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First Solar stock gets a downgrade from Credit Suisse

Shares of First Solar Inc. fell more than 7% on Wednesday as analysts with Credit Suisse downgraded the stock to their equivalent of sell, from hold. The timing on several of the company’s projects this year poses risks to estimates, and next year’s projects seem “unlikely to support” earnings growth, the analysts said in a note. The analysts also lowered their price target on the stock to $29, from $30, implying a 12% downside to Wednesday’s prices. First Solar late Tuesday reported fourth-quarter earnings and sales that beat Wall Street expectations.

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Existing Home Sales Start 2017 Strong, West Leads

Last month, the annual rate of pre-owned residential home sales accelerated from the final month of last year. The improvement was led by sales in the West.

There were 320,000 existing home sales — including single family homes, townhomes, condominiums and co-operatives — closed in the first month of this year.

Home sales sank when compared to 437,000 units sold during December 2016. But the number of closings was greater than 302,000 during January 2015.

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S&P upgrades Alphabet ratings to AA-plus on strong operating performance

Standard & Poor’s on Wednesday upgraded Alphabet Inc.’s corporate credit rating to AA-plus from AA and said the outlook is stable, citing the Google parent’s improving operational performance of the past few years. The rating is the second highest in S&P’s scale, just below the coveted AAA rating. The move “reflects Alphabet Inc.’s consistently strong operating performance, despite a challenging and evolving digital advertising market, while it continues to maintain a conservative financial policy and strong liquidity profile,” said S&P Global Ratings credit analyst David Tsui. The company has a leading position in desktop and mobile search ad markets, robust technology and user data and the intellectual and financial capital to allow it to exploit new opportunities and defend itself against new competitors, said Tsui. With about $90 billion of revenue in 2016, the company is much bigger than its nearest competitor in online search and display advertising, he added. Alphabet’s most active bonds, the 1.998% notes due to mature in August of 2026, were last quoted at about 93 cents on the dollar, according to MarketAxess.

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Euro pares loss after French politician Bayrou backs Macron

The euro on Wednesday was paring its loss against the dollar following reports that French centrist politician Francois Bayrou will not run for president and instead back Emmanuel Macron, a centrist candidate. The shared currency was changing hands at $1.0543, after trading below $1.05 ahead of the news. Analysts have said the euro could fall to $1.03 if the prospects for populist Marine Le Pen becoming the country’s next president keep strengthening. Macron is believed to have a good chance of beating Le Pen if a second round of voting were needed.

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Purchase Financing Leads Drop in Mortgage Apps

A weekly decline was recorded for new mortgage applications. Purchase financing activity was out front of the slowdown.

The Market Composite Index for the week ended Feb. 17 was down a seasonally adjusted 2 percent from one week previous.

When no adjustments are made for seasonal factors, the index, a measure of retail loan applications, moved down 1 percent .

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Matson’s stock tumble pressures Dow transports to a triple-digit loss

Shares of Hawaii-based ocean shipping company Matson Inc. tumbled 10% toward a 7 1/2-month low in morning trade Wednesday, pressuring the Dow Jones Transportation Average to underperform the broader stock market by a wide margin, after a disappointing fourth-quarter report and outlook. Matson reported late Tuesday revenue that topped expectations but missed on profit, and said first-quarter ocean transportation income is expected to be less than half of what it was a year ago. The stock’s price drop of $3.63 shaved about 22 points off the Dow transports. The index was down 100 points, with 19 of 20 components losing ground, compared with a 2-point, or less than 0.1% decline, in the Dow Jones Industrial Average . Among the other biggest decliners within the Dow transports, shares of United Parcel Service Inc. slid 1.7%, of JetBlue Airways Corp. shed 1.6% and of CSX Corp. gave up 1.4%. The lone gainer was Expeditors International of Washington Inc.’s stock , which tacked on 0.5%.

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Fannie, Freddie losses continue after court ruling

Shares of Fannie Mae and Freddie Mac saw further pressure Wednesday, a day after the two over-the-counter stocks plunged in the wake of a federal appeals court upholding a decision that investors could not sue to overturn the sweep of the mortgage buyers’ profits to the U.S. Treasury. Fannie shares were recently down 4% and Freddie Mac was down about 1%.

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Amazon offers one-day discount after record Harris poll result

Amazon.com Inc. said Wednesday that it is offering an $8.62 discount on all purchases of $50 or more after the company earned a record score of 86.27 in this year’s Harris Annual Corporate Reputation Poll. The company ranked number one in the poll for the second consecutive year, and the score is a record high for the 18-year history of the poll, the company said. The Harris Poll surveyed more than 23,000 Americans on areas including products and services, emotional appeal and financial performance. Amazon shares are down 0.2% in Wednesday trading, but up 52.7% for the last year. The S&P 500 index is up 21.3% for the past 12 months.

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Texas Roadhouse’s stock tumbles, but analyst still suggests waiting for better levels to buy

Shares of Texas Roadhouse Inc. tumbled 9.7% in morning trade Wednesday to a 3 1/2-month low in the wake of disappointing fourth-quarter results, with Canaccord Genuity saying investors should still wait before investing in what it believes offers consumers the “best value” in casual dining. The restaurant chain reported late Tuesday earnings, revenue and same-store sales that missed expectations, and provided a disappointing same-store sales outlook for the current quarter. Analyst Lynne Collier at Canaccord reiterated her hold rating and $42 stock price target, which is nearly 3% below current prices. “While we continue to believe that [Texas Roadhouse] offers consumers the ‘best value’ in casual dining and believe that…some of the [same-store sales] pressure is transitory, we would look for a better entry point before becoming constructive on shares,” Collier wrote in a note to clients. The stock, which is now 14% below the Dec. 9, 2016 record close of $50.20, has gained 17% over the past 12 months, while the S&P 500 has climbed 21%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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