Wall Street suffered another week straight out of Armageddon, and couldn’t even console itself with the one comfort food demonstrated to survive an apocalypse
, since Hostess filed for bankruptcy on Friday. The Dow
(^DJI) dropped 1.77% in slumping for a fourth straight week, its longest slide since August 2011, back when we were “looking at the stars” while contemplating the debt ceiling. To continue the Oscar Wilde quote, we are now "all in the gutter," although even that couldn’t stop an American bowling icon from biting the dust
along with the Twinkies baker. Blue chips declined in each session except Friday, when the bleeding was stopped after fiscal cliff talks were characterized as “constructive.” (The identical description, incidentally, was applied to Iranian nuclear talks in April
, and a fat lot of good that did us last week
.) President Obama’s tea cup remained conspicuously unused
during negotiations with John Boehner, thus he presumably missed out in a 49.13% surge in Teavana Holdings
(TEA). Still, better Three Cups of Tea
, to quote the title of a disgraced book, than 3D Systems
(DDD), which cratered 17.3%. Its stock, much like a cartoon in today’s issue of the New Yorker
, was a total turkey
Today in economics, October existing home sales are expected to come in essentially unchanged at 10:00 a.m. Eastern. In earnings action, Agilent
(A), Bob Evans Farms
(BRCD), Cracker Barrel Old Country Store
(CBRL), Dycom Industries
(DY), Jack in the Box
(LOW), New Jersey Resources
(NJR), Qihoo 360 Technology
(QIHU), Tyson Foods
(TSN), and Urban Outfitters
(URBN) are all due to report results.
(DHI): The home builder, which took a big hit last week, is initiated with a Fair Value at CRT Capital.
(NYSE:MAR) is a Hold at Jefferies, which starts Starwood Hotels
(NYSE:HOT) at a Buy. Its respective price objectives are $34 and $59.
IPC The Hospitalist Company
(IPCM): WallachBeth begins Buy rated research, and assigns a $42 target price, on a company it says is poised to benefit from an ongoing pay-per-performance shift in the healthcare industry.
(MRCC): Impressed by its 8.9% dividend yield, Robert W. Baird begins Outperform rated research on the stock, whose price objective is $16.
(WAVE): Shares are a new Neutral at Goldman Sachs, which issues a $17.50 target price.
(STWRY) The stock is covered at Neutral by Credit Suisse.
(See also: Stock Upgrades: Baker Flowers Foods Rolling in Dough
and Stock Downgrades: K12 Still Has Lots to Learn
No positions in stocks mentioned.
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