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. 

#TopWealthManager #RLPaler #WallStreet #AnalystsRatings #EarningReports #FinancialPlanning #RIA

AstraZeneca Eyes Bid on Forest Labs

AstraZeneca  Eyes Bid on Forest Labs. 

Reports say that AstraZeneca (AZN) has met with Forest Labs (FRX) top executives concerning a takeover bid for the company. Forest Labs has a market cap of $15.2B and on Monday announced a restructuring on Monday.

Upgrades:

Electronic Arts (EA): Hilliard Lyons raised their rating from Underperform to Neutral. Pre-market: 21.57 +0.03 (0.14%)

US Bancorp (USB): Goldman Sachs raised their rating from Neutral to Conviction Buy and raised their target price from $40.00 to $44.00.

Downgrades:

AT&T (T): JPMorgan lowered their rating from Overweight to Neutral and placed a target price of $38.00 on the company.

Citigroup (C): Goldman Sachs lowered their rating from Conviction Buy to Neutral and raised their target price from $58.00 to $60.00.

eBay (EBAY): Evercore lowered their rating from Overweight to Equal Weight and placed a target price of $58.00 on the company.

Coverage Initiated:

Cablevision Systems (CVC): Northland Securities initiated coverage with a Market Perform rating and target price of $19.00.

Charter Communications (CHTR): Northland Securities initiated coverage with a Market Perform rating and target price of $146.00.

Comcast (CMCSA): Northland Securities initiated coverage with an Outperform rating and target price of $61.00.

Dish Network (DISH): Northland Securities initiated coverage with a Market Perform rating and target price of $61.00.

DIRECTV (DTV): Northland Securities initiated coverage with an Outperform rating and target price of $84.00.

McDonalds (MCD): Buckingham initiated coverage with a Neutral rating and target price of $99.00.

Mosaic (MOS): RBC Capital initiated coverage with an Outperform rating and target price of $57.00.

Time Warner Cable (TWC): Northland Securities initiated coverage with an Outperform rating and target price of $165.00.

Whirlpool (WHR): MKM Partners initiated coverage with a Buy rating and Target price of $183.00.

Earning Reports:

Bob Evans (BOBE): Reported EPS of $0.35 missing estimates by -$0.20. Pre-market: 51.99 -3.11 (-5.64%)

Brown-Forman (BF.B): Reported EPS of $0.96 beating estimates by +$0.05.

Express (EXPR): Reported EPS of $0.23 missing estimates by -$0.02. Pre-market: 20.06 -4.61 (-18.69%)

OmniVision (OVTI): Reported EPS of $0.60 beating estimates by +$0.17. Pre-market: 14.22 -1.77 (-11.07%)

Markets: 
Futures at 8:47: Dow -0.17%. S&P -0.19%. Nasdaq -0.09%. Crude +1.04% to $97.03. Gold +0.20% to $1223.50. U.S. 10 Year -15/32 2.841%.

Europe: London -0.59%. Paris -0.99%. Frankfurt -1.19%. 

Asia: Japan -2.17% to 15408. Hong Kong -0.76% to 23729. China +1.31% to 2252. India -0.70% to 20709. 

#RLPaler #WallStreet #PreMarket #WealthManagement #EarningReports #AnalystsRatings 

Government Wants BofA Fined Again.

Government Wants BofA Fined Again. The U.S. government is seeking to fine of Bank of America (BAC) again. This comes after a long list of resent fines, with the most recent for discrimination against black employees. The government is looking to fine the troubled bank the maximum $864 million that is allowed for their Countrywide loan program called. "Hustle." The program was designed to accelerate the creation and sale of loans to Fannie Mae (FNMA) and Freddie Mac (FMCC).

Upgrades:

Best Buy (BBY): UBS raised their rating from Neutral to Buy and raised their target price from $45.00 to $49.00. Pre-market: 43.15 +0.74 (1.74%)

ExxonMobil (XOM): Argus raised their rating from Hold to Buy and placed a target price of $104.00 on the company. Pre-market: 92.86 +0.13 (0.14%)

INVESCO Ltd. (IVZ): Wells Fargo raised their rating from Market Perform to Outperform and raised their target range from $33-$37 to $38-$42.

TD Ameritrade (AMTD): Raymond James raised their rating from Market Perform to Outperform and placed a target price of $33.00 on the company.

Downgrades:

Deutsche Telekom (DTEGY): Goldman Sachs lowered their rating from Neutral to Sell.

Tata Motors (TTM): Nomura lowered their rating from Buy to Neutral. Pre-market: 29.88 -0.89 (-2.89%)

Coverage Initiated:

Chico’s FAS (CHS): Goldman Sachs initiated coverage with a Neutral rating and target price of $17.00.

Express (EXPR): Goldman Sachs initiated coverage with a Buy rating and target price of $28.00.

Movado (MOV): KeyBanc initiated coverage with a Hold rating.

Twitter (TWTR): Sterne Agee initiated coverage with a Neutral rating. Pre-market: 40.84 -0.81 (-1.94%)

Markets: 
Futures at 8:20: Dow +0.10%. S&P +0.10%. Nasdaq +0.07%. Crude -0.22% to $94.37. Gold -0.12% to $1283.00. U.S. 10 Year +2/32 2.747%

Europe: London +0.29%. Paris +0.48%. Frankfurt +0.18%. 

