Stock Upgrades: Yahoo Back on Track?

By Justin Sharon  OCT 23, 2012 9:15 AM

Wall Street ratings agencies set the tone for today's stock market.


MINYANVILLE ORIGINAL Hasbro (HAS), although its Battleship later got a boost in the debate, fell 1.69% after weak sales in Europe. VF Corp. (VFC), in whose North Face outfits the GOP ticket will attempt to scale the fiscal cliff, slid 4.38% citing weakness in Europe. (Number of questions on Europe in the hour and a half debate: 0.) Private equity firms in Europe, a continent with more yesterdays than tomorrows, bought out (ACOM) for $1.5 billion, sending shares surging 7.78%.
Meanwhile Moody’s downgraded five regions in Spain, whose economy has just contracted for the fifth straight quarter. Alas, the closest either candidate came to mentioning the country whose Conquistadors introduced stallions to America, and whose stock market resembles nothing so much as trying to catch a falling knife, was a horses-and-bayonets sound bite. President Obama said his opponent aims to return to “the economic policies of the 1920s,” to which Mitt might have said, and why not, for the decade roared like no other until the 29th day of the tenth month of its final year.
It’s a second successive day with no top-tier economic data due, but earnings season continues apace. Among those reporting results are ARM Holdings (ARMH), DuPont (DD), Facebook (FB), Harley-Davidson (HOG), 3M Co. (MMM), Norsk Hydro (NHYKF), United Parcel Service (UPS), and Xerox (XRX).
Check Point Software (CHKP): Shares are moved to Overweight from Neutral at JPMorgan amid an attractive cash flow valuation. The price target is $50.
Cleco Corp (CNL): The name is now Outperform from Market Perform with Wells Fargo.
Duke Energy (DUK): Shares are upgraded to Overweight from Underweight at JPMorgan.
McClatchy (MNI): MNI gets moved Buy from Neutral at Citigroup.
National CineMedia (NCMI): The equity is boosted to Buy from Hold at Stifel Nicolaus on account of positive industry data.
Power Integrations (POWI): Sterne Agee moves the stock to Buy from Neutral.
Public Storage (PSA): Shares are upgraded to Hold from Sell at Cantor Fitzgerald amid a housing recovery.
Teekay Offshore (TOO): TOO is taken to Overweight from Equal Weight at JPMorgan.
Insurance StocksRenaissanceRe (RNR) and XL Capital (XL) are each upgraded to Outperform from Market Perform at Keefe Bruyette.
Yahoo (NASDAQ:YHOO): The Internet giant, up nicely ahead of the open, is upgraded to Positive from Neutral at Susquehanna.

(See also: New Stock Coverage: Delta Flies High and Stock Downgrades: AMC Networks is Dead Man Walking.)
No positions in stocks mentioned.

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