Wall Street, where recent losses have looked like something straight out of the apocalypse, today seeks unlikely salvation from one of the Four Horsemen
. Cisco Systems
(CSCO), just upgraded and surging some 7.12% before the bell, offers investors the best chance to lead stocks out of their slump. This after the Dow
(^DJI) and S&P 500 Index
(^GSPC) each sank for second straight day to touch three and a half month lows, while Nasdaq
(^IXIC) briefly entered correction territory.
(HD), up 3.63% to its highest level since April 2000, did its best to lift the gloom, with the Atlanta outfit attributing robust results to a healing housing market. (Something that may not be immediately apparent to Beazer Homes
(BZH), also based in Georgia’s biggest city, after it slid some 17.25% only 24-hours earlier.)
Congress, its timing impeccable as ever, came back from its seven week vacation just in time to see NYSE poster child Marriott Vacations
(VAC) jump 2.33%. Treasury Secretary Tim Geither, an intermittent tax payer
at best, said higher taxes are unavoidable
. And Europe, yet again, delayed a decision on aid for Athens. The perpetually postponed state of affairs there reminds one of that Scottish bridge which took 120 years to paint
. One reason, along with a ratings increase
, why Sherwin-Williams
(SHW) climbed another 2.01%.
Today in economics, September business inventories are out at 10:00 a.m. Eastern, and we get minutes to the Federal Open Market Committee’s October 23 meeting at 2:00 p.m. In earnings action, Abercrombie & Fitch
(ANF), Limited Brands
(LTD), Mitsubishi UFJ Financial
(SPLS), Tyco International
(TYC), and Williams-Sonoma
(WSM) are all due to report results.
Asian Gambling Stocks
: Sands China
(PINK:SCHYY) is started at an Outperform with Oppenheimer, which picks up Wynn Macau
(PINK:WYNMF) at Perform.
(AVEO): Shares are initiated with a Sell at Stifel Nicolaus, which says Tivozanib for renal cell carcinoma (RCC) is unlikely to get quick regulatory approval.
(BAX): BAX gets begun with an Outperform by Sanford Bernstein.
Chinese Internet Stocks
(CYOU) is initiated with an Overweight at HSBC Securities, whose price objective is $31. Sohu.com
(SOHU) is an Underweight with a $37 target price.
: Marathon Petroleum
(MPC) is a new Outperform at Imperial Capital, which rates Western Refining
(WNR) an In-line.
(RJET): RJET is resumed with an Outperform at Imperial Capital.
(SQI): Shares are initiated with an Outperform at Raymond James.
(SPF): The name is a new Outperform at Credit Suisse.
(VE): The stock is up in London this morning after Société Générale began Buy rated research.
(See also: Stock Downgrades: Home Depot Has Hit a Ceiling
and Stock Upgrades: Cisco on a Route to Riches
No positions in stocks mentioned.
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