Market Insider

What's Shaking: Wednesday's Early Movers


Take a look at some of Wednesday morning's early movers:

Goldman Sachs – The investment bank’s profit tumbled 56 percentin the fourth quarter but still topped Wall Street estimates.

Bank of NY Mellon – The bank posted earnings that fell 26 percent due to lower forex volume and restructuring charges. Fellow regional bank PNC Financial also logged lower profit, but said it continued to improve credit quality as it set aside less money for bad loans. Meanwhile, US Bancorp said its net income jumped almost 40 percent as the firm profited from its core businesses.

Citigroup – KBW and Nomura cut their price targets on the financial giant to $42 from $44 and to $34 from $36, respectively. This comes a day after Citi posted earnings well short of estimatesboth on profit and revenue.

Wells Fargo – At least five brokerages including Citigroup, Barclays and Jefferies raised their price targets on the firm a day after the bank turned in earnings that topped Wall Street estimates.

Yahoo – Co-founder Jerry Yang resigned from the search-engine firm’s boardand relinquished his other positions.

Google – Wells Fargo lowered its rating on the Internet giant to “market perform” from “outperform.”

Research In Motion – Jefferies raised its price target on the BlackBerry maker to $17 from $13.5. The firm has been under numerous takeover rumors including the latest report which said RIM was considering selling all or part of the firm to Samsung. However, Samsung denied the rumors.

Royal Caribbean Cruises , Carnival – The cruise ship companies are posting a rebound after the sector plunged in the previous session following the crash of one of Carnival’s shipsoff the coast of Italy last week.

Office Depot , OfficeMax , Radioshack – Barclays Capital upgraded the stocks to “equal weight” from “underweight,” saying the cost cuts would benefit the retailers.

BHP Billiton - Themining company said it expects to mine record amounts of iron ore this year, trumping predictions that China's industrial activity will decline.

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