High Volume Stock Movers Jan. 17th: C, WFC, CCL, INTC, GE
David Weidner on MarketWatch says “Citigroup Inc. (NYSE:C) investors can be forgiven for seeing the glass as half-empty”, citing Q4 results “a reality check that showed the bank is still unable to meet even the most restrained Wall Street analysts’ expectations.”
AFSCME has filed proxy proposals to separate the roles of chairman and CEO of JPMorgan Chase & Co. (NYSE:JPM) and Goldman Sachs (NYSE:GS) (along with 7 other firms. Lisa Lindsley, director of capital strategies commented that, “There hasn’t been enough adult supervision of CEOs.” A pension plan with $850M is overseen by the public-sector labor union and it maintains a say in plans holding $1.7T more.
Wells Fargo & Company (NYSE:WFC) Q4 saw nonperforming assets $26B -3% Q/Q with foreclosed assets of $4.7B vs. $4.9B in Q3. The company is on track to complete Wachovia integration this quarter.
Carnival Corporation (NYSE:CCL) has been cut JP Morgan to neutral from overweight. Citing the impact the Costa Concordia tragedy will have on “an already soft consumer environment (particularly in Europe), and the resulting price discounting…that we believe will follow”, Carnival’s price target was lowered to $30 from $38.
Calling Intel Corporation (NASDAQ:INTC) “the only semiconductor stock without a major EPS cut, Intel is downgraded to Neutral by J.P. Morgan’s Chris Danely. Street consensus of $2.39 was lowballed by his $2.05 EPS, citing that Gross margin is set to decline this year from 62.5% to 60.6%, due to “higher depreciation and weaker pricing,” and its stock price “usually follows its gross margins.”
Many LED industry technology’s crashing prices are having a disruptive impact on the lighting industry and causing tough times, according to the General Electric Company (NYSE:GE) . Osram lighting unit, owned by Siemens (NYSE:SI) says it will slash 850 jobs by 2014; the LED market’s growth is blamed for the declining sales seen for traditional lighting products. Fellow lighting giants Philips (NYSE:PHG) GE and are likely to face similar situations.
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