Here comes money boo-boo. Halloween arrived eight days early on Wall Street, with financial markets getting spooked by everything from Spain’s zombie economy to a scary 10.17% tumble in Monster Beverage
(MNST) to Walking Dead
owner AMC Networks
(AMCX) ending off 2.85% after an analyst downgrade
. At least the frightening current cover of Barron’s
was anything but a kiss of death for Intel
(INTC) and Microsoft
(MSFT), the only two blue chips to end up on a day the Dow
(^DJI) again dropped by triple-digits.
(AAPL) was predicted to be a winner on the same front page; it promptly slumped 3.26% to prove the enduring infallibility of contrary indicators. Investors appeared unimpressed with its new iPad mini. Might Steve Jobs have been right
for once? While the sky fell on stocks and Bond debuted Skyfall
, bonds gained impressively after a solid auction and flight-to-safety buying.
Today in economics, consensus calls for an increase in September new home sales at 10:00 a.m. Eastern, and the Federal Open Market Committee concludes its two-day monetary-policy meeting at 2:15 p.m. On the corporate front, it’s Hump Day of another peak week for earnings announcements, with AT&T
(BA), Delta Air Lines
(DAL), General Dynamics
(GD), Eli Lilly
(KMB), Lockheed Martin
(MOT), SAP AG
(SAP), T Rowe Price
(TROW), US Airways
(LCC), and Volkswagen
(VLKAY) all due to report results.
(ARCC): JMP Securities covers the company at an Outperform and assigns a price objective of $19.
Avalon Rare Metals
(AVL): Dahlman Rose has a Hold on AVL.
(BV): Shares are begun with a Neutral at Lazard Capital.
Black Hills Corp.
(NYSE:BKH): RBC Capital covers the company at Outperform and issues a $39 price target.
(CPN): The electric utility is initiated with a Sector Perform at RBC Capital, whose target is $20.
(NRGM): JPMorgan launches Overweight rated research, and a $27 target, on the limited partnership.
(SLRC): Shares are initiated with an Outperform at JMP Securities, whose target is $26.50.
(See also: Stock Downgrades: Trouble Brewing at Anheuser-Busch
and Stock Upgrades: Learning to 'Like' Facebook All Over Again
No positions in stocks mentioned.
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