MORNING COFFEE

GM’s Profits Fall.  General Motors (GM) posted smaller than expected losses in Europe enabling the company to beat earnings estimates.  GM reported an operating loss in Europe of -$361 million, compared with a profit of $102 million a year earlier. 

The struggling auto maker that was bailed out by the U.S. government, now nicknamed Government Motors by some, had a bad quarter as both profits and revenues fell dramatically.  GM posted EPS of $0.90 or $1.49 billion compared with $2.52 billion or $1.54 a share, in the year earlier quarter.  Analysts were looking for EPS this quarter of only $0.79 per share.

Revenue at the company also fell to $37.6 billion from $39.4 billion a year ago. Analysts had expected $38.58 billion. Pre-market: 19.85 +0.19 (0.97%)

Upgrades

First Solar (FSLR): Cantor Fitzgerald raised their rating from Hold to Buy and maintained their target price of $23.00. Pre-market: 17.70 +2.90 (19.59%)

First Solar (FSLR): Robert W. Baird raised their rating from Neutral to Outperform and raised their target price from $25.00 to $30.00. Pre-market: 17.70 +2.90 (19.59%)

Downgrades

Starbucks (SBUX): Argus lowered their rating from Buy to Hold. Pre-market: 43.69 -0.09 (-0.21%)

Amgen (AMGN): Argus lowered their rating from Buy to Hold. Pre-market: 81.03 -0.79 (-0.97%)

Agrium (AGU): Dahlman Rose Argus lowered their rating from Buy to Hold. Pre-market: 94.03 -0.12 (-0.13%)

Potash (POT): Dahlman Rose Argus lowered their rating from Buy to Hold. Pre-market: 43.53 -0.15 (-0.34%)

Stryker (SYK): Piper Jaffray lowered their rating from Overweight to Neutral and lowered their target price from $65.00 to $61.00. Pre-market: 52.30 -0.53 (-1.00%)

Bristol-Meyers Squibb (BMY): Leerink lowered their rating from Outperform to Market Perform and lowered their target range from $38.00-$39.00 to $36.00-$37.00. Pre-market: 33.80 -1.80 (-5.06%)

Harley-Davidson (HOG): Longbow lowered their rating from Buy to Neutral. Pre-market: 41.63 -0.04 (-0.10%)

Abercrombie & Fitch (ANF): Robert W. Baird lowered their rating from Outperform to Neutral and lowered their target price from $55.00 to $32.00. Pre-market: 29.64 -4.38 (-12.87%)

Abercrombie & Fitch (ANF): Caris lowered their rating from Buy to Average. Pre-market: 29.64 -4.38 (-12.87%)

Abercrombie & Fitch (ANF): Jaffray lowered their rating from Overweight to Neutral and lowered their target price from $50.00 to $28.00.  Pre-market: 29.64 -4.38 (-12.87%)

Earning Reports

Boston Beer Co (SAM): Reported EPS of $1.19 missing estimates by -$0.04.

DaVita (DVA): Reported EPS of $1.49 beating estimates by +$0.02.

First Solar (FSLR): Reported EPS of $1.27 beating estimates by +$0.35. Pre-market: 17.70 +2.90 (19.59%)

Green Mtn Coffee (GMCR): Reported EPS of $0.16 beating estimates by +$0.10. Pre-market: 20.66 +2.75 (15.35%)

Murphy Oil (MUR): Reported EPS of $1.52 beating estimates by +$0.14.

Prudential (PRU): Reported EPS of $1.34 missing estimates by -$0.20.

Transocean (RIG): Reported EPS of $0.72 beating estimates by +$0.27. Pre-market: 49.10 +1.30 (2.72%)

Becton Dickinson (BDX): Reported EPS of $1.52 missing estimates by -$0.01. Pre-market: 75.70 +0.52 (0.69%)

CIGNA (CI): Reported EPS of $1.52 beating estimates by +$0.11.

Clorox (CLX): Reported EPS of $1.32 beating estimates by +$0.05.    

     

DIRECTV (DTV): Reported EPS of $1.09 missing estimates by -$0.04. Pre-market: 47.95 -2.15 (-4.29%)

Furniture Brands (FBN): Reported EPS of -$0.12 missing estimates by -$0.07.

General Motors (GM): Reported EPS of $0.90 beating estimates by +$0.11. Pre-market: 19.85 +0.19 (0.97%)

Kellogg (K): Reported EPS of $0.89 beating estimates by +$0.05. Pre-market: 47.56 -0.25 (-0.52%)

Old Dominion (ODFL): Reported EPS of $0.83 beating estimates by +$0.06.

Sony (SNE): Reported EPS of $24.55 beating estimates by +$18.55.

Teva Pharmaceuticals (TEVA): Reported EPS 0f $1.28 in-line with estimates. Pre-market: 40.45 -0.42 (-1.03%)

Time Warner Cable (TWC): Reported EPS of $1.48 beating estimates by +$0.06.

Markets: 
Futures at 8:24: Dow +0.50%. S&P +0.55. Nasdaq +0.59%. Crude +0.43% to $89.29. Gold +0.24% to $1611.90.

Europe: London -0.96%. Paris -1.95%. Frankfurt -2.05%. 

Asia: Japan +0.13%. Hong Kong -0.66%. China -0.57%. India -0.19%.