24/7 Wall St. » AGU

24/7 Wall St. Closing Bell (AIG, COP, HSY, PSX, DMD, AOL, AGU, DTG, M, MPEL, TM, SODA, AMCX, MT, ESRX, MCP, JWN, NUAN, HNR, KSS, PEIX, CPWM, AMRS, ACI)

Paul Ausick — Wed, 09 May 2012 20:06:42 +0000

The major US stock indexes opened sharply lower again this morning as investors consider Greece’s commitment to the austerity measures it had previously agreed to. Renegotiating the deal seems out of the question (more coverage here) and there is even the threat that the EU will not pay the first tranche of the bailout deal when it is due tomorrow (more coverage here). US oil inventories rose last week, putting more pressure on prices today (more coverage here).The US dollar index rose today, now up 0.43% at 80.077. The GSCI commodity index is down -0.5% at 648.60, with commodities mixed on the stronger dollar. WTI crude oil closed down -0.5% at $96.71/barrel and Brent crude trades up 0.02% at $112.75/barrel. Gold settled down -0.6% today, at $1,594.20/ounce, the yellow metal’s first sub-$1,600/ounce closing since December.

The unofficial closing bells put the DJIA down nearly 97 points to 12,835.44 (-0.75%), the NASDAQ fell more than11 points (-0.39%) to 2,934.71, and the S&P 500 fell 0.67% or more than 9 points to 1,354.61.

There were several analyst upgrades and downgrades today, including American International Group Inc. (NYSE: AIG) raised to ‘buy’ at Goldman Sachs; ConocoPhillips (NYSE: COP) resumed as ‘neutral’ at Credit Suisse; The Hershey Co. (NYSE: HSY) raised to ‘buy’ at Argus; Phillips 66 (NYSE: PSX) started as ‘outperform’ at Credit Suisse; and Demand Media Inc. (NYSE: DMD) raised to ‘buy’ at Citigroup.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: AOL Inc. (NYSE: AOL) is up 3.8% at $26.55; Agrium Inc. (NYSE: AGU) is down -2.2% at $82.69 (more coverage here); Dollar Thrifty Automotive Group Inc. (NYSE: DTG) is up 0.2% at $80.68; Macy’s Inc. (NYSE: M) is down -3.6% at $38.07 (more coverage here); Melco Crown Entertainment Ltd. (NASDAQ: MPEL) is down -0.2% at $13.96; Toyota Motor Corp. (NYSE: TM) is up 3.1% at $80.58; and SodaStream International Ltd. (NASDAQ: SODA) is up 28% at $37.35.

On Wednesday we are scheduled to get earnings from AMC Networks Inc. (NASDAQ: AMCX), ArcelorMittal (NYSE: MT), Express Scripts Holding Co. (NASDAQ: ESRX), Molycorp Inc. (NYSE: MCP); Nordstrom Inc. (NYSE: JWN); Nuance Communications Inc. (NASDAQ: NUAN); Harvest Natural Resources Inc. (NYSE: HNR); Kohl’s Corp. (NYSE: KSS); and Pacific Ethanol Inc. (NASDAQ: PEIX).

Other standouts from today include the following stocks:

Cost Plus Inc. (NASDAQ: CPWM) is up 21.9% at $21.92 after posting a new 52-week high earlier today. The company is being acquired by Bed Bath & Beyond Inc. (NASDAQ: BBBY) for $495 million.

Amyris Inc. (NASDAQ: AMRS) is down -21.7% at $1.98 after posting a new 52-week low of $1.89 earlier today. The biofuels and biotech company posted much higher-than-expected shortfalls in both EPS and revenues.

Arch Coal Inc. (NYSE: ACI) is up 10.1% at $8.37. The coal miner had no news today, but investors are piling in at a very low price. Volume today topped 25 million shares, more than double Arch’s daily average.

