US stocks began the new trading week a hair’s breadth under Friday’s close, as the fiscal cliff and troubles in the eurozone continued to weigh on investors’ minds.
"Most of these uncertainties have been with us for quite some time, and are now regarded by many as annoyances to resolve rather than obstacles to fear," noted Sam Stovall, chief equity strategist at S&P Capital IQ, of ongoing global economic headwinds, according to The Street
. "What's more, we believe the manner in which these headwinds are resolved could result in an explosive rally rather than just a sigh of relief. Yet, handled inappropriately, these could end up causing a low flying economy to crash."
The Nasdaq Composite
(INDEXNASDAQ:.IXIC) was down 0.17% to 2,961.74 points on average trading volume of 706.73 million as of 12:06 p.m. EST.
Shares of a resurgent Facebook
(NASDAQ:FB) continued to climb today. The stock, which was also the Nasdaq volume leader, was up 8.30% to $25.99 after Bernstein Research upgraded it to Outperform and lifted the price target to $33 from $23, citing the social network’s “revenue growth potential” in the near future.
(NASDAQ:AAPL) also edged up 2.07% to $583.35. Earlier Citigroup reinitiated coverage of the stock with a Buy rating with a $675 price objective. The bank said Apple was poised for gains after its recent sell-off.
(NASDAQ:YHOO) also gained 0.96% to $18.75 after Goldman Sachs placed the stock on its Conviction Buy list and raised its price target to $24 from $22, citing “recent clarity” on Yahoo’s turnaround plans.
China pork and produce processor Zhongpin
(NASDAQ:HOGS) spiked 15.33% to $12.53 on news that it would be acquired by Xianfu Zhu for $418 million, or $13.50 a share.
(NASDAQ:EBAY) (+2.92% to $50.44) and Amazon
(NASDAQ:AMZN) (+0.24% to $240.45) also registered gains as investors expected both online retail giants to received strong Cyber Monday sales boosts.
Shares of KIT Digital
(NASDAQ:KITD) fell 17.53% to $0.61. The company announced on Friday that it would restate four years of financial results due to accounting irregularities and was subsequently downgraded to Market Perform from Outperform from Northland Securities. Today, law firm Block & Leviton said it was investigating possible securities law violations in KIT’s story of financial restatements on behalf of investors.
(NASDAQ:QCOM) also declined 1.43% to $62.23 while Groupon
(NASDAQ:GRPN) struggled to hold on to recent gains, easing 2.71% to $3.84.
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.