By Kate George
Youku Tudou Inc (ADR) (YOKU) shares slipped more than -6% in pre-market trading down to $18.77 after Chinese shares fell more than 8%. Since China is trying to stave off a market crash, last week the government instituted several measures to mitigate the effects of the crashing market. However, these efforts fell short and commodity prices continued to fall today. Youku Todou is one the largest video websites in China and is the product of a 2012 merger. Consequently, shares are being adversely impacted by the falling Chinese market. According to the 4 analysts polled by OKU in the last 3 months, 2 are bullish on YOKU, 1 is neutral, and 1 is bearish. The average 12-month price target on the stock is $22.85, marking a 13% potential upside from where the stock last closed.
QUALCOMM, Inc. (QCOM) shares slightly increased 1% to $62.19 after Morgan Stanley upgraded the stock from Equal Weight to Overweight with a $75 price target. Meta Marshall of Morgan Stanley sees upside potential in the company’s new products and cost-saving efforts. This upgrade comes after the company announced that it will be cutting about 15% of its employees, or nearly 5,000 people, as an effort to trim annual expenses. Morgan Stanley pointed to the Snapdragon, royalties from Chinese contracts, and promising ship shipments as near-term revenue drivers. According to the 15 analysts polled by TipRanks in the last 3 months, 9 are bullish on QCOM, 5 are neutral, and 1 is bearish. The average 12-month price target on the stock is $72.40, marking a 17% potential upside from where the stock last closed.
Teva Pharmaceutical Industries Ltd. (TEVA) shares spiked more than 15% in pre-market trading to $71.36 after the company announced plans to acquire Allergan PLC. (AGN) for $40.5 billion. Teva notes the deal will be highly beneficial to its financials, drawing on Teva’s strong portfolio of generic drugs and Allergan’s robust pipeline. The acquisition puts Teva in a position to become a key player in global healthcare, catapulting the company to a top 10 global pharmaceutical player. Teva expects the move to result in $1.4 billion in cost-saving synergies in two years from the closing of the deal. Aside from this announcement, Teva also posted preliminary second quarter 2015 results of $4.97 billion in revenue and $1.43 in non-GAAP EPS. The pharmaceutical company raised its full-year 2015 EPS guidance to be in the range of $5.15 to $5.40, up from the previous range of $5.05 to $5.35. According to the 6 analysts polled by TEVA in the last 3 months, all 6 are bullish on Teva. The average 12-month price target is $74.83, marking a 21% potential upside from where the stock last closed.