Stay tuned for Thursday. Fed Chairman Ben Bernanke and Minneapolis Fed President Naryana Kocherlakota are giving speeches. We have noted the following events on the schedule (all times Eastern):

8:30 a.m. – International trade report
8:30 a.m. – New claims for unemployment benefits
10:30 a.m. – EIA weekly natural gas storage report
1:00 p.m. – 30-year note auction
2:00 p.m. – Treasury budget
4:30 p.m. – Federal Reserve balance sheet and money supply

Paul Ausick

Filed under: General Tagged: ACI, AGU, AIG, AMCX, AMRS, AOL, BBBY, COP, CPWM, DMD, DTG, ESRX, HNR, HSY, JWN, KSS, M, MCP, MPEL, MT, NUAN, PEIX, PSX, SODA, TM

Fertilizer Maker Makes Hay on Nitrogen (AGU, CF, POT, MOS, MON)

Paul Ausick — Wed, 09 May 2012 12:33:28 +0000

Getting any respect in the fertilizer business has been pretty tough so far this year. We’ll have to wait about an hour or so this morning to see if Agrium Corp. (NYSE: AGU) can defy history. The company reported first quarter results this morning, posting adjusted EPS of $1.32 on revenues of $3.63 billion. Analysts were expecting EPS of $0.99 on revenue of $2.98 billion.

Agrium attributed its increased sales to higher volumes and higher prices for nitrogen. Last week, CF Industries Holdings Inc. (NYSE: CF) also blasted through estimates, but the company’s best seller was also its nitrogen products. Potash Corp. of Saskatchewan Inc. (NYSE: POT) missed earnings estimates on lower potash sales and margins (gross margins fell -56% year-over-year). The Mosaic Co. (NYSE: MOS) also missed on earnings as potash volumes fell and phosphate costs rose. Monsanto Co. (NYSE: MON) pounded EPS estimates, but analysts believe that sales were all pulled forward due to the warm weather.

Agrium and CF are less dependent on potash and phosphates than are the others, and the rise in nitrogen is directly related to its ability to boost yields on the same amount of acreage. Potash fertilizer is needed to ensure healthy plants, but its contribution yields is less important.

Whether demand for nitrogen will continue through the Northern Hemisphere’s growing season remains to be seen, but as more people demand more food on the same amount of acreage, sales and margins on nitrogen are likely to keep pace.

The catch in Agrium’s results is that the company’s first half adjusted EPS guidance is a relatively weak $5.50-$6.10. Analysts had been expecting $5.67 before today’s blowout number. Investors are likely to interpret the lowish guidance as an indication that Agrium’s sales were also pulled forward into the first quarter.

Shares of Agrium are trading up about 0.13% at $84.68 in a 52-week range of $60.15-$93.49.

Paul Ausick

Filed under: Agriculture, Earnings, Food, Pre-Market Activity Tagged: AGU, CF, MON, MOS, POT

24/7 Wall St. Closing Bell (F, WYNN, COF, BP, SYNC, CHTR, HL, OMX, THC, WEN, RST, PDC, AOL, CTL, AGU, DTG, M, MPEL, NWS, CSCO, TSLA, TM, PCLN, FOSL, DNDN, AVL)

Paul Ausick — Tue, 08 May 2012 20:07:27 +0000

The major US stock indexes opened sharply lower this morning as weak performance in the European markets as traders try to figure out what last weekend’s elections mean. Crude oil was also sharply lower this morning. The three major indexes have all come back from losses greater than -1% in the afternoon, but still look set to finish the day down at least -0.5%. The US dollar index rose today, now up 0.14% at 79.716. The GSCI commodity index is down fractionally at 652.27, with commodities mixed on the slightly stronger dollar. WTI crude oil closed down -1% at $97.01/barrel and Brent crude trades down -0.23% at $112.90/barrel. Gold settled down -2.1% today, at $1,604.5/ounce, after briefly falling below $1,600/ounce earlier in the day.

The unofficial closing bells put the DJIA down more than 76 points to 12,932.01 (-0.59%), the NASDAQ fell more than 11 points (-0.39%) to 2,946.27, and the S&P 500 fell -0.43% or nearly 6 points to 1,363.71.

