24/7 Wall St. » CVX

Shell Reports Profit, But Outlook is Not So Pretty (RDS-A, RDS-B, XOM, CVX, PTR)

Paul Ausick — Thu, 02 Feb 2012 12:49:45 +0000

Royal Dutch Shell PLC (NYSE: RDS-A; RDS-B) reported quarterly earnings early this morning and like counterparts Exxon Mobil Corp. (NYSE: XOM) and Chevron Corp. (NYSE: CVX) piles of profit are due almost solely to high crude oil prices. Refining margins have evaporated and natural gas prices in the US have fallen to a level that is close to unprofitable.

One of Shell’s big ideas is to shed assets. PetroChina Co. Ltd. (NYSE: PTR) announced this morning that it has acquired a 20% stake in the shale gas assets of Shell’s Canadian subsidiary for a price believed to be north of $1 billion. While shale gas is driving down the cost of natural gas in the US, in Canada a large portion of gas production is used to feed the energy-hungry oil sands industry, keeping prices somewhat higher.

Another big idea is to invest more in its upstream operations with the goal of reaching production of 4 million barrels/day by 2017. Shell also said that it would focus more on its North American projects that include oil as well as natural gas. Neither of these is a new idea. The company also said it would look at ways to export liquefied natural gas (LNG) to Asia. Another old idea, with a long lead time.

The company’s profits from its production rose 29% year-over-year for the quarter, but refining and downstream had a swing of about $650 million, from a $411 million profit last year to a loss of $244 million this year. The company’s production profits came exclusively from higher prices, as its actual produced barrels fell by about 180,000 barrels/day to 3.31 million barrels.

Shell tried to paper over some of this nasty news with a 2% hike in its dividend. That sometimes works, but this time analysts were expecting a rise of 4%.

Shares are down about -1.9% in pre-market trading this morning at $72.23 for RDS-A and $73.74 for RDS-B.

Paul Ausick

Filed under: 24/7 Wall St. Wire Tagged: CVX, PTR, RDS-A, RDS-B, XOM

24/7 Wall St. Closing Bell (BBY, SD, ALL, JCP, KIM, AEP, CVX, D, F, HON, PG, SOA, CPHD, INFI, NRGY, RVBD)

Paul Ausick — Fri, 27 Jan 2012 21:07:13 +0000

All three major US indexes opened lower this morning following the report that US GDP grew by 2.8% in the fourth quarter. A rise of 3% was expected. Combined with the lack of a solution the Greek debt swap and lackluster earnings from several major US companies, the DJIA has remained down all day though the Nasdaq Composite and the S&P 500 have turned positive (barely). There’s still about half an hour to go before the close, so there’s still some hope that all the indexes will finish the week on an uptick, no matter how small. WTI crude oil is down -0.13% at $99.57/barrel and Brent crude is up 0.55% at $111.40/barrel. Gold is higher by 0.50% at $1,738.50.

The unofficial closing bells put the DJIA down about 74 points to 12,660.61 (-0.58%), the NASDAQ rose more than 11 points (0.40%) to 2,816.55, and the S&P 500 fell -0.16% or about 2 points to 1,316.33.

There were several analyst upgrades and downgrades today, including Best Buy Co. Inc. (NYSE: BBY) started as ‘outperform’ with a $32 target price at Credit Suisse; Sandridge Energy Inc. (NYSE: SD) started as ‘buy’ at Canaccord Genuity; The Allstate Corp. (NYSE: ALL) started as ‘outperform’ at William Blair; J.C. Penney Co. Inc. (NYSE: JCP) raised to ‘overweight’ at Piper Jaffray and maintained as ‘buy’ with target price raised to $49 at Argus; and Kimco Realty Crop. (NYSE: KIM) cut to ‘neutral’ at Citigroup.

