Health Net, Inc.(NYSE: HNT) takes an early lead out of the gate this morning on an upgrade to Outperform at Wells Fargo. The firm says the health insurer has dealt with most of the challenges it has faced in 2012 and has a number of positive catalysts to propel it higher over the near term, including growth opportunities in California, along with its recently signed agreement with the DHCS. Shares of HNT are up over 5%.
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IAC/InterActiveCorp(NASDAQ: IACI) and Demand Media Inc(NYSE:DMD) dive after Goldman downgrades both to Sell on worries about rising search ad expenses due to competition for keywords that redirect users to search pages on their Ask.com and eHow sites. Also, concerns raised about possible Google policy changes (previous) restricting such practices, and Ask.com's traffic, something investors are already on edge over. Search accounts for 52% of IAC's revenue, and Demand depends heavily on Google traffic. AOL (AOL -3.7%) is also considered at risk to an extent.
Shares of Career Education Corp.(NASDAQ: CECO) slump after Wells Fargo analyst Trace Urdan downgrades the stock to Market Perform from Outperform. The analyst see results taking a hit from increased costs as the company closes campuses.
Tesla Motors Inc(NASDAQ: TSLA) is under investigation over whether or not the electric vehicle automaker used its foreign trade zone status to bypass requirements that it buy parts from American companies. Though the issue will draw attention with Tesla a bit of a political lightning rod, a tweet from Elon Musk indicating the company was narrowly cash flow positive last week could balance sentiment.
Canadian Natural Resource Ltd (USA)(NYSE: CNQ) announces a 2013 capital budget estimated at C$6.9B, delivering both near-term crude oil and natural gas liquids production growth of ~9%. Cash flow is targeted at $7.6B, providing ~$700M of free cash flow to allocate to dividends, share repurchases, opportunistic acquisitions or debt repayment.
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