There were several analyst upgrades and downgrades today, including Ford Motor Co. (NYSE: F) maintained as ‘buy’ with a target price of $19 at Argus; Wynn Resorts Ltd. (NASDAQ: WYNN) maintained ‘outperform’ with a target price of $166 at Credit Suisse; Capital One Financial Corp. (NYSE: COF) raised to ‘hold’ at Argus; BP plc (NYSE: BP) cut to ‘underweight’ at Barclays; and Synacor Inc. (NASDAQ: SYNC) cut to ‘underperform’ at BofA/ML.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Charter Communications Inc. (NASDAQ: CHTR) is down up 5.5% at $65.24 after posting a new 52-week high of $66.18 earlier today (more coverage here); Hecla Mining Co. (NYSE: HL) is up 4.1% at $4.04 (more coverage here); OfficeMax Inc. (NYSE: OMX) is up 10.5% at $4.85; Tenet Healthcare Corp. (NYSE: THC) is up 1.4% at $5.11; The Wendy’s Co. (NASDAQ: WEN) is down -4.3% at $4.66 (more coverage here); Rosetta Stone Inc. (NYSE: RST) is up 18.4% at $12.64; and Pioneer Drilling Co. (NYSE: PDC) is up 5.5% at $8.03.

On Wednesday we are scheduled to get earnings from AOL Inc. (NYSE: AOL), Agrium Inc. (NYSE: AGU), CenturyLink Inc. (NYSE: CTL), Dollar Thrifty Automotive Group Inc. (NYSE: DTG), Macy’s Inc. (NYSE: M), Melco Crown Entertainment Ltd. (NASDAQ: MPEL), News Corp. (NASDAQ: NWS), Cisco Systems Inc. (NASDAQ: CSCO), Tesla Motors Inc. (NASDAQ: TSLA), Toyota Motor Corp. (NYSE: TM), and priceline.com Inc. (NASDAQ: PCLN).

Other standouts from today include the following stocks:

Fossil Inc. (NASDAQ: FOSL) is down -36.8% at $79.50. The fashion accessories company revealed a weak forecast today. More coverage here.

Dendreon Corp. (NASDAQ: DNDN) is down -24.6% at $8.81. The drug maker’s earnings were not as strong as expected. More coverage here.

Avalon Rare Metals Inc. (AMEX: AVL) is down -24% at $1.67 after posting a new 52-week low of $1.58 earlier today. The rare earths miner is delaying a feasibility study. More coverage here.

Stay tuned for Wednesday. Cleveland Fed President Sandra Pianalto and Philadelphia Fed President Charles Plosser are giving speeches. We have noted the following events on the schedule (all times Eastern):

10:00 a.m. – Wholesale trade report
10:30 a.m. – EIA weekly petroleum status report
1:00 p.m. – 10-year note auction

Paul Ausick

Filed under: General, HI/LOW, Market Close Tagged: AGU, AOL, AVL, BP, CHTR, COF, CSCO, CTL, DNDN, DTG, F, FOSL, HL, M, MPEL, NWS, OMX, PCLN, PDC, RST, SYNC, THC, TM, TSLA, WEN, WYNN

Top Analyst Upgrades & Downgrades (ADTN, AGU, AMZN, T, CMG, ETE, ETP, GOOG, HGSI, MPC, NFLX, NOK)

Administrator — Thu, 12 Apr 2012 12:33:49 +0000

These are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street research calls this Thursday.

Adtran Inc. (NASDAQ: ADTN) Reiterated Buy with $39 target at Argus.

Agrium Inc. (NYSE: AGU) named Value stock of the day at Zacks.

Amazon.com, Inc. (NASDAQ: AMZN) Started as Neutral at SunTrust Robinson Humphreys.

AT&T, Inc. (NYSE: T) Raised to Overweight at JPMorgan.

Chipotle Mexican Grill Inc. (NYSE: CMG) Reiterated Buy and raised target to $480 at Argus.

Energy Transfer Equity. LP (NYSE: ETE) Started as Outperform at Credit Suisse.

Energy Transfer Partners. L.P. (NYSE: ETP) Started as Outperform at Credit Suisse.

Google Inc. (NASDAQ: GOOG) Started as Buy at SunTrust Robinson Humphreys.

Human Genome Sciences Inc. (NASDAQ: HGSI) Started as Neutral at UBS.

Marathon Petroleum Corporation (NYSE: MPC) named Bull of the Day at Zacks.

