BlackBerry’s Slide Continues, Citigroup Has Slump of Its Own, and 3 More Hot Stocks
BlackBerry (NASDAQ:BBRY): BlackBerry’s shares continue to slide lower after last week’s substantial miss as analysts sound off with updated ratings and targets. Peter Misek pulled his Buy rating and cut the price target to $8 from $15, RBC downgraded to Sell, and Credit Suisse upped from Sell to Hold, while Nomura noted that BlackBerry’s report ”might just be the worst miss that we have seen in 17 years of covering tech stocks.”
Citigroup Inc. (NYSE:C): Citigroup shares are slumping. The bank’s trading revenue has reportedly fallen sharply after a greater-than-expected slowdown during the summer. The reduction could pose a threat to the bank’s current earnings estimates, as some investors believe that revenues will fall by significantly more than 10 percent. A strong September month was supposed to be a lifeline for Citi, though the Fed’s announcement of continued non-tapering will likely hinder major portfolio moves by clients.
General Electric (NYSE:GE): General Electric nailed a $1.9 billion order to supply turbines for six power plants in Algeria, which provides the turbine unit a needed win amid ongoing struggles. Société Algérienne de Production de l’Electricité, a unit of Algeria’s national electricity and gas company, Sonelgaz Group, has bought 26 heavy duty gas turbines from GE; sales of the units have been especially weak since the recession.
News Corp. (NASDAQ:NWSA): News Corp. announced its quarterly earnings, and though earnings per share of -$1.94 may not be comparable to the consensus of 14 cents, revenue of $2.26 billion beat by $0.07 billion, Seeking Alpha reports.
Southwest Airlines (NYSE:LUV): Shares of Southwest are trading down slightly despite an upgrade from Bank of America Merrill Lynch, which raised its price target to $15, and it now holds a rating of Neutral on the shares.