Look on the bright side. If the Mayans are right about our fate on December 21
, the equity market’s existential angst arising from our impending fiscal cliff on December 31 will all be a bit moot. As it is, the “fat cats” President Obama so rails about, and who backed him to the tune of 80% on Tuesday
, may already be exhibiting buyer’s remorse after Dow Industrial's
(^DJI) endured their worst week since June, tumbling 2.12% in a post-election plunge exceeded only by the slump that stocks experienced immediately after his win in November 2008. Firearms firm Smith & Wesson
(SWHC), which surged 18.68%, was a rare gainer, giving us plenty to ponder yesterday while we marked the end of the ‘Guns of August’
on the 11th hour of the 11th day of the 11th month in 1918. Here in the States it’s Veterans’ Day, meaning banks and the bond market are both closed. (Bonds of all stripes undeniably deserve to take Monday off after 007 easily bested all comers
at the weekend box office.)
Noteworthy economic data is also conspicuous by its absence this morning, although quarterly earnings announcements are expected out of Ambow Education
(AMBO), Beazer Homes
(BZH), Cubic Corp
(CUB), D.R. Horton
(DHI), Einstein Noah Restaurant Group
(HOLX), Inergy Midstream
(NRGM), Jacobs Engineering Group
(JEC), National Bank of Greece
(NBG), Spanish Broadcasting System
(SBSA), Weatherford International
(WFT), and Zoom Technologies
Amira Nature Foods
(NYSE:ANFI) The stock is begun with a Buy and $12 price target at UBS.
(BERY): BERY is begun at an Outperform with Wells Fargo.
(DNDN): Shares are a new Buy at Needham, which issues a price objective of $7. The brokerage believes that margin improvement is already under way and sales expectations have fallen too low.
(OVSC): Leerink Swann launches Outperform rated research on OVSC.
(See also: Stock Upgrades: Cinderella Story for Disney
and Stock Downgrades: JC Penney Stops Making Cents
No positions in stocks mentioned.
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