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Jefferies Tech, Media, Telecom Conference Stocks to Buy: Micron, Broadsoft and Others

Lee Jackson — Fri, 10 May 2013 12:05:13 +0000

With the Jefferies Global Technology, Media and Telecom (TMT) conference in New York City wrapping up on Thursday, we wanted to give our readers an update on the stocks we mentioned last week as a prelude to the conference. Plus, solid research notes are coming out of the conference with additional stocks to buy.

Jeffries had asked all of their TMT analysts to present one controversial stock or theme ahead of the conference. They requested stocks or themes where the analysts felt that information or data presented at the conference may have an impact.

Micron Technology Inc. (NASDAQ: MU) was a featured stock. Always volatile, as DRAM chip pricing tends to fluctuate, Jefferies sees capacity restraint translating into long-term pricing stability. The Jefferies price target for this stock is $15. The Thomson/First Call consensus estimate is $12. The stock has traded up since last week and appears to be breaking a triple top at $10.25.

Cognizant Technology Solutions Corp, (NASDAQ: CTSH) was also a focus stock. Cognizant provides information technology (IT), consulting, and business process outsourcing services worldwide. The issue to be discussed was a pending immigration bill proposed in the Senate that could affect work visas for offshore hiring. Jefferies has a price target for this stock of $80. The consensus target is even higher at $86. The stock posted record earnings yesterday.

Workday Inc. (NYSE: WDAY) had a recent and highly successful initial public offering that hit the radar at Jefferies. The interest at the conference was in the corporate switch from old line HR companies like Automatic Data Processing Inc. (NASDAQ: ADP) handling HR/payroll outsourcing to new cloud-based competitors. Workday is a stock to buy, with a $76 price target. The consensus target is much lower at $60. Workday has traded up 5% since our story a week ago and was initiated as a stock to buy at Oppenheimer late yesterday with an $80 price target.

Red Hat Inc. (NYSE: RHT) was another stock that was looked at closely. The market fears that Red Hat’s strong growth rate may be slowing. Management was expected to outline the strength of current bookings and how Linux workloads are outperforming Windows workloads. The Jefferies price target for the stock is $65, while the consensus is lower at $59. Red Hat is also up more than 5% since our story last week.

Data networking and wireline equipment stocks were among featured sectors at the conference. Jefferies has three solid stocks to buy, but they did not post their price targets in the report.

Broadsoft Inc. (NASDAQ: BSFT) released earnings on Tuesday and beat expectations on the top and bottom line. The shift by enterprises from premise-based PBX solutions to cloud-based, mobile-centric unified communications is proving to be a significant opportunity for the company. The consensus target price for the stock is $31.

Calix Inc. (NYSE: CALX) impressed the Jefferies analysts in their presentation at the conference. Calix provides broadband communications access systems and software for fiber- and copper-based network architectures. The company has enjoyed a steady increase in gross margin from the low 30s to the high 40s, and believes this trend will continue to the low 50s. The consensus price target for the stock is $9.90.

Infinera Corp. (NASDAQ: INFN) provides optical networking equipment, software and services to communications service providers, Internet content providers, cable operators and subsea network operators worldwide. Their presentation at the conference was very positive on future growth prospects. The consensus price objective for the stock is $8.50, which is below where it is currently trading.

Often the featured stocks at a Wall Street firm’s conference trade higher as new or game-changing data is presented. Investors may want to keep their eyes open for names they like that are presenting at conferences this summer and in the future.

Filed under: Active Trader, Analyst Calls, Media, Technology Companies, Telecom Tagged: ADP,, BSFT, CALX, CTSH, INFN, MU, RHT, WDAY

Top Wall Street Analyst Downgrades: BBVA, Excelon, Weatherford and More

Jon C. Ogg — Mon, 06 May 2013 12:35:37 +0000

Investors frequently get to see the analyst upgrades and the myriad of Buy ratings from Wall Street, but they often do not get to see when analysts downgrade stock or when they issue sell ratings. We review many fresh research calls each and every day, and we have broken out the negative analyst calls from the positive calls. These are this Monday’s top analyst downgrades and cautious research notes from Wall Street.

Banco Santender (NYSE: SAN) was cut to Sell from an already cautious Neutral rating at Citigroup.

Banco Bilbao Vizcaya Argentaria S.A. (NYSE: BBVA) was also cut to Sell from Neutral at Citigroup.

BroadSoft Inc. (NASDAQ: BSFT) was initiated with a Hold rating at Deutsche Bank.

