Google Shares Split

Google Shares Split. 

Google will split their shares today with investors will receive one class-C share for each class-A and class-B shares they own. The split will allow founders Larry Page and Sergey Brin to maintain control of the company through their class B shares they currently hold. The class-C shares will have no voting rights. Both class-A and class-C share will be included in the S&P 500 index. The class- A shares will trade under the ticker (GOOGL) and the class-C shares will trade under (GOOG) ticker. Both classes of shares are expected to trade with little spread to each other. As part of a settlement with investors the company agreed to reimburse holders of the class C shares should they fail to trade in line with the existing A shares.

Upgrades:

Eli Lilly (LLY): Cowen & Company raised their rating from Market Perform to Outperform and placed a target price of $68.00 on the company.

Monsanto (MON): JPMorgan raised their rating from Neutral to Overweight and placed a target price of $125.00 on the company. Pre-market: 116.00 +1.58 (1.38%)

Downgrades:

BB&T Corp (BBT): Raymond James lowered their rating from Strong Buy to Outperform and placed a target price of $44.00 on the company.

CSX (CSX): Barclays lowered their rating from Overweight to Equal Weight and placed a target price of $30.00 on the company. Pre-market: 28.92 -0.30 (-1.03%)

Deutsche Bank (DB): Morgan Stanley lowered their rating from Overweight to Neutral. Pre-market: 45.13 -0.90 (-1.96%)

Royal Caribbean (RCL): Swedbank lowered their rating from Buy to Neutral. Pre-market: 56.14 -0.43 (-0.76%)

Coverage Initiated:

Altera Corp (ALTR): Piper Jaffrey initiated coverage with an Overweight rating and target price of $41.00.

Altera Corp (ALTR): FBR Capital initiated coverage with an Outperform rating.

BP p.l.c (BP): BMO Capital initiated coverage with a Market Perform rating. Pre-market: 48.33 -0.11 (-0.23%)

ConAgra (CAG): Morgan Stanley initiated coverage with an Equal Weight rating and target price of $30.00.

ConocoPhillips (COP): BMO Capital initiated coverage with a Market Perform and target price of $70.00.

Chevron (CVX): BMO Capital initiated coverage with a Market Perform and target price of $125.00.

Total (TOT): BMO Capital initiated coverage with an Outperform. Pre-market: 65.86 +0.06 (0.09%)

W.P. Carey (WPC): Capital One initiated coverage with an Equal Weight and target price of $64.00.

Earning Reports:

Greenbrier Comp (GBX): Reported EPS of $0.51 missing estimates by -$0.10. Pre-market: 45.74 -1.97 

Perry Ellis (PERY): Reported EPS of $0.06 beating estimates by +$0.03. Pre-market: 14.55 +0.30 (2.11%)

Markets: 
Futures at 8:36: Dow +0.05%. S&P 0.00%. Nasdaq -0.01%. Crude -0.12% to $99.48. Gold -0.60% to $1283.10. U.S. 10 Year -1/32 to 2.800%

Europe: London +0.10%. Paris +0.23%. Frankfurt +0.17%. 

Asia: Japan +0.84% to 15072. Hong Kong +0.18% to 22565. China -0.74% to 2044. India -0.19% to 22509. 

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