In this report: Barnes & Noble (NYSE:BKS), Morgan Stanley (NYSE:MS) and Verizon Wireless (NYSE:VZ).
Barnes & Noble (NYSE:BKS) has rebounded by more than 14 percent today after it received a ‘Buy’ rating from analysts at Maxim. The move comes after company dropped by more than 16 percent yesterday following a surprise loss during its latest quarter. The company reported a loss of $6.6 million, or 17 cents per share, up from last years same quarter loss of $12.6 million, or 22 cents per share. Analysts on average were expecting Barnes & Noble to report a profit of 3 cents per share. Revenue during the period dropped by less than 1 percent t0 $1.89 billion and again fell short of Wall Street estimates of $1.98 billion. Revenue at stores open at least one year rose by 10.9 percent during the thanksgiving weekend, a good sign as retailers pull in up to 40 percent of their annual revenue during the holiday season. Maxim initiated coverage on the bookstore with a ‘Buy’ rating and a $20 target price.
Morgan Stanley (NYSE:MS) and other financial firms are rallying today after the labor department reported that unemployment has fallen to its lowest rate since March 2009. The government agency said that the country added 120,000 jobs last month to see the unemployment rate fall to 8.6 percent. Another factor in the Morgan Stanley rally today is more positive news from Europe. Morgan Stanley is considered to be one of the most exposed U.S. firm to European economic matters. Today seen German Chancellor Angela Merkel push forward with an emerging plan for more effective action to contain and sort out the European financial crisis which will see rules put in place to stop governments from overspending. Morgan Stanley has pushed over 8 percent higher today.
Verizon Wireless (NYSE:VZ) is trading fairly flat today after the company announced that it plans to pay $3 billion for wireless airwaves from a venture of cable companies including Comcast, Time Warner Cable and privately help Bright House Networks.
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