Mary Schapiro, whose SEC perused porn while our economy imploded
, announced her resignation as chairman of the organization. Porn has proved plenty profitable for Hugh Hefner, who will soon hear wedding bells aged 86
. Hopefully he will buy his 26-year-old bride-to-be an expensive item from Tiffany
(TIF), which can certainly use the business after last week’s 7.6% slide. Also down in an otherwise up week was Herbalife
(HLF), which slumped 7.34% even as the departing David Beckham provided it with priceless publicity
. Becks arrived on our shores in mid-July 2007, just when the initial and, at the time, largely ignored calamity was about to befall Bear Stearns
. The following March JPMorgan
(JPM) bought the beleaguered financial firm for less than Becks’ quarter-billion dollar deal
, provoking much mirth. The soccer superstar leaves after winning back-to-back titles and putting his sport on the map in this country. Meanwhile Morgan stock, which traded at $40.31 on the day of its Bear buyout, closed Friday at $41.08, for a gain of $0.77 almost half a decade on. Who’s laughing now?
Today in economics, October construction spending and the Institute for Supply Management’s November manufacturing survey are each out at 10:00 a.m. Eastern. In earnings action, Geospace Technologies Corporation
(GEOS), Korn/Ferry International
(KFY), and The Pep Boys – Manny, Moe & Jack
(PBY) are all expected to report results.
Banco Santander Brasil
(BSBR): Credit Suisse cuts the company to Underperform from Perform.
(RATE): RATE is reduced to Hold from Buy at Canaccord Genuity.
(CF): The fertilizer firm is now Neutral from Overweight at Piper Jaffray, which has renewed cyclical peak earnings concern. The price objective is also reduced, to $227 from $250.
: Citing valuation concerns, JPMorgan cuts both Cinemark Holdings
(CNK) and Regal Entertainment
(RGC) to Neutral from Overweight with respective price objectives of $30 and $17.
(DWA): DWA is slashed Sell from Hold at Stifel Nicolaus, which cites disappointing box office results for Rise of the Guardians
(EIX): The electric utility is moved to Market Perform from Outperform by Sanford Bernstein.
(ELX): Shares are now Sell from Neutral at Goldman Sachs.
(JNS): Citing further outflows, top-line pressure and negative performance fees, Goldman Sachs slashes the stock to Sell from Neutral and takes its target to $7 from $8.
: Occidental Petroleum
(OXY) and Royal Dutch Shell
(RDS.A) each get Hold-from-Buy downgrades at Deutsche Bank, whose concerns include rising capital expenditure and weaker than expected US volumes.
(NYSE:SJM): The peanut butter powerhouse gets downgraded to Equal Weight from Overweight at Stephens due to valuation issues. Its price objective is $88.
Research In Motion
(RIMM): The recently surging stock is off ahead of the open after getting slashed to Sell from Hold at Canaccord Genuity, which doubts the new BlackBerry 10 can turn its long-term business trends around. The new target is $10.
(TEVA): TEVA is taken to Neutral from Buy at UBS.
(See also: Stock Upgrades: Dell Back From the Dead?
and New Stock Coverage: AT&T Not Making Money Talk
No positions in stocks mentioned.
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