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The week in preview: Earnings expectations for techs, Canadian banks

Results for the tech stocks in last week's preview were a mixed bag, some beats, some misses, some in line. By and large, expectations for tech companies reporting results this week remain high, though. Here's what analysts surveyed by Thomson Financial are anticipating in the way of earnings, as compared to the same period of the previous year.

Continue reading The week in preview: Earnings expectations for techs, Canadian banks

Analyst downgrades: NYT, FNLY and AXA

MOST NOTEWORTHY: New York Times, Finlay Enterprises and AXA were today's noteworthy downgrades:

  • Banc of America downgraded shares of New York Times Co. (NYSE: NYT) to Sell from Neutral and lowered their target to $14 from $21, as they believe the luxury categories, which represent 28% of NYT's national ad revenue, are not recession proof and that the company is also vulnerable to a cyclical contraction in the financial services sector.
  • B. Riley lowered its rating on Finlay Enterprises (NASDAQ: FNLY) to Sell from Neutral to reflect the weak consumer environment, higher gold prices, and lower sales expectations for Bailey.
  • Goldman downgraded shares of AXA (NYSE: AXA) to Sell from Buy and added AXA to their Conviction Sell List on valuation and the company's exposure to the equity markets.

OTHER DOWNGRADES:

Analyst initiations: TPGI, NGLS, ARMHY, FNLY and KOF

MOST NOTEWORTHY: Thomas Properties, Tanga Resource Partners, ARM Holdings, Finlay Enterprises and Coca-Cola Femsa were today's noteworthy initiations:
  • Shares of Thomas Properties Group Inc (NASDAQ: TPGI) were initiated with a Neutral rating and $14 target at Banc of America. The firm has concerns over the lack of liquidity in the shares and considerable insider ownership levels.
  • RBC Capital started shares of Targa Resource Partners LP (NASDAQ: NGLS) with an Outperform rating and $35 target, as they expect shares recover once financing is in place.
  • Jefferies started shares of ARM Holdings PLC (NASDAQ: ARMHY) with a Buy rating, citing the company's new products, margin leverage, buybacks and royalties ramp.
  • Finlay Enterprises Inc (NASDAQ: FNLY) was initiated with a Neutral rating and $4.80 target at B. Riley, citing integration and execution risks.
  • Coca-Cola Femsa SA (NYSE: KOF) was started with a Buy rating at Gabelli, as they find the valuation attractive as the company's growth in key markets of , , and continues.
OTHER INITIATIONS:

Symbol Lookup
IndexesChangePrice
DJIA+30.6910,464.40
NASDAQ+6.872,176.05
S&P 500+4.981,110.63

Last updated: November 27, 2009: 02:08 AM

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