Just 25 days after Twitter's highly anticipated IPO, analysts
gave the company mixed reviews on Monday. In a surprise move, the
Bank of America Merrill Lynch
on the company with an Underperform rating.
The analysts responsible for the valuation, Justin Post,
expects to see an 11.7 percent decline in Twitters share price.
, both involved in the underwriting for Twitter's IPO, gave the
stock an Equal-weight and Neutral rating, respectively.
Government security forces removed the barriers and allowed
protestors into Thailand's main government compound on Tuesday in
an attempt to prevent the angry crowd from erupting into
violence. The demonstrators now occupy the lawn outside the
Government House but have promised not to enter any of the
buildings. The hundreds of thousands of protesters are calling
for Thailand's Prime Minister to step down in what have been the
largest demonstrations the country has seen since 2006.
The Reserve Bank of Australia announced the results of its
policy meeting with no surprises on Tuesday. The bank decided to
keep its rate unchanged and reiterated that past easing maneuvers
were still working their way through the nation's economy. The
bank noted that housing markets were on the mend, but that public
spending continued to be quite weak.
Apple acquired Topsy Labs Inc, a social media analytics
company for over $200 million in a deal that has many wondering
what Apple's next step will be. The firm analyzes twitter data by
filtering tweets to measure the impact of marketing campaigns and
find influential users. Apple's spokespeople have yet to comment
on the company's plans for their new acquisition, but many
believe Apple will use the firm's capabilities to improve iTunes
and the Siri voice assistant.
In his first public address since the anti-government
demonstrations began, Ukrainian President Viktor Yanukovych
expressed his reasoning for backing away from the EU's trade deal
saying that the lost trade from Russia would not be offset by the
promised EU funding. He also noted that the terms of the
agreement required that Ukraine conform to strict guidelines set
by the International Monetary Fund. Protesters have gathered in
Kiev' independence square, calling for Yanukovyvh's removal from
office for his decision to back away from the EU.
Asian markets were mixed on Tuesday, the Japanese NIKKEI
gained 0.60 percent, China's Shanghai composite was up 0.69
percent and the Shenzhen composite gained 2.05 percent. However
the Hang Seng index lost 0.45 percent and the South Korean KOSPI
was down 1.05 percent.
Europe's markets were down across the board; the UK's FTSE
lost 0.83 percent and the eurozone's STOXX 600 was down 0.30
percent. Italy's MIB was down 1.52 percent and the Spanish IBEX
lost 0.94 percent.
Energy futures were mixed, Brent futures were down 0.05
percent and WTI futures gained 0.22 percent. Gold gained 0.16
percent and silver was up 0.03 percent. Industrial metals were
down across the board with tin posting the largest loss, down
Currency markets were quiet, the euro to dollar ratio was
steady at $1.35 and the pound gained 0.13 percent against the
dollar. The dollar gained 0.13 percent against the yen and 0.11
percent against the Australian dollar.
Notable earnings released on Monday included:
Thor Industries, Inc. (NYSE:
) reported first quarter EPS of $0.77 on revenue of $800.00
million, compared to last year's EPS of $0.58 on revenue of
Ascena Retail Group, Inc. (NASDAQ:
) reported first quarter EPS of $0.36 on revenue of $1.20
billion, compared to last year's EPS of $0.39 on revenue of $1.14
Stocks moving in the Premarket included:
Exxon Mobil Corp (NYSE:
) gained 0.62 percent in premarket trade after falling 1.65
percent over the past week.
Visa Inc. (NYSE:
) lost 1.77 percent in premarket trade after gaining 1.58 percent
over the past week.
Transocean Ltd (NYSE:
) fell 1.15 percent in premarket trade after losing 1.53 percent
over the past week.
Bank of America Corp (NYSE:
) was down 1.08 percent in premarket trade after sliding 0.51
percent on Monday.
Notable earnings expected on Tuesday include:
Bank Of Montreal (NYSE:
) is expected to report second quarter EPS of $1.60 on revenue of
$4.05 billion, compared to last year's EPS of $1.65 on revenue of
OmniVision Technologies, Inc. (NASDAQ:
) is expected to report second quarter EPS of $0.43 on revenue of
$392.26 million, compared to last year's EPS of $0.33 on revenue
of $390.14 billion.
United Natural Foods, Inc. (NASDAQ:
) is expected to report first quarter EPS of $0.54 on revenue of
$1.61 billion, compared to last year's EPS of $0.46 on revenue of
Tuesday's economic calender will be a quiet one with notable
releases including Brazilian GDP, eurozone PPI, British
construction PMI and US car sales.
For a recap of Monday's market action, click .
Tune into Benzinga's pre-market info show with Dennis Dick and
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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