Pre-Open Movers 11/12: E*TRADE (ETFC) Nosedives, Cognos (COGN) Up on Buyout
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StreetInsider.com Pre-Open Movers:
E*TRADE Financial (Nasdaq: ETFC) 29% LOWER; disclosed that on October 17, 2007, the SEC initiated an informal inquiry into matters related to the Company\'s loan and securities portfolios. The Company is cooperating fully with the SEC in this matter. E*TRADE also said it sees significant write downs to their asset-backed securities portfolio during the fourth quarter. Citigroup downgrades E*TRADE Financial from Hold to Sell with a $7.50, citing higher probability of a run on the bank.
Blackstone (NYSE: BX) 12% LOWER; reports a third quarter loss of ($0.44) versus analyst estimates of $0.30, which may not compare. Blackstone\'s revenue was $526.7 million versus analysts consensus of $765.02 million. The company said, "The lack of liquidity in the financing markets has had a dampening effect on initiating new, large-sized corporate private equity transactions." For the quarter ended September 30, 2007, the Real Estate segment generated revenues of $109.1 million, down 44% from the third quarter 2006.
EchoStar Communications (Nasdaq: DISH) 11% LOWER; Reports Q3 results. Citigroup downgrades from Buy to Hold and lowers their price target from $59 to $52, citing sub-prime concerns.
Cognos (NASDAQ: COGN) 8% HIGHER; IBM (NYSE: IBM) and Cognos entered into a definitive agreement for IBM to acquire Cogno in an all-cash transaction at a price of approximately $5 billion USD or $58 USD per share, with a net transaction value of $4.9 billion USD. Citigroup downgrades E*TRADE Financial Corporation (Nasdaq: ETFC) from Hold to Sell with a $7.50, citing higher probability of a run on the bank.
Juniper (Nasdaq: JNPR) 3.6% LOWER; Bernstein downgrades from Outperform to Market Perform.
Intel (Nasdaq: INTC) 1% HIGHER; Goldman Sachs adds Intel to its Conviction Buy list, citing valuation and margins.
Microsoft Corporation (Nasdaq: MSFT) 1% LOWER; Merrill Lynch downgrades from Buy to Hold, citing slowing US economy
Oracle Corp. (Nasdaq: ORCL) 1% LOWER; Merrill Lynch downgrades from Buy to Hold, citing slowing US economy.
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E*TRADE Financial (Nasdaq: ETFC) 29% LOWER; disclosed that on October 17, 2007, the SEC initiated an informal inquiry into matters related to the Company\'s loan and securities portfolios. The Company is cooperating fully with the SEC in this matter. E*TRADE also said it sees significant write downs to their asset-backed securities portfolio during the fourth quarter. Citigroup downgrades E*TRADE Financial from Hold to Sell with a $7.50, citing higher probability of a run on the bank.
Blackstone (NYSE: BX) 12% LOWER; reports a third quarter loss of ($0.44) versus analyst estimates of $0.30, which may not compare. Blackstone\'s revenue was $526.7 million versus analysts consensus of $765.02 million. The company said, "The lack of liquidity in the financing markets has had a dampening effect on initiating new, large-sized corporate private equity transactions." For the quarter ended September 30, 2007, the Real Estate segment generated revenues of $109.1 million, down 44% from the third quarter 2006.
EchoStar Communications (Nasdaq: DISH) 11% LOWER; Reports Q3 results. Citigroup downgrades from Buy to Hold and lowers their price target from $59 to $52, citing sub-prime concerns.
Cognos (NASDAQ: COGN) 8% HIGHER; IBM (NYSE: IBM) and Cognos entered into a definitive agreement for IBM to acquire Cogno in an all-cash transaction at a price of approximately $5 billion USD or $58 USD per share, with a net transaction value of $4.9 billion USD. Citigroup downgrades E*TRADE Financial Corporation (Nasdaq: ETFC) from Hold to Sell with a $7.50, citing higher probability of a run on the bank.
Juniper (Nasdaq: JNPR) 3.6% LOWER; Bernstein downgrades from Outperform to Market Perform.
Intel (Nasdaq: INTC) 1% HIGHER; Goldman Sachs adds Intel to its Conviction Buy list, citing valuation and margins.
Microsoft Corporation (Nasdaq: MSFT) 1% LOWER; Merrill Lynch downgrades from Buy to Hold, citing slowing US economy
Oracle Corp. (Nasdaq: ORCL) 1% LOWER; Merrill Lynch downgrades from Buy to Hold, citing slowing US economy.
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