24/7 Wall St. » WYNN

Caesars, A Sham Of An IPO… Beware The Ides of March (CZR, APO, GS, WYNN, LVS)

Administrator — Wed, 08 Feb 2012 16:41:08 +0000

Caesars Entertainment Corporation (NASDAQ: CZR) is beyond weird when it comes to initial public offerings. This was one of our TOP 17 IPOS TO WATCH IN 2012. We also make no secret of the belief that we think this is a poor model of conducting an IPO. By our take, this is almost a sham and feels a bit like a television advertisement to buy stock at 3 AM. Effectively, it even feels like the ‘tracking stock’ IPO model of the late 1990s. Caesars even stooped to having a three-letter stock ticker and listing on NASDAQ.

The casino and resort giant sold 1,811,313 shares of its common stock at $9.00 per share to raise gross proceeds of about $16 million before fees and discounts. Keep in mind that this is the Harrah’s-Caesars deal which was a $15 billion buyout back at the peak of private equity.

$16 million… $15 billion… $28 billion. Whatever it boils down to… The figure we were counting on was up to $223.4 million in additional stock, the overwhelming majority of which would be coming from private equity owners. Apollo Global Management, LLC (NYSE: APO) is not even reacting positively to the news with a 0.8% drop down to $14.97 so far today, probably because it is not selling shares. Paulson & Co. has the right to sell along with affiliated groups of Goldman Sachs Group Inc. (NYSE: GS).

Even a $500 million offering could have set the pace for up to a decade for all of the backers to exit their positions.

The reason that the company chose this model is likely to keep an initial higher value for a limited share float. That establishes a fair market value that is probably higher than if the firms all sold shares in a huge offering for the market to absorb. It allows private equity firms to liquidate in batches and it also gives those private equity firms an ability to peg a true market value to the shares rather than a theoretical value of the shares based solely upon other casino stock values.

Our take: The private equity firms should dismantled the assets into separate companies and sold them off or brought them public as smaller casino properties.

In some manner of speaking, this is far less transparent than exactly the ‘unlocking of Singapore and Macau’ values from Wynn Resorts, Limited (NASDAQ: WYNN) and Las Vegas Sands Corporation (NYSE: LVS).

Does us calling it a sham of an IPO mean that it will flop? Not at all. As we are publishing this, the value is up 50% from the $9.00 pricing at $13.70 on almost 3.9 million shares. With such a low float, who knows how high it could go. Still, if you are a ‘widows and orphans’ investor you probably better look elsewhere.

At least this IPO did not launch on the Ides of March.

JON C. OGG

Filed under: 24/7 Wall St. Wire, Accounting, Activist Investor, Brokerage Firms, Casinos, Entertainment, IPOs, Luxury, Mergers and Buy Outs, Private Equity Tagged: APO, CZR, GS, LVS, WYNN

Top Analyst Upgrades & Downgrades (BZH, BHP, CCL, FDX, GGP, INTC, LLTC, LOGI, MTH, PNRA, POT, RYL, STLD, SF, TSLA, USB, WYNN)

Administrator — Tue, 17 Jan 2012 13:24:06 +0000

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

Beazer Homes USA, Inc. (NYSE: BZH) Cut to Underperform at Credit Suisse.
BHP Billiton Limited (NYSE: BHP) Started as Buy at Goldman Sachs.
Carnival Corporation (NYSE: CCL) Cut to Neutral at JPMorgan.
FedEx Corporation (NYSE: FDX) Cut to Hold at Jefferies.
General Growth Properties (NYSE: GGP) Raised to Buy at Stifel Nicolaus.
Intel Corporation (NASDAQ: INTC) Cut to Neutral at JPMorgan.
Linear Technology Corporation (NASDAQ: LLTC) Cut to Underweight at JPMorgan.
Logitech International SA (NASDAQ: LOGI) Cut to Underweight at JPMorgan.
Meritage Homes Corporation (NYSE: MTH) Cut to Underperform at Credit Suisse.
Panera Bread Co. (NASDAQ: PNRA) Raised to Overweight at Morgan Stanley.
Potash Corp. of Saskatchewan (NYSE: POT) Raised to Sector Outperform at CIBC.
Ryland Group Inc. (NYSE: RYL) Cut to Underperform at Credit Suisse.
Steel Dynamics Inc. (NASDAQ: STLD) Started as Buy at Deutsche Bank.
Stifel Financial Corporation (NYSE: SF) Raised to Buy with $37 target at Goldman Sachs.
Tesla Motors, Inc. (NASDAQ: TSLA) Raised to Buy at Wunderlich.
U.S. Bancorp (NYSE: USB) Cut to Neutral at Citigroup.
Wynn Resorts Ltd. (NASDAQ: WYNN) Raised to Positive at Susquehanna.

