Bullish Call for Guess, A Strong Initiation for T-Mobile
Bullish Call for Guess, A Strong Initiation for T-Mobile
FireEye Analyst Day, Beige Book: What to Watch on Wall Street June 3
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Goldman Sachs (GS) downgraded The Fresh Market (TFM) to a sell rating from neutral.Goldman is also cutting its price target for the stock to $27 per share. The firm says the organic grocer faces increased competition and cost inflation. An upgrade for apparel and accessories maker Guess is giving the stock a boost. Piper Jaffray upgraded Guess to an Overweight from Neutral and raised its price target to $32. The firm says stabilizing conditions in southern Europe is positive for Guess. BMO Capital Markets is now covering T-Mobile (TMUS). BMO is initiating with an Outperform rating and a price target set at $40 per share. TheStreet's Susannah Lee has the details from Wall Street.
On Wednesday, June 3 TheStreet keep an eye on FireEye's (FEYE) 2015 analyst day, companies reporting their quarterly financial results, as well as some key economic data to watch on Wall Street. TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio, says FireEye is one of the top cyber security companies stopping today's advanced cyber-attacks. He noted that insurance companies are even selling FireEye as part of a policy. On the earnings front, we point out three notable companies reporting their earnings including Brown-Forman Corp (BF.B), Vera Bradley Inc (VRA), and Five Below Inc (FIVE). On the economic calendar, we note key data including international trade balance, the ISM Non-Manufacturing index, the EIA petroleum status report, and the Beige Book. TheStreet's Kurumi Fukushima reports in New York.
Delta Air Lines (DAL) lagged the S&P 500 Tuesday after reporting a steep decline in passenger unit revenue in May. Profits have been cut by currency exchange headwinds and lower surcharges. Boeing (BA) led the Dow after announcing it has started factory assembly of its first 737 jetliner on schedule. Stocks were unable to hold onto slight gains through to market close. Markets fell as a surge in bond yields triggered a selloff among utilities that cancelled out a rally in the energy sector. Intel (INTC) was the worst Dow performer after BMO Capital argued the company had paid too much in its pending acquisition of Altera (ALTR).
General Motors (GM) shares were on watch after the automaker reported a 3 percent increase in domestic sales in May compared to an expected 1 percent decline. Ford (F) also beat estimates, falling at a slower-than-expected pace in May. Auto sales slid 1.3 percent, a far narrower drop than an expected 3.3 percent decline. Plug Power (PLUG) jumped after the alternative fuel-cell developer announced an expansion contract with Wal-Mart (WMT) Canada to outfit its Alberta distribution center. Factory orders in April fell 0.4 percent after a revised 2.2 percent jump in March. Economists had expected the measure to remain unchanged. Stocks were slightly lower.
In Tuesday's Analysts' Actions, TheStreet highlights a downgrade for Intel (INTC) following its Altera Corp (ALTR) acquisition, while Anheuser Busch Inbev SA (BUD) and Big Lots (BIG) get a higher rating. Analysts at BMO Capital downgraded shares of Intel to MARKET PERFORM from OUTPERFORM following its $54 a share purchase of Altera. The firm believes Altera is only worth $28 a share, and thinks Intel paid too much. Analysts at Susquehanna upgraded Anheuser-Busch to POSITIVE from NEUTRAL to reflect what the firm sees as 'imminent.' Additionally, Big Lots was upgraded to OVERWEIGHT from EQUAL WEIGHT at Barclays. The firm maintained its $53 price target. Barclays believes the discount retailer has had 'meaningful progress' in its initiatives. TheStreet's Kurumi Fukushima reports in New York.
U.S. stocks open moderately lower as Fitbit files for an IPO and Dollar General (DG) beats profit expectations. Fitbit is looking to raise up to $358 million in an IPO. The regulatory paperwork was filed today. Dollar General posted a better than expected 14% increase in profit in the first quarter as it benefits from higher customers traffic. Alaska prepares for a partial government shutdown over a budget impasse. A hearing is scheduled to get an update on the deadly Takata airbags. A witness list wasn't made available but it is expected to include National Transportation Safety Officials. The Takata airbag recall now covers 34 million vehicles, making it one of the largest consumer recalls in history. Also in Washington, Amtrak officials will face questions on why technology to slow trains that are going too fast wasn't in place before last month's deadly derailment in Philadelphia. The hearing by the House Transportation Committee comes amid rising concern about rail safety.
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