In this report: Whiting Petroleum (NYSE:WILL), Sonoco Products Company (NYSE:SON) and Johnson Controls (NYSE:JCI).
Whiting Petroleum (NYSE:WILL) shares are trading over 5 percent lower today after the company reduced its fourth quarter and 2012 production estimates which led to analysts at RW Baird cutting their price target on the company. Whiting Petroleum now forecasts production will rise by 13 to 19 percent in 2012. Baird then cut its price target on the company to $57 from $59 citing the late arrival of rigs, lowered 2012 capital expenditure budget and higher than expected costs for the move.
Sonoco Products Company (NYSE:SON) is trading 5 percent lower today after it cut its earnings forecast for the fourth quarter. The company blamed North American and European tube and paper operations for the revised outlook. Sonoco now expects fourth quarter adjusted earnings of 45 to 47 cents per share, lower than its previously forecast of 59 to 63 cents per share. The company also narrowed its 2011 earnings forecast to $2.28 to $2.30 per share, down from $2.41 to $2.46 per share.
Johnson Controls (NYSE:JCI) is trading over 3 percent lower today after the company received a downgrade by analysts at JP Morgan and Needham. JP Morgan lowered its rating on JCI to ‘Neutral’ from ‘Overweight’ while Needham cut its rating to ‘Buy’ from ‘Strong Buy’ with a price target of $40 lower from $45. The move led to a significant drop in the company’s stock price to $31.46 per share where it currently trades.
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