Government Motors is No Longer

Government Motors is No Longer. The U.S. government has sold its remaining 31.1M shares in General Motors (GM) for $9.2B. Because of the government ownership some had called the company Government Motors. The sale ends restrictions on executive pay and would allow the payment of dividends and share buybacks. The wisdom of the sale at this time is being questioned since the sale netted only $39B from an initial investment of $49.5B. The total loss to U.S. taxpayers will be over $10.5B.

Upgrades:

Broadcom (BRCM): Charter Equity raised their rating from Market Perform to Buy.

Celgene (CELG): Credit Suisse raised their rating from Neutral to Outperform.

Johnson Controls (JCI): RBC Capital raised their rating from Outperform to Top Pick and placed a target price of $61.00 on the company.

Royal Bank of Canada (RY): S&P raised their rating from 3 Stars to 4 Stars.

United Rentals (URI): RBC Capital raised their rating from Outperform to Top Pick and placed a target price of $85.00 on the company.

Downgrades:

Quest Diagnostics (DGX): Bank of America Merrill Lynch lowered their rating from Buy to Underperform and lowered their target price from $64.00 to $55.00.

Old Dominion Freight (ODLF): Longbow lowered their rating from Buy to Neutral.

Tenneco (TEN): RBC Capital lowered their rating from Top Pick to Outperform and placed a target price of $66.00 on the company.

Tyson Foods (TSN): Miller Tabak lowered their rating from Buy to Hold and lowered their target price from $35.00 to $33.00.

Coverage Initiated:

IMAX (IMAX): Ascendiant Jefferies initiated coverage with a Buy rating and target price of $32.00.

Papa John’s International (PZZA):  Jefferies initiated coverage with a Hold rating and target price of $86.00.

Rambus (RMBS): Jefferies initiated coverage with a Hold rating and target price of $13.00.

olHold rating

Earning Reports:

AutoZone (AZO): Reported EPS of $6.29 beating estimates by +$0.01.

Burlington Stores (BURL): Reported EPS of -$0.05 in-line with estimates.

Toll Brothers (TOL): Reported EPS of $0.54 beating estimates by +$0.10.

Markets: 
Futures at 6:20: Dow +0.1%. S&P +0.1%. Nasdaq +0.1%. Crude +1.2% to $98.49. Gold +1% to $1246.30. 

Europe: London +0.1%. Paris +0.1%. Frankfurt +0.2%. 

Asia: Japan -0.3% to 15611. Hong Kong -0.3% to 23744. China -0.02% at 2237. India -0.3% at 21256. 

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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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