Netflix, Inc. (NASDAQ: NFLX) Started as Buy at SunTrust Robinson Humphreys.

Nokia Corporation (NYSE: NOK) Cut to Hold at SocGen.

If you enjoyed the top analyst upgrades and downgrades, you can join our free email newsletter that includes analyst summaries each morning sent right to your inbox. We also cover top issues such as IPOs, special financial exclusives, mergers and more. Sign up in the box below.

JON C. OGG

Filed under: Analyst Calls Tagged: ADTN, AGU, AMZN, CMG, ETE, ETP, GOOG, HGSI, MPC, NFLX, NOK, T

Monsanto Posts Big Numbers (MON, MOS, POT, CF, AGU)

Paul Ausick — Wed, 04 Apr 2012 13:09:01 +0000

Seed and fertilizer maker Monsanto Co. (NYSE: MON) reported second fiscal quarter earnings this morning that set a record for the quarter. The company also boosted its EPS outlook for the full fiscal year.

Monsanto, along with Mosaic Co. (NYSE: MOS), Potash Corp. of Saskatchewan Inc. (NYSE: POT), CF Industries Inc. (NYSE: CF), and Agrium Inc. (NYSE: AGU), has seen its share price rise steadily since the first of the year. Agrium and CF Industries are up around 30% year-to-date, while Monsanto is up about 17%, Potash Corp. up about 12%, and Mosaic up more than 4%.

Monsanto reported second quarter revenue of $4.75 billion compared with a consensus estimate of $4.53 and EPS of $2.24 compared with a consensus estimate of $2.12. The company also guided full-year EPS to $3.49-$3.54, slightly better than the consensus estimate of $3.51. The company’s CEO predicted continuing growth:

We’ve seen contributions from growth across crops and geographies, which position us well to deliver high-teens ongoing earnings growth this year

The company’s seeds and genomics business posted revenue of $3.9 billion, up $503 million from the same period a year ago. Monsanto attributed the increase to its sales of corn seed, particularly in the US. The company’s fertilizer business grew from $710 million in the second quarter a year ago to $824 million this year.

Shares of Monsanto are up about 1.6% in the pre-market at $83.09 in a 52-week range of $58.89-$83.95.

Paul Ausick

Filed under: Agriculture, Commodities, Earnings, Food Tagged: AGU, CF, MON, MOS, POT

Glencore Nabs Viterra for $6.2 Billion (VTRAF.PK, GLCNF.PK, AGU)

Paul Ausick — Tue, 20 Mar 2012 15:33:34 +0000

Canadian grain-handler Viterra Inc. (OTC: VTRAF.PK) has agreed to be acquired by Glencore International plc (OTC: GLCNF) for C$16.25/share, or a total of about C$6.1 billion ($6.2 billion). The all-cash offer will go to vote of Viterra shareholders in May and is expected to close in Viterra’s third fiscal quarter which ends in July.

Under terms of the agreement, Viterra may not seek a better offer, but it may accept one under certain conditions. Viterra has agreed to pay a break-up fee of C$185 million in the event that it does accept a better offer. Glencore will pay a C$50 million break-up fee if the acquisition does not receive regulatory approval.

As part of the deal, Glencore has agreed to sell about C$2.6 billion in assets to Agrium Inc. (NYSE: AGU) and Richardson International:

Glencore has entered into agreements with each of Agrium and Richardson International which provide for the sale of certain assets of Viterra including assets which comprise a majority of Viterra’s existing Canadian operations. The purchase of Viterra is not conditional on Glencore’s agreements with Agrium or Richardson International being completed.

Agrium will acquire the majority of Viterra’s retail agri-products business including its 34% interest in Canadian Fertilizer Limited (“CFL”) for which Agrium will pay C$1.8 billion in cash, subject to specified purchase price adjustments, including payment for working capital.

Richardson International will acquire 23% of Viterra’s Canadian grain handling assets, certain agri-centres and certain processing assets in North America for C$0.8 billion in cash, subject to specified purchase price adjustments, including payment for working capital.

Glencore is also in the midst of merging with Xstrata plc (OTC: XSRAY.PK) in a deal worth about $40 billion. The company noted that the Viterra acquisition is “separate and distinct from the [Xstrata] transaction and will have no impact on the transaction.”

