Top Stocks Upgrades-Downgrades June 21, 2013

UPGRADES

• Facebook (FB) upgraded to Buy from Neutral at UBS – Target $30

DOWNGRADES

• Questcor (QCOR) downgraded at BofA/Merrill – Target $51
• Allergan (AGN) downgraded to Neutral from Buy at Goldman – Target $110

NEW COVERAGE

• Burger King (BKW) initiated with a Market Perform at Wells Fargo – Target range $21-$22

HEADLINES

Oracle (ORCL) shares are down this morning, taking an 8% hit in the premarket, after the news that the tech giant missed earnings expectations for Q4, posting an EPS of $0.87 and a flat revenue of $10.9 billion. Although net profit for the company rose 10% to $3.8 billion, they also missed forecasts for flagship products such as software sales and subscriptions.

The cable company Dish Network (DISH) has announced that they are no longer seeking to acquire Sprint (S) and Dish will redeem $2.6 billion worth of debt. It remains to be seen whether Dish will continue its efforts to acquire Clearwire (CLWR). To do so, Dish will have to increase their current $4.40-a-share offer, as Sprint raised its bid for Clearwire to $5 yesterday.

Oracle (ORCL) has announced that it will move it’s listing to the NYSE (NYX) on July 15. This comes as a huge victory for the NYSE over NASDAQ (NDAQ), as the software company follows similar moves by Infosys (INFY) and Teva Pharmaceutical (TEVA) last year. Oracle will still continue to trade with it’s current symbol.

AT&T (T) considered buying a 29.9% stake in Spanish company Telefonica (TEF), but found resistance form the Spanish government who blocked the attempt. AT&T remains interested in acquiring fellow mobile communications company Vodafone (VOD)

Facebook (FB) announced video for Instagram at its media event yesterday that will allows user to record 3-15 second long videos and add filters to the video, like Instagram picture. This is a direct move against Vine, a rapidly growing app developed by Twitter, which is a rival of Facebook.

Samsung has announced and unveiled three brand new products. A Windows 8/Android device, a ultra thin tablet with keyboard, and a new camera from it’s Galaxy line. The product launches come amid concerns that sales of the company’s most popular product and direct iPhone competitor, the Galaxy S4, is not meeting sales forecast that was previously estimated.

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