24/7 Wall St. » ATVI

EA Guidance Minimizes Value and Turnaround (EA, ATVI, BBY, GME)

Administrator — Mon, 07 May 2012 20:26:59 +0000

Electronic Arts Inc. (NASDAQ: EA) has released its earnings, and we forecast that this will help set the reception tone for Activision Blizzard Inc. (NASDAQ: ATVI) when it reports later in the week. EA called it a strong quarter and said that it generated $1.2 billion of digital revenue in its fiscal year-end with growth expected there in the year ahead.

The company is also calling this coming year a year it breaks away from the pack with a very different profile than the traditional game companies and capabilities. It also noted that none of the company’s new digital competitors can match EA. The video game giant further noted 20% non-GAAP EPS growth in fiscal 2012, and it now expects over 30% growth in 2013, based upon the midpoint of own guidance.

In this past quarter, EA generated net revenue of $977 million, and that was slightly ahead of its guidance of $925 to $975 million. Non-GAAP diluted earnings per share of $0.17 was in line with its guidance of $0.10 to $0.20 EPS. Thomson Reuters had estimates of $0.16 EPS and $958.5 million in revenues.

Guidance is being offered for a year out to its February 2013 year-end: $4.3 billion in sales and $1.05 to $1.20 EPS (both non-GAAP of course) against Thomson Reuters estimates of $1.12 EPS and $4.5 billion in sales.

Next quarter guidance is being put at -$0.45 to -$0.40 EPS and $500 million in revenue (both also non-GAAP) against Thomson Reuters estimates of -$0.33 EPS and $577.9 million in sales.

EA shares closed up $0.01 at $15.13 against a 52-week range of $14.48 to $26.13; shares are down about 7.3% at $13.90 in the after-hours session.

JON C. OGG

Filed under: Consumer Electronics, Earnings, Earnings Warning, Media, Turnarounds, Value Investing, Video Games Tagged: ATVI, BBY, EA, featured, GME

The 8 Earnings Reports Shaping The Week Ahead (DNDN, EA, RAX, DIS, CSCO, M, NUAN)

Administrator — Fri, 04 May 2012 19:52:44 +0000

24/7 Wall St. often looks at the key earnings reports scheduled for the week ahead. We have the bulk of the S&P 500 earnings behind us and we are now starting to move to the off-calendar quarterly reports. This coming week we are focused on six key companies that are set to report earnings as the key to their sectors. This list may not seem like the most important companies to the broad market, but these will shape the outlook for other companies reporting in the week.

The top earnings we are looking at are as follows: Dendreon Corporation (NASDAQ: DNDN); Electronic Arts Inc. (NASDAQ: EA); Rackspace Hosting Inc. (NYSE: RAX); The Walt Disney Co. (NYSE: DIS); Cisco Systems, Inc. (NASDAQ: CSCO); Macy’s Inc. (NYSE: M); Priceline.com Incorporated (NASDAQ: PCLN); and Nuance Communications Inc. (NASDAQ: NUAN).

We have taken estimates and price targets from Thomson Reuters consensus estimates and have added in color on each.

The shape of the biotech sector is likely to hinge based on the earnings of Dendreon Corporation (NASDAQ: DNDN). VIVUS Inc. (NASDAQ: VVUS) also reports on Monday but Dendreon has many things that biotech investors want: a product on the market, a controversial story, a stock way off its post-approval highs, a history of soft sales with the promise of better times ahead, and a rather large short interest. This is a sales story rather than an earnings story: Thomson Reuters expects sales of $81.2 million for the last quarter, $90.1 million for the quarter ahead (the quarter we are in now, and $378.3 million in 2012. These sales are all from Provenge for late-stage prostate cancer. This is the one that will set the tone for biotech during the week and this stock is back down closer to $11 after having popped to $15 from $8 earlier this year.

