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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Sony’s PlayStation 4 Goes On Sale

Sony’s PlayStation 4 Goes On Sale. Sony’s (SNE) PS4 went on sale Friday night and within 24 hours the company sold over 1 million video-gaming consoles.  The company needs to hit a home run with the PS4 to help the company the turn around its consumer-electronics division. Sony will face stiff competition from Microsoft which will be releasing its new gaming system Xbox One this Friday. Pre-market: 19.10 +0.60 (3.24%)

Upgrades:

Baxter Intl (BAX): Credit Suisse raised their rating from Neutral to Outperform and raised their target price from $73.00 to $80.00.

Swift Transportation (SWFT): RW Baird raised their rating from Neutral to Outperform and raised their target price from $25.00 to $28.00. Pre-market: 23.31 +0.08 (0.34%)

Downgrades:

Halliburton (HAL): Global Hunter lowered their rating from Buy to Neutral and maintained a target price of $61.00. Pre-market: 56.10 -0.13 (-0.23%)

Microchip Tech (MCHP): Stephens lowered their rating from Overweight to Equal Weight and placed a target price of $45.00 on the company. Pre-market: 43.00 -0.61 (-1.40%)

Microsoft (MSFT): BofA Merrill Lynch lowered their rating from Neutral to Underperform and placed a target price of $36.00 on the company.

NVIDIA (NVDA): Morgan Stanley lowered their rating from Equal Weight to Underweight and placed a target price of $13.00 on the company. Pre-market: 15.85 -0.32 (-1.98%)

Coverage Initiated:

Twitter (TWTR): Wunderlich re-initiated coverage with a Sell rating and target price of $34.00. Pre-market: 43.28 -0.70 (-1.59%)

Earning Reports:

Tyson Foods (TSN): Reported EPS of $0.70 beating estimates by +$0.01. Pre-market: 29.85 +1.08 (3.75%)

Markets: 
Futures at 8:03: Dow +0.23%. S&P +0.15%. Nasdaq +0.06%. Crude -0.46% to $93.41. Gold -0.71% to $1278.20. U.S. 10 Year 0/32 2.705%.

Europe: London +0.41%. Paris +0.73%. Frankfurt +0.62%. 

Asia: Japan -0.01% at 15164.3. Hong Kong +2.73% to 23660. China +2.87%. India +2.21%. 

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Morning Coffee Pre-Market Wall Street News

Berkshire Hathaway Followers Ready for Pilgrimage.  Hordes of Warren Buffett followers are ready to descend on Berkshire Hathaway Inc. shareholders meeting this weekend. Prior to the meeting the company is expected to release their quarterly results. Wall Street analysts expect the company to report EPS of $1,995.50 per Class A share according to Thomson Reuters. One year ago for the same quarter the company reports EPS of $1,966. On Saturday Chairman Warren Buffett and Vice Chairman Charlie Munger will speak to the thousands of followers on topics ranging from the company’s performance, to the economy and general investing. Reports say that Hedge-fund manager Doug Kass will grill Buffett about Berkshire’s business. Kass is short Berkshire, meaning he expects the shares to fall in price. In a statement Kass said “My challenge is to ask some original questions, some that have never been asked, that might divulge new news and give people some insight.”

Upgrades

Hewlett-Packard (HPQ): Jefferies raised their rating from Underperform to Hold and raised their target price from $18.50 to $24.00. Pre-market: 23.18 +1.95 (9.19%)

Pacific Sunwear (PSUN): Wedbush raised their rating from Underperform to Neutral and raised their target price from $2.00 to $3.75. Pre-market: 3.20 +0.28 (9.59%)

Pacific Sunwear (PSUN): Topeka raised their rating from Hold to Buy and placed a target price of $4.50 on the company. Pre-market: 3.20 +0.28 (9.59%)

Seagate Tech (STX): Deutsche Bank raised their rating from Hold to Buy and raised their target price from $40.00 to $46.00. Pre-market: 42.03 -0.14 (-0.33%)

Downgrades

Blue Nile (NILE): RBC Capital lowered their rating from Outperform to Sector Perform and maintained a target price of $36.00 on the company. Pre-market: 33.55 -1.02 (-2.95%)

Comerica (CMA): Susquehanna lowered their rating from Neutral to Negative and placed a target price of $30.00 on the company.

Devon Energy (DVN): JPMorgan lowered their rating from Overweight to Neutral and lowered their target price from $62.50 to $61.50. Pre-market: 58.00 -1.15 (-1.94%)

E.I. DuPont de Nemours (DD): BGC Partners lowered their rating from Hold to Sell and placed a target price of $50.00 on the company. Pre-market: 54.97 -0.60 (-1.08%)

Coverage Initiated

Chipolte Mexican Grill (CMG): Credit Suisse initiated coverage with a Neutral rating and target price of $360.00. Pre-market: 368.00 -3.05 (-0.82%)

Johnson & Johnson (JNJ): Credit Suisse initiated coverage with an Underperform rating and target price of $73.0. Pre-market: 87.19 -1.27 (-1.44%)

NVIDIA (NVDA): Topeka initiated coverage with a Hold rating and target price of $15.00. Pre-market: 14.15 -0.25 (-1.74%)

Earning Reports

Advance Auto (AAP): Reported EPS of $1.65 beating estimates by +$0.03. Pre-market: 86.15 +0.35 (0.41%)

Children’s Place (PLCE): Reported EPS of $0.83 beating estimates by +$0.22. Pre-market: 53.00 +1.53 (2.97%)

Dollar Tree (DLTR): Reported EPS of $0.59 beating estimates by +$0.02. Pre-market: 49.60 +1.23 (2.54%)

Hormel Foods (HRL): Reported EPS of $0.46 missing estimates by -$0.03.

Kirklands (KIRK): Reported EPS of $0.10 beating estimates by +$0.05.

Paterson Companies (PDCO): Reported EPS of $0.62 in-line with estimates. Pre-market: 37.22 -1.78 (-4.56%)

Perry Ellis (PERY): Reported EPS of $0.62 beating estimates by +$0.03.

Polo Ralph Lauren (RL): Reported EPS of $1.41 beating estimates by +$0.11. Pre-market: 180.51 -7.55 (-4.01%)

Toro (TTC): Reported EPS of $1.32 beating estimates by +$0.15.

Toronto-Dominion Bank (TD):  Reported EPS of $1.92 in-line with estimates.

Markets: 
Futures at 8:06: Dow -0.79%. S&P -0.95%. Nasdaq: -0.93%. Crude -1.47% to $92.89. Gold +1.86% to $1393.00.

Europe: London -1.80%. Paris -2.50%. Frankfurt -2.65%. 

Asia: Japan: -6.80% to 14564. Hong Kong -2.54% to 22669. China -1.16% to 2276. India -1.93% to 19674.