Glencore, already the world’s largest commodity trader, is taking advantage of its recent IPO to consolidate and grow, while non-publicly traded commodity firms like France’s Louis Dreyfus Group and Trafigura, Holland’s Gunvor International B.V., Swiss-based Mercuria Energy Group, and Dutch-Swiss Vitol Group appear to be happy with their current status, although Trafigura was reported to be having difficulty refinancing $3.1 billion due to a US dollar liquidity shortage in Europe. It remains to be seen whether Glencore or its rivals made the better choice.

Paul Ausick

Filed under: Agriculture, Commodities, Mergers and Buy Outs Tagged: AGU, GLCNF.PK, VTRAF.PK

24/7 Wall St. Closing Bell (YUM, DMD, NLY, MS, UBS, AGU, CVS, RL, RAI, TWX, DIS, WYN, BWLD, CSCO, CZR, FFN, TNK, AKAM, NURO)

Paul Ausick — Wed, 08 Feb 2012 21:06:49 +0000

The US equity markets opened slightly higher this morning, but soon turned around and spent the rest of the morning lower before returning to about even by afternoon. Equities could close at or near where they opened today. The lack of a decision on the Greek debt swap deal is leading investors to exercise caution both in Europe and the US. If the new Greek deal is anything like the last dozen or so, it will send markets up as soon as it is announced; and once people have a chance to read the details, markets will turn south again. Crude is higher today, with WTI up 0.51% at $98.91/barrel and Brent up 1.24% at $117.67/barrel. Gold closed down -0.73% at $1,735.60/ounce.

The unofficial closing bells put the DJIA up about 6 points to 12,883.95 (0.04%), the NASDAQ rose nearly 12 points (0.41%) to 2,915.86, and the S&P 500 rose 0.22% or about 3 points to 1,349.97.

There were several analyst upgrades and downgrades today, including Yum! Brands Inc. (NYSE: YUM) cut to ‘neutral’ at Goldman Sachs; Demand Media Inc. (NYSE: DMD) cut to ‘underweight’ at Morgan Stanley; Annaly Capital Management Inc. (NYSE: NLY) cut to ‘market perform’ at FBR; Morgan Stanley (NYSE: MS) cut to ‘hold’ at Collins Stewart; and UBS AG (NYSE: UBS) cut to ‘sell’ at Deutsche Bank.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Agrium Inc. (NYSE: AGU) is up 2.16% at $82.95; CVS Caremark Corp. (NYSE: CVS) is up 1.18% at $43.59 after posting a new 52-week high of $44.08 earlier in the day; Ralph Lauren Corp. (NYSE: RL) is up 9.8% at $172.50 after posting a new 52-week high of $178.47 earlier today; Reynolds American Inc. (NYSE: RAI) is down -1.35% at $39.57; Time Warner Inc. (NYSE: TWX) is up 0.3% at $38.21 after posting a new 52-week high of $39.23 earlier today; Walt Disney Co. (NYSE: DIS) is up 0.95 at $41.34; Wyndham Worldwide Corp. (NYSE: WYN) is up 5.6% at $43.22 after posting a new 52-week high of $43.36 earlier today; and Buffalo Wild Wings Inc. (NASDAQ: BWLD) is up nearly 17% at $82.04 after posting a new 52-week high of $82.45 earlier today.

Our preview of tomorrow’s earnings releases is here. Also see our coverage of earnings for Cisco Systems Inc. (NASDAQ: CSCO) due after markets close today

Other standouts from today include the following stocks:

Ceasars Entertainment Corp. (NASDAQ: CZR) is up more than 70% at $15.32. The casino owner completed its IPO today, with 1.8 million shares going out at $9/share. We have some issues with this IPO.

FriendFinder Networks Inc. (NASDAQ: FFN) is up nearly 33% at $1.95. The adult dating site had no news today, so this must just be more halo effect from Facebook — or something else.

Teekay Tankers Ltd. (NYSE: TNK) is down more than -12% today at $3.98. The shipping company this morning priced a secondary stock offering of 15 million shares at $4/share.