Corcept Therapeutics Inc. (NASDAQ: CORT) was cut to Neutral from Outperform at Piper Jaffray.

Eldorado Gold Corp. (NYSE: EGO) was cut to Sector Perform from Outperform at RBC Capital Markets.

Excelon Corp. (NYSE: EXC) was cut to Neutral from Buy at ISI Group.

Heartware International Inc. (NASDAQ: HTWR) was cut to Neutral from Outperform at Credit Suisse.

Moody’s Corp. (NYSE: MCO) was cut to Outperform from Strong Buy at Raymond James.

PACCAR Inc. (NASDAQ: PCAR) was cut to Neutral from Buy at Bank of America/Merrill Lynch.

Pan American Silver Corp. (NASDAQ: PAAS) was named Bear of the Day at Zacks Investment Research.

Weatherford International Ltd. (NYSE: WFT) was cut to Neutral from Strong Buy at ISI Group.

Filed under: Active Trader, Analyst Calls Tagged: BBVA, BSFT, CORT, EGO, EXC, HTWR, MCO, PAAS, PCAR, SAN, WFT

Top 10 Analyst Upgrades and Downgrades (APC, AAPL, BSFT, CAT, EA, FIO, GMAN, BTU, RFMD, TI)

Jon C. Ogg — Tue, 26 Mar 2013 12:40:32 +0000

Investors and traders are constantly looking for new ideas that will generate profits. 24/7 Wall St. looks over research calls from all over to find great ideas, from value stocks to dividends to growth stocks. Many research-driven ideas for stocks to buy and stocks to sell come from independent research firms. Some also come from the large sell-side investment banking firms on Wall St.

These are some of this Tuesday’s top analyst upgrades, downgrades and initiations seen from select Wall St. research calls.

Anadarko Petroleum Corp. (NYSE: APC) reiterated Outperform and target raised to $109 from $99 at Credit Suisse.

Apple Inc. (NASDAQ: AAPL) maintained Outperform but target price cut to $550 from $600 at Oppenheimer.

BroadSoft Inc. (NASDAQ: BSFT) raised to Market Perform from Underperform at Raymond James.

Caterpillar Inc. (NYSE: CAT) maintained Positive but target cut by $9 to $109 and estimates were lowered at Susquehanna.

Electronic Arts Inc. (NASDAQ: EA) raised to Overweight at Piper Jaffray.

Fusion-io Inc. (NYSE: FIO) started as Perform at Oppenheimer.

Gordmans Stores Inc. (NASDAQ: GMAN) cut to Neutral at Piper Jaffray and cut to Hold at Stifel Nicolaus.

Peabody Energy Corp. (NYSE: BTU) raised to Outperform at Raymond James.

RF Micro Devices Inc. (NASDAQ: RFMD) raised to Outperform at Oppenheimer.

Telecom Italia S.p.A. (NYSE: TI) cut to Equal Weight at Barclays.

Deutsche Bank came up with a list of the next winners for the secular bull market. This list is great and includes themes for global growth, capital expenditure, dividend growth, debt capacity and economic profit growth. Also, here are that firm’s top picks in the regional and money center banks.

Filed under: Active Trader, Analyst Calls Tagged: AAPL, APC, BSFT, BTU, CAT, EA, FIO, GMAN, RFMD, TI

24/7 Wall St. Closing Bell — February 28, 2013: Markets Climb Before Late Day Slide (EBAY, RHT, SKS, FSLR, VMW, CECO, CLR, GRPN, GTAT, JCP, LTD, MNST, RGR, PANL, BKS, CVC, KSS, SHLD, BODY, CTIC, CLNE, DECK, GPS, MCP, PANW, SD, BBY, GRPN, JCP, BSFT)

Paul Ausick — Thu, 28 Feb 2013 21:04:03 +0000

U.S. equity markets opened mixed this morning as the federal budget sequester appears to be set to go into effect tomorrow. Global data releases were also mixed. In Europe, the consumer price index came in at 2%, as expected, but Spain’s fourth-quarter GDP revision was worse than expected. Consumer spending slipped in France and German unemployment ticked up to 6.9%. In Asia, the news was better, with the official announcement of a dovish replacement for Governor of the Bank of Japan and Japanese PMI up month-over-month. In the U.S. the second revision to GDP growth rose less than expected, to just 0.1% (more coverage here).