Earnings reports since markets closed on last night have led to some price changes as of the last half hour of trading today: American Electric Power Co. Inc. (NYSE: AEP) is down -2.62% at $40.20; Chevron Corp. (NYSE: CVX) is down -2.10% at $104.35; Dominion Resources Inc. (NYSE: D) is down -1.91% at $49.88; Ford Motor Co. (NYSE: F) is down -3.69% at $12.27; Honeywell International Inc. (NYSE: HON) is up 1.31% at $58.59; and Proctor & Gamble Co. (NYSE: PG) is down -0.51% at $64.47.

Other standouts from today include the following stocks:

Solutia Inc. (NYSE: SOA) is up more than 40% at $27.35, after posting a new 52-week high of $27.85 earlier today. The specialty chemicals company has agreed to be acquired by Eastman Chemical Co. (NYSE: EMN) for $3.4 billion in cash and stock.

Cepheid (NASDAQ: CPHD) is up more than 25% at $42.98 after posting new 52-week high of $43.03 earlier today. The medical diagnostics equipment maker has boosted its sales outlook and is enjoying a halo effect from the hostile takeover bid for Illumina Inc. (NASDAQ: ILMN).

Infinity Pharmaceuticals Inc. (NASDAQ: INFI) is down -40% at $5.97. The drug maker has cancelled further trials of a pancreatic cancer drug that does not perform better than placebo.

Inergy L.P. (NYSE: NRGY) is down nearly -24% at $17.31 after posting a new 52-week low of $17.23 earlier today. The natural gas distribution company is cutting payouts to its unitholders.

Riverbed Technology Inc. (NASDAQ: RVBD) is down nearly -19% at $24.38. The networking technology company warned this morning that first-quarter sales growth would not meet previous expectations.

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

8:30 a.m. – Personal income and outlays
11:30 a.m. – 3- and 6-month Treasury bill auctions

Have a great weekend.

Paul Ausick

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close, The Day Tagged: AEP, ALL, BBY, CPHD, CVX, D, F, HON, INFI, JCP, KIM, NRGY, PG, RVBD, SD, SOA

Chevron Earnings Could Act As DJIA Drag (CVX, XOM, DIA)

Administrator — Fri, 27 Jan 2012 14:00:37 +0000

Chevron Corporation (NYSE: CVX) is out with earnings. Regardless of the rhetoric, endless earnings growth is not just assured. The earnings of $5.1 billion sounds massive, but that is down from about $5.3 billion a year earlier. Chevron’s earnings of $2.58 EPS is versus $2.64 EPS a year earlier and versus Thomson Reuters estimates of $2.84 EPS.

Many will be looking for some secondary trading in Exxon Mobil Corporation (NYSE: XOM) as the true Big Oil here, but Chevron actually has a heavier weighting in the Dow Jones Industrial Average or DJIA (NYSE: DIA). Chevron is the third highest weighting of all DJIA components and Exxon Mobil is sixth. The two alone count for about 11.5% of the entire DJIA.

The company noted that sales and operating revenues in the quarter 2011 were $58 billion, up from $52 billion in the year-ago period. This was mainly due to higher prices for crude oil and refined products. Unfortunately, higher prices have not translated to higher profits and margin pressure in refining may be partly to blame and currency could have been a factor as well.

Chevron noted that worldwide oil-equivalent production was a net 2.64 million barrels per day and for the year it added approximately 1.67 billion barrels of net oil-equivalent reserves.

Wall Street is not very impressed so far and we will wait for the conference call to find out more details only skimmed over in the press release. Shares are down 1.4% at $105.05 in early trading.

JON C. OGG

Filed under: 24/7 Wall St. Wire, Earnings, Oil & Gas Tagged: CVX, DIA, XOM

11 DJIA Reporting Earnings This Week (DD, JNJ, MCD, TRV, VZ, BA, UTX, T, CVX, PG)

Administrator — Mon, 23 Jan 2012 17:56:32 +0000

This coming week is going to be yet another action packed week of big corporate earnings which will move markets or will move their sectors. 24/7 Wall St. has identified each of the DJIA components reporting this week and we have 11 of the 30 DJIA stocks on deck. Earnings are coming from the following DJIA stocks by day:

Tuesday: E.I. DuPont de Nemours & Co. (NYSE: DD); Johnson & Johnson (NYSE: JNJ); McDonald’s Corporation (NYSE: MCD); Travelers Cos. Inc. (NYSE: TRV); and Verizon Communications Inc. (NYSE: VZ)

Wednesday: Boeing Co. (NYSE: BA) and United Technologies Corporation (NYSE: UTX)

Thursday: AT&T Inc. (NYSE: T) and Caterpillar Inc. (NYSE: CAT)

Friday: Chevron Corporation (NYSE: CVX) and Procter & Gamble Co. (NYSE: PG).