Akamai Technologies Inc. (NASDAQ: AKAM) is up about 2% at $34.33. The internet company acquired a Canadian company today, and reports earnings after markets close today. We have more coverage here.

NeuroMetrix Inc. (NASDAQ: NURO) is down more than -17% at $0.95 after posting a new 52-week low of $0.94 earlier today. The medical device maker priced a secondary offering of 10.5 million shares at $1/share this morning.

Stay tuned for Thursday. We have noted the following events on the schedule (all times Eastern):

8:30 a.m. – New unemployment benefits claims
10:00 a.m. – Wholesale trade report
10:30 a.m. – EIA weekly natural gas storage report
1:00 p.m. – Treasury 30-year bond auction
4:30 p.m. – Federal Reserve balance sheet and money supply

Paul Ausick

Filed under: 24/7 Wall St. Wire Tagged: AGU, AKAM, BWLD, CSCO, CVS, CZR, DIS, DMD, FFN, MS, NLY, NURO, RAI, RL, TNK, TWX, UBS, WYN, YUM

Fertilizer Maker Cuts Phosphate Production (MOS, POT, AGU, MON)

Paul Ausick — Fri, 30 Dec 2011 13:07:30 +0000

Low prices for phosphate fertilizer products have forced The Mosaic Co. (NYSE: MOS) to cut production by up to 250,000 tons in the first quarter of 2012. Fertilizer makers Potash Corp. of Saskatchewan (NYSE: POT), Agrium Inc. (NYSE: AGU), and Monsanto Co. (NYSE: MON) are less dependent on potash sales than is Mosaic.

According to the company’s CEO,

Isolated phosphate market spot prices have become disconnected with the underlying agricultural fundamentals. As dealers and distributors focus on the macroeconomic uncertainty and delay purchases for the North American Spring Season, near term supply of phosphate barges on the Mississippi River has exceeded near-term demand. The current spot prices in this market do not reflect our outlook for the business, nor do we think they are sustainable.

The company continues to believe that believe that demand for phosphates and potash will be strong in 2012, following this period of “near-term cautious sentiment.”

The projected cuts total about 10% of Mosaic’s quarterly production.

Paul Ausick

Filed under: Agriculture Tagged: AGU, MON, MOS, POT

24/7 Wall St. Closing Bell (POT, AGU, SKS, VVUS, MU, AM, CPY, NEOG, TIBX, BBBY, RAM, WCAA, ABIO, PHH, LRE)

Paul Ausick — Thu, 22 Dec 2011 21:07:33 +0000

A downward revision to third-quarter GDP did not hold down early trading this morning as markets got off to a good start and remained in positive territory throughout the day. A rise in consumer confidence and in leading economic indicators likely solidified the gains. Trading volume was light again today in the run-up to the holiday weekend. WTI crude traded at $99.46/barrel and Brent traded at $107.73. Gold continues to slide, down -$5.80, at $1,607.80/ounce.

The unofficial closing bells put the DJIA up more than 63 points to 12,170.86 (0.52%), the NASDAQ rose more than 21 points (0.83%) to 2,599.45, and the S&P 500 rose 0.83% or more than 10 points to 1,254.07.

There were several analyst upgrades and downgrades today, including Potash Corp. of Saskatchewan (NYSE: POT) raised from ‘sector perform’ to ‘outperform’ at RBC Capital Markets. Other ratings actions today include Agrium Corp. (NYSE: AGU) cut from ‘outperform’ to ‘sector perform’ at RBC Capital Markets; Saks Inc. (NYSE: SKS) cut from ‘outperform’ to ‘neutral’ at Zack’s; Vivus Inc. (NASDAQ: VVUS) cut from ‘buy’ to ‘neutral’ at Roth Capital and maintained ‘outperform’ at Credit Suisse; and Micron Technology Inc. (NASDAQ: MU) maintained as ‘buy’ with an $11 target price at Sterne Agee and maintained as ‘outperform’ at Credit Suisse.