Electronic Arts Inc. (NASDAQ: EA) is no longer the leading game company for investors, but it is one of the largest game makers in the world. Its earnings are also ahead of the larger video game giant Activision Blizzard Inc. (NASDAQ: ATVI) which reports later in the week. This is also considered one of the throw-away quarters of the video game sector. Thomson Reuters expects E.A. to report $0.17 EPS on $959.56 million in sales, with next quarter expected to be -$0.32 EPS on $580.9 million in sales. This will mark the year-end report and the growth in the year ahead is expected to go to $1.13 EPS from $0.84 EPS expected and sales are expected to grow to $4.5 billion from $4.17 billion expected.

Filed under: Calendar, Earnings, The Week Tagged: AAPL, ALU, ATVI, CSCO, DIS, DNDN, EA, JNPR, JWN, M, NUAN, NWSA, RAX, VVUS

Bracing For Weak Video Game Data Again (GME, ATVI, EA, TTWO, ZNGA)

Administrator — Wed, 11 Apr 2012 19:00:20 +0000

GameStop Corporation (NYSE: GME) may be down today because of a Needham & Co. research downgrade where the video game retailer was cut to “Hold.” There is another interesting call to analyze today and that is a call from Stern Agee warning about very weak video game sales for the month of March. The NPD video game sales data is due Thursday afternoon and at least one research call is looking as though the sales could be awful again. If the headline data is as bad as the call it would extend far beyond GameStop.

Today’s projection could spell further caution for Activision Blizzard, Inc. (NASDAQ: ATVI), Electronic Arts Inc. (NASDAQ: EA), and Take-Two Interactive Software Inc. (NASDAQ: TTWO). One issue which could still be a thorn in the side of the video game industry is the freemium games and social games from Zynga, Inc. (NASDAQ: ZNGA) and others.

Stern Agee’s research team for interactive entertainment and internet stocks noted, “U.S. video game software sales in March 2012 were down 25% to 30% year over year, slightly worse than February’s 23% decline. We believe our estimate is slightly below the Street’s.”

The forward data is a bit ominous as well because the April comparable sales were up 16% a year ago and that is likely to translate to another double-digit drop as well.

The firm noted strength may arrive in May and noted, “We expect software sales in the month of May to improve (and potentially be up) driven by the launch of Max Payne 3, Diablo III and Tom Clancy’s Ghost Recon Future Soldier compared to L.A. Noire and a couple of smaller titles.”

If the data is really ugly on Thursday, video game stocks could have a very rough day on Friday just from the headline shocks.

While the broad market is up, video game stocks are lower. GameStop Corporation (NYSE: GME) is down 0.5% at $21.31, Activision Blizzard, Inc. (NASDAQ: ATVI) is down 0.3% at $12.33, Electronic Arts Inc. (NASDAQ: EA) is up 1.6% at $15.80, and Take-Two Interactive Software Inc. (NASDAQ: TTWO) is up only $0.01 at $14.75. Zynga, Inc. (NASDAQ: ZNGA) is also lower by 0.9% at $11.41.

JON C. OGG

Filed under: Entertainment, Media, Video Games Tagged: ATVI, EA, GME, TTWO, ZNGA

24/7 Wall St. Closing Bell (MU, ATVI, BAC, SCCO, APOL, GOL, WAG, LEN, CBK, SNX, FDO, MOS, ISTA, OPXT, OCLR, HOGS)

Paul Ausick — Tue, 27 Mar 2012 20:05:41 +0000

Markets opened slightly higher this morning but have been wobbling around the neutral line for the whole day. This morning’s report on the decline of housing prices (our coverage here) and the drop in US consumer confidence has kept buyers in check (our coverage here). There was little other news sufficient to move the markets today. The US dollar index rose today, now up 0.14% at 79.091. Commodities were mixed on the dollar strength, with wheat taking the biggest decline. WTI crude oil closed up 0.3% at $107.33/barrel, and Brent crude trades down -0.34% at $125.22/barrel. Gold settled down less than -0.1% today, at $1,684.90/ounce.

The unofficial closing bells put the DJIA down nearly 44 points to 13,197.96 (-0.33%), the NASDAQ fell more than 2 points (-0.07%) to 3,120.35, and the S&P 500 fell -0.28% or nearly 4 points to 1,412.52.

