Owens-Illinois sees 2013 adjusted EPS $2.60-$3.00, consensus $2.82 The company said, "We expect continued growth in emerging regions and stable market conditions in North America. Macroeconomic uncertainty continues to challenge visibility in Europe. In all, our global presence should enable us to achieve modest volume growth in 2013, and we see higher prices keeping pace with cost inflation. We are focused on our global cost reduction initiatives and our European asset optimization program, which will drive continued growth in free cash flow and earnings. While deleveraging remains our number one priority for capital allocation, shareholders should expect continued modest share repurchases. O-I expects full-year 2013 free cash flow to be at least $300M and adjusted earnings to be in the range of $2.60 to $3.00 per share."
On The Fly: Analyst Downgrade Summary Today's noteworthy downgrades include: Zoetis (ZTS) downgraded to Market Perform from Outperform at William Blair... Target (TGT) downgraded to Hold from Buy at Evercore ISI... Alexandria Real Estate (ARE) downgraded to Neutral from Outperform at RW Baird... Allscripts (MDRX) downgraded to Sector Perform from Outperform at RBC Capital... athenahealth (ATHN) downgraded to Underperform from Sector Perform at RBC Capital... Boston Properties (BXP) downgraded to Neutral from Outperform at RW Baird... Cliffs Natural (CLF) downgraded to Hold from Buy at Deutsche Bank... Cubist (CBST) downgraded to Neutral from Outperform at Credit Suisse... Denbury Resources (DNR) downgraded to Equal Weight from Overweight at Barclays... E-House (EJ) downgraded to Perform from Outperform at Oppenheimer... Owens-Illinois (OI) downgraded to Market Perform from Outperform at BMO Capital... Quality Systems (QSII) downgraded to Sector Perform from Outperform at RBC Capital... Sapient (SAPE) downgraded to Hold from Buy at Stifel... Harsco (HSC) downgraded to Hold from Buy at Argus... Credit Acceptance (CACC) downgraded to Underperform from Market Perform at JMP Securities... Liberty Media (LMCA) downgraded to Hold from Buy at Telsey Advisory.