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JON C. OGG

Filed under: Analyst Calls Tagged: BHP, BZH, CCL, FDX, GGP, INTC, LLTC, LOGI, MTH, PNRA, POT, RYL, SF, STLD, TSLA, USB, WYNN

Media Digest (1/13/2012) Reuters, WSJ, NYT, FT, Bloomberg

247wallst — Fri, 13 Jan 2012 11:39:47 +0000

TPG may invest $1 billion in troubled Olympus. (Reuters)

President Obama to ask for a $1.2 trillion increase in the national debt ceiling. (Reuters)

China’s foreign currency reserves drop to $3.18 trillion, a sign that exports have slowed enough to change monetary policy. (Reuters)

Novartis (NYSE: NVS) will cut 2,000 jobs in the U.S. (Reuters)

Apple (NASDAQ: AAPL) stops iPhone sales in China when crowds become unruly. (Reuters)

Several buyers, including Delta (NYSE: DAL) and US Air (NYSE: LCC), may approach American Airlines parent AMR about a buyout. (Reuters)

Yields fall at Italy and Spain debt sales. (Reuters)

Research In Motion (NASDAQ: RIMM) may have retained Goldman Sachs (NYSE: GS) to look at strategic alternatives. (Reuters)

The Fed may force Bank of America (NYSE: BAC) to leave a number of businesses and some areas of the country. (WSJ)

Goldman Sachs approaches federal officials about buying the troubled bond portfolio of AIG (NYSE: AIG). (WSJ)

A strategic review of PepsiCo (NYSE: PEP) by its board likely will not prompt the firing of its CEO, Indra Nooyi. (WSJ)

China sets new rules to make it easier for foreign investors to put capital into the country. (WSJ)

A Wynn Resorts (NASDAQ: WYNN) shareholder files suit about a possible donation the company made to a university in Macau. (WSJ)

Low retail sales raise concerns about the pace of the recovery. (WSJ)

An agency of the U.S. government pressures AMR to keep its pension plans intact. (WSJ)

Eurozone factory output drops in November, based on year-over-year numbers. (WSJ)

The government probes potentially illegal financial activities at Diamond Foods (NASDAQ: DMND). (WSJ)

Several lenders to Sears Holdings’ (NASDAQ: SHLD) suppliers want faster payments to those suppliers. (WSJ)

BMW and Mercedes increase production in the U.S. (WSJ)

Peugeot would like to form a broad alliance with another car company. (WSJ)

International bond investors largely believe a deal on Greek debt will be done, but not on the terms Greece expects. (WSJ)

China may invest some of its foreign reserves in stocks to get better returns. (WSJ)

Corn prices fall on new, higher estimates of U.S. production. (WSJ)

Members of the 2006 Fed did not anticipate the housing collapse. (NYT)

CVS Caremark (NYSE: CVS) pays $5 million for charging too much for some drugs. (NYT)

Target (NYSE: TGT) will set up small Apple stores inside its retail locations. (NYT)

The creditworthiness of U.S. companies fell over the past 30 years, according to S&P. (FT)

Google (NASDAQ: GOOG) and LG discuss a new TV project. (Bloomberg)