Here are some of last night’s and today’s post-earnings news reactions with prices during the last half-hour of trading: Micron Technology is up nearly 18% at $6.54; American Greetings Inc. (NYSE: AM) is down more than -21% at $13.37, after posting a new 52-week low of $12.85 earlier in the day; CPI Corp. (NYSE: CPY) is down more than -62% at $2.00, after posting a new 52-week low of $1.96 earlier in the day; Neogen Corp. (NASDAQ: NEOG) is down nearly -3% at $31.15; Tibco Software Inc. (NASDAQ: TIBX) is up nearly 8% at $23.74; and Bed Bath & Beyond Inc. (NASDAQ: BBBY) is down more than -6% at $57.70.

Other standouts from today include the following stocks:

RAM Energy Resources Inc. (NASDAQ: RAM) is up nearly 71% at $1.88. The independent oil & gas company has today relisted on the NASDAQ and has also announced a $550 million investment from a private equity firm headed by the former chairman and CEO of Petrohawk.

WCA Waste Corp. (NASDAQ: WCAA) is up nearly 31% at $6.43, after posting a new 52-week high of $6.44 earlier. The non-hazardous waste processor has approved a cash buyout offer for $526 million ($6.50/share) from a private investment fund.

ARCA biopharma Inc. (NASDAQ: ABIO) is down more than -24% at $1.02, after posting a new 52-week low of $0.97 earlier today. The biopharmaceutical firm announced a private placement of $1.75 million in stock and warrants.

PHH Corp. (NYSE: PHH) is down more than -15% at $11.01 after posting a new 52-week low of $8.75 earlier today. The mortgage servicer’s credit ratings were cut at S&P to ‘BB-’ on concern that the company would not be able to make a $423 million debt repayment scheduled for March 2013 out the its free cash flow.

Vivus Inc. (NASDAQ: VVUS) is down more than -16% at $8.72 after posting a new 52-week low of $8.60 earlier. The biopharmaceutical firm announced that its weight-loss drug Qnexa led to a higher rate of birth defects in children whose mothers were taking the drug during pregnancy.

LRR Energy, L.P. (NYSE: LRR) is up more than 9% at $19.34. The independent oil & gas company has received positive ratings from several brokers following last week’s more than 9 million new common units.

Stay tuned for Friday. Here are the noteworthy events on the schedule (all times Eastern):

8:30 a.m. – Durable goods orders report
8:30 a.m. – Personal income and spending report
10:00 a.m. – New home sales

Paul Ausick

Filed under: HI/LOW, Market Close Tagged: ABIO, AGU, AM, BBBY, CPY, LRE, MU, NEOG, PHH, POT, RAM, SKS, TIBX, VVUS, WCAA

Top Ten Analyst Upgrades & Downgrades (AGU, BLX, GNW, HBC, JEF, MU, NSC, POT, SKS, VVUS)

Administrator — Thu, 22 Dec 2011 13:27:15 +0000

These are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street research calls this Thursday morning.

Agrium Inc. (NYSE: AGU) Cut to Sector Perform from Outperform at RBC Capital Markets.
Banco Latinoamericano de Comercio Exterior, S.A. (NYSE: BLX) named as value stock of the day at Zacks Investment Research.
Genworth Financial Inc. (NYSE: GNW) Downgraded to Underperform from Neutral at Zacks Investment Research.
HSBC Holdings PLC (NYSE: HBC) maintained Underperform but also named as Bear of the Day at Zacks Investment Research.
Jefferies Group, Inc. (NYSE: JEF) Cut to Hold from Buy by Meredith Whitney (Late-Wednesday call).
Micron Technology, Inc. (NASDAQ: MU) Maintained Buy with $11 target at Stern Agee; maintained as Outperform at Credit Suisse.
Norfolk Southern Corporation (NYSE: NSC) maintained Outperform as Bull of the Day at Zacks Investment Research.
Potash Corp. of Saskatchewan (NYSE: POT) Raised to Outperform from Sector Perform at RBC Capital Markets.
Saks Inc. (NYSE: SKS) Downgraded to Neutral from Outperform at Zacks Investment Research.
VIVUS, Inc. (NASDAQ: VVUS) Cut to Neutral from Buy at Roth Capital; Maintained as Outperform at Credit Suisse.

JON C. OGG

Filed under: Analyst Calls Tagged: AGU, BLX, GNW, HBC, JEF, MU, NSC, POT, SKS, VVUS