U.S. stocks are drifting lower in mid-day trading on Friday, setting the stage for the first two-day decline since August, as investors show concern about the Federal Reserve’s increasingly aggressive policy tightening path and increasingly nasty rhetoric between President Donald Trump and North Korea.
Some company-specific news is weighing as well, with Apple Inc. (NASDAQ:AAPL) down 1.3% as I write. Apple is dropping further below its 50-day moving average on underwhelming demand for the iPhone 8, production woes with the iPhone X and LTE connectivity issues with the Series 3 Apple Watch.
investment firms: Alexco Resource Corp(AXU)
- [By Cameron Saucier]
Alexco Resource (NYSEMKT: AXU) operates in two segments: an environmental services business and a mining company. Its mining segment explores developments in Canada, while its environmental segment provides consulting and project management services in the United States and Canada. AXU is up over 400% YTD. The stock has been steadily rising since January. It isn’t clear what’s driving AXU upwards, other than general investor speculation. The stock is trading at $1.72 per share as of Monday intraday.
investment firms: Sphere 3D Corp.(ANY)
- [By Paul Ausick]
Sphere 3D Corp. (NASDAQ: ANY) dropped about 36% Monday to post a new 52-week low of $0.23 after closing Friday at $0.36. The 52-week high is $2.00. Volume of around 4.3 million was more than 10 times the daily average of around 390,000 shares traded. The company said today that it has received an unsolicited proposal from an unnamed company to purchase certain of Sphere 3D’s assets.
investment firms: J & J Snack Foods Corp.(JJSF)
- [By Monica Gerson]
J & J Snack Foods Corp (NASDAQ: JJSF) is estimated to post its quarterly earnings at $0.78 per share on revenue of $231.58 million.
Nabors Industries Ltd. (NYSE: NBR) is expected to post a quarterly loss at $0.33 per share on revenue of $630.85 million.
investment firms: Public Service Enterprise Group Incorporated(PEG)
- [By Shauna O’Brien]
Jefferies announced on Tuesday that it has upgraded Public Service Enterprise Group Inc. (PEG).
The firm has lifted its rating on PEG from “Hold” to “Buy,” and has raised the company’s price target from $36 to $37. This price target suggests a 12% increase from the stock’s current price of $32.42.
Analyst Paul Fremont commented: “We are upgrading to Buy based on the improving outlook for regulatory approval of the company’s “Energy Strong” capital spending program.
“Each $1.0 billion of incremental spending will add an estimated $0.10 to PEG’s earnings. We assume that incremental spending is funded by debt and by incremental cash expected from the increasing gas basis differential between the Leidy hub and New Jersey. Our new estimates are considerably higher than consensus in 2014-16.”
Public Service Enterprise Group shares were mostly flat during pre-market trading Tuesday. The stock is up 6% YTD.
investment firms: Teck Resources Ltd(TCK)
- [By Benzinga News Desk]
Stephens (Equal-Weight) and Citi (Sell) both downgraded Atwood Oceanics (NYSE: ATW).
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Investec downgraded Anheuser-Busch (NYSE: BUD) to Hold.
Deutsche Bank downgraded Freeport McMoRan (NYSE: FCX) to Hold.
Goldman Sachs upgraded Microsoft (NASDAQ: MSFT) to Buy.
Barclays upgraded Teck Resources (NYSE: TCK) to Overweight.
BTIG started Adobe (NASDAQ: ADBE) at Neutral.
U.S. oil refiner Tesoro (NYSE: TSO) said it would buy Western Refining (NYSE: WNR) for $4.1 billion to add refineries in Texas, New Mexico and Minnesota. The combined company will have refining capacity of over 1.1 million barrels per day. Tesoro has refineries in California, Washington, Alaska, Utah and North Dakota.