Election Results Sends Stock Futures Lower. Last night President Obama won re-election and as soon as
the markets realized that he was going to win, stock futures started heading
lower. With President Obama winning
re-election Wall Street analysts are predicting that the fiscal cliff may not
be solved by the end of the year, which could tip the U.S. into another
recession or worse. Additionally, taxes
will go up on income, capital gains, interest and Medicare. The national debt will also go up to a
projected $20 trillion by 2016. This is according
to the White House’s own numbers, which includes $1 trillion of new unfunded
national debt each year.
Upgrades
Fossil (FOSL): Caris raised their rating from
Above Average to Buy and placed a target price of $105.00 on the
company. Pre-market: 84.25 +0.01 (0.01%)
Marathon Oil (MRO): Global Hunter raised their rating from Accumulate to Buy and raised their target price from
$35.00 to $40.00.
Downgrades
Humana (HUM): Goldman
Sachs lowered their rating from Neutral to Sell and placed a target
price of $77.00 on the company. Pre-market: 73.98 -2.18 (-2.86%)
AOL (AOL): CLSA lowered their rating from Outperform to Underperform and lowered their target
price from $45.00 to $31.00. Pre-market: 43.02 -0.68 (-1.56%)
Tree House Foods (THS): Credit Suisse lowered their rating from Neutral to Underweight and lowered their target
price from $55.00 to $50.00.
Express Scripts (ESRX): Goldman Sachs lowered their rating from Conviction Buy to Buy and
placed a target price of $64.00 on the company.
Pre-market: 54.26 -0.89 (-1.61%)
Coverage Initiated
Joy Global (JOY): Raymond James initiated coverage
with an Outperform rating and target price of $77.50. Pre-market: 62.20 -1.52 (-2.39%)
Earning Reports
Agrium (AGU):
Reported EPS of $1.34 missing estimates by -$0.48. Pre-market: 99.32 -7.83 (-7.31%)
Becton Dickinson (BDX): Reported EPS of $1.42 beating estimates by
+$0.02. After Hours: 78.47 0.00 (0.00%)
Cognizant Tech (CTSH): Reported EPS of $0.91 beating estimates
by +$0.04. Pre-market: 70.00 +2.65 (3.93%)
Kraft Foods (KRFT):
Reported
EPS of $0.79 beating estimates by +$0.10. Pre-market: 46.00 +1.30 (2.91%)
Macy's (M): Reported
EPS of $0.36 beating estimates by +$0.07. Pre-market: 41.58 +0.20 (0.48%)
Orbitz (OWW): Reported
EPS of $0.14 beating estimates by +$0.07. After Hours: 2.70 +0.10 (3.85%)
Time Warner (TWX): Reported EPS of $0.86
beating estimates by +$0.04. After
Hours: 43.11 0.00 (0.00%)
WellPoint (WLP):
Reported EPS of $2.09 beating estimates by +$0.25. Pre-market: 58.94 -2.26 (-3.69%)
Markets:
Futures at 7:41: Dow -0.67%. S&P -0.65%. Nasdaq -0.70%. Crude -1.49% to $87.406. Gold +0.17% to $1718.00.
Futures at 7:41: Dow -0.67%. S&P -0.65%. Nasdaq -0.70%. Crude -1.49% to $87.406. Gold +0.17% to $1718.00.
Europe: London -0.22%. Paris -0.41%.
Frankfurt -0.27%.
Asia: Japan -0.03% at 8973. Hong
Kong +0.71% to
22100. China -0.01% at 2106. India +0.45% to 18902.
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