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Operating revenue was at 352.64 billion thinner drug in the U.S. Bayer settled at
during the first nine months of 2010. €54.18. J&J, Bayer’s partner in developing
Pradaxa, ended at $63.60 or up 0.49%.
Boeing beat the estimates of $1.06 per share
of net income as the company scored EPS of Apple’s Mac Event unveiled the new MacBook
$1.12 with net income of $837 million. Air which is lighter, and the Lion Operating
Growth in revenue was at 2% as sales System. Apple will also open an application
amounted to $16.97 billion, also beating store for Macs, similar to the ones for iPhone
estimates of $16.72 billion. For 2010, Boeing and iPad. While Mac store will open in about
expected the full-year earnings of $3.80 to $4 3 months, Lion will be out in summer 2011.
per share, up from $3.50 to $3.80, within the The new MacBook Air will add features from
consensus from analysts of $3.95. Revenue iPad. Apple gained 0.34% to finish at $310.53.
was seen around $64 billion to $66 billion,
slightly different than the prior estimate of economic data
$64.5 billion to $65.5 billion. Consensus was
at $64.5 billion. Chinese industrial output slowed to 16.3% in
the January-September period from 16.6%
eBay Inc. recorded 3Q increase in January-August period, according
net profit of $431.9 to Li Yizhong, Minister of Industry and
million or 33 cents, Information Technology.
better than $350
million or 27 cents posted a year ago. Thursday will feature Chinese CPI, GDP, Fixed
Earnings were 40 cents per share if the sales Assets Investment, PPI, and Retail Sales. In
of Skype was excluded, better than the Europe, German and Eurozone manufacturing
analysts’ expectation of 37 cents. Revenue PMI will due, while U.K. retail sales will also
was up 1% to $2.25 billion, also exceeding the set for release. US leading indicators and
consensus of $2.18 billion. In its outlook, the Philadelphia Fed index will be due as well.
estimated 4Q revenue is seen between $2.39
billion and $2.49 billion with adjusted EPS of
upgrades & downgrades
45 cents to 48 cents.
HKEX: OUTPERFORM with target at
BASF SE saw strong 3Q as EBIT excluding one- HK$183 – Daiwa.
time items climbed 77% to €2.2 billion, Oracle: Barclays upgraded price target to
beating estimates of €1.9 billion. Sales in 2010 $31.00 from $29.00, while reiterated the
are expected to reach around €63 billion with OVERWEIGHT rating.
EBIT outside one-time items amounting to IBM: Barclays Plc raised IBM’s target price
over €8 billion. The company warned to $153 from $145, EQUAL WEIGHT rating
however, that the strong performance in 2010 maintained. Morgan Stanley kept IBM at
may not be repeated in 2011. EQUAL WEIGHT while reducing its
estimates. Argus maintained a BUY rating
Bayer fell 1.3% as its Xarelto with price target raised from $148 to
drug was beaten by Boehringer $165. Citi raised its price target to $160
Ingelheim’s Pradaxa in a bid to while maintaining a BUY rating.
win approval to sell the blood
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20 October2010 Page 2
Market Gazer Hong Kong - Japan - Germany - UK - North America
Halliburton: FBR Capital put Halliburton Disclaimer: This report is provided for information purposes
only. It is not an offer to sell or to buy any securities. This
at MARKET PERFORM, with price target report has been prepared based on sources believed to be
set at $40.00. Citigroup kept BUY rating reliable, but there is no assurance or guarantee regarding its
with price target set at $47.00. completeness & and accuracy. The author accepts no
responsibility or liability arising from any use of the report.
Goldman Sachs: Ticonderoga Securities
maintained BUY rating with price target
set at $185.00. Rochdale Securities
suggested BUY on Goldman after better-
than-expected earnings.
Apple Inc.: Ticonderoga set price target at
$450, up from $430, while kept the rating
at BUY. Needham & Co. maintained BUY
rating with price target set at $375.00.
Susquehanna raised target price to $390
from $365 with POSITIVE rating
maintained.
General Electric: Morgan Stanley lowered
its estimates while maintained
OUTPERFORM rating and price target at
$22.00 on the back of lower wind power
shipments.
Intel: First Global downgraded the stock
to MARKET PERFORM from
OUTPERFORM.
eBay: RBC boosted price target to $28.00
while keeping the rating at OUTPERFORM.
Citigroup: Argus assigned Citi at SELL.
Ford Motor: DB upgraded Ford from
HOLD to BUY, setting price target at
$19.50.
Coca-Cola: UBS held BUY rating on the
stock, with price target set at $65.00.
Microsoft: Citigroup revised price target
to $30.00 from $31.00 as PC sales soft.
BUY rating has been maintained with
estimates set at $2.35 and $2.56 for 2011
and 2012, respectively.
American Express: FBR Capital cut Amex
price target citing that DOJ lawsuit would
bring negative influence on the stock.
Johnson & Johnson: Citigroup raised its
estimates and price target of J&J to
$70.00 while reiterated the stock at BUY.
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20 October2010 Page 3