Asia: Japan +1.30% to 14270. Hong Kong +1.43% to 23070. China +0.16% to 2109. India -0.85% to 20491. 

#RLPaler #WallStreet  #WealthManagement #EarningReports #AnalystsRatings #BankofAmerica #Discrimination #WorstBank

Morning Coffee Pre-Market Wall Street News

Summers Taps Out of Fed Chair Job. Reports say that Larry Summers has officially taped out for consideration as the next Fed Chairman, saying that "any possible confirmation process for me would be acrimonious." Both Democrats and Republican were expected to object to his nomination to replace Ben Bernanke. The top remaining contenders for the position are Janet Yellen, who would be the first woman Fed Chairman and Don Kohn.

Upgrades:

AstraZeneca (AZN): Nordea raised their rating from Sell to Buy. Pre-market: 51.88 +1.23 (2.43%)

Barclays (BCS): Nomura raised their rating from Reduce to Buy. Pre-market: 19.50 +0.28 (1.46%)

Bristol Myers Squibb (BMY): JPMorgan raised their rating from Neutral to Overweight and raised their target price from $50.00 to $52.00. Pre-market: 44.41 +0.85 (1.95%)

Dominion Resources (D): ISI Group raised their rating from Neutral to Buy and raised their target price to$66.00.

Express (EXPR): The ResearchTeam raised their rating from Hold to Accumulate.

Intel (INTC): The ResearchTeam raised their rating from Reduce to Hold. Pre-market: 23.62 +0.18 (0.77%)

Mosaic (MOS): The ResearchTeam raised their rating from Reduce to Hold. Pre-market: 46.62 +0.63 (1.37%)

Synaptics (SYNA): The ResearchTeam raised their rating from Reduce to Hold. Pre-market: 64.26 +0.72 (1.13%)

Teleflex (TFX): Raymond James raised their rating from Market Perform to Outperform.

Western Union (WU): Sterne Agee raised their rating from Neutral to Buy and placed a target price of $22.00 on the company. Pre-market: 18.87 +0.46 (2.50%)

Downgrades:

Las Vegas Sands (LVS): ISI Group lowered their rating from Buy to Neutral and placed a target price of $61.00 on the company.

Under Armour (UA): Susquehanna lowered their rating from Positive to Neutral and maintained a target price of $77.00 on the company. Pre-market: 78.25 -0.25 (-0.32%)

Wynn Resorts (WYNN): ISI Group lowered their rating from Buy to Neutral and placed a target price of $149.00 on the company. Pre-market: 151.14 +0.79 (0.53%)

Markets: 

Futures at 6:20: Dow +1.1%. S&P +1.1%. Nasdaq +1%. Crude -1.3% to $106.84. Gold +0.45% to $1314.50.  U.S. 10 Year +22/32 2.805%.

Europe: London +0.89%. Paris +0.98%. Frankfurt +1.29%. 

Asia: Japan closed. Hong Kong +1.47% to 23252. China -0.22% to 2231. India +0.05% to 19742. 

Morning Coffee Pre-Market Wall Street News

Bank of America Pays for Racial Discrimination Against Black Employees. Bank of America (BAC) will pay $160 million after it was sued by black employees. The lawsuit was brought by hundreds of black financial advisers, who accused the bank of not giving them the same opportunities as white advisors in the areas of account distributions and investment teams. Pre-market: 14.09 -0.02 (-0.14%)

Upgrades:

USG Corp (USG): Longbow raised their rating from Neutral to Buy and placed a target price of $28.00 on the company. Pre-market: 23.33 +0.27 (1.17%)

Downgrades:

Taser International (TASR): JPMorgan lowered their rating from Overweight to Neutral and placed a target price of $12.00 on the company.

Tiffany & Co (TIF): CLSA lowered their rating from Outperform to Underperform. Pre-market: 79.50 -1.32 (-1.63%)

Coverage Initiated:

Applied Materials (AMAT): Northland Securities initiated coverage with an Outperform rating and target price of $19.00. Pre-market: 15.04 -0.03 (-0.19%)

Arch Coal (ACI): FBR Capital initiated coverage with an Outperform rating and target price of $6.00. Pre-market: 4.65 +0.03 (0.65%)

Laboratory Corp (LH): Craig-Hallum initiated coverage with a Buy rating and target price of $116.00.

Lam Research (LRCX): Northland Securities initiated coverage with an Outperform rating and target price of $59.00.

Earning Reports:

Chico’s FAS (CHS): Reported EPS of $0.27 missing estimates by -$0.05. Pre-market: 15.67 +0.34 (2.22%)

Express (EXPR): Reported EPS of $0.20 in-line with estimates. Pre-market: 21.75 +1.95 (9.85%)

Joy Global (JOY): Reported EPS of $1.70 beating estimates by +$0.34. Pre-market: 48.80 -2.51 (-4.89%)

Zale (ZLC): Reported EPS of- $0.25 beating estimates by +$0.58. Pre-market: 10.49 +1.53 (17.08%)

Markets: 
Futures at 8:45: Dow +0.09%. S&P +0.04%. Nasdaq +0.09%. Crude +1.28% to $110.38. Gold +0.44% to $1426.40. U.S. 10 Year -15/32 2.767%.

Europe: London -0.60%. Paris -0.49%. Frankfurt -1.54%. 

Asia: Japan -1.51% to 13338. Hong Kong -1.60% to 21525. China -0.11% to 2101. India +0.16% to 17996.