Chicken Little clearly had a lot of common cents, for the roof continued to cave in on equities ahead of today’s opening of Skyfall
. Indeed the reappearance of 007 appears to have rekindled an interest in Bonds, James and otherwise
A flight into fixed income was one upshot of the Dow
(^DJI) sinking for a second day. Fiscal cliff concerns and a widening worldwide wall of worry combined to send blue chips to their lowest level since late July. (Honestly, you didn’t really expect that Wall Street’s bloodletting would end on the birthday of the man who brought Dracula to life
, did you? If so, to paraphrase P. T. Barnum, there’s a bloodsucker born every minute.)
“They’re drinking our blood
” was the battle cry on the streets of Athens, where ahead of an austerity vote water cannon was used for the first time. Alas, fabled financier Baron de Rothschild’s was apparently a little off in his 1810 advice to “buy on the cannons, sell on the trumpets.”
In Asia President Hu officially opened the 18th National Congress of the Communist party of China in Beijing’s Great Hall of the People. His speechwriters, clearly getting paid per word, titled his address
“Firmly march on the path of socialism with Chinese characteristics and strive to complete the building of a moderately prosperous society in all respects”. Perhaps something was lost in translation, which would at least explain the NYSE-leading 22.06% advance in language learning stock Rosetta Stone
Today in economics, September wholesale trade is expected to tick up 0.4% at 10:00 a.m. Eastern. In earnings activity, Apollo Global Management
(COV), Crédit Agricole
(CRARY), and J.C. Penney
(JCP) are all due to release results.
(ABMD): Shares are initiated with a Market Perform at Raymond James.
Banco Santander Mexico
(BSMX): The stock is begun with a Buy at Deutsche Bank.
(EXL): Shares are a new Neutral at Bank of America-Merrill Lynch.
: Forest Labs
(NYSE:FRX) and Ironwood Pharmaceuticals
(NASDAQ:IRWD) are each begun with Buys at Mizuho, which issues respective price objectives of $45 and $22.
Palo Alto Networks
(PANW): Bank of America-Merrill begins Neutral rated research on PANW.
(TUMI): TUMI is initiated with a Buy at Citigroup
(WPX): The stock is a new Hold at Deutsche Bank.
(ZLC): Citi begins Buy rated coverage on the jeweler.
(See also Stock Downgrades: Groupon Offers Up Another Daily Disaster
and Stock Upgrades: 3M Is in the Money, Money, Money.)
No positions in stocks mentioned.
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