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January 16, 2007
Cisco Falls On Valuation Over-reach And Other Fresh News
Gainers
+ NCR (NCR) is up to$44.74, +1.24, +2.9% as it expects fourth-quarter per share earnings of 91 cents or higher.
+ Netflix (NFLX) rose to $23.23, +0.52, +2.3% after the company unveiled a feature allowing subscribers to immediately watch movies and TV series on their computers. The company plans to make the option available to subscribers in a phased roll-out over the next six months.
+ Nokia (NOK) is up to $19.81, +0.32, +1.6% after it was upgraded to buy from sell at Goldman Sachs. The firm said it believes a perfect storm of negative news, including a profit warning at Motorola and the launch of Apple's iPhone, has coincided with the bottom of Nokia's profit cycle, driving the stock's 17% underperformance relative to the FTSE Europe since July. Goldman said it expects the stock to rebound from there, especially after the Finnish company posts quarterly results next week. "We have high confidence that Nokia will post solid fourth-quarter earnings of 0.27 euro a share, allowing 2007 EPS to bottom, while new products should drive a recovery in sentiment as well as average selling prices and gross margins during the first half of 2007."
Losers
+ Cisco Systems (CSCO) fell to $28.25, -0.67, -2.3% after it was downgraded to neutral from buy at Banc of America due primarily to its high valuation. Analyst Tim Long said he believes the networker's business is "as good as it gets," and therefore sees limited upside to the shares. In addition, Prudential Equity Group lowered its rating on the networking giant's stock to neutral weight.
+ Acuate (ACTU) fell to $5.27, -0.53, -9.1% ) after it was downgraded to market perform from market outperform. Acuate expects to suffer transitional issues moves toward an open source model.
+ KLA-Tencor (KLAC) fell to $50.59 -1.58 -3.03% after it was downgraded to hold from buy at Deutsche Bank.
+ Lam Research (LRCX) fell to $53.06, -1.48, -2.7% after it was downgraded to hold from buy at Deutsche Bank.
Posted by Paul at January 16, 2007 09:53 PM
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