The U.S. dollar index rose 0.38% today, now at 81.906. The GSCI commodity index is down 0.8% at 650.13, with commodities prices mostly higher today. WTI crude oil closed down 0.8% today, at $92.05 a barrel, losing 5.6% on the month (more coverage here). Brent crude trades down 0.7% at $111.10 a barrel. Natural gas is up about 1.3% today at about $3.48 per million BTUs following the weekly storage report (more coverage here). Gold settled down 1.1% today at $1,578.10 an ounce, down about 5% for the month of February.

The unofficial closing bells put the DJIA down about 21 points to 14,054.25 (-0.15%), the NASDAQ fell about 2 points (-0.07%) to 3,160.19, and the S&P 500 fell -0.09% or more than 1 point to 1,514.56.

There were a several analyst upgrades and downgrades today, including eBay Inc. (NASDAQ: EBAY) started as ‘outperform’ at BMO; Red Hat Inc. (NYSE: RHT) started as ‘overweight’ at Barclays; Saks Inc. (NYSE: SKS) cut to ‘underweight’ at Morgan Stanley; First Solar Inc. (NASDAQ: FSLR) reiterated as ‘hold’ at Argus; and VMware Inc. (NYSE: VMW) started as ‘hold’ at Stifel Nicolaus.

Earnings reports since markets closed last night resulted in several price moves today, including these: Career Education Corp. (NASDAQ: CECO) is down 9% at $3.25; Continental Resources Inc. (NYSE: CLR) is up 4.7% at $87.88; GT Advanced Technologies Inc. (NASDAQ: GTAT) is down 6.5% at $2.87; Limited Brands Inc. (NYSE: LTD) is up 2.7% at $45.72; Monster Beverage Corp. (NASDAQ: MNST) is up 3.3% at $51.27; Sturm Ruger & Co. Inc. (NYSE: RGR) is up 2.6% at $54.89 (more coverage here); Universal Display Corp. (NASDAQ: PANL) is up 13.5% at $31.67; Barnes & Noble Inc. (NYSE: BKS) is up 4.5% at $15.92; Cablevision Systems Corp. (NYSE: CVC) is down 9.1% at $14.06; Kohl’s Corp. (NYSE: KSS) is down 1.1% at $46.10; and Sears Holdings Corp. (NASDAQ: SHLD) is down 6.2% at $44.52 (more coverage here).

After markets close today and before they open tomorrow morning we are scheduled to hear from Body Central Corp. (NASDAQ: BODY), Cell Therapeutics Inc. (NASDAQ: CTIC), Clean Energy Fuels Corp. (NASDAQ: CLNE), Deckers Outdoor Corp. (NASDAQ: DECK), Gap Inc. (NYSE: GPS), Molycorp Inc. (NYSE: MCP), Palo Alto Networks Inc. (NYSE: PANW), and SandRidge Energy Co. (NYSE: SD).

Best Buy Co. Inc. (NYSE: BBY) was scheduled to report after closing today, but announced a delay until tomorrow, ahead of tonight’s deadline to receive an offer from founder Richard Schulze (more coverage here).

Some standouts from today include the following stocks:

Groupon Inc. (NASDAQ: GRPN) is down 24.3% at $4.53. The daily deals web site absolutely cratered on a dismal earnings report last night. More coverage here.

J.C. Penney Co. Inc. (NYSE: JCP) is down 18% at $17.34. The department store operator posted results that were even worse than Groupon’s. More coverage here.

Broadsoft Inc. (NASDAQ: BSFT) is down 30.8% at $21.39. The Internet communications company posted good earnings last night, but guidance was way below expectations.

Stay tuned for Friday. Fed Chairman Ben Bernanke is giving a speech. Automakers will be announcing February car sales throughout the day.We have also noted the following events on the schedule (all times Eastern):

8:30 a.m. – Personal income and outlays
8:58 a.m. – PMI manufacturing index
9:55 a.m. – University of Michigan/Thomson Reuters consumer sentiment index
10:00 a.m. – Institute for Supply Management manufacturing index
10:00 a.m. – Construction spending

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: BBY, BKS, BODY, BSFT, CECO, CLNE, CLR, CTIC, CVC, DECK, EBAY, FSLR, GPS, GRPN, GTAT, JCP, KSS, LTD, MCP, MNST, PANL, PANW, RGR, RHT, SD, SHLD, SKS, VMW

Top Analyst Upgrades and Downgrades (BSFT, DB, EBAY, EIX, FSLR, GRPN, JCP, RHT, REGN, SKS, UBS, VSI, VMW)

Jon C. Ogg — Thu, 28 Feb 2013 13:35:26 +0000

These are some of this Thursday’s top analyst upgrades, downgrades and initiations seen from Wall St. research calls.