We have compiled Thomson Reuters estimates, when the earnings are due, and what the share pricing has been on each, and added in additional color if applicable.

TUESDAY

E.I. DuPont de Nemours & Co. (NYSE: DD), or just DuPont, just declared its normal dividend but it reports on Tuesday morning. The chemicals giant is expected to have earnings of $0.33 EPS and $8.53 billion in revenues. Shares are just under $50.00 and the 52-week range is $37.10 to $57.00.

Johnson & Johnson (NYSE: JNJ) has news of a patent loss ahead of its earnings report due Tuesday morning. The drug, medical products, and consumer products giant is expected to report earnings of $1.10 EPS and $16.28 billion in sales. With shares close to $65.00, the 52-week range is $57.50 to $68.05.

McDonald’s Corporation (NYSE: MCD) reports on Tuesday morning and the Golden Arches’ estimates for the fast food giant are $1.29 EPS and $6.80 billion in sales. Shares are within yet another hair of another all-time high and it has recently talked up sales and has already raised its dividend.

Travelers Cos. Inc. (NYSE: TRV) is still probably the most forgotten financial stock of the DJIA components. The insurer is expected to report earnings of $1.52 EPS and $5.47 billion in sales. With shares above $61.00, the 52-week trading range is $45.97 to $64.17.

Verizon Communications Inc. (NYSE: VZ) is due to lead of the telecom sector on Tuesday morning and earnings are expected to be $0.53 EPS on $28.4 billion in revenues. With shares around $39.00, the 52-week range is $32.28 to $40.48.

WEDNESDAY

Boeing Co. (NYSE: BA) may have a boost from the rival A380 having cracks in its wings, if the rationale is not one that “all super-jumbos ar scary.” Boeing reports Wednesday morning and the aerospace and defense giant is expected to report $1.00 EPS and $19.4 billion in revenues. With shares around $75.50, the 52-week range is $56.01 to $80.65.

United Technologies Corporation (NYSE: UTX) still appears to be the conglomerate with the most upside in 2012 according to analysts and GE’s recent earnings reaction has not done much to really amp-up expectations. The earnings are due Wednesday morning and the consensus targets are $1.46 EPS and $15.07 billion in revenues. With shares under $77.00, the 52-week range is $66.87 to $91.83 and the consensus price target is $89.44.

THURSDAY

AT&T Inc. (NYSE: T) is due on Thursday morning and estimates are $0.45 EPS and $31.94 billion in sales. Shares are back above $30 around $30.40 and the 52-week range is $27.20 to $31.94.

Caterpillar Inc. (NYSE: CAT) is expected to report Thursday morning and estimates are $1.73 EPS and $16.04 billion in sales. With shares back above $105.00, the 52-week range is $67.54 to $116.55 and the consensus price target is now $115.28.

FRIDAY

Chevron Corporation (NYSE: CVX) is due with earnings Friday morning and the oil giant’s consensus estimates are $2.93 EPS and $71.08 billion in sales. With shares around $106.40, the 52-week range is $86.68 to $110.99 and the consensus price target is $124.95. Keep in mind that Chevron is the second highest weighting in the DJIA due to its high share price.

Procter & Gamble Co. (NYSE: PG) is due to post the consumer product giant earnings report Friday morning. The consensus estimates are $1.08 EPS and $22.2 billion in sales. Shares are trading around $66.10 and the 52-week range is $57.56 to $67.72 and the consensus target is $72.37.

