Inspired by Plymouth Rock, stocks stepped back from the fiscal cliff. Thanksgiving week, which has historically been better than average for the markets, got off to an especially ebullient start this year, with the Dow Average
(^DJI) enjoying its strongest single session since September 6.
Adding to the feel-good factor, the National Association of Home Builders said its confidence index hit its highest level in 6.5 years, back when the real estate bubble was in full flow amid ridiculously lax lending standards. (Good thing there’s no chance of history repeating, eh
? In housing, as elsewhere, the devil is always in the details
.) Home improvement sent Lowe’s
(LOW) 6.19% higher, its shares standing at a fresh 52-week peak after earnings beat the Street by a nickel. The company that once infamously confused family and Christmas trees
is now simply a money tree.
It’s a fairly tepid Tuesday in economic data but Fed head Ben Bernanke speaks at the Economic Club of New York at 12:15 p.m. Eastern. On the corporate front, earnings announcements are expected out of American Woodmark
(AMWD), Best Buy
(BBY), Campbell Soup
(CPB), Chico’s FAS
(HPQ), H. J. Heinz
(HNZ), Hormel Foods
(CRM), Signet Jewelers
(SIG), and Zale
(COH): Shares are initiated with an Outperform at Wells Fargo.
(BCR): Brean Capital has a Hold on the stock.
(DECK): The footwear firm is a new Outperform with Wedbush.
(GEOS): GEOS gets picked up with a Hold at Dahlman Rose, which issues a price target of $85.
Managed Care Companies
: Lazard launches Buys on Aetna
(AET) and new Dow
(^DJI) member UnitedHealth
(UNH), setting respective price objectives of $50 and $70. It has a new Neutral on WellPoint
(MDCO): Oppenheimer establishes an Outperform on MDCO.
(MM): Janney Montgomery Scott starts the stock at a Buy.
(RLGY): Shares are initiated with Overweights at JPMorgan and Barclays, an Outperform with Wells Fargo, and a Buy at Bank of America-Merrill Lynch. Credit Suisse and Goldman Sachs, each with new Neutrals, are less upbeat and Crédit Agricole assigns an Underperform as it says the current valuation already adequately reflects a potential rebound in the US housing market.
: Credit Suisse assigns Outperforms on East West Bancorp
(EWBC), First Republic Bank
(FRC), Signature Bank
(SBNY), and Susquehanna Bank
Royal Caribbean Cruises
(NYSE:RCL) The company is a new Buy at Natixis.
Six Flags Entertainment
(SIX): Shares are started with a Neutral at Longbow.
(TDC): Credit Suisse covers the firm at Outperform. Its price target is $80.
(See also: Stock Downgrades: Hewlett-Packard Has Hell to Pay
and Stock Upgrades: Fast Money Piles Into Zipcar
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.