Broadsoft Inc. (NASDAQ: BSFT) downgraded after poor expense guidance at Mizuho, Oppenheimer, and boutique Northland Securities.

Deutsche Bank A.G. (NYSE: DB) raised to Buy at KBW.

eBay Inc. (NASDAQ: EBAY) started as Outperform at BMO.

Edison International (NYSE: EIX) raised to Outperform ast BMO.

First Solar Inc. (NASDAQ: FSLR) reiterated Hold at Argus but that is after multiple downgrades Wednesday.

Groupon Inc. (NASDAQ: GRPN) cut to Underperform at BofA/Merrill Lynch, cut to Market Perform at Wells Fargo and cut to Underperform at Raymond James.

J.C. Penney Co. Inc. (NYSE: JCP) maintained Buy but lowered price target to only $25 from $35 by Argus.

Red Hat Inc. (NYSE: RHT) started as Overweight at Barclays.

Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) started as Overweight at Barclays.

Saks Inc. (NYSE: SKS) cut to Underweight at Morgan Stanley.

UBS A.G. (NYSE: UBS) cut to Market Perform at KBW.

Vitamin Shoppe Inc. (NYSE: VSI) cut to Neutral at BofA Merrill Lynch.

VMware Inc. (NYSE: VMW) started as Hold at Stifel Nicolaus.

Here is a list of the Seven Safest Banks in America for 2013.

Filed under: 24/7 Wall St. Wire, Analyst Calls Tagged: BSFT, DB, EBAY, EIX, FSLR, GRPN, JCP, REGN, RHT, SKS, UBS, VMW, VSI

Top Analyst Upgrades and Downgrades (ABB, BDC, BSFT, CLX, GLW, CVH, EIX, GPS, GRPN, NNN, NFLIX, PVR, QTWW, STP, URBN, VE)

Jon C. Ogg — Tue, 21 Aug 2012 12:47:03 +0000

These are the top analyst calls of upgrades, downgrades and initiations we have seen from Wall St. research calls this Tuesday morning.

ABB Ltd. (NYSE: ABB) cut to Sell at Deutsche Bank.

Belden Inc. (NYSE: BDC) named as value stock of the day at Zacks.

BroadSoft Inc. (NASDAQ: BSFT) started as Underperform at Raymond James.

Clorox Co. (NYSE: CLX) named as Bull of the Day at Zacks.

Corning Inc. (NYSE: GLW) started as Buy at Stifel Nicolaus.

Coventry Health Care Inc. (NYSE: CVH) raised to Neutral at Wedbush.

Edison International (NYSE: EIX) raised to Buy at Argus.

Gap Inc. (NYSE: GPS) raised to Buy at Argus.

Groupon Inc. (NASDAQ: GRPN) cut to Underweight at Barclays.

National Retail Properties Inc. (NYSE: NNN) started as Neutral at Baird.

Netflix Inc. (NASDAQ: NFLX) raised to Average at Caris & Co.

Penn Virgina Resource Partners (NYSE: PVR) named as Bear of the Day at Zacks.

Quantum Fuel Systems Technologies Worldwide Inc. (NASDAQ: QTWW) started as Buy at Roth Capital.

Suntech Power Holdings Co. Ltd. (NYSE: STP) cut to Sell at Argus.

Urban Outfitters Inc. (NASDAQ: URBN) reiterated as Buy and raised price target to $38 at Canaccord Genuity. Also raised to Outperform at William Blair.

Veolia Environnment S.A. (NYSE: VE) cut to Underperform at BNP-Paribas.

JON C. OGG

Filed under: 24/7 Wall St. Wire, Analyst Calls Tagged: ABB, BDC, BSFT, CLX, CVH, EIX, GLW, GPS, GRPN, NFLX, NNN, PVR, QTWW, STP, URBN, VE

24/7 Wall St. Closing Bell — August 7, 2012: Markets Do Instant Replay of Yesterday

Paul Ausick — Tue, 07 Aug 2012 20:04:50 +0000

The three major US stock indexes opened higher this morning on a report from Europe that German chancellor Angela Merkel now backs bond buying by the European Central Bank.Even a larger-than-expected drop in Italian GDP didn’t drag European equities down. Asian markets continued their modest rally from yesterday. US trading volume was lower again today on the absence of an major new data announcements.

