Rambus Inc Retreats On Downgrade (ROP, ETN, RMBS, FSLR, KITD)
Roper Industries Inc (NYSE:ROP) is down 0.36% to $97.79. The Company posted first quarter EPS of $1.09, beating the analyst estimate of $1.04. Revenue for the quarter was $711 million versus the consensus estimate of $704.27 million. The Company expects EPS to be in the range $4.75-$4.91 for fiscal year 2012.
Eaton Corporation (NYSE:ETN) went down 0.17% to $47.36 on a traded volume of 2.57 million shares. The Company posted first quarter profit of $311 million or 91 cents per share compared to profit of $287 million or 83 cents per share. Sales rose 4.1% to $3.96 billion. However, analysts expected the Company to earn 90 cents per share on $4.01 billion in sales.
Rambus Inc (NASDAQ:RMBS) slipped 7.45% to $4.53 after analyst at BWS Financial downgraded the stock the stock to Hold from Buy. Last week, the Company declared first quarter results. Total revenue was $62.9 million compared to $62.5 million in the prior year period. Total operating expenses increased 43.6% to $73.3 million. Net loss was $27.9 million or 25 cents per share compared to $4.2 million or 4 cents in the comparable quarter last year. The Company expects revenues between $53.0 million and $59.0 million for the second quarter 2012.
First Solar Inc (NASDAQ:FSLR) moved down 4.84% to $19.65 after analyst at Maxim Group downgraded the stock to sell and set a price target of $9, citing the bull case for the stock “now rests solely on hope not reality.” The firm had been optimistic about potential upside from new utility scale projects in emerging markets, but “capacity closures, competitive c-Si pricing, and performance degradation problems in high heat” now limit upside.
KIT digital Inc (NASDAQ:KITD) plunged 1.29% to $6.90. Last week, Kaleil Isaza Tuzman resigned as chairman, is underperforming after announcing it’s acquiring Hyro Limited, an Australia-based IT services firm, for $14.5M in stock. KIT says Hyro, which it expects will bolster its ability to support Asia-Pac customers, generated 2011 revenue of $20M, and will be immediately accretive to the company’s results.