There were several analyst upgrades and downgrades today, including Micron Technology Inc. (NASDAQ: MU) started as ‘buy’ at Jefferies; Activision Blizzard Inc. (NASDAQ: ATVI) started as ‘buy’ at Stifel Nicolaus; Bank of America Corp. (NYSE: BAC) cut to ‘neutral’ at Baird; Southern Copper Corp. (NYSE: SCCO) raised to ‘overweight’ at Morgan Stanley; and Apollo Group Inc. (NASDAQ: APOL) cut to ‘neutral’ at Credit Suisse.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Apollo Group Inc. is down -8.6% at $39.48; Gol Linhas Aereas Inteligentes SA (NYSE: GOL) is up 2.7% at $7.32; Walgreen Co. (NYSE: WAG) is up 1.3% at $34.80; and Lennar Corp. (NYSE: LEN) is up 4.7% at $27.65 after posting a new 52-week high earlier today of $28.28 (more coverage here and here). After markets close today Christopher & Banks Corp. (NYSE: CBK) and Synnex Corp. (NYSE: SNX) will report earnings. Before the markets open in the morning, we’ll get earnings from Family Dollar Stores Inc. (NYSE: FDO) and the Mosaic Co. (NYSE: MOS).

Other standouts from today include the following stocks:

ISTA Pharmaceuticals Inc. (NASDAQ: ISTA) is up 7.9% at $9.04. The drug company is being acquired. More coverage here.

Opnext Inc. (NASDAQ: OPXT) is up more than 53% at $1.73. The optical equipment maker is merging with Oclaro Inc. (NASDAQ: OCLR). More coverage here.

Zhongpin Inc. (NASDAQ: HOGS) is up nearly 25% at $11.51. The Chinese food processing company has received a preliminary offer to be taken private. More coverage here.

Stay tuned for Wednesday. St. Louis Fed President James Bullard is giving a speech. We have also noted the following events on the schedule (all times Eastern):

7:00 a.m. – Mortgage Bankers’ Association purchase applications
8:30 a.m. – Durable goods orders
10:30 a.m. – EIA weekly petroleum status report
1:00 p.m. – 5-year note auction

Paul Ausick

Filed under: HI/LOW, Market Close Tagged: APOL, ATVI, BAC, CBK, FDO, GOL, HOGS, ISTA, LEN, MOS, MU, OCLR, OPXT, SCCO, SNX, WAG

Top Analyst Upgrades & Downgrades (ATVI, APOL, BAC, BWLD, DRQ, EA, KR, MU, SAIA, SNDK, SCCO, VALE)

Administrator — Tue, 27 Mar 2012 12:24:53 +0000

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

Activision Blizzard, Inc. (NASDAQ: ATVI) Started as Buy at Stifel Nicolaus.

Apollo Group Inc. (NASDAQ: APOL) Cut to Neutral at Credit Suisse.

Bank of America Corporation (NYSE: BAC) Cut to Neutral at Baird.

Buffalo Wild Wings Inc. (NASDAQ: BWLD) Cut to Hold at Deutsche Bank.

Dril-Quip, Inc. (NYSE: DRQ) named as Bear of the Day at Zacks.

Electronic Arts Inc. (NASDAQ: EA) Started as Buy at Stifel Nicolaus.

The Kroger Company (NYSE: KR) named Bull of the Day at Zacks.

Micron Technology Inc. (NYSE: MU) Started as Buy at Jefferies.

Saia Inc. (NASDAQ: SAIA) named as value stock of the day at Zacks.

SanDisk Corporation (NASDAQ: SNDK) started as Hold at Jefferies.

Southern Copper Corporation (NYSE: SCCO) Raised to Overweight at Morgan Stanley.

Vale S.A. (NYSE: VALE) Raised to Overweight at Morgan Stanley.