The US dollar index fell today, now down -0.04% at 82.233. The GSCI commodity index rose by about 0.4% to 650.34, with commodities prices mostly lower again today. WTI crude oil rose 1.6% today, closing at $93.67/barrel. Brent crude trades up 2.18% at $111.94/barrel. Natural gas is up 2.3% today to $2.974/thousand cubic feet. Gold settled at $1,612.80/ounce, down -0.2% for the day.

The unofficial closing bells put the DJIA up more than 50 points to 13,168.22 (0.39%), the NASDAQ rose nearly 26 points (0.87%) to 3,015.86, and the S&P 500 rose 0.50% or about 7 points to 1,401.31.

There were several analyst upgrades and downgrades today, including Wal-Mart Stores Inc. (NYSE: WMT) started as ‘overweight’ at Stephens; Hewlett-Packard Co. (NYSE: HPQ) started as ‘sell’ at UBS; Sanmina-SCI Corp. (NASDAQ: SANM) cut to ‘sell’ at Goldman Sachs; Coach Inc. (NYSE: COH) raised to ‘buy’ at Canaccord Genuity; and VIVUS Inc. (NASDAQ: VVUS) raised to ‘buy’ at Lazard.

Earnings reports since markets closed last Friday have led to some price changes as of the last half hour of trading today: Chesapeake Energy Corp. (NYSE: CHK) is up 9.2% at $19.33; Broadsoft Inc. (NASDAQ: BSFT) is up 33.9% at $37.35; Ceasars Entertainment Corp. (NASDAQ: CZR) is down -3.4% at $8.18 after posting a new 52-week low of $8.00 earlier today; Clean Energy Fuels Corp. (NASDAQ: CLNE) is down -6.8% at $13.64; Leap Wireless International Inc. (NASDAQ: LEAP) is down -19.4% at $4.45 after posting a new 52-week low of $4.28 earlier today; McDermott International Inc. (NYSE: MDR) is down -6.4% at $11.23; Vornado Realty Trust (NYSE: VNO) is down -2.2% at $83.75; Amerigas Partners L.P. (NYSE: APU) is down -0.7% at $42.38; Carrizo Oil & Gas Inc. (NASDAQ: CRZO) is down -1.1% at $25.75; Coeur d’Alene Mines Corp. (NYSE: CDE) is up 5.7% at $18.43; MGM Resorts International (NYSE: MGM) is up 7.4% at $10.07; Office Depot Inc. (NYSE: ODP) is down -6.3% at $1.63; Sirius XM Radio Inc. (NASDAQ: SIRI) is up 3.9% at $2.29 (more coverage here); and Tenet Healthcare Corp. (NYSE: THC) up 8.5% at $5.06.

After markets close today we’re scheduled to hear from Walt Disney Co. (NYSE: DIS), Sotheby’s (NYSE: BID), Demand Media Inc. (NYSE: DMD), Gevo Inc. (NASDAQ: GEVO), Priceline.com (NASDAQ: PCLN), and Solazyme Inc. (NASDAQ: SZYM).

Before markets open on Wednesday we are scheduled to get earnings results from A123 Systems Inc. (NASDAQ: AONE), Alpha Natural Resources Inc. (NYSE: ANR), Carlyle Group LP (NASDAQ: CG), CenturyLink Inc. (NYSE: CTL), Computer Sciences Corp. (NYSE: CSC), Dean Foods Inc. (NYSE: DF), DISH Network Corp. (NASDAQ: DISH), HollyFrontier Corp. (NYSE: HFC), Macy’s Inc. (NYSE: M), MEMC Electronic Materials Inc. (NYSE: WFR), and Ralph Lauren Corp. (NYSE: RL).

Some standouts from today include the following stocks:

Crumbs Bake Shop Inc. (NASDAQ: CRMB) is up 64.9% at $3.38. The bakery chain has signed a deal with Starbucks Corp. (NASDAQ: SBUX) to sell Starbucks coffees and teas at its stores.

U.S. Home Systems Inc. (NASDAQ: USHS) is up 37.5% at $12.46. The kitchen and bath supplier is being acquired by The Home Depot Inc. (NYSE: HD). More coverage here.

Fossil Inc. (NASDAQ: FOSL) is up 31.4% at $91.69. The jewellry and accessories company busted earnings expectations this morning. More coverage here.

