Despite the best efforts of Tiny Tim, stocks started December more Scrooge
than A Christmas Carol
. Shares snapped a three-session winning streak, with the Dow
(^DJI) dropping back below 13,000 after our Treasury Secretary took to the Sunday talk shows to say the wealthy should pay more taxes
to help tackle our fiscal cliff, which coming from him really is a bit rich
Markets moved lower as a key manufacturing gauge fell to its lowest level since July 2009. Mercifully, however, the head of the organization that released the data didn’t opt for the all too easy excuse of Sandy
, unlike assorted economists
, and politicians
. Negating the gloom on this side of the Atlantic was the great news that Greece’s financial crisis has been “settled” — who knew it was that easy? — in the words of French President François Hollande. With a last name like that, he may be interested to know the beleaguered Club Med country was again forced to undergo a Dutch auction in yet another attempt to address its debt.
No top-tier economic data due today, but quarterly earnings announcements are expected out of AutoZone
(AZO), Big Lots
(BIG), Mattress Firm Holding
(MFRM), Oxford Industries
(OXM), Pandora Media
(P), Powell Industries
(POWL), Toll Brothers
(TOL), and Vail Resorts
(ALXA): Shares are initiated with a Buy at Roth Capital, whose price target is $10.
(GLW): Sanford Bernstein starts Outperform rated research an issues a price objective of $15.20.
(DSW): The footwear firm is a fresh Outperform at William Blair, which estimates long-term earnings growth of 15% to 20% per year.
: Citigroup begins Buys on both Royal Bank of Canada
(RY) and Toronto-Dominion Bank
(TD) and has a new Neutral on Bank Of Nova Scotia
Food & Beverage Stocks
: Longbow launches Buy rated coverage on Caribou Coffee
(NASDAQ:CBOU) ($17 target), Dunkin’ Brands
(NASDAQ:DNKN) ($40), Starbucks
(NASDAQ:SBUX) ($63), Tim Hortons
(NYSE:THI) ($60), and TreeHouse Foods
(NYSE:THS) ($63.) It has a new Neutral on WhiteWave Foods
(FLS): Shares are a new Buy at KeyBanc.
Lehigh Gas Partners
(LPG): Robert W. Baird has a new Neutral, with a $26 target.
(MDVN): The stock is begun with an Equal Weight at Barclays.
NCI Building Systems
(NCS): NCS is a new Outperform at FBR Capital, which says it can be an early beneficiary of improving nonresidential construction spending in the US.
(See also: Stock Downgrades: Match.com Owner IAC/InterActive Looking for Love in All the Wrong Places
and Stock Upgrades: PIIGS Got You Down? Invest Instead in Pork Producer Smithfield Foods
No positions in stocks mentioned.
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