What's Shaking: Wednesday's Early Movers
Take a look at some of Wednesday morning's early movers:
3M — Goldman Sachs is downgrading the Dow Jones Industrial Average component, citing relative valuation issues. Goldman says 3M is struggling wth organic growth issues, as well as above-average exposure to Europe.
Lennar — the homebuilder fell one cent short of Wall Street estimates with fourth-quarter earnings per share of $0.16, but its revenues were well above consensus and its profit margins expanded.
Crocs — The footwear company says fourth-quarter revenue will be at the high end of its prior guidance. It also says 2011 will mark the first year it’s exceeded the $1 billion mark in revenues.
Urban Outfitters — Chief Executive Officer Glen Senk has resigned to pursue other opportunities. He’ll be replaced by company co-founder and chairman Richard Hayne. On the heels of that news, Citi downgraded the stock to "sell" from "buy."
NYSE Euronext — European Union regulators have preliminarily rejected the proposed merger with Deutsche Boerse, although intense lobbying efforts continue by both companies to save the deal.
Coldwater Creek — The retailer is projecting a wider-than-expected fourth-quarter loss after reporting same-store sales declined by about 9 percent for the nine-week period ending Dec. 31.
Intel — Motorola Mobility and Lenovo Group will use Intel chips in new smartphones, an area where Intel has been less than successful in the past.
Coca-Cola, PepsiCo — Both stocks have been downgraded to "neutral" from "buy" at UBS.
Marriott, Hyatt — Goldman Sachs has upgraded Marriott to "buy" from "neutral," while downgrading rival Hyatt to "neutral" from "buy."
General Motors — Piper Jaffray upgrades the automaker's stock to "overweight" from "neutral."
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