President Obama, on his "One Night in Bangkok"
said he was “confident” the dreaded fiscal cliff could be avoided. That was enough to make investors large amounts of "Money Money Money
," in the words of another song composed by Björn and Benny of ABBA. Still, not all stocks surged yesterday. On the anniversary of an iconic and un-improvable 272-word address
by one of the president’s predecessors, the 500 million-word, 73,608-page tax code
continued to trip up TurboTax owner Intuit
(INTU), which managed to fall 0.56% in the market’s best session since September.
Elsewhere, the CEO of Hostess ruled out a sale to Mexico’s Grupo Bimbo
(GRBMF). Marilyn Monroe was actually anything but a dumb blonde but, as a lover of rocks, she would have been troubled by an analyst-inspired
11.83% implosion in Diamond Foods
(DMND), which now stands at its lowest level since September 2006.
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
(ARMH): Shares are downgraded to Outperform from Strong Buy at Raymond James.
Cliffs Natural Resources
(CLF): Shares are lower before the bell on a downgrade to Sell from Neutral at Goldman Sachs.
(EMR): The industrial outfit is downgraded to Perform from Outperform at Oppenheimer due to reduced customer capital spending near-term. The target price is also taken down to $53 from $57.
(FIATY): UBS cuts the Italian car company to Neutral from Buy.
(GEF): The containerboard company gets moved to Market Perform Outperform with Wells Fargo.
(NYSE:HPQ): The Dow
(^DJI) member, slumping before the bell, is moved to Market Perform from Outperform at Raymond James.
(INTC) The semiconductor stock, another key Dow component, gets cut to Neutral from Buy at UBS, which says CEO Paul Otellini’s retirement will result in an uncertain transition period. The target is lowered to $29.50 from $29.
(LPI): LPI is lowered to Market Perform from Outperform by BMO Capital.
(PBR): The Latin American oil giant, popularly known as Petrobras, is reduced to Market Perform from Outperform at Raymond James.
(See also: Stock Upgrades: Fast Money Piles Into Zipcar
and New Stock Coverage: Tide Is High at Royal Caribbean Cruises
No positions in stocks mentioned.
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