Eastman Kodak (NYSE: EK) approaches Citigroup (NYSE: C) for capital it might use as part of a bankruptcy. (Bloomberg)

Douglas A. McIntyre

Filed under: Press Digest Tagged: AAPL, AIG, BAC, C, CVS, DAL, DMND, EK, GOOG, GS, LCC, NVS, PEP, RIMM, SHLD, TGT, WYNN

Top Analyst Upgrades & Downgrades (MT, AVNR, CTRN, ETH,INTC, IGT, KALU, LVS, MA, MGM, MNTA, NOR, SFD, SO, SE, URBN, V, WYNN)

Administrator — Tue, 13 Dec 2011 13:35:40 +0000

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

Arcelor Mittal (NYSE: MT) Started as Equal Weight at Barclays.
Avanir Pharmaceuticals, Inc. (NASDAQ: AVNR) Reiterate as “Buy” with a $6 price target by Canaccord Genuity.
Citi Trends, Inc. (NASDAQ: CTRN) Maintained Underperform as Bear of the Day at Zacks.
Ethan Allen Interiors Inc. (NYSE: ETH) Started as Hold at Argus.
Intel Corporation (NASDAQ: INTC) Maintained Outperform but cut estimates at Credit Suisse; maintained Hold with $24 price target objective at Canaccord Genuity.
International Game Technology (NYSE: IGT) resumed with “Outperform” rating at Wells Fargo.
Kaiser Aluminum Corporation (NASDAQ: KALU) Started as Buy at BofA/Merrill Lynch.
Las Vegas Sands Corporation (NYSE: LVS) resumed with “Outperform” rating at Wells Fargo.
Mastercard Incorporated (NYSE: MA) Started as Buy at Nomura.
MGM Resorts International (NYSE: MGM) resumed with “Outperform” rating at Wells Fargo.
Momenta Pharmaceuticals Inc. (NASDAQ: MNTA) reiterate as Buy with a $23 price target objective by Canaccord Genuity.
Noranda Aluminum Holding Corp. (NYSE: NOR) Started as Buy at BofA/Merrill Lynch.
Smithfield Foods Inc. (NYSE: SFD) named as Value stock of the day at Zacks Investment Research.
Southern Co. (NYSE: SO) Cut to Hold from Buy for short-term coverage but maintained a Buy for long-term at Argus.
Spectra Energy Corporation (NYSE: SE) Maintained Outperform as Bull of the Day at Zacks Investment Research.
Urban Outfitters Inc. (NASDAQ: URBN) Maintained Neutral and lowered estimates at Credit Suisse; Maintained Underperform with $17 price target objective by Jefferies.
Visa, Inc. (NYSE: V) Started as Buy at Nomura.
Wynn Resorts Ltd. (NASDAQ: WYNN) resumed with “Market Perform” at Wells Fargo.

JON C. OGG

Filed under: Analyst Calls Tagged: AVNR, CTRN, ETH, IGT, INTC, KALU, LVS, MA, MGM, MNTA, MT, NOR, SE, SFD, SO, URBN, V, WYNN

Top Analyst Upgrades & Downgrades (AEM, AVL, BRCD, CSTR, EV, ERTS, FINL, GILD, GOOG, GDOT, MRH, RIMM, SLXP, WEN, WYNN)

