ArcelorMittal (ADR) (NYSE:MT) shares rose by 22 cents or 1.51% to $14.78 in the morning session following an upgrade of its stock by Citi.
Analyst at Citi upgraded the company stock to Buy from Neutral citing that they see 25% increase in the stock, and said of being in favour of business separation of its European business from the rest of the group.
They said the separation would give investor exposure to strong Americas and Mining units.
Shares of Vera Bradley, Inc. (NASDAQ:VRA) fell by $1.99 or 8% to $22.90 in the morning session after the company provided its fiscal first-quarter and full-year 2014 forecasts below Wall Street expectations.
For the fiscal first quarter the company anticipates earnings between 20 cents and 22 cents per share on revenue of $120 million to $122 million. FactSet analyst predicts earnings of 35 cents per share on revenue of $131.5 million.
For the full year the company forecasts earnings of $1.83 to $1.88 per share on revenue of $585 million to $590 million. Wall Street expects earnings of $1.89 per share on revenue of $598 million.
Amy Nolin of William Blair downgraded Vera Bradley’s rating to “Market Perform” from “Outperform” citing concerns over issues such as excess inventory and 2013 earnings outlook which is to show its performance in the second half of the year.
Ike Bochco of Sterne, Agee & Leach slashed down the company’s price target by 9% to $20 and maintained an “Underperform” rating saying that first-quarter outlook overshadowed its better-than-expected fourth-quarter results.
The analyst says that with the revenue growth slowing down its inventory level is up by only 23% and might go to 40% to 45% in the first quarter.