Market Update- SRE, ISAT, THC, SYY, ONTY, TRMB, NVDA- Analysts Upgraded
Sempra Energy (NYSE:SRE) first-quarter profit rose to $258 million, or $1.07 a share, from $106 million. () is trading at a price of $1.69,a dramatic change of 0.06 with % change of 3.68 from its previous day’s close. Currently, the company has a Market capitalization (total value of a company in the stock market) of approximately 55.97M. First-quarter 2010 earnings included an after-tax charge of $96 million, or $0.38 per diluted share, related to a litigation settlement. Jefferies upgraded shares of Sempra Energy in a research note to investors.
Inmarsat PLC (LON:ISAT) posted a 15% rise in first-quarter revenue for the group as a whole was $323.9 million, compared with average analyst expectations, according to Factset, of $325.4 million.
Tenet Healthcare Corp. (NYSE:THC) rejected a third buyout proposal from Community Health Systems Inc.. “We believe that Community Health’s latest proposal does not reflect our current financial position, our 2011 Outlook, and our positive future growth prospects,” said Tenet Chief Executive Trevor Fetter, in a statement.
Standard & Poor’s lowered its credit rating on Greece to B from BB-minus due to concerns that euro-zone officials are looking to extend the debt payment maturities of the European Commission’s portion of the nation’s 110 billion-euro bailout.
Sysco Corp. (NYSE:SYY) third-quarter profit rose 4.4% on higher prices and volume, quarter ended April 2, Sysco reported a profit of $258.5 million, or 44 cents a share, up from 247.6 million, or 42 cents a share, a year earlier.
Louisiana-Pacific Corporation (NYSE:LPX) first-quarter loss of $23 million, compared with a year-earlier loss of $22.5 million. Gross margin widened to 11.1% from 9.8%.
Oncothyreon Inc.’s (NASDAQ:ONTY) shares rose almost 12% after the cancer-treatment developer late Friday reported its first-quarter results.
Trimble Navigation Ltd.’s (NASDAQ:TRMB) shares gained 9.4% after the maker of global-positioning equipment offered $485 million to acquire Finnish software firm Tekla Oyj.
Nvidia Corp. (NASDAQ:NVDA) said it has agreed to buy Icera, which develops baseband chips for cell phones and tablets for $367 million.
Netflix (NASDAQ:NFLX) is working on push into Latin America and is said to be close to announcing deals with three of the biggest broadcasters in the region.
Quicksilver Resources (NYSE:KWK) reported Q1 EPS of $0.02, ex-items, missing consensus estimates of $0.03 per share. Revenues for the quarter fell 4.5% year-over-year to $212.2 million, topping consensus estimates of $193.9 million.
GTx (NASDAQ:GTXI) is trading at a price of $5.50, reported a Q1 loss of $0.05 per share, ahead of consensus estimates for a loss of $0.13 per share. Revenues fell 83.6% year-over-year to $9.3 million.Mitchell S. Steiner, MD, CEO of GTx said, “We have made strong progress in both the Ostarine and Capesaris clinical development programs. The indication we will pursue for Ostarine is the prevention and treatment of muscle wasting in patients with non-small cell lung cancer. We expect to initiate two pivotal Phase III clinical trials in the third quarter.”
RBC Capital (NYSE: RY) upgraded shares of Manulife Financial (NYSE: MFC) from a “sector perform” rating to an “outperform” rating. Piper Jaffray (NYSE: PJC) downgraded shares of The Warnaco Group, Inc. (NYSE: WRC) from an “overweight” rating to a “neutral” rating. Brigantine downgraded shares of Dolby Labs (NYSE: DLB) from a “buy” rating to a “hold” rating. Morgan Stanley (NYSE: MS) upgraded shares of Hess Corp (NYSE: HES) from an “equal weight” rating to an “overweight” rating.
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Robert W. Baird upgraded shares of Triangle Capital Cor (NASDAQ: TCAP) from a “neutral” rating to an “outperform” rating. Ardour Capital downgraded shares of Westinghouse Solar (NASDAQ: WEST) from a “buy” rating to a “hold” rating. Wells Fargo & Co. (NYSE: WFC) upgraded shares of Equinix, Inc. (NASDAQ: EQIX) from a “market perform” rating to an “outperform” rating. UBS AG (NYSE: UBS) upgraded shares of Deutsche Lufthansa AG (NASDAQ: DLAKY) from a “neutral” rating to a “buy” rating. Wells Fargo & Co. (NYSE: WFC) upgraded shares of Natural Resource (NYSE: NRP) from a “market perform” rating to an “outperform” rating.
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Features Editor, a senior director of strategic planning for a major university, has experience at a long/short equity hedge fund and has been in the markets for just under a decade. He has degrees in Economics and Communications and focuses on macro themes in the markets. His background also extends to logistics, marketing, and e-commerce.