Administrator — Mon, 28 Nov 2011 13:21:05 +0000

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

Agnico-Eagle Mines Ltd. (NYSE: AEM) Cut to Hold at Canaccord Genuity.
Avalon Rare Metals Inc. (AMEX: AVL) Started as Buy at Citigroup.
Brocade Communications Systems Inc. (NASDAQ: BRCD) Reiterated Hold at Argus.
Coinstar, Inc. (NASDAQ: CSTR) Raised to Overweight at JPMorgan.
Eaton Vance Corporation (NYSE: EV) Cut to Underperform at Credit Suisse.
Electronic Arts Inc. (NASDAQ: ERTS) Raised to Buy at Citigroup.
The Finish Line, Inc. (NASDAQ: FINL) named Value stock of the day at Zacks.
Gilead Sciences Inc. (NASDAQ: GILD) Raised to Conviction Buy List at Goldman Sachs.
Google Inc. (NASDAQ: GOOG) Raised to Buy at Citigroup.
Green Dot Corporation (NYSE: GDOT) Started as Outperform at KBW.
Montpelier Re Holdings (NYSE: MRH) named as Bear of the Day at Zacks.
Research in Motion Ltd. (NASDAQ: RIMM) Cut to Neutral at Stern Agee.
Salix Pharmaceuticals (NASDAQ: SLXP) named as Bull of the Day at Zacks.
The Wendy’s Co. (NYSE: WEN) Reiterated Hold at Argus.
Wynn Resorts Ltd. (NASDAQ: WYNN) Raised to Buy at KeyBanc.

JON C. OGG

Filed under: Analyst Calls Tagged: AEM, AVL, BRCD, CSTR, ERTS, EV, FINL, GDOT, GILD, GOOG, MRH, RIMM, SLXP, WEN, WYNN

24/7 Wall St. Closing Bell (MSFT, GILD, NFLX, AMGN, WYNN, CREE, LDK, CPB, HRL, STP, BRCD, FRO, ALU, GRPN, FMCN, ROYL)

Paul Ausick — Tue, 22 Nov 2011 21:06:52 +0000

Stocks opened a bit lower this morning, but almost immediately turned around without being able to break through the opening numbers. Revised third-quarter US GDP numbers were worse than expected, falling to a revised growth rate of 2%, compared with estimates that the growth rate would remain flat at 2.5%. Commodities, gold, and oil all rose in the morning, but by afternoon sentiment had shifted toward the negative. Gold is down slightly to $1,675.40, and crude oil is up slightly to $97.71/barrel. Even references to more easing from the Federal Reserve’s Open Market Committee when it released the minutes of its last meeting didn’t move markets much one way or the other.

The unofficial closing bells put the DJIA down more than 53 points to 11,493.88 (-0.46%), the NASDAQ fell nearly 2 points (-0.07%) to 2,521.28, and the S&P 500 fell about -0.41% or nearly 5 points to 1,188.05.

There were several analyst upgrades and downgrades today, including Microsoft Corp. (NASDAQ: MSFT) started as ‘hold’ at ThinkEquity. Other ratings actions included Gilead Sciences Inc. (NASDAQ: GILD) raised to ‘outperform’ at BMO and raised to buy at Citigroup; Netflix Inc. (NASDAQ: NFLX) re-initiated as ‘sell’ with a $60 price target at Canaccord Genuity; Amgen Inc. (NASDAQ: AMGN) cut to ‘market perform’ at BMO; Wynn Resorts Ltd. (NASDAQ: WYNN) cut to ‘neutral’ at Janney Capital; and Cree Inc. (NASDAQ: CREE) maintained as ‘buy’ with $33 target price at Canaccord Genuity.

Here are today’s big post-earnings news reactions with prices during the last half-hour of trading: LDK Solar Co. Inc. (NYSE: LDK) is up nearly 7.5%, at $3.04; Campbell Soup Co. (NYSE: CPB) is down about -5.6%, at $31.74; Hormel Foods Corp. (NYSE: HRL) is a fraction at $28.82; Suntech Power Holdings Co., Ltd. (NYSE: STP) is up more than 17%, at $2.62; and Brocade Communications Systems, Inc. (NASDAQ: BRCD) is up more than 13%, at $5.08.

Be sure to check our story on the dismal showing of the Chinese solar stocks and then try to figure out why LDK and STP shares are up today. Investors have got to believe the stocks have hit bottom. Perhaps, but LDK is pretty shaky, regardless of investors’ hopes.

Several other standouts from today are as follows…

Frontline Ltd. (NYSE: FRO) is down nearly -41%, at $3.07, after posting a new 52-week low of $2.97 earlier today. The company reported awful earnings and said that it would either need to restructure or go out of business.

