Ford is Downgraded, Coach Crashes, and Apple on Deck: Morning Buzzers
Futures are mixed on Wednesday morning. Strong tech earnings pulled the NASDAQ higher, but economic malaise is abundant heading into a House vote on the debt ceiling, scheduled for later today.
At 8:40 a.m.: DJIA: -0.06%, S&P 500: -0.13%, NASDAQ: +0.07%.
Here’s what’s buzzing in the pre-market:
Google (NASDAQ:GOOG) climbed 4.8 percent in after-hours trading on Tuesday after reporting a fourth-quarter earnings beat. The company reported a 36.26 percent year-over-year increase in revenue to $14.42 billion, and a 6.88 percent year-over-year increase in net income to $2.89 billion, or $10.56 per share.
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IBM (NYSE:IBM) is also enjoying a pre-market pop of nearly 4 percent after its own strong fourth-quarter results. The company’s early shift away from hardware and toward services is being credited for its ongoing strength despite turbulent industry trends. The company reported earnings of $5.13 per share on revenue of $29.3 billion for the quarter.
Ford (NYSE:F) was greeted on Wednesday morning with a downgrade from “Buy” to “Hold” by analysts at Deutsche Bank. The firm also changed its price target from $15 to $13, which compares to its Tuesday closing price of $14.17.