We will be releasing more detailed previews on each of these the day ahead of each earnings report this week. Additional data will be around forward earnings estimates for guidance, what the implied valuations are, color on what to look for in addition to earnings, as well as opinions from analysts, what the charts are showing, and what the options traders are expecting for a price move.

JON C. OGG

Filed under: Calendar, Earnings Tagged: BA, CVX, DD, JNJ, MCD, PG, T, TRV, UTX, VZ

11 DJIA Earnings Previews For The Week Ahead (DD, JNJ, MCD, TRV, VZ, BA, UTX, T, CVX, PG)

Administrator — Fri, 20 Jan 2012 20:34:28 +0000

The coming week is going to be yet another action packed week of big corporate earnings which will move markets or will move their sectors. 24/7 Wall St. has identified the DJIA components reporting next week and we have 10 of the 30 DJIA stocks reporting earnings. Earnings are coming from the following DJIA stocks: E.I. DuPont de Nemours & Co. (NYSE: DD); Johnson & Johnson (NYSE: JNJ); McDonald’s Corporation (NYSE: MCD); Travelers Cos. Inc. (NYSE: TRV); Verizon Communications Inc. (NYSE: VZ); Boeing Co. (NYSE: BA); United Technologies Corporation (NYSE: UTX); AT&T Inc. (NYSE: T); Caterpillar Inc. (NYSE: CAT); Chevron Corporation (NYSE: CVX); and Procter & Gamble Co. (NYSE: PG).

We have compiled Thomson Reuters estimates, when the earnings are due, and what the share pricing has been on each, and added in additional color if applicable. There are a few additional themes we would watch: dividend coverage, how a strong dollar is impacting earnings and competitiveness, making earnings on cost monitoring while revenues may be soft, and exposure to Europe.

TUESDAY

E.I. DuPont de Nemours & Co. (NYSE: DD), or just DuPont, reports on Tuesday morning. The chemicals giant is expected to have earnings of $0.33 EPS and $8.53 billion in revenues. Shares are just under $50.00 and the 52-week range is $37.10 to $57.00.

Johnson & Johnson (NYSE: JNJ) is due Tuesday morning. The drug, medical products, and consumer products giant is expected to report earnings of $1.10 EPS and $16.28 billion in sales. With shares close to $65.00, the 52-week range is $57.50 to $68.05.

McDonald’s Corporation (NYSE: MCD) is due to report on Tuesday morning and estimates for the fast food giant are $1.29 EPS and $6.80 billion in sales. Shares are within yet another hair of another all-time high and it has recently talked up sales and has already raised its dividend.

Travelers Cos. Inc. (NYSE: TRV), the most forgotten financial stock of the DJIA, is expected to report earnings of $1.52 EPS and $5.47 billion in sales. With shares above $61.00, the 52-week trading range is $45.97 to $64.17.

WEDNESDAY

Boeing Co. (NYSE: BA) is due Wednesday morning and the aerospace and defense giant is expected to report $1.00 EPS and $19.4 billion in revenues. With shares around $75.50, the 52-week range is $56.01 to $80.65.

United Technologies Corporation (NYSE: UTX) may be the conglomerate with the most upside in 2012 according to analysts. The earnings are due Wednesday morning and the consensus targets are $1.46 EPS and $15.07 billion in revenues. With shares under $77.00, the 52-week range is $66.87 to $91.83 and the consensus price target is $89.44.

THURSDAY

AT&T Inc. (NYSE: T) is due on Thursday morning and estimates are $0.45 EPS and $31.94 billion in sales. Shares are back above $30 around $30.40 and the 52-week range is $27.20 to $31.94.

FRIDAY

We will be releasing more detailed previews the day ahead of each DJIA earnings report this coming week. Additional data will be around forward earnings estimates for guidance, what the implied valuations are, color on what to look for in addition to earnings, as well as opinions from analysts, what the charts are showing, and what the options traders are expecting for a price move.