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: 24/7 Wall St. Wire, Analyst Calls Tagged: APOL, ATVI, BAC, BWLD, DRQ, EA, KR, MU, SAIA, SCCO, SNDK, VALE

Media Digest (3/1/2012) Reuters, WSJ, NYT, FT, Bloomberg

247wallst — Thu, 01 Mar 2012 09:03:14 +0000

Statements by Bernanke about the uneven economy push stocks down. (Reuters)

Chinese factory activity grows more than expected in February. (Reuters)

Facebook sets new advertising tools for major marketers ahead of its IPO. (Reuters)

Microsoft (NASDAQ: MSFT) releases Windows 8 for consumer tests. (Reuters)

An alliance between General Motors (NYSE: GM) and Peugeot is meant to cut costs. (Reuters)

Bank of America (NYSE: BAC) may set new fees for its consumer customers. (WSJ)

Mobile companies will offer more limited use of the web in exchange for tiered service. (WSJ)

The International Swaps and Derivatives Association to decide whether Greek CDS instruments will be paid. (WSJ)

Several California cities say they could follow Stockton into Chapter 9. (WSJ)

Cable companies pick up their use of outdoor WiFi. (WSJ)

Activision Blizzard (NASDAQ: ATVI) cuts 600 jobs. (WSJ)

The European Central Bank’s new loan program brings in bank loans worth 530 billion euros. (WSJ)

Wall St. bonuses fell 14% last year. (WSJ)

Problems in the Middle East could press gas to $5. (NYT)

Internet service providers and websites try to speed the pace as which pages load. (NYT)

Export orders help China’s PMI. (FT)

Greece politicians approve welfare cuts as part of the final actions that will trigger bailout dollars. (Bloomberg)

A GM tie up with Peugeot may mean Opel job cuts. (Bloomberg)

Ford’s (NYSE: F) CFO says the company may lose $500 million in Europe this year. (Bloomberg)

Douglas A. McIntyre

Filed under: 24/7 Wall St. Wire, Press Digest Tagged: ATVI, BAC, F, GM, MSFT

Reality Setting in on Zynga (ZNGA, SOCL, ATVI, ERTS, COOL)

Administrator — Wed, 15 Feb 2012 16:33:33 +0000

Zynga Inc. (NASDAQ: ZNGA) is getting shelled after the social gaming company’s first earnings report as a public company. This sell-off is actually one that is deserved. We also wonder just how much the earnings and guidance would have had to be to generate another round of buying.

At issues is that ad revenues basically tripled while its active users grew, but sales were barely up overall from the quarter before. The company made $37.1 million in adjusted earnings as sales grew 26% on a year-over-year basis to $307 million.

The biggest issue is that the Facebook halo-effect was the key driver in the recent two weeks. Before word came out that Facebook was going to formally file for its IPO, this was a $9.50 or so stock and technically a busted IPO because it was under the $10 IPO price. Before today’s drop of 14% to $12.31, the stock had hit a new high of $14.55 and the market value was nearing the $10 billion mark.

$10 billion? So what if ‘social gaming is becoming the new television’ as the company suggested? Will it have the same revenues from advertisers? What happens if and when consumers lose their interest in social gaming? WHat happens when one of the large game publishing houses overpowers Zynga with a cooler game? And what happens when investors realize that they effectively have no vote whatsoever with the multi-class share structure, even if the entire floated class is out in the market?

It is possible that one day in the future people may quit playing games with virtual farm animals. Maybe they will play poker endlessly, but there are probably hundreds of online venues in which they can play poker.

It is surprising that the Global X Social Media Index ETF (NASDAQ: SOCL) is not getting hit more as its shares are down only 1.5% at $14.97. And here are the valuations of the video game competitors:

Activision Blizzard, Inc (NASDAQ: ATVI) is worth $14 billion and its quarterly sales are over $1 billion if you smooth out the weak and strong quarters.

Electronic Arts Inc. (NASDAQ: EA) is worth $5.9 billion and its quarterly average in sales is somewhere around $900 million if you smooth out the weak and strong quarters.

Majesco Entertainment Company (NASDAQ: COOL) has been partially rewarded for its move into app-style games and “freemium” small games, and its sales are generally more than $30 million per quarter on average. It has a market capitalization rate of only $107 million.

Analysts downgraded the stock after earnings:

R.W. Baird cut the rating down to Neutral from Outperform in part on a disclosure over paying subscribers.
Barclays cut the rating to Equal-weight from Overweight.
Another firm named Evercore Partners cut the rating down to Underweight from Equal-weight.

