Stocks Downgrades: GEDU, LDK, CASY, GTE, QCOM
Tuesday, March 08, 2022 11:50 AM

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Stocks just moved another leg higher. That puts all three major equity averages at their best levels of the day. Meanwhile, financials remain comfortably out in front of the broader market. The sector is now up 2.3 percent.

Downgrades:

Piper Jaffray downgraded Global Education & Technology (Nasdaq: GEDU) to neutral from overweight, citing increased spending, lack of near-term catalysts, and valuation. The company’s net revenues increased 40.4 percent year-over-year to RMB345.6 million ($52.4 million) from RMB246.2 million in fiscal year 2009. The stock is trading down 23.64 percent at $5.91.

LDK Solar (NYSE: LDK) has been downgraded by Collins Stewart to sell from neutral on concerns that policy changes in Italy will drive a low-demand environment. The firm lowered its price target for shares to $9.50 from $12. LDK is currently trading at $12, down 1.48 percent.

Analysts at Feltl have downgraded Casey's (Nasdaq: CASY) to buy from strong buy, citing disappointing Q3 results. The company’s quarterly profit missed market expectations by 13 cents as higher commodity and operating costs pulled down margins, sending its shares down more than 6 percent in extended trade. The shares of the company are trading down at $ 36.84, by 9.15 percent.

Gran Tierra Energy (AMEX: GTE) has been downgraded to neutral from outperform by analysts at Macquarie, citing disappointing Kanatari-1 well results. GTE is trading down 2.74 percent at $8.53.

BMO Capital downgraded Qualcomm (Nasdaq: QCOM) to market perform from outperform and lowered estimates citing valuation and weakness at Nokia, Sony Ericsson, the Japanese OEM's and other tablet makers. The stock is trading low at $57.11, by 0.82 percent.

 

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Market news:

  • Giffords hopes to attend husband's shuttle launch Mar 10, 2022 08:21 PM

    • HOUSTON - Rep. Gabrielle Giffords has shown so much progress in her recovery from a bullet wound to the head that friends and family are making plans for her to attend the launch of her husband's space shuttle mission next month in Florida, a person close to the family told The Associated Press on Thursday.
    • A news conference was scheduled for Friday morning at the Houston hospital where Giffords is undergoing rehabilitation.
    • Giffords was shot in the head Jan. 8 at a political event outside a grocery store in an attack that killed six people and wounded 12 others.
      • Rebels retreat from Libyan oil port amid barrage Mar 10, 2022 07:37 PM

        • RAS LANOUF, Libya - With fierce barrages of tank and artillery fire, Moammar Gadhafi's loyalists threw rebels into a frantic retreat from a strategic oil port Thursday in a counteroffensive that reversed the opposition's advance toward the capital of Tripoli and now threatens its positions in the east.
        • the regime will prevail."
        • Hundreds of rebels in cars and trucks mounted with machine guns sped eastward on the Mediterranean coastal road in a seemingly disorganized flight from Ras Lanouf as an overwhelming force of rockets and shells pounded a hospital, mosque and other buildings in the oil complex.
          • Wis. defeat could help launch counterattack on GOP Mar 10, 2022 07:37 PM

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            • Wisconsin's measure stripping public employees of most bargaining rights swiftly advanced to GOP Gov. Scott Walker on Thursday, and he promised to sign it as soon as possible.
            • The Wisconsin Assembly voted 53-42 Thursday to pass the bill after about three hours of discussion, far less than the 61-hour, three-day marathon it took to approve a previous version two weeks ago.
              • Who'll pay bigger fees for your debit card use? Mar 10, 2022 07:15 PM

                • WASHINGTON - Bankers and merchants, pillars of the business world and frequent allies, are embroiled in a bitter lobbying battle over something Americans do 38 billion times a year - swipe their debit cards.
                • At stake is $16 billion annually that the Federal Reserve says stores pay to banks and credit card companies when customers use the cards - fees the Fed has proposed cutting.
                • Cut the fees, banks say, and they'll have to abandon free checking and boost other charges to consumers to recover lost revenue.
                  • AP Exclusive: Afghan forces to start taking over Mar 10, 2022 07:15 PM

                    • BRUSSELS - Afghan forces will soon replace NATO-led troops in charge of security at six sites across Afghanistan - the first step in a transition that Afghan President Hamid Karzai hopes will leave his troops in control across the nation by the end of 2014, The Associated Press has learned.
                    • Except for Lashkar Gah, the list excludes nearly all of southern and eastern Afghanistan, where the fiercest fighting is under way.
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