Alcatel-Lucent (NYSE: ALU) is down nearly -15%, at $1.59, a penny more than a new 52-week low set earlier today. The company is dogged by liquidity and cash flow concerns.

Groupon, Inc. (NASDAQ: GRPN) is down nearly -13.5%, at $20.40, after posting a new post-IPO low of $20.03 earlier today. Apparently investors have figured out that there are other companies competing hard in the same space and that there are few barriers to keep more competitors out.

Focus Media Holding Ltd. (NASDAQ: FMCN) is up more than 15%, at $17.80. The company was torched yesterday by allegations of mis-statements related its reporting. The CEO disputed yesterday’s allegations in a conference call today, and reiterated the company’s intention to continue buying back shares.

Royale Energy Inc. (NASDAQ: ROYL) is up nearly 12%, at $3.27. The company announced a new gas well flowing at 3 million cubic feet/day and said that it would begin selling the gas within 2 weeks.

Stay tuned for Wednesday. Here’s a list of other noteworthy events scheduled for tomorrow(all times Eastern):

7:00 a.m. – Mortgage Bankers Association purchase applications
8:30 a.m. – Durable goods orders
8:30 a.m. – Initial unemployment benefits claims
9:55 a.m. – Reuters/University of Michigan consumer sentiment index
10:30 a.m. – EIA weekly natural gas status report (moved up from Thursday)
11:00 a.m – EIA weekly petroleum status report

Paul Ausick

Filed under: HI/LOW, Market Close Tagged: ALU, AMGN, BRCD, CPB, CREE, FMCN, FRO, GILD, GRPN, HRL, LDK, MSFT, NFLX, ROYL, STP, WYNN

Top Analyst Upgrades & Downgrades (AMGN, AN, BXP, CREE, DOLE, GRMN, GILD, HIG, HAR, MSFT, NFLX, VRUS, TSN, WYNN, YUM)

Administrator — Tue, 22 Nov 2011 13:29:44 +0000

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

Amgen Inc. (NASDAQ: AMGN) Cut to Market Perform at BMO.
AutoNation Inc. (NYSE: AN) Raised to Neutral at Goldman Sachs.
Boston Properties Inc. (NYSE: BXP) Maintained Buy but cut target to $105 from $120 at Argus.
Cree Inc. (NASDAQ: CREE) Maintained Buy with $33 target at Canaccord Genuity.
Dole Food Co. Inc. (NYSE: DOLE) Cut to Underperform with $9 target at BofA/ML.
Garmin, Ltd. (NASDAQ: GRMN) reiterated Outperform as Bull of the Day at Zacks.
Gilead Sciences Inc. (NASDAQ: GILD) Raised to Outperform at BMO; Raised to Buy at Citigroup (late-Monday).
Hartford Financial Services Group (NYSE: HIG) Cut to Underperform as Bear of the Day at Zacks.
Harman International Industries Inc. (NYSE: HAR) named as Value stock of the day at Zacks.
Microsoft Corporation (NASDAQ: MSFT) Started as Hold at ThinkEquity.
Netflix, Inc. (NASDAQ: NFLX) Re-initiated as Sell with $60 target at Canaccord Genuity.
Pharmasset, Inc. (NASDAQ: VRUS) downgraded by Wells Fargo, UBS, Canaccord Genuity, Leerink Swann, and Citigroup after super-premium buyout.
Tyson Foods, Inc. (NYSE: TSN) Reiterated Buy at BofA/ML.
Wynn Resorts Ltd. (NASDAQ: WYNN) Cut to Neutral at Janney Capital.
YUM! Brands, Inc. (NYSE: YUM) added to U.S. Focus List at Credit Suisse.

