Xerox (XRX) was upgraded by Merrill Lynch analyst Daniel Mandresh to a near-term "buy" from an "accumulate." The firm maintained its long-term rating of "buy."
Xerox's stock was up 1-3/4 from yesterday's close of 59-3/4.
The company announced today its 58 Series of copiers, a new family of products that can be equipped with advanced document production capabilities. The five products offer speeds of 30 to 55 copies per minute.
Yesterday, the company reported that it expects double-digit earnings growth in 1997 and beyond, due to new products and cost controls.
Novell downed to "avoid"
Novell (NOVL) was downgraded by Brown Brothers Harriman analyst Richard Scocozza to a short-term "avoid" from a "hold" and to a long-term "underperform" from a "market perform."
The company's stock dropped over 17 percent from yesterday's close.
This downgrade comes "on the heals of the first-quarter '97 results that came in worse than expected. The company's core products came in worse than expected and they are not getting good growth. They need to reorganize their operating side" to cut costs, said Scocozza.
In the near-term, "I think the quarter is a negative catalyst and the stock will dip down to its low in the 8 or 9 dollars range. This is not a stock that I would want to be in until the end of '97," he added.
Yesterday, Novell reported first-quarter results that fell below expectations, with officials from the company pointing to market softness in Europe and Japan as the cause.
Earnings-per-share estimates for 1997 were cut to 65 cents from 90 cents a share, and set a 1998 earnings-per-share estimate at 65 cents a share.
The company's stock was up 7/8 from yesterday's close of 15-7/8.
The company's stock was down 1-5/8 from yesterday's close of 14-1/4.
The company's stock was up 1 point from yesterday's close of 41.
The company's stock dipped down to 20-7/8, over 10 percent, from yesterday's close of 23-5/8.