Zynga’s drop is one which could have been expected. The flip-side is that investors could have cheered the stock higher had the numbers been more robust. What if this is close to as good as it gets?

JON C. OGG

Filed under: 24/7 Wall St. Wire, Analyst Calls, Entertainment, Internet, Media, Video Games Tagged: ATVI, COOL, ERTS, SOCL, ZNGA

24/7 Wall St. Closing Bell (COP, GILD, AMSC, MA, COH, LNKD, ATVI, CPST, GPRE, KONA, TRLG, LGF, MOVE, NBL, PCYC, ALU, FLIR, RUTH, FSLR, CIE, TBAC, RPXC, AMRS)

Paul Ausick — Fri, 10 Feb 2012 21:07:37 +0000

All three major US stock indexes opened lower this morning and the day was mostly a gentle slide for the rest of the trading session. The failed Greek debt deal weighed on futures this morning and nothing came along during the day to lift anyone’s spirits. US consumer sentiment fell slightly in January, the US trade deficit grew, and the federal budget deficit shrank, but now by enough to ignite buyers. Remarks by Fed chairman Bernanke on how to fix the housing mess didn’t offer anything new either. With equities and commodities all lower, the dollar index rose 0.523% today to 79.140. Crude oil is down today, with WTI down -1.04% at $98.80/barrel and Brent down -1.05% at $117.35/barrel. Gold settled down -0.9% at $1,725.30/ounce.

The unofficial closing bells put the DJIA down more than 89 points to 12,801.23 (-0.69%), the NASDAQ fell more than 23 points (-0.8%) to 2,903.88, and the S&P 500 fell -0.69% or more than 9 points to 1,342.64.

There were several analyst upgrades and downgrades today, including ConocoPhillips (NYSE: COP) raised to ‘buy’ at Deutsche Bank; Gilead Sciences Inc. (NASDAQ: GILD) started as ‘overweight’ at both Barclays and Morgan Stanley; American Superconductor Corp. (NASDAQ: AMSC) raised to ‘buy’ at Goldman Sachs; Mastercard Inc. (NYSE: MA) reiterated as ‘buy’ and target price raised to $450 at Argus; and Coach Inc. (NYSE: COH) started as ‘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: LinkedIn Corp. (NASDAQ: LNKD) is up more than 18% at $90.44 (more coverage here); Activision Blizzard Inc. (NASDAQ: ATVI) is down -2.84% at $12.30; Capstone Turbine Corp. (NASDAQ: CPST) is down -9.8% at $1.26; Green Plains Renewable Energy Inc. (NASDAQ: GPRE) is down -3.5% at $11.20; Kona Grill Inc. (NASDAQ: KONA) is down -3.8% at $6.05; True Religion Apparel Inc. (NASDAQ: TRLG) is down more than -27% at $26.75; Lions Gate Entertainment Corp. (NYSE: LGF) is up 6.5% at $11.73 after posting a new 52-week high of $12.24 earlier today; Move Inc. (NASDAQ: MOVE) is up 14% at $8.65; Noble Energy Inc. (NYSE: NBL) is down -2.7% at $100.70; Pharmacyclics Inc. (NASDAQ: PCYC) is up more than 14% at $22.65 after posting a new 52-week high of $23.57 earlier today; Alcatel Lucent (NYSE: ALU) is up more than 13% at $2.2 (more coverage here); FLIR Systems Inc. (NASDAQ: FLIR) is down -3.3% at $24.90; and Ruth’s Hospitality Group Inc. (NASDAQ: RUTH) is up 3.2% at $6.19.

Other standouts from today include the following stocks:

First Solar Inc. (NASDAQ: FSLR) is down more than -10% at $43.94. The thin-film solar panel maker is having trouble meeting a financing requirement related to the sale of one of its solar farms to Exelon Corp. (NYSE: EXC). More coverage here.

Tandy Brands Accessories Inc. (NASDAQ: TBAC) is up nearly 71% at $1.77. The clothing accessories maker announced strong earnings and two new brand licensing agreements today.

