ValueClick Slumps 8% On Downgrade (CELG, VCLK, NTAP, HOG, PTEN)
Celgene Corporation(NASDAQ:CELG) added 2.30% to $62.63 after analyst at Cowen upgraded the stock to “outperform” from “neutral,” saying that the pharma play has high visibility and revenue predictability. Cowen also assumes an expanded EU label for Revlimid in 2015 despite last week’s regulatory setback for the drug. Cowen’s note comes after other firms cut their price targets on Celgene.
The Shareholders Foundation announces an investigation on behalf of Celgene shareholders over whether the company made “potentially materially false and misleading” statements about its prospects and operations. The announcement cites the long run-up in Celgene’s shares before they plunged following a regulatory setback for its Revlimid drug.
ValueClick Inc(NASDAQ:VCLK) slumped 8.08% to $14.34 as analyst at Piper downgraded the stock to Neutral and set a price target of $15. The online ad services provider, which is facing tough competition from Google (GOOG), crashed following its Q1 report, and hasn’t recovered.
NetApp Inc.(NASDAQ:NTAP) is catching a bid as its analyst day gets going The Street will be paying close attention to the company’s FY13 outlook – the lack of FY13 guidance accompanying NetApp’s FQ4 report worried many – as well as its plans to deal with tough competition from EMC in the mid-range and “scale-out” storage markets, and its roadmap for delivering flash memory-based solutions.
Harley-Davidson, Inc.(NYSE:HOG) lost 3.67% to $46.16 after er hosting an analyst meeting. Management says growth in Asia and Latin America will offset weak demand in Europe as the company builds out its dealer network in emerging markets.
Patterson-UTI Energy, Inc.(NASDAQ:PTEN) was down 0.69% after analyst at RBC Capital downgraded the stock to Sector Perform and trimmed the price target by $8 to $16. The firm says while it continues to expect PTEN’s corporate transformation strategy to play out over the long-term, it is stepping to the sidelines near-term in the face of developing industry headwinds