Stocks scaled the peaks on Hump Day, helped by Green Mountain
(GMCR) and a rapidly receding fiscal cliff. A 27.32% surge in the coffee company and political progress in Washington twinned to move markets sharply higher, even as Cliffs Natural Resources
(CLF) cratered, falling 1.33% to fresh lows after last week’s 12% tumble.
(^DJI), down 113 points at the day’s depths, rebounded to rise by 106, marking the first time blue chips had bounced back from a triple-digit decline to advance by a similar amount since October 2011. Hewlett-Packard
(HPQ) is the unquestioned poster child for the current yo-yo in equities. It gained 2.99% on Wednesday to best all blue chips, this after being the worst of the Dirty Thirty on Tuesday, the best on Monday, and the worst last week. (As Jason Kidd memorably put it upon joining the Dallas Mavericks, “We’re going to turn this team around 360 degrees
An optimistic analyst initiation
(AMZN) up 1.52% and its Emerald City neighbor Nordstrom
(JWN) also ended in the green to the tune of 2.43%. Investors in both now have no excuse for being Sleepless in Seattle, especially after caffeine king Starbucks
(SBUX) itself added on another 2.31%. As the saying goes, that and 50 cents should just about buy you a seven buck cup of coffee
Today in economics, analysts expect October pending home sales to tick up at 10:00 a.m. Eastern. In earnings action, Barnes & Noble
(BKS), Cracker Barrel Old Country Store
(KR), Pacific Sunwear Of California
(TIF), Ulta Salon
(ULTA), and Zumiez
(ZUMZ) are all due to reveal results.
Archer Daniels Midland
(ADM): Stephens starts coverage at Equal Weight and assigns a $28 price target.
Ares Commercial Real Estate
(ACRE): Shares are begun with a Buy at MLV & Co, which issues a price objective of $19. The brokerage believes ARCE is well placed to take advantage of favorable lending market dynamics.
(EMC): Buckingham begins Buy rated research with a $31 target.
(JAZZ): The name is a new UBS, whose objective is $64.
Kansas City Southern
(KSU): Barclays begins the railroad stock at an Equal Weight.
(LINE): Citigroup launches Buy rated research on LINE.
(RDA): The tech name is resumed with a Neutral at HSBC Securities, whose objective is $11.50.
: SunTrust starts Maxim Integrated Products
(NASDAQ:MXIM) with a Buy ($33 target), has new Neutrals on Altera
(NASDAQ:ALTR) ($33) and Xilinx
(NASDAQ:XLNX) ($33), and resumes Texas Instruments
(NASDAQ:TXN) with a Reduce ($26.)
: Box Ships
(TEU) and Diana Containerships
(DCIX) are both begun with Equal Weights at Barclays.
: Crédit Agricole covers NetApp
(NTAP) at Underperform and begins VMware
(VMW) with a Buy. Its respective price objectives are $32 and $109.
(WX): The stock is a new Overweight at Barclays.
(See also: Stock Downgrades: Taser Suffers Stunning Setback
and Stock Upgrades: Bulls Run on Nike
No positions in stocks mentioned.
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