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US EQUITIES OPENING HEADLINES INCLUDING: Google has hired Simon Prakash, who worked at Apple for over eight years

6th Feb 2012, 2:08 pm
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Nasdaq 100

Earnings:

Other news:

Google – Co. has hired Simon Prakash, who worked at Apple for over eight years and will be working for Google on a secret project, possibly run by Google co-founder Sergey Brin. (VentureBeat)

Teva Pharmaceuticals - The Israel Tax Authority is likely to demand an additional tax assessment of NIS 200mln within a few weeks. (Globes)

Biogen Idec – Co. said state and federal authorities are investigating its sales and promotional practices, it disclosed in an annual report filed Friday with the SEC. (WSJ)

Motorola Mobility – Co. shareholder Carl Icahn cut his stake in the firm from 10.1% in November to 8.68%. (Sources)

Amgen – The US FDA are to review the co.’s drug Xgeva for delaying the spread of cancer to the bone. (RTRS

Mylan – Valeant Pharmaceuticals announced that it has completed the divestiture of a generic version of Benzaclin, and an authorized generic of Efudex, to Mylan. This action was required under the consent order issued by the FTC as part of the acquisition of Dermik which was completed in December 2011. (RTRS)

Companies going ex-dividend: Starbucks (USD 0.1700)

Broker moves

Upgrades:

Comerica – Co. upgraded to Outperform from Sector Perform at RBC Capital, Price target raised to USD 35 from USD 30

FedEx – Co. upgraded to Buy from Neutral at BofA/Merrill 

Downgrades:

Teva – Co. downgraded to Equal Weight from Overweight at Morgan Stanley, Price target is USD 47

MGM Resorts – Co. downgraded to Neutral from Buy at Goldman, Price target remains USD 14.50

Weyerhaeuser – Co. downgraded to Sell from Neutral at UBS 

PNC Financial – Co. downgraded to Market Perform from Outperform at BMO Capital, Price target is USD 65

Gilead Sciences – Co. Price target raised to USD 61 from USD 50 at ThinkEquity, firm reiterates a Buy rating

Corning – Co. upgraded to Overweight from Neutral at Piper Jaffray, firm raised its price target to USD 16 from USD 13

CNBC’s Jim Cramer on US corporate earnings

MONDAY earnings: Yum Brands report should provide an update on China's economy and also any plans to split up some of the company's franchises. Cramer cautioned viewers that the stock could turn south if either news is not what investors are expecting. 

TUESDAY earnings: Coca Cola reports - Cramer said investors may trim positions in Coke. He is bullish on Buffalo Wild Wings and Panera Bread. Cramer said Walt Disney might be tricky, so he advised waiting until after the earnings before buying in. 

WEDNESDAY earnings: - Cramer said he expects great things from the earnings reports of Ralph Lauren, Cisco and Whole Foods. 

THURSDAY earnings: Cramer is bullish on Dunkin Brands and Noble Energy, but he would ring the register now on Lufkin Industries, as he put that company in the penalty box last quarter. 

FRIDAY earnings: Cramer said to stay away from Arch Coal as the coal bear market continues. He said he's also worried about NYSE Euronext and needs to here if that company has a Plan B after its failed merger attempt. 

Other news

Changyou.com - Q4 diluted EPS USD 1.21 vs. Exp. USD 1.09, Q4 revenue USD 137.7mln vs. Exp. USD 124.16mln. (RTRS)

Sohu.com - Q4 EPS USD 1.36 vs. Exp. USD 1.24, Q4 revenue USD 246.0mln vs. Exp. USD 243.75mln. (RTRS)

General Motors – Co. may earn about USD 8bln in net income when it reports earnings on 16th February. Co. is aiming to earn more than USD 10bln a year. (WSJ)

Lazard - Q4 adjusted EPS USD 0.01 vs. Exp. USD 0.37, Q4 revenue USD 451.78mln vs. Exp. USD 459.05mln, co. to increase quarterly dividend 25% to USD 0.20 per share in April. (Sources)

US Banks - California is close to agreeing to the main points of a settlement reached by the Obama administration with the nation's banks over improper mortgage foreclosure procedures. (NY Times)

 

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