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Cooper Companies (COO) Q3 earnings miss estimates

Cooper Companies (NYSE: COO - option chain) stock is trading lower today after the company reported earnings last night, posting a third-quarter profit of $21.91 million, or 48 cents per share. Excluding one-time items, COO earned 54 cents per share, missing analysts' estimates of 62 cents per share. COO also lowered its 2009 guidance below analysts' forecasts. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on COO.

This morning, COO opened at $25.58. So far today the stock has hit a low of $23.55 and a high of $25.70. As of 11:45, COO is trading at $25.15, down $1.52 (-5.7%). The chart for COO looks neutral and S&P gives COO a neutral 3 STARS (out of 5) hold ranking.

Posted May 30th 2008 4:56PM by Eric Buscemi (RSS feed)
Filed under: Wal-Mart (WMT), Ford Motor (F)

Monday, June 2

Lions Gate Entertainment (NYSE: LGF) reporting Q4 earnings; conference call at 9:00am.
Nvidia Corporation (NASDAQ: NVDA) conference call at 9:30am on new multimedia computer-on-a-chip products.
Lululemon Athletica Inc. (NASDAQ: LULU) reports Q1 earnings; conference call at 4:30pm

Tuesday, June 3

Ford Motor Company (NYSE: F) to report May sales at 1:00pm.
General Motors Corp. (NYSE: GM) to report May sales at 2:00pm.
Toll Brothers, Inc. (NYSE: TOL) to report Q2 earnings; conference call at 2:00pm.
Bob Evans Farms Inc. (NASDAQ: BOBE) to report Q4 earnings; conference call at 4:00pm.

MOST NOTEWORTHY: Eli Lilly (LLY) and L-3 Communications (LLL) were the only notable downgrades today:

HSBC downgraded Eli Lilly & Co. (NYSE:LLY) to Neutral from Overweight.
Following the loss of the Army Linguist contract, Credit Suisse downgraded L-3 Communications Hldgs Inc. (NYSE:LLL) to Neutral from Outperform with an $83 target.

OTHER DOWNGRADES:

Cooper Companies Inc. (NYSE:COO) was downgraded to Underweight from Neutral, with a $42 target at Prudential; they believe another reduction in 2007 guidance is likely and, additionally, the company is likely to lose additional market share in the Toric market.
Credit Suisse, seeing potential risk to production targets at Murphy Oil Corp. (NYSE:MUR), downgraded the company to Underperform from Neutral.
RBC Capital Markets downgraded Sovereign Bancorp Inc. (NYSE:SOV) to Underperform from Sector Perform based on valuation.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

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