Cobalt International Energy Inc. (NYSE: CIE) is up 35% at $32.27 after posting a new 52-week high of $36.51 earlier today. The independent oil & gas producer reported significantly better-than-expected flows from a test well offshore of Angola.

RPX Corp. (NASDAQ: RPXC) is up more than 11% at $19.21. The patent risk management company has a contract with Alcatel Lucent that could be very valuable as the larger company begins more aggressively to license its 29,000 patents.

Amyris Inc. (NASDAQ: AMRS) is down more than -28% at $6.95 after posting a new 52-week low of $6.85 earlier today. The biofuel maker’s stock was downgraded following a negative outlook from the company for 2012.

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

11:30 a.m. – 3- and 6-month Treasury bill auctions

Have a great weekend.

Paul Ausick

Filed under: 24/7 Wall St. Wire Tagged: ALU, AMRS, AMSC, ATVI, CIE, COH, COP, CPST, FLIR, FSLR, GILD, GPRE, KONA, LGF, LNKD, MA, MOVE, NBL, PCYC, RPXC, RUTH, TBAC, TRLG

Top Earnings Previews For Thursday (ATVI, BG, CBOE, DNKN, EXPE, LNKD, MPEL, NUAN, PEP, PBR, PM, RSG, SIRI, SON, TDC)

Administrator — Wed, 08 Feb 2012 19:20:47 +0000

This week should be the last waves of the normalized quarterly earnings reports for companies with December 31 quarter-end dates. We are also starting to get a few of the first waves of the earnings reports from companies with off-normal quarter-ends. Wednesday is going to be another busy day with many earnings. The earnings previews are for the following: Activision Blizzard Inc. (NASDAQ: ATVI); Bunge Ltd. (NYSE: BG); Carbonite Inc. (NASDAQ: CARB); CBOE Holdings Inc. (NASDAQ: CBOE); Dunkin’ Brands Group Inc. (NASDAQ: DNKN); Expedia Inc. (NASDAQ: EXPE); LinkedIn Corporation (NYSE: LNKD); Melco Crown Entertainment Ltd. (NASDAQ: MPEL); Nuance Communications Inc. (NASDAQ: NUAN); PepsiCo Inc. (NYSE: PEP); Petroleo Brasileiro (NYSE: PBR); Philip Morris International Inc. (NYSE: PM); Republic Services Inc. (NYSE: RSG); Sirius XM Radio Inc. (NASDAQ: SIRI); Sonoco Products Co. (NYSE: SON); and Teradata Corporation (NYSE: TDC).

We have compiled earnings preview on each company using Thomson Reuters consensus estimates and added color on each if applicable. Some of these are market moving, some are sector moving, and some are just interesting for traders to watch around the earnings reports.

Activision Blizzard Inc. (NASDAQ: ATVI) estimates are $0.56 EPS and $2.2 billion in revenues. At $12.55, the maker of World of Warcraft has been very range bound.

Bunge Ltd. (NYSE: BG) estimates are $1.57 EPS and $13.73 billion in revenues.

Carbonite Inc. (NASDAQ: CARB) estimates are -$0.23 EPS and $16.78 million in revenues. This will be a first real look of a full quarter and unfortunately this one has been cut in half as investors have tempered expectations for the personal data backup service provider.

Filed under: 24/7 Wall St. Wire, Calendar, Earnings Tagged: ATVI, BG, CBOE, DNKN, EXPE, LNKD, MPEL, NUAN, PBR, PEP, PM, RSG, SIRI, SON, TDC

24/7 Wall St. Closing Bell (DELL, DKS, RIMM, ATVI, TIBX, ZOOM, ANF, TGT, SPB, VLO, WNR, MPC, NG, PEIX, ASYS, UNIS)

