At the end of a week in which Europe went mysteriously unmentioned at a presidential foreign policy debate, while northern Mali got several shout-outs, the continent’s economic crisis continued to hit home hard.
(F) disclosed it will lose $1.5 billion while cutting 5,700 jobs and closing three plants in Britain and Belgium. Madrid this morning announced its unemployment rate just rose to a record 25%, so any sense of humor they still have is likely to be of the gallows variety.
Hopefully Spain will see the funny side in Cubist Pharmaceuticals
(CBST) sliding 3.81% on negative analyst comments
, and on the birthday of Pablo Picasso
, pioneer of Cubist painting. As if that wasn’t insult enough, a CEO who once put his elbow through one of the artist’s most priceless works
saw his Wynn Resorts
(WYNN) surge 7.25% on a bullish research recommendation
Today in economics, at 9:55 a.m. Eastern we get the University of Michigan’s final figure for October consumer confidence. A frenzied week for quarterly earnings announcements comes to a close with China Life Insurance
(ERIC), First Solar
(FSLR), Legg Mason
(MCO), NTT Docomo
(STO), and Weyerhaeuser
(WY) all due to report results.
(AZN): The pharmaceutical firm gets taken to Neutral from Buy at Swedbank.
(BJRI): Shares are downgraded to Market Perform from Outperform by William Blair.
(CAB): CAB is cut to Neutral from Buy at Piper Jaffray.
(CAT): The Dow
(^DJI) component is removed from the Conviction Buy List at Goldman Sachs.
(CTCT): Shares are downgraded to Hold from Buy at Needham amid increased uncertainty surrounding underlying trends including its core email offering.
(DF): DF gets downgraded to Hold from Buy at Stifel Nicolaus.
(DECK): The footwear firm, whose shares are falling 14.1% in pre-market trading today, gets downgraded to Neutral from Positive at Susquehanna.
(NASDAQ:EA): Saying the video game giant is suffering from a slow product year, Pacific Crest cuts its rating to Sector Perform from Outperform.
(FTE): FTE is taken to Neutral from Buy at Nomura.
(BEN): The money manager is downgraded to Equal-Weight from Overweight with Morgan Stanley.
(FSL): FSL is lowered to Neutral from Overweight at Piper Jaffray.
(MHO): MHO gets moved to Market Perform from Outperform at JMP Securities.
(OXY): The equity is now Neutral from Outperform at Macquarie after a reduced production outlook. The target is also taken down, to $91 from $137.
(PLXS): Shares are downgraded to Hold from Buy at Deutsche Bank.
(RCL): The cruise company gets cut to Hold from Buy at Topeka Capital.
(KKPNY): The Dutch tech stock gets slashed to Sell at Goldman Sachs.
St. Jude Medical
(STJ): Credit Suisse moves the medical device maker to Neutral from Buy.
(SPR): Shares, fresh from yesterday’s slump, are now Neutral from Outperform amid additional risk to earnings estimates. The price target is also cut, to $17.50 from $30.
(HOT): HOT is lowered to Neutral from Buy at Lazard Capital amid citing slowing industry per-room revenue.
(UQM): The small cap name is now Hold from Buy at Needham after disappointing quarterly results.
West Coast Bancorp
(WCBO): Keefe Bruyette cuts the company to Market Perform from Outperform.
(See also: New Stock Coverage: Black Diamond Looks Like a Gem
and Stock Upgrades: Expedia Is Going Places
No positions in stocks mentioned.
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