First Hour Biggest Stock Movers (NETL, GE, KFT)

Shares of NetLogic Microsystems, Inc. (NASDAQ:NETL) is one of the most active blue-chip stock movers on Wednesday after UBS analyst Steven Eliscu this morning upgraded the stock to Buy from Neutral with a price target of $33.50.

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liscu observes in a research note that the networking chip maker’s stock is down 25% since it reported Q2 results on July 28, due to concerns about slowing sales growth, worries on Cisco’s guidance and speculation on a slowdown in Cisco’s supply chain. But the analyst says that Cisco’s outlook and any related supply chain adjustments are already factored into the company’s Q3 guidance - and that the outlook beyond Q3 remains intact.

Shares of NetLogic climbed 4.20% to $25.65 in the opening session on heavy volume.

General Electric Company (NYSE:GE) 0.25% to $16.12 after analysts at A Citi Investment Research analyst initiated a coverage on General Electric Co. with a "Buy" rating and set a price target of $19, citing the company can resume its earnings growth.

Analyst Deane Dray expects its GE Capital division will experience earnings growth of 50 percent or more next year.

"The scrutiny on GE Capital and its loss assumptions remains intense but we expect the earnings turnaround to play out over the next 12 months, provided the economic recovery remains on course," she wrote in a note to clients.

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Kraft Foods Inc. (NYSE:KFT) jumped 0.39% to $31.17 in the opening session after climbing to its fresh 52-week high of $31.20 earlier in the session.

The company said that it will be able to generate an additional $1 billion in revenue from its business by 2013 as it takes advantage of expanded distribution networks and new markets in the wake of its acquisition of Cadbury.

"Our turnaround phase is now over, and we've fully shifted our focus toward growth," said Chief Executive Officer Irene Rosenfeld at the meeting. She said the company is better-poised for growth now that more than half of its portfolio is made up of snacks and more than half of its revenue is generated outside of North America.

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