Cisco Shares Lower on Quarterly Results

Cisco Shares Lower on Quarterly Results. Cisco Systems (CSCO) reported their FQ2 earnings with mixed results.  The company reported EPS of $0.47 beating Wall Street estimates by +$0.01. But net profit at the company declined 55% to $1.4B after the company took a $655M charge due to memory-chip problems. Adjusted revenue fell 7.4% to $11.2B. The company also forecast that sales would decline another 6-8% in FQ3. Pre-market: 22.06 -0.79 (-3.46%)

Upgrades:

Children’s Place (PLCE): Piper Jaffray raised their rating from Neutral to Overweight and raised their target price from $54.00 to $62.00.

Forward Air (FWRD): Stephens raised their rating from Equal Weight to Overweight and raised their target price from $40.00 to $55.00.

NVIDIA (NVDA): B. Riley raised their rating from Neutral to Buy and raised their target price from $14.00 to $21.00. Pre-market: 17.45 +0.62 (3.68%)

Downgrades:

Angie’s List (ANGI): Stifel lowered their rating from Buy to Hold. Pre-market: 13.72 -3.38 (-19.77%)

Angie’s List (ANGI): Raymond James lowered their rating from Strong Buy to Market Perform. Pre-market: 13.72 -3.38 (-19.77%)

Coverage Initiated:

Constellation Brands (STZ): Citigroup initiated coverage with a Neutral rating and target price of $80.00.

Equifax (EFX): Wells Fargo initiated coverage with a Market Perform rating and target range of $69.00 - $76.00.

Moody’s (MCO): Wells Fargo initiated coverage with a Market Perform rating and target range of $78.00 - $87.00.

Sempra Energy (SRE): Wells Fargo initiated coverage with a Outperform rating and target range of $99.00 - $102.00.

Earning Reports:

Burger King (BKW): Reported EPS of $0.24 beating estimates by +$0.01. Pre-market: 25.51 +0.03 (0.12%)

Cabela’s (CAB): Reported EPS of $1.32 missing estimates by -$0.09. Pre-market: 63.57 -6.24 (-8.94%)

Cisco Systems (CSCO): Reported EPS of $0.47 beating estimates by +$0.01. Pre-market: 22.06 -0.79 (-3.46%)

Goodyear Tire (GT): Reported EPS of $0.74 beating estimates by +$0.11. Pre-market: 25.00 +0.83 (3.43%)

Molson Coors Brewing (TAP): Reported EPS of $0.68 missing estimates by -$0.04.

PepsiCo (PEP): Reported EPS of $1.05 beating estimates by +$0.04. Pre-market: 81.00 -0.49 (-0.60%)

Sonoco Products (SON): Reported EPS of $0.58 in-line with estimates.

TreeHouse Foods (THS): Reported EPS of $0.98 beating estimates by +$0.07.

Zilliow (Z): Reported EPS of $0.19 beating estimates by +$0.12. Pre-market: 90.45 +0.60 (0.67%)

Markets: 
Futures at 7:43: Dow -0.46%. S&P -0.52%. Nasdaq -0.54%. Crude -0.66% to $99.71. Gold -0.35% to $1290.70.  U.S. 10 Year +15/32 to 2.739%.

Europe: London -0.92%. Paris -0.59%. Frankfurt -0.54%. 

Asia: Japan -1.79% to 14535. Hong Kong -0.54% to 22166. China -0.55% at 2098. India -1.25% at 20193. 

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Morning Coffee Pre-Market Wall Street News

BlackBerry to be Acquired. Troubled cell phone maker BlackBerry (BBRY) has agreed to be acquired for $4.7 billion. A consortium led by Fairfax Financial will pay $9.00 share in cash and roll over its existing 9.9% stake into its buyout offer.  Fairfax Financial will rely on other investors to finance the rest of the deal via equity and debt. BlackBerry can look at competing bids up until the due diligence is completed. Pre-market: 8.79 -0.03 (-0.34%)

Upgrades:

Apple (AAPL): Susquehanna raised their rating from Neutral to Positive and raised their target price from $440.00 to $625.00. Pre-market: 495.60 +4.96 (1.01%)

BlackBerry (BBRY): Cowen raised their rating from Underperform to Market Perform and raised their target price from $8.00 to $9.00. Pre-market: 8.79 -0.03 (-0.34%)

BlackBerry (BBRY): Canaccord raised their rating from Sell to Hold and placed a target price of $9.00 on the company. Pre-market: 8.79 -0.03 (-0.34%)

Microchip Tech (MCHP): Goldman Sachs raised their rating from Neutral to Buy and raised their target price from $42.00 to $46.00. Pre-market: 40.84 +0.51 (1.26%)

Downgrades:

Automatic Data Processing (ADP): RBC Capital lowered their rating from Outperform to Sector Perform.

DirecTV (DTV): Moffett Research lowered their rating from Buy to Neutral.

Equifax (EFX): RBC Capital lowered their rating from Outperform to Sector Perform.

Red Hat (RHT): Pacific Crest lowered their rating from Outperform to Sector Perform. Pre-market: 47.55 -5.38 (-10.16%)

Coverage Initiated:

Automatic Data Processing (ADP): UBS initiated coverage with a Neutral rating and target price of $110.00.

Sturm Ruger & Company (RGR): Dougherty initiated coverage with a Neutral rating.

Tata Motors (TTM): Bernstein initiated coverage with an Outperform rating.

Earning Reports:

CarMax (KMX): Reported EPS of $0.62 beating estimates by +$0.07. Pre-market: 52.22 +2.21 (4.42%)

KB Home (KBH): Reported EPS of $0.28 beating estimates by +$0.07. Pre-market: 16.86 -0.17 (-1.00%)

Lennar (LEN): Reported EPS of $0.54 beating estimates by +$0.08. Pre-market: 35.10 +0.56 (1.62%)

Red Hat (RHT): Reported EPS of $0.35 beating estimates by +$0.02. Pre-market: 47.55 -5.38 (-10.16%)

Markets: 
Futures at 8:14: Dow +0.02%. S&P -0.02%. Nasdaq +0.09%. Crude -0.60% to $102.96. Gold -0.93% to $1315.00. U.S. 10 Year +5/32 2.688%

Europe: London +0.27%. Paris +0.69%. Frankfurt +0.25%. 

Asia: Japan -0.07% to 14732. Hong Kong -0.82% to 23179. China -0.61% to 2207. India +0.10% to 19911.