JON C. OGG

Filed under: Analyst Calls Tagged: AMGN, AN, BXP, CREE, DOLE, GILD, GRMN, HAR, HIG, MSFT, NFLX, TSN, VRUS, WYNN, YUM

Top Analyst Upgrades & Downgrades (BIDU, CYOU, CLB, CSX, EBAY, HLF, M, MON, PVH, PLCM, REG, WDC, WU, WYNN, YOKU)

Administrator — Thu, 20 Oct 2011 12:28:15 +0000

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

Baidu, Inc. (NASDAQ: BIDU) Cut to Neutral at Goldman Sachs.
Changyou.com Limited (NASDAQ: CYOU) Raised to Buy at Goldman Sachs.
Core Laboratories N.V. (NYSE: CLB) Cut to Market Perform at FBR.
CSX Corporation (NYSE: CSX) Cut to Market Perform at Wells Fargo.
eBay Inc. (NASDAQ: EBAY) Maintained long-term outperform and near-term hold at Zacks; reiterated Outperform at Credit Suisse.
Herbalife (HLF: NYSE) Reiterated Buy at Canaccord Genuity.
Macy’s Inc. (NYSE: M) Started as Overweight at JPMorgan.
Monsanto Co. (NYSE: MON) Started as Market Perform at Wells Fargo.
PVH Corp. (NYSE: PVH) named value stock of the day at Zacks.
Polycom, Inc. (NASDAQ: PLCM) Cut to Neutral at Piper Jaffray; Cut to Market Perform at William Blair.
Regency Centers Corporation (NYSE: REG) Raised to Outperform at Credit Suisse.
Western Digital Corporation (NYSE: WDC) Cut to Underweight at JPMorgan.
Western Union (NYSE: WU) Raised to Outperform as Bull of the Day at Zacks.
Wynn Resorts Ltd. (NASDAQ: WYNN) Reiterated Outperform at Credit Suisse.
Youku.com Inc. (NYSE: YOKU) Raised to Conviction Buy List at Goldman Sachs.

JON C. OGG

Filed under: Analyst Calls Tagged: BIDU, CLB, CSX, CYOU, EBAY, HLF, M, MON, PLCM, PVH, REG, WDC, WU, WYNN, YOKU

Top After-Hours Earnings Stocks on the Move (AXP, BWLD, CRUS, CBST, EBAY, ETFC, RVBD, WDC, WYNN)

Administrator — Wed, 19 Oct 2011 21:28:00 +0000

24/7 Wall St. is tracking the after-hours earnings reports to see which stocks are on the move and which ones will be the key issues for Thursday morning. The top movers are as follows: American Express Company (NYSE: AXP); Buffalo Wild Wings Inc. (NASDAQ: BWLD); Cirrus Logic Inc. (NASDAQ: CRUS); Cubist Pharmaceuticals, Inc. (NASDAQ: CBST); eBay Inc. (NASDAQ: EBAY); E*TRADE FInancial Corporation (NASDAQ: ETFC); Riverbed Technology, Inc. (NASDAQ: RVBD); Western Digital Corporation (NYSE: WDC); and Wynn Resorts Ltd. (NASDAQ: WYNN).

A brief summary of the news and the after-hours reaction is available on each below.

American Express Company (NYSE: AXP) beat earnings estimates at $1.03 EPS versus $0.95 estimates. Shares were down 1.2% today and shares are currently down another 1.2% at $45.59 in the after-hours session.

Buffalo Wild Wings Inc. (NASDAQ: BWLD) beats earnings at $0.61 EPS versus $0.63 EPS estimate; revenues rose over 30%; it sees meeting a goal of 13% unit growth and 23% net earnings growth for 2011. The dining, beer, and sports destination also sees 2012 with 12% unit growth and net earnings growth of 20% in 2012. Shares fell 0.8% on the day but the stock is up 3.3% at $59.81 in the after-hours session.

Cirrus Logic Inc. (NASDAQ: CRUS) beats earnings but guided next quarter below estimates as it is seeing softness in some areas of business due to global economic issues. Shares were down 5.5% at $17.01 on the regular trading day and shares are down another 12% at $14.73 in after-hours.

