Late Market Roundup (BWA, MGA, TEN, DAN, TWX, SFD)
Analysts at JP Morgan lowered its ratings and estimates on many auto-parts makers due to its lowered Q2 projections for car sales and production. Shares of BorgWarner Inc (NYSE: BWA), Magna International Inc (NYSE: MGA), Tenneco Inc (NYSE: TEN) and Dana Holding Corp (NYSE: DAN) moved down more than 3% after the companies were downgraded from “overweight” to “neutral.”
As per the media reports, Piers Morgan will be replacing Larry King on Time Warner Inc’s (NYSE: TWX) owned CNN in the month of January. Shares of TWX gained about 0.8% following the news.
Shares of Smithfield Foods Inc (NYSE: SFD) gained about 2.5% after the company swung to profit in the fiscal first-quarter after its hog-production unit turned to profitability. The company reported its earnings at $0.46 per share, in-line with the consensus. The company’s sales increased 7% y/y to $2.9 billion, as compared to analysts' estimate of $2.98 billion.
Crude-oil futures moved up after a slight improvement in the concerns of Europe's outlook. Crude oil for October delivery gained 0.5%, to $74.44 per barrel on the New York Mercantile Exchange (NYMEX). Crude oil fell along with the US stocks yesterday after the investors returned from a long holiday weekend. Tom Bentz, an analyst with BNP Paribas Commodity Futures said, "A little firmer stock market may have provided a little lift to oil.”
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