Stocks to Watch: JNJ, LLY, EW & More
Senior Producer, CNBC
Take a look at some of Tuesday’s morning movers:
Johnson & Johnson - Goldman Sachs has downgraded the Dow Jones Industrial Average component's stock to "sell" from "neutral," saying the potential for improved growth is already reflected in the stock's price. It also says J&J lacks "transformational pipeline opportunities."
Eli Lilly - Goldman Sachs has upgraded the drugmaker's stock to "neutral" from "sell," following yesterday's upbeat news on a new Alzheimer's treatment.
Edwards Lifesciences - The medical device maker lowered its fiscal third-quarter outlook, saying sales of its flagship Sapien heart valves are being hurt by European economic weakness as well as slower U.S. growth.
Stanley Black & Decker - The company is selling its Hardware & Home Improvement Group to Spectrum Brands for $1.4 billion in cash.
Cytec - The specialty chemical maker will divest its Coatings Resins business to private-equity firm Advent International for about $1 billion.
Netflix - Bank of America/Merrill Lynch has downgraded the stock to "underperform" from "buy," a two-notch downgrade, on a valuation basis following a 31 percent runup over the past two weeks. (Read More: Netflix—Still Worth Putting In Your Queue?)
Rio Tinto - Rio Tinto is speeding up planned cost cuts because of a slower global growth outlook. The world’s second largest iron ore miner has already cut $500 million in costs.
AngioDynamics - AngioDynamics reported a fiscal first-quarter loss as the cost of sales nearly doubled, despite a double-digit increase in revenues. The medical device maker also cut its earnings forecast for the full year.
Barclays - The bank is taking over ING Direct U.K. from ING Group . Barclays gets the deposits, and buys ING's loan portfolio at a 3 percent discount to face value, meaning ING will have an approximately $415 million loss on the transaction.
Principal Financial Group - PFG is buying Chilean pension manager AFP Cuprum for about $1.5 billion, in an effort to expanding in emerging markets.
Vertex Pharmaceuticals - Deutsche Bank started coverage of Vertex's shares with a "buy" rating, saying investors will become increasingly more confident in 2013 about Vertex's new cystic fibrosis treatment.
Ann Inc. - Morgan Stanley has downgraded the retailer's shares to "equalweight" from "overweight."
RadioShack - Bank of America/Merrill Lynch has upgraded the electronics retailer's shares to "buy" from "underperform," saying recent negative events are already reflected in the stock's price, and that new management will be key to operational improvements.
—By CNBC’s Peter Schacknow
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