Cubist Pharmaceuticals, Inc. (NASDAQ: CBST) beat $200 million in sales for the quarter and shares are up almost 8% at $39.33 after closing down 1.75% today.

eBay Inc. (NASDAQ: EBAY) met its $0.48 EPS target and sees $0.55 to $0.58 EPS versus $0.58 EPS targets in Q4. Shares were down 2% on the day and down another 4.3% at $31.83 in after-hours trading.

E*TRADE FInancial Corporation (NASDAQ: ETFC) is now up after having been down. It appears to have met the $0.16 estimate but revenues were light; shares closed down 2.6% on the day but are back up almost 2% at $9.52 in after-hours. No word on any merger, again.

Riverbed Technology, Inc. (NASDAQ: RVBD) may be getting its mojo back… It beat earnings and guided higher. After falling 2.8% on the day shares are up over 11% at $25.10 in the after-hours and the 52-week range is $12.57 to $44.70.

Western Digital Corporation (NYSE: WDC) was down 9% today on Thai flood concerns and shares are down another 2% at $24.00 in the after-hours session despite $1.01 EPS. The floods could impact they key quarter ahead.

Wynn Resorts Ltd. (NASDAQ: WYNN) was down over 5% on its own today and now the high-end casino operator posted $1.05 EPS versus $1.15 estimates even though revenues were in line and up 29%. Shares are down another 5.2% at $123.48.

JON C. OGG

Filed under: After-Hours Activity, Earnings, Earnings Warning, Trading Alert Tagged: AXP, BWLD, CBST, CRUS, EBAY, ETFC, RVBD, WDC, WYNN

Top Analyst Upgrades & Downgrades (ATVI, AMR, AMD, AWK, CAH, DISCA, GME, HRBN, IVZ, JBLU, PHG, LM, MA, OXY, RCL, V, DIS, WWW, WYNN)

Administrator — Fri, 07 Oct 2011 12:26:17 +0000

These are some of this Friday’s top analyst upgrades, downgrades, and initiations seen having an impact from Wall Street research calls.

Activision Blizzard, Inc. (NASDAQ: ATVI) Started as Outperform at Baird.
AMR Corporation (NYSE: AMR) Started as Buy at Stern Agee.
Advanced Micro Devices, Inc. (NYSE: AMD) Raised to Perform at Oppenheimer.
American Water Works Co. (NYSE: AWK) Started as Neutral with $32 target at Credit Suisse.
Cardinal Health, Inc. (NYSE: CAH) named Bull of the Day at Zacks.
Discovery Communications, Inc. (NASDAQ: DISCA) Started as Neutral at JPMorgan.
GameStop Corp. (NYSE: GME) Started as Outperform at Baird.
Harbin Electric, Inc. (NASDAQ: HRBN) Cut to Neutral at Roth Capital.
Invesco Ltd. (NYSE: IVZ) Raised to Buy at BofA/ML.
JetBlue Airways Corporation (NASDAQ: JBLU) Started as Buy at Stern Agee.
Koninklijke Philips Electronics (NYSE: PHG) Cut to Underperform at Bear of the Day at Zacks.
Legg Mason Inc. (NYSE: LM) Cut to Underperform at BofA/ML.
Mastercard Incorporated (NYSE: MA) Started as Buy at Deutsche Bank.
Occidental Petroleum Corp. (NYSE: OXY) Maintained Buy but cut estimates and target at Argus.
Royal Caribbean Cruises Ltd. (NYSE: RCL) Cut to Hold at S&P Equity Research.
Visa, Inc. (NYSE: V) Started as Buy at Deutsche Bank.
Walt Disney Co. (NYSE: DIS) Started as Overweight at JPMorgan.
Wolverine Worldwide, Inc. (NYSE: WWW) named Value Stock of the Day at Zacks.
Wynn Resorts Ltd. (NASDAQ: WYNN) Raised to Outperform at Credit Suisse.

JON C. OGG

Filed under: Analyst Calls Tagged: AMD, AMR, ATVI, AWK, CAH, DIS, DISCA, GME, HRBN, IVZ, JBLU, LM, MA, OXY, PHG, RCL, V, WWW, WYNN