The full Monti failed to stop stocks advancing for a fourth straight session, ably assisted by another impressive performance in a clothing company whose scantily clad models often come awfully close to The Full Monty.
The sudden resignation of Italian Prime Minister Mario Monti powerless to prevent equities rising for a fourth straight session, with an upgrade-assisted
1.98% increase in recently surging Abercrombie & Fitch
(ANF) helping add to the upbeat tone in equities. Trimble Navigation
(TRMB) gained 3.18% to hit the highest level in its history, but Apple Inc.
(AAPL) ended off another 0.64% as its map apps continue on a road to nowhere
Payday lender Cash Store Financial Services
(CSFS) nosedived 19.91% to a new low on posting the NYSE’s poorest performance, and the Pawn Stars dirtied a campsite
. Money laundering, meanwhile, has just cost HSBC
(HBC) a record $1.9 billion fine. The firm was founded by Sir Thomas Sutherland, who hailed from Scotland’s Aberdeen. A city so famously frugal its citizens are said to have invented copper wire by fighting for a penny. Some solace for his heirs can therefore be found in Freeport-McMoRan Copper & Gold
(FCX) bucking its recent red ink to rise. 1.07%.
Today in economics, October wholesale inventories are out at 10:00 a.m. Eastern and the Federal Open Market Committee starts its two-day policy meeting in Washington, DC. In earnings action, Casey’s General Stores
(CASY), Dollar General
(DG), Geospace Technologies
(GEOS), Magellan Health Services
(MGLN), The Pantry
(PTRY), and ThyssenKrupp
(PINK:TYEKF) are all due to report results.
(ALGN): Shares are a new Neutral at Goldman Sachs.
(ARUN): The stock is initiated with an Outperform at Oppenheimer, whose target is $25.
Atlas Resource Partners
(ARP): Bank of America-Merrill Lynch has a new Neutral on the name.
(CL): The company is covered at an Overweight at HSBC Securities.
(DCIN): Shares are a fresh Neutral at B. Riley.
(HWAY): Citigroup starts Sell rated research.
(LULU): LULU is assigned an Underperform at Crédit Agricole, which feels growth is reflected in the stock price and that the market is becoming increasingly competitive. Its price objective is $79, and the equity is lower ahead of the open.
(MMS): The business services firm gets begun with a Buy at Citi.
: Dahlman Rose has a Hold on Hess
(HES) and begins Buy rated research on Occidental Petroleum
(OXY), whose catalysts include increasing cash distributions.
(RKUS): Shares are an Overweight at Morgan Stanley.
(SPLK): The stock is a new Neutral at Mizuho.
: Michael Kors
(NYSE:KORS) and upscale luggage maker Tumi Holdings
(NYSE:TUMI) each get added to the Conviction Buy List at Goldman. The bank begins buys on both Gap Inc.
(NYSE:GPS) and Tilly’s
(NYSE:TLYS). It has new Neutrals on Abercrombie & Fitch
(NYSE:ARO), American Eagle Outfitters
(NASDAQ:FRAN), and Urban Outfitters (NASDAQ:URBN). Coach, Inc.
(NYSE:COH) is started at a Sell.
(See also: Stock Downgrades: Wheels Come Off Foster Wheeler
and Stock Upgrades: Glass Half Full for Monster