Constellation Brands (STZ) announced that it earned $124.6 million, or 67 cents per share in its last fiscal quarter, versus a profit of $162.7 million, or 76 cents per share in the same period last year. Excluding items, the company earned 71 cents per share, beating estimates of 54 cents.
The Daily Ticker talks to Howard Davidowitz
Online game company Zynga (ZNGA) announced that it expects a loss for the third quarter due to weak demand, as well as costs related to mobile game maker OMGPop. The company expects a loss of 12 to 14 cents per share on revenue of $300 million to $305 million.
Republican Presidential Candidate Mitt Romney says the country’s economic outlook remains weak despite the new jobless figures. He says too many Americans are unemployed or underemployed.
President Barack Obama says an encouraging jobs report shows that the country has made too much progress to turn back to the policies that he says led the nation into an economic crisis.
The daily moving average is an indicator which calculates an assets average closing price over a certain number of days. Tradres often calculate 50 and 200 day moving averages.
The markets remained in positive territory today despite a handful of lackluster economic data, as investors are looking ahead to the government’s monthly jobs report tomorrow. The Federal Reserve’s latest meeting minutes released this afternoon did not have an effect on the markets.
Edison (EIX) was upgraded by Morgan Stanley (MS) to overweight with a price target of $53.50 as there are several catalysts to drive the stock price higher in the near term. Shares are higher by about 1.75 percent.
SBA Communications (SBAC) was upgraded by Citigroup (C) from neutral to buy with a price target of $74 due to data indicating favorable demand. Shares are higher by nearly one percent.
Adtran (ADTN) was downgraded by UBS (UBS) from buy to neutral with a price target of $17 due to a lack of visibility in the near term to drive the stock price higher. Shares are lower by about 1.2 percent.
