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Eli Lilly Wins Appeal.
Eli Lilly (LLY) won in appeals court yesterday when the court upheld a prior decision preventing Teva (TEVA) from manufacturing and selling a generic version of Evista.
Auto Sale Fall. Auto sales fell -21% in August from year ago numbers. Chrysler’s sales increased +7%. Ford (F) sales were fell -11%, GM's sales were down -25%, and Toyota's (TM) fell -34%.
Upgrades
Zumiez (ZUMZ): Caris & Company raised their rating from Above Average to Buy and placed a target price of $25.00 on the company.
Rio Tinto PLC (RTP): RBC Capital Markets raised their rating from Sector Perform to Outperform.
Coverage Initiated
Exelon (EXC): RBC Capital Markets initiated coverage with an Outperform rating and target price of $59.00.
Zimmer Holdings (ZMH): Stifel Nicolaus initiated coverage with a Buy rating and target price of $58.00.
Stryker (SYK): Stifel Nicolaus initiated coverage with a Hold rating and target price of $50.00.
Medtronic (MDT): Stifel Nicolaus initiated coverage with a Hold rating and target price of $37.00.
St. Jude Medical (STJ): Stifel Nicolaus initiated coverage with a Hold rating and target price of $36.00.
Clearwire (CLWR): Kaufman Bros initiated coverage with a Buy rating and target price of $8.50.
Coverage Reiterated/Price Target Changed
Collective Brands (PSS): Caris & Company reiterated their Above Average rating and lowered their target price from $29.00 to $16.00.
Joy Global (JOYG): RBC Capital Markets reiterated their Outperform rating and raised their target price from $72.00 to $77.00.
Earning Reports
Collective Brands (PSS): Reported EPS of -$0.32 missing estimates by -$0.77. Shares are -5.89% lower in the pre-market.
Movado Group (MOV): Reported EPS of -$0.04 missing estimates by -$0.03.
· Futures: Dow -0.2%. S&P -0.2%. Nasdaq -0.1%. Crude -0.2% to $73.77. Gold 0.0% at $1247.90.
· Asia: Japan +1.5% to 9063. Hong Kong +1.2% to 20869. China +1.3% to 2656. India +0.2% to 18238.
· Europe: London -0.1%. Paris -0.1%. Frankfurt -0.3%.
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