Superman was extremely smart to exit the newspaper business
yesterday, and if a 3.43% surge in US Steel
(X) is any indication, the Man of Steel leaves print media with an impressive retirement account. After all, who’d be an ink-stained wretch writing on a deadline when circumstances can change so suddenly? For most of the day markets were Clark Kent on Kryptonite, with the Dow
(^DJI) down by triple-digits at its depths, only for blue chips to mysteriously turn higher in the final hour of trading and end up a fraction. Stop the presses and “get me rewrite!” as they used to say back in the day.
Indeed it was an old-timey sort of session, with fossil fuel firm Peabody Energy
(BTU) advancing 11.82% to top all S&P 500
(^GSPC) issues in a throwback to the era when coal was king. Other standout stocks included Apple Inc
(AAPL), up 3.97% in its best day for five months ahead of today’s most important event. (The Fed meeting? Puleeze — more like an eagerly anticipated unveiling of the iPad mini.)
Elsewhere, reports, premature as they turned out, of Fidel Castro’s death
were just fine for funeral home operator Carriage Services
(CSV), which jumped 4.61% to a fresh 52-week peak, Otherwise markets drifted amid an absence of economic data. Indeed, with Italy having just convicted its scientists for failing to predict an earthquake
, economists were likely relieved that their feet were not also held to the fire for similarly faulty forecasts.
Today earnings season continues apace. Among those reporting results are ARM Holdings
(HOG), 3M Co.
(MMM), Norsk Hydro
(NHYKF), United Parcel Service
(UPS), and Xerox
: Buckingham begins Buys on Delta
(NYSE:DAL), United Continental
(NYSE: UAL), and US Airways
(NYSE: LCC), assigning respective price objectives of $15, $26, and $15.
(BKCC): Shares are a new Neutral at Credit Suisse, whose target price is $10.
(CPST): Roth Capital resumes Neutral rated coverage on CPST.
(DNKN): The stock, up slightly before the bell, is a new Hold at Miller Tabak, which says comps in the US may decelerate in upcoming quarters.
(QLYS): Shares are anew Outperform at Robert W. Baird.
Summit Midstream Partners
(SMLP): The stock gets initiated with an Overweight by Barclays and a Buy at Bank of America-Merrill Lynch.
(TDG): Morgan Stanley starts the stock at Underweight.
(See also: Stock Downgrades: AMC Networks Is Dead Man Walking
and Stock Upgrades: Yahoo Back on Track?
No positions in stocks mentioned.
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