%)

Fluor (FLR): Reported Q1 EPS of $0.78 in-line with estimates on revenue of $5.1 billion, missing estimates by -$0.5 billion. 

Hansen Natural (HANS): Reported Q1 EPS of $0.59 beating estimates by +$0.10 on revenue of $408 million, beating estimates by +$84 million. Pre-market: 66.24 +4.30 (6.94%)

Kraft Foods (KFT): Reported Q1 EPS of $0.52 beating estimates by +$0.05 on revenue of $12.6 billion, beating estimates by +$0.30 billion. 

Microchip Technology (MCHP): Reported FQ4 EPS of $0.59 beating estimates by +$0.02 on revenue of $380 million, beating estimates by $6 million. Pre-market: 41.09 +0.55 (1.36%)

Priceline.com (PCLN): Reported Q1 EPS of $2.66 beating estimates by +$0.20 on revenue of $809 million, beating estimates by +$30 million. Pre-market: 522.25 -11.72 (-2.19%)

Visa (V): Reported FQ2 EPS of $1.23 beating estimates by +$0.03 on revenue of $2.2 billion, in-line. The company also authorized a new $1 billion share buyback program. Pre-market: 78.20 -0.50 (-0.64%)

·         Futures at 8:23: Dow +0.06%. S&P +0.13%. Nasdaq +0.08%. Crude -1.9% to $98.09. Gold +0.07% to $1482.50.

·         Europe: London +0.09%. Paris +0.63%. Frankfurt +0.78%.

·         Asia: Japan -1.4% to 9859.2. Hong Kong -0.4% to 23159. China -0.3% to 2864. India 0.0% at 18519.

 

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