Company News for January 20, 2010 - Corporate Summary
• Bank of America (NYSE:BAC) reported a larger-than-expected fourth quarter loss of 60 cents a share ahead of Zacks expectations of 54 cents a share versus a 48 cents year-ago loss. Revenues rose 59%, helped by the Merrill acquisition, to $25.4 billion. Increased credit costs, lower net income and the $45 billion TARP repayment impacted results
• Fitch downgraded Kraft (NYSE:KFT) and Cadbury (NYSE:CBY) to BBB- after Kraft's $19.6 billion takeover bid was accepted by Cadbury's board
• Citigroup (NYSE:C) initiated coverage of Omnicom (NYSE:OMC) with a "buy" rating and a price target of $47
• Morgan Stanley (NYSE:MS) began coverage of Dow Chemical (NYSE:DOW) with an "overweight" rating and a price target of $43
• Goldman Sachs (NYSE:GS) downgraded both Pioneer Natural Resources (NYSE:PXD) from "buy" to "neutral," and Tractor Supply (NASDAQ:TSCO) from "buy" to "neutral"
• Piper Jaffray (NYSE:PJC) reiterated its "overweight" rating on American Express (NYSE:AXP)
• Coach (NYSE:COH) reported fiscal second quarter earnings of 75 cents a share, beating Zacks estimates of 72 cents a share versus 67 cents la year ago. Revenues of $1.07 billion was ahead of Zacks estimates of $1.03 billion
The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