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

7:00 a.m. – Mortgage Bankers Association purchase applications
8:30 a.m. – Productivity and costs
10:30 p.m. – EIA weekly petroleum status report
1:00 p.m. – 10-year note auction

Paul Ausick

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: ANR, AONE, APU, BID, BSFT, CDE, CG, CHK, CLNE, COH, CRMB, CRZO, CSC, CTL, CZR, DF, DIS, DISH, DMD, FOSL, GEVO, HD, HFC, HPQ, LEAP, M, MDR, MGM, ODP, PCLN, RL, SANM, SBUX, SIRI, SZYM, THC, USHS, VNO, VVUS, WFR, WMT

24/7 Wall St. Closing Bell — August 6, 2012: Market Rises on Low Volume, Lack of News

Paul Ausick — Mon, 06 Aug 2012 20:02:58 +0000

The three major US stock indexes opened higher this morning most likely due to the lack of bad news on the Eurozone’s financial troubles (more coverage here). Asian markets got a chance to react to last Friday’s US report on non-farm payrolls, and they liked what they saw. China also seemed to indicate that it would try to speed up the economy by improving access to credit. US trading was slower today as there were no major data announcements on the schedule.

The US dollar index fell today, now down -0.11% at 82.287. The GSCI commodity index rose by about 2.7% to 647.65, with commodities prices mostly lower today. WTI crude oil rose 0.9% today, closing at $92.20/barrel. Brent crude trades up 0.61% at $109.60/barrel. Natural gas is up 1.3% today to $2.914/thousand cubic feet. Gold settled at $1,616.20/ounce, up 0.4% for the day.

The unofficial closing bells put the DJIA up more than 24 points to 13,120.54 (0.19%), the NASDAQ rose about 22 points (0.74%) to 2,989.91, and the S&P 500 rose 0.24% or more than 3 points to 1,394.31.

There were several analyst upgrades and downgrades today, including Wal-Mart Stores Inc. (NYSE: WMT) raised to ‘buy’ with a target price of $83 at Stifel Nicolaus; Annaly Capital Management (NYSE: NLY) cut to ‘underperform’ at FBR; Kraft Foods Inc. (NYSE: KFT) raised to ‘buy’ at Jefferies; American Water Works Co. Inc. (NYSE: AWK) raised to ‘outperform’ at Baird; and Beazer USA Homes Inc. (NYSE: BZH) raised to ‘market perform’ at Wells Fargo.

Earnings reports since markets closed last Friday have led to some price changes as of the last half hour of trading today: Alexander’s Inc. (NYSE: ALX) is up 1.3% at $440.00; American States Water Co. (NYSE: AWR) is up 1% at $41.86 after posting a new 52-week high of $42.90 earlier today; Changyou.com Ltd. (NASDAQ: CYOU) is up 18.6% at $22.98 (more coverage here); FreightCar America Inc. (NASDAQ: RAIL) is down -9.1% at $19.07 (more coverage here); HCA Holdings Inc. (NYSE: HCA) is down 4.2% at $25.49 (more coverage here); MakeMyTrip Ltd. (NASDAQ: MMYT) is up 7.9% at $17.44; Sohu.com Inc. (NASDAQ: SOHU) is up 19.8% at $41.57; and Youku Inc. (NYSE: YOKU) is up 10.6% at $18.10 (more coverage here).

After markets close today we’re scheduled to hear from Chesapeake Energy Corp. (NYSE: CHK), Broadsoft Inc. (NASDAQ: BSFT), Ceasars Entertainment Corp. (NASDAQ: CZR), Clean Energy Fuels Corp. (NASDAQ: CLNE), Leap Wireless International Inc. (NASDAQ: LEAP), McDermott International Inc. (NYSE: MDR), and Vornado Realty Trust (NYSE: VNO).

Before markets open on Monday we are scheduled to get earnings results from Amerigas Partners L.P. (NYSE: APU), Carrizo Oil & Gas Inc. (NASDAQ: CRZO), Coeur d’Alene Mines Corp. (NYSE: CDE), MGM Resorts International (NYSE: MGM), Office Depot Inc. (NYSE: ODP), Sirius XM Radio Inc. (NASDAQ: SIRI), Sotheby’s (NYSE: BID), Tenet Healthcare Corp. (NYSE: THC), and Walt Disney Co. (NYSE: DIS).

Some standouts from today include the following stocks:

Knight Capital Group Inc. (NYSE: KCG) is down -22.4% at $3.14. The financial services firm will issue 267 million 2% convertible preferred shares. More coverage here.

Best Buy Co. Inc. (NYSE: BBY) is up 12.7% at $19.89. The consumer electronics retailer got a $9 billion buyout offer from its founder. More coverage here.

Vringo Inc. (NYSEMKT: VRNG) is up 22.6% at $3.83. The intellectual property firm settled a patent dispute with Aol Inc. (NYSE: AOL). More coverage here.

Stay tuned for Tuesday. Fed Chairman Ben Bernanke is giving a speech. We have noted the following events on the schedule (all times Eastern):

11:30 a.m. – 4-week bill auction
1:00 p.m. – 3-year note auction
3:00 p.m. – Consumer credit data

Paul Ausick

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: ALX, AOL, APU, AWK, AWR, BBY, BID, BSFT, BZH, CDE, CHK, CLNE, CRZO, CYOU, CZR, DIS, HCA, KCG, KFT, LEAP, MDR, MGM, MMYT, NLY, ODP, RAIL, SIRI, SOHU, THC, VNO, VRNG, WMT, YOKU

24/7 Wall St. Closing Bell — July 31, 2012: Markets Turn Down on Lost Confidence, Eurozone Waffling

Paul Ausick — Tue, 31 Jul 2012 20:17:16 +0000

The three major US stock indexes opened mixed this morning following the unemployment report from the Eurozone, which showed that the 11.2% rate had remained unchanged. The Eurozone consumer price index was also unchanged at 2.4% (our coverage here). US data on personal income and spending were mixed (our coverage here), while the Case-Shiller house price index showed a year-over-year decline in May (our coverage here). The Conference Board’s economic confidence index improved this month (more coverage here), but Gallup’s survey on economic confidence showed a decline in confidence (our coverage here). An agreement has been struck between Congressional Democrats and Republicans that will avoid a repeat of last summer’s shutdown of some government services.

The US dollar index fell today, now down -0.18% at 82.642. The GSCI commodity index rose by about 0.4% to 644.60, with commodities prices mostly lower today. WTI crude oil fell -1.72% today, closing at $88.06/barrel, although July prices rose 3.6% (our coverage here). Brent crude trades down -1.37% at $104.74/barrel. Natural gas is up 0.16% today to $3.219/thousand cubic feet. Gold settled at $1,610.50/ounce, down -0.6% for the day, but up 0.4% for the month.

The unofficial closing bells put the DJIA down more than 64 points to 13,008.68 (-0.49%), the NASDAQ fell more than 6 points (-0.21%) to 2,939.52, and the S&P 500 fell -0.43% or nearly 6 points to 1,379.32.

There were several analyst upgrades and downgrades today, including Time Warner Cable (NYSE: TWC) started as ‘buy’ at Jefferies; Las Vegas Sands Corp. (NYSE: LVS) cut to ‘hold’ at Argus; The Dow Chemical Co. (NYSE: DOW) cut to ‘hold’ at Argus; Broadsoft Inc. (NASDAQ: BSFT) raised to ‘buy’ at Goldman Sachs, and Comcast Corp. (NASDAQ: CMCSA) started as ‘buy’ at Jefferies.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Anadarko Petroleum Corp. (NYSE: APC) is down -3.2% at $69.45; CafePress Inc. (NASDAQ: PRSS) is down -40.9% at $8.10 after posting a new 52-week low of $7.68 earlier today (more coverage here); Dendreon Corp. (NASDAQ: DNDN) is down -23% at $4.76 after posting a new 52-week low of $4.70 earlier today (more coverage here); Hertz Global Holdings Inc. (NYSE: HTZ) is down -2.1% at $11.26; Seagate Technology PLC (NASDAQ: STX) is down -1.4% at $30.01; Aetna Inc. (NYSE: AET) is down -2.9% at $36.05; Archer Daniels Midland Co. (NYSE: ADM) is down -5.2% at $26.08; Coach Inc. (NYSE: COH) is down -18.6% at $49.30(more coverage here); Marathon Petroleum Corp. (NYSE: MPC) is down -0.3% at $47.33; Pfizer Inc. (NYSE: PFE) is up 1.5% at $24.06 (our coverage here); Revlon Inc. (NYSE: REV) is up 7.2% at $14.55; United States Steel Corp. (NYSE: X) is up 9.1% at $20.65; and Valero Energy Corp. (NYSE: VLO) is up 5.5% at $27.51 (more coverage here).

After markets close today we are set to hear from Electronic Arts Inc. (NASDAQ: EA), Allstate Corp. (NYSE: ALL), Edison International Inc. (NYSE: EIX), FMC Corp. (NYSE: FMC), Take-Two Interactive Software Inc. (NASDAQ: TTWO), and WebMD Health Corp. (NASDAQ: WBMD).

Before markets open tomorrow we are scheduled to get earnings results from Allergan Inc. (NYSE: AGN), Burger King Worldwide Inc. (NYSE: BKW), CNH Global NV (NYSE: CNH), Devon Energy Corp. (NYSE: DVN), Exelon Corp. (NYSE: EXC), and Harley-Davidson Inc. (NYSE: HOG).

Some standouts from today include the following stocks:

Facebook Inc. (NASDAQ: FB) is down -6.5% at $21.64, after posting a new 52-week low of $21.61 earlier today. The social media giant continues to suffer from last week’s poor earnings and the end of a lock-up period for pre-IPO investors. More coverage here.

Suntech Power Holdings Co. Ltd. (NYSE: STP) is down -14.2% at $1.15after posting a new 52-week low of $1.02 earlier today. The solar PV maker revealed some accounting issues yesterday that have plagued the company again today.

Sprint Nextel Corp. (NYSE: S) is down 3.1% at $4.37 after posting a new 52-week high of $4.60earlier today. The telecom provider is gaining support for its strategic plan.

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

7:00 a.m. – Mortgage Bankers Association mortgage purchase applications
7:30 a.m. – Challenger job-cut report
8:15 a.m. – ADP employment report
9:00 a.m. – PMI manufacturing index
10:00 a.m. – ISM manufacturing index
10:00 a.m. – Construction spending
10:30 a.m. – EIA weekly petroleum status report
2:15 p.m. – FOMC announcement

Paul Ausick

Filed under: 24/7 Wall St. Wire, Active Trader, HI/LOW, Market Close Tagged: ADM, AET, AGN, ALL, APC, BKW, BSFT, CMCSA, CNH, COH, DNDN, DOW, DVN, EA, EIX, EXC, FB, FMC, HOG, HTZ, LVS, MPC, PFE, PRSS, REV, S, STP, STX, TTWO, TWC, VLO, WBMD, X

Top Analyst Upgrades and Downgrades (BSFT, PRSS, CBI, CMCSA, DNDN, DOW, FB, FGP, GSK, LVS, PMCS, RYAAY, STO, TSRA, TWC, VRTX)

Jon C. Ogg — Tue, 31 Jul 2012 12:30:25 +0000

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

Broadsoft Inc. (NASDAQ: BSFT) raised to Buy at Goldman Sachs.

CafePress Inc. (NASDAQ: PRSS) cut to Neutral at JPMorgan and cut to Neutral at Cowen.

Chicago Bridge & Iron Co. (NYSE: CBI) cut to Neutral at Credit Suisse and cut to Neutral at Lazard.

Comcast Corp. (NASDAQ: CMCSA) started as Buy at Jefferies.

Dendreon Corp. (NASDAQ: DNDN) cut to Neutral at JPMorgan and cut to Hold at Deutsche Bank.

The Dow Chemical Co. (NYSE: DOW) cut to Hold at Argus.

Facebook Inc. (NASDAQ: FB) raised to Market Perform from Underperform at Bernstein.

Ferrellgas Partners LP (NYSE: FGP) raised to Outperform as Bull of the Day at Zacks.

GlaxoSmithKline PLC (NYSE: GSK) named as Bear of the Day at Zacks.

Las Vegas Sands Corp. (NYSE: LVS) cut to Hold at Argus.

PMC-Sierra Inc. (NASDAQ: PMCS) cut to Hold at Wunderlich and cut to Hold at Jefferies.

Ryanair Holdings PLC (NASDAQ: RYAAY) cut to Market Perform at Raymond James.

Statoil ASA (NYSE: STO) cut to Hold at Deutsche Bank.

Tessera Technologies Inc. (NASDAQ: TSRA) cut to Underperform at BofA/ML.

Time Warner Cable (NYSE: TWC) started as Buy at Jefferies.

Vertex Pharmaceuticals Inc. (NASDAQ: VRTX) cut to Neutral at Piper Jaffray.

Banking and brokerage analyst Meredith Whitney bashed the big banks again today to downsize their models on Bloomberg TV.

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: BSFT, CBI, CMCSA, DNDN, DOW, FB, FGP, GSK, LVS, PMCS, PRSS, RYAAY, STO, TSRA, TWC, VRTX