Navistar International Corp (NYSE:NAV) shares fell 1.80% to $23.98 after Fitch Ratings has downgraded and removed from Rating Watch Negative the long-term IDR for Navistar International Corporation (NAV) and Navistar Financial Corporation (NFC) to 'B+' from 'BB-'.
Additionally, the rating agency has also downgraded NAV's senior subordinated convertible debt to 'B-' from 'B'. Fitch has also affirmed NAV's and NFC's senior unsecured debt at 'BB-'. The Rating Outlook is Negative.
Molycorp, Inc. (NYSE:MCP) shares fell 5.35% to $20.35 in the morning hour after Research analysts at JPMorgan Chase cut their target price on shares of Molycorp from $23.00 to $19.50 in a report released on Friday, July 6, 2012. The analysts said that it makes sense for MCP to be in China as a large portion of rare earth supply/demand will likely remain dominated by China, but continue to be worried that the price of the acquisition could be too high if the whole supply chain becomes oversupplied and rare earth prices continue to fall as we are estimating.
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) shares gained 3.47% to $11.50. On July 5, 2012, the company announced the promotion of Craig M. Audet to the position of Senior Vice President, Operations and Head of Global Regulatory Affairs. In his new role, Audet will serve as an executive officer of the company.
Best Buy Co., Inc. (NYSE:BBY) shares declined 2.13% to $21.13 in the morning hour after the company plans to cut about 2,400 jobs, 1.4% of its workforce including 600 Geek Squad technicians, a spokesman for the Company confirmed on July 7, 2012. The Geek Squad cuts comprise about 3% of that unit, whose technicians install and service electronics in customers' homes. The other 1,800 cuts are store positions
Visa Inc (NYSE:V) shares fell 2.18% to $122.62 after analysts at UBS cut the stock’s rating to sell from neutral and said the companies’ growth is slowing and its shares are pricey. The firm now has a $113 price target, suggesting a 10% downside to the stock’s Friday closing price of $125.28.