Paul Ausick — Wed, 16 Nov 2011 21:08:49 +0000

The markets opened lower this morning and not until mid-afternoon were equities able to put a mark above yesterday’s close. European stocks traded mixed all day, and that coupled with rising crude prices could have held the markets in check. Crude prices are upmore than 3% so far today, at about $102.55 for WTI crude. The good news is that the spread between WTI and Brent has narrowed to $9/barrel. Because US gasoline prices are now pegged to Brent, pump prices could rise only moderately as WTI continues to close the gap. The dollar is a bit stronger today as well, leading to lower prices among commodities, with wheat off by about -2.5%.The unofficial closing bells put the DJIA down more than 190 points to 11,905.19 (-1.57%), the NASDAQ fell more than 46 points (-1.73%) to 2,639.61, and the S&P 500 fell about -1.66% or nearly 21 points to 1,236.92.There were several analyst upgrades and downgrades today, including Dell Inc. (NASDAQ: DELL), which was maintained at ‘underperform’ at Credit Suisse and reiterated at ‘buy’ with a $22 price target at Argus. Other action included Dick’s Sporting Goods, Inc. (NYSE: DKS) added to the Conviction Buy list at Goldman Sachs; Research in Motion Ltd. (NASDAQ: RIMM) raised to ‘neutral’ at Goldman Sachs; Activision Blizzard Inc. (NASDAQ: ATVI) reiterated as ‘buy’ with an $18 price target at Argus; and TIBCO Software Inc. (NASDAQ: TIBX) started with ‘market perform’ by BMO Capital and as ‘outperform’ at JMP Securities.Here are today’s big post-earnings news reactions with prices during the last half-hour of trading: Dell Inc. is down about -3%, at $15.16; Zoom Technologies Inc. (NASDAQ: ZOOM) is down about -19%, at $1.39; Abercrombie & Fitch Co. (NYSE: ANF) is down about -14.7%, at $47.50; Target Corp. (NYSE: TGT) is down about -0.1%, at $53.11; and Spectrum Brands Holdings Inc. (NYSE: SPB) is down -7.8%, at $23.39. We covered Target, Spectrum, and A&F earnings earlier today.

Several other standouts from today are as follows…

Valero Energy Corp. (NYSE: VLO) is down nearly -9%, at $22.67. Valero and other refiners’ stocks got hit with a narrowing of the gap between WTI and Brent crudes, as well as an announcement by Enbridge Inc. (NYSE: ENB) that it is buying a 50% stake in the Seaway pipeline from ConocoPhillips Corp. (NYSE: COP) and reversing the pipeline’s flow to carry 150,000 barrels/day of crude from Cushing, Oklahoma, to the Gulf Coast.

Western Refining Inc. (NYSE: WNR) is down more than -13%, at $13.47, and Marathon Petroleum Corp. (NYSE: MPC) is down about -11%, at $32.91.

Novagold Resources Inc. (AMEX: NG) is up more than 23.5%, at $10-.89. The company has appointed a new CEO to start in January and also announced that it would spin-off a subsidiary, NovaCopper, to current NovaGold shareholders.

Pacific Ethanol Inc. (NASDAQ: PEIX) is up more than 3%, at $1.37. The company announced that it has fully retired $35 million in senior convertible notes.

Amtech Systems Inc. (NASDAQ: ASYS) is down more than -17%, at $8.59. The company issued a statement that it expects to post $21-$23 million in sales for the third quarter, where analysts had been expecting revenue of $50 million.

Unilife Corp. (NASDAQ: UNIS) is down about -12.5%, at $4.17. The company priced a secondary stock offering of 8.25 million shares at $4.35, well below yesterday’s closing price of $4.76.

Stay tuned for Thursday. Cleveland Federal Reserve Bank president Sandra Pianalto and New York Fed president William Dudley are giving speeches tomorrow afternoon. Here’s a list of other noteworthy events (all times Eastern):

8:30 a.m. – Housing starts
8:30 a.m. – Initial unemployment benefits claims
10.00 a.m. – Philadelphia Federal Reserve Bank’s October business outlook survey
10:00 a.m. – E-commerce retail sales
10:30 a.m. – EIA weekly natural gas status report
1:00 p.m. – 10-year TIPS auction
4:30 p.m. – Federal Reserve balance sheet and money supply report

Paul Ausick

Filed under: HI/LOW, Market Close Tagged: ANF, ASYS, ATVI, DELL, DKS, MPC, NG, PEIX, RIMM, SPB, TGT, TIBX, UNIS, VLO, WNR, ZOOM