Priceline.com Inc (NASDAQ:PCLN) settled at $625.96 with the negative change of -$33.14 or 5.03% after Deutsche Bank AG (USA) (NYSE:DB) downgraded shares to hold from previously rated buy, citing it believes a “cold war” is brewing along with online travel sites as Expedia Inc (NASDAQ:EXPE) gets more aggressive and Google Inc. (NASDAQ:GOOG) looms as a stronger opponent in the online travel business.
The company cut its price estimate on the stock to $710 from $800 per share. Shares of Expedia settled at $57.71 with the negative change of -$2.17 or -3.62% whereas Google closed at $685.42 with positive change of +$1.21 or +0.18%. [article_detail_ad_1]
Plexus Corp. (NASDAQ:PLXS), an electronics components supplier, closed at $23.40 with the positive change of +$0.49 or +2.14% after it received a promotion from Bank of America (NYSE:BAC) Merrill Lynch to neutral from underperform, as the investment bank stated in a note to clients that the drop in share price has more than compensated for the ultimate loss of revenue from Juniper Networks, Inc. (NYSE:JNPR) which ended at $19.31 with the positive change of +$0.02 or +0.10%.
BofA commented that they anticipate new design wins to mitigate some of the lost Juniper revenue, and cost actions to buffer EPS influence, though it added that it is not anticipating large changes to capital deployment or go to market strategy, which will probably keep shares range bound.
JP Morgan Chase & Co. (NYSE:JPM) raised shares of advanced communications systems maker Comtech Telecomm. Corp. (NASDAQ:CMTL) to overweight from neutral, citing in a note to clients that the stock looks oversold regardless of the challenging outlook.
Its shares closed at $25.06 with the positive change of +$0.93 or +3.85%. The investment bank still perceives Comtech’s core business as “solid competitively” and there’s considerable opportunity to take cost out.