Fannie and Freddie Share Continue Selloff

Fannie and Freddie Share Continue Selloff. Both Fannie Mae (FNMA) and Freddie Mac (FMCC) shares are poised to continue their selloff which began yesterday. Shares sold off yesterday after the Senate introduced a bill that would continue government backing of mortgages, but would wind down the companies. Shares of Fannie fell -31%, while shares of Freddie fell -27%. The proposal has the backing of President Obama. FNMA Pre-market: 3.67 -0.36 (-8.93%) FMCC Pre-market: 3.51 -0.53 (-13.12%)

Upgrades:

Rite Aid (RAD): Goldman Sachs raised their rating from Neutral to Buy and raised their target price from $5.00 to $8.00.

Downgrades:

Airgas (ARG): BGC Financial lowered their rating from Buy to Hold.

American Eagle Outfitters (AEO): Morgan Stanley lowered their rating from Equal Weight to Underweight and placed a target price of $11.00 on the company. Pre-market: 12.70 -0.40 (-3.05%)

American International Group (AIG): Deutsche Bank lowered their rating from Buy to Hold and lowered their target price from $58.00 to $55.00.

Church & Dwight (CHD): Credit Suisse lowered their rating from Outperform to Neutral and lowered their target price from $66.00 to $63.00.

Clean Harbors (CLH): RBC Capital lowered their rating from Top Pick to Outperform and lowered their target price from $58.00 to $54.00.

Forest Labs (FRX): Piper Jaffrey lowered their rating from Overweight to Neutral and lowered their target price from $96.00 to $91.00.

Pulte Group (PHM): Credit Suisse lowered their rating from Outperform to Neutral and placed a target price of $20.00 on the company. Pre-market: 19.47 -0.46 (-2.31%)

Toll Brothers (TOLL): Credit Suisse lowered their rating from Outperform to Neutral and placed a target price of $39.00 on the company.

Earning Reports:

Caesars Entertainment (CZR): Reported EPS of -$12.83 missing estimates by -$11.34. Pre-market: 24.95 -0.62 (-2.42%)

Diamond Foods (DMND): Reported EPS of $0.09 beating estimates by +$0.01. Pre-market: 31.19 +1.24 (4.14%)

Express (EXPR): Reported EPS of $0.57 missing estimates by -$0.02. Pre-market: 16.09 -2.15 (-11.79%)

Men's Wearhouse (MW): Reported EPS of -$0.38 missing estimates by -$0.26. Pre-market: 56.50 -0.64 (-1.12%)

Markets: 
Futures at 8:44: Dow -0.33%. S&P -0.38%. Nasdaq -0.41%. Crude -1.61% to $98.42. Gold +1.18% to $1362.80. U.S. 10 Year +6/32 to 2.746%.

Europe: London -1.17%. Paris -1.54%. Frankfurt -1.45%.

Asia: Japan -2.59% to 14830. Hong Kong -1.65% to 21902. China -0.17% to 1998. India +0.14% to 21856. 

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Men’s Wearhouse in Hostile Bid for Jos A. Bank.

Men’s Wearhouse in Hostile Bid for Jos A. Bank. Men's Wearhouse (MW) has increased its bid for Jos. A. Bank Clothiers (JOSB) to $57.50 a share. Its earlier offer of $55.00 was rejected by Jos. A. Bank back in November.  (MW) Pre-market: 52.96 +2.37 (4.68%) (JOSB) Pre-market: 57.00 +2.59 (4.76%)

Upgrades:

Boston Scientific (BSX): Oppenheimer raised their rating from Equal Weight to Overweight and placed a target price of $15.00 on the company. Pre-market: 12.15 +0.22 (1.84%)

Celgene (CELG): ResearchTeam raised their rating from Hold to Accumulate. Pre-market: 166.00 -3.81 (-2.24%)

ConocoPhillips (COP): Raymond James raised their rating from Underperform to Market Perform.

Urban Outfitters (URBN): Ascendiant raised their rating from Buy to Strong Buy and placed a target price of $55.00 on the company.

Wynn Resorts (WYNN): Citigroup raised their rating from Neutral to Buy and raised their target price from $167.92 to $222.00. Pre-market: 198.55 +2.55 (1.30%)

Zimmer Holdings (ZMH): Leerink raised their rating from Market Perform to Outperform and raised their target price from $93.00 to $110.00.

Downgrades:

AFLAC (AFL): Credit Suisse lowered their rating from Outperform to Neutral and lowered their target price from $67.00 to $66.00.

AFLAC (AFL): ResearchTeam lowered their rating from Hold to Reduce.

AGL Resources (GAS): ResearchTeam lowered their rating from Hold to Reduce.

Apple (AAPL): Standpoint Research lowered their rating from Hold to Sell. Pre-market: 537.99 -2.99 (-0.55%)

Celgene (CELG): Goldman Sachs lowered their rating from Neutral to Sell and maintained their target price of $140.00. Pre-market: 166.00 -3.81 (-2.24%)

Devon Energy (DVN): Guggenheim lowered their rating from Buy to Neutral. Pre-market: 60.60 -0.43 (-0.70%)

eBay (EBAY): Morgan Stanley lowered their rating from Overweight to Equal Weight. Pre-market: 52.10 -1.16 (-2.18%)

Ensco PLC (ESV): ResearchTeam lowered their rating from Hold to Reduce.

Foot Locker (FL): ResearchTeam lowered their rating from Accumulate to Hold.

Halliburton (HAL): Guggenheim lowered their rating from Buy to Neutral. Pre-market: 50.31 +0.18 (0.36%)

Patterson-UTI Energy (PTEN): Guggenheim lowered their rating from Buy to Neutral.

Total SA (TOT): ResearchTeam lowered their rating from Hold to Reduce.

Twitter (TWTR): CRT Capital lowered their rating from Buy to Fair Value. Pre-market: 65.05 -3.95 (-5.72%)

Wendy’s (WEN): Janney Capital lowered their rating from Buy to Neutral and placed a target price of $9.00 on the company. Pre-market: 8.40 -0.28 (-3.23%)

Coverage Initiated:

Phillip Morris Intl (PM): Standpoint Research initiated coverage with a Sell rating. Pre-market: 86.51 +0.98 (1.14%)

Markets: 
Futures at 7:46: Dow +0.20%. S&P +0.18%. Nasdaq +0.11%. Crude +0.40% to $94.33. Gold -0.07% to $1237.70.  U.S. 10 Year +6/32 to 2.978%.

Europe: London +0.17%. Paris +0.01%. Frankfurt +0.26%. 

Asia: Japan -2.35% to 15909. Hong Kong -0.58% to 22684. China -1.80% to 2046. India -0.31% to 20787. 

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