JON C. OGG

Filed under: Calendar, Conglomerates, Earnings, Editor's Picks, Telecom Tagged: BA, CAT, CVX, DD, JNJ, MCD, PG, T, TRV, UTX, VZ

24/7 Wall St. Closing Bell (V, MA, C, CVX, APD, EBAY, ZZ, BLK, BAC, FCS, FCX, MS, LUV, EGHT, TSL, JASO, STP)

Paul Ausick — Thu, 19 Jan 2012 21:04:43 +0000

Stocks opened higher this morning and have mostly remained in positive territory throughout the day. Reports that China was considering lowering its banks’ capital reserve requirements boosted both Asian and European markets this morning, while early morning earnings reports put more air under the opening. Morning reports from the federal government on natural gas, crude oil, and refined products inventories weighed on both commodity prices and energy stocks. Crude is mixed today, with WTI down -0.28% at $100.31/barrel and Brent up 0.7% at $111.44. Gold fell about -0.45% today to $1,652.50.

The unofficial closing bells put the DJIA up about 46 points to 12,625.19 (0.37%), the NASDAQ rose more than 18 points (0.67%) to 2,788.33, and the S&P 500 rose 0.5% or more than 6 points to 1,314.52.

There were several analyst upgrades and downgrades today, including Visa Inc. (NYSE: V) started as ‘outperform’ at Credit Suisse; Mastercard Inc. (NYSE: MA) started as ‘outperform’ at Credit Suisse; Citigroup Inc. (NYSE: C) maintained ‘sell’ at Argus; Chevron Corp. (NYSE: CVX) maintained as ‘buy’ with target price of $130 but lowered estimates at Argus; and Air Products and Chemicals Inc. (NYSE: APD) cut to ‘neutral’ at JPMorgan.

Earnings reports since markets closed yesterday have led to some price changes as of the last half hour of trading today: Ebay Inc. (NASDAQ: EBAY) is up nearly 4% at $31.55; Sealy Corp. Inc. (NYSE: ZZ) is down nearly -18% at $1.51; Blackrock Inc. (NYSE: BLK) is down -0.75% at $186.39; Bank of America Corp. (NYSE: BAC) is up 2.65% at $6.98; Fairchild Semiconductor International Inc. (NYSE: FCS) is down -3.51% at $14.02; Freeport-McMoran Copper & Gold Inc. (NYSE: FCX) is down -0.22% at $44.37; Morgan Stanley (NYSE: MS) is up 5.42% at $18.29; and Southwest Airlines Co. (NYSE: LUV) is up 3.33% at $9.32.

Other standouts from today include the following stocks:

8×8 Inc. (NASDAQ: EGHT) is up more than 26% at $4.30. The telecom services company reported much better-than-expected earnings for its third fiscal quarter.

Trina Solar Ltd. (NYSE: TSL) is down more than -15% at $8.32. The solar panel maker is falling following Germany’s announcement that it will begin lowering its solar subsidies.

JA Solar Holdings Co. Ltd. (NASDAQ: JASO) is down nearly -15% at $$1.80. This Chinese solar panel maker is suffering from the German subsidy cut as well.

Suntech Power Holdings Co. Ltd. (NYSE: STP) is down -14% at $3.18. Another Chinese solar maker hit by the cuts to German subsidies. The list could go on, but you get the idea.

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

10:00 a.m. – Existing home sales

Paul Ausick

Filed under: HI/LOW, Market Close, The Day Tagged: APD, BAC, BLK, C, CVX, EBAY, EGHT, FCS, FCX, JASO, LUV, MA, MS, STP, TSL, V, ZZ

Top Analyst Upgrades & Downgrades (ADTN, AAP, APD, MT, ADP, BKU, BA, CATM, CSH, CVX, C, HGSI, LAMR, MA, RSH, SMG, UBS, VE, V, WFT, BRCM)

Administrator — Thu, 19 Jan 2012 13:14:47 +0000

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

ADTRAN, Inc. (NASDAQ: ADTN) Cut to Hold at Needham Research.
Advance Auto Parts (NYSE: AAP) Raised to Outperform at Credit Suisse.
Air Products and Chemical, Inc. (NYSE: APD) Cut to Neutral at JPMorgan.
Arcelor Mittal (NYSE: MT) Cut to Neutral at HSBC.
Automatic Data Processing. Inc. (NYSE: ADP) Started as Outperform at Credit Suisse.
BankUnited, Inc. (NYSE: BKU) Cut to Neutral at BofA/ML.
Boeing Co. (NYSE: BA) Cut to Sell at Societe Generale.
Cardtronics, Inc. (NASDAQ: CATM) Started as Outperform at Credit Suisse.
Cash America International (NYSE: CSH) Raised to Buy at Sterne Agee.
Chevron Corporation (NYSE: CVX) maintained Buy with $130 target but cut estimates at Argus.
Citigroup, Inc. (NYSE: C) Maintained Sell at Argus.
Human Genome Sciences Inc. (NASDAQ: HGSI) Started as Buy with $14 price target at Maxim.
Lamar Advertising Co. (NASDAQ: LAMR) maintained as Outperform and named as the Bull of the Day at Zacks.
MasterCard Inc. (NYSE: MA) Started as Outperform at Credit Suisse.
RadioShack Corporation (NYSE: RSH) Cut to Underperform at Credit Suisse.
Scotts Miracle-Gro (NYSE: SMG) Cut to Underperform at BMO Capital.
UBS AG (NYSE: UBS) Raised to Overweight at Morgan Stanley.
Veolia Environnement (NYSE: VE) Cut to Neutral at HSBC.
Visa, Inc. (NYSE: V) Started as Outperform at Credit Suisse.
Weatherford International Inc. (NYSE: WFT) named as value stock of the day at Zacks.

Read Also: Jim Cramer touts Broadcom Corporation (NASDAQ: BRCM) as a cheap catch-up semiconductor stock. This creates a chart versus fundamental event in price.

If you enjoyed the top analyst calls, you can sign up in the box below to join our morning email list to receive news directly in your inbox each morning. We include major analyst upgrades and downgrades, IPO and M&A news, special situation developments, observations on Warren Buffett and key market gurus, as well as special exclusive feature stories.

JON C. OGG

Filed under: Analyst Calls Tagged: AAP, ADP,, ADTN, APD, BA, BKU, BRCM, C, CATM, CSH, CVX, HGSI, LAMR, MA, MT, RSH, SMG, UBS, V, VE, WFT

McMoran Jumps on Unexpected Profit (MMR, XOM, CVX, HES)

Paul Ausick — Tue, 17 Jan 2012 16:29:18 +0000

Independent oil & gas firm McMoran Exploration Co. (NYSE: MMR) posted an unexpected profit today, leading other energy firms like Exxon Mobil Corp. (NYSE: XOM), Chevron Corp. (NYSE: CVX), and Hess Corp. (NYSE: HES) higher.

McMoran posted EPS of $0.19, compared with an consensus estimate for an EPS loss of -$0.13. The company attributes the good performance to its deep-drilling techniques in the Gulf of Mexico, which have allowed it to boost production substantially higher than previous expectations. Production is expected to average 130 million cubic feet of gas equivalent/day in 2012, with first quarter production at 155 million cubic feet/day. The number should rise in the second half of the year following production testing of a major well.

McMoran’s shares are up nearly 5% at $13.29 in a 52-week range of $8.25-$19.26.

Filed under: 24/7 Wall St. Wire Tagged: CVX, HES, MMR, XOM

24/7 Wall St. Closing Bell (CVX, EK, JPM, WSM, INFY, BGFV, MSFT, TGT)

Administrator — Thu, 12 Jan 2012 21:17:58 +0000

Equities had a hard time deciding whether to follow a bull or a bear on Thursday. Retail sales were mixed, but weekly jobless claims rose unexpectedly and the fears are that the weekly jobless claims could start hitting the 400,000 mark again. To top it off, The European Union decided to not lower interest rates despite all of the woes of the continent. A crop report put a dent in agriculture and fertilizer stocks, and earnings warnings left several issuers down considerably. The unofficial closing bells put the DJIA up 21 points to 12,471.02, the NASDAQ rose almost 14 points to 2,724.70, and the S&P 500 rose 3 points to 1,295.50. Today’s analyst upgrades and downgrades are here.

Chevron Corporation (NYSE: CVX) was the surprise warnings in the oil and gas sector, sending shares down 2.6% at $104.91.

Eastman Kodak Company (NYSE: EK) was down after a highlighted Moody’s note signals that even with a patent deal the company could run out of cash in the middle of 2012. Shares were down 18% at $0.66 late in the day.

J.P. Morgan Chase & Co. (NYSE: JPM) fluctuated all day ahead of Friday’s earnings report, where we believe many will try to look at book value and other metrics to try to justify the massive gains in the banking sector since the end of 2011. Shares were up $0.03 at $36.69 a few minutes before the closing bell.

Earnings warnings took a bite, as much as double-digit percentage bites, ou of the following stocks: Williams-Sonoma, Inc. (NYSE: WSM), Infosys Ltd. (NASDAQ: INFY), Big 5 Sporting Goods Corporation (NASDAQ: BGFV).

Microsoft Corporation (NASDAQ: MSFT) managed to hold up a day after management gave a cautious PC market outlook. In analyst calls, it was maintained Outperform but cut target to $34 from $35 at Credit Suisse and it was maintained Hold and lowered estimates at Argus.

Target Corporation (NYSE: TGT) was up 1.4% at $49.73 right before the close on news of a news and expanded $5 billion share buyback plan.

Stay tuned for Friday, particularly since this will be Friday the 13th! Here are Friday’s economic reports to watch:

8:30 AM NOV Trade Balance
8:30 AM DEC Import & Export Prices
9:50 AM JAN Univ. Michigan Sentiment (preliminary)

JON C. OGG

Filed under: 24/7 Wall St. Wire, The Day, Trading Alert Tagged: BGFV, CVX, EK, INFY, JPM, MSFT, TGT, WSM

Top Analyst Upgrades & Downgrades (AXP, ATML, BLK, CVX, CLR, EPR, EQR, FTE, HBC, JNPR, LEN, LECO, MWE, MSFT, OAS, SVU)

Administrator — Thu, 12 Jan 2012 13:29:11 +0000

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

American Express Co. (NYSE: AXP) Reiterated Buy with $60 target at Argus.
Atmel Corporation (NASDAQ: ATML) Maintained Buy but cut target to $11 at Canaccord Genuity.
BlackRock Inc. (NYSE: BLK) Started as Buy at UBS.
Chevron Corporation (NYSE: CVX) Maintained Outperform but cut earnings estimates at Credit Suisse.
Continental Resources (NYSE: CLR) Cut to Hold with $79 target at Canaccord Genuity.
Entertainment Properties Trust (NYSE: EPR) Cut to Neutral at JPMorgan.
Equity Residential (NYSE: EQR) Cut to Neutral at JPMorgan.
France Telecom SA (NYSE: FTE) Cut to Underweight at JPMorgan.
HSBC Holdings PLC (NYSE: HBC) Cut to Underperform at BofA/ML.
Juniper Networks Inc. (NYSE: JNPR) Cut to Hold at Argus.
Lennar Corporation (NYSE: LEN) Cut to Market Perform at KBW.
Lincoln Electric Holdings, Inc. (NASDAQ: LECO) named as Value stock of the day at Zacks.
MarkWest Energy Partners (NYSE: MWE) named as Bull of the Day at Zacks.
Microsoft Corporation (NASDAQ: MSFT) Maintained Outperform but cut target to $34 from $35 at Credit Suisse; Maintained Hold and lowered estimates at Argus.
Oasis Petroleum (NYSE: OAS) Cut to Hold with $32 target at Canaccord Genuity.
SUPERVALU Inc. (NYSE: SVU) Maintained Neutral but cut target to $7 from $10 at Credit Suisse.

JON C. OGG

Filed under: Analyst Calls Tagged: ATML, AXP, BLK, CLR, CVX, EPR, EQR, FTE, HBC, JNPR, LECO, LEN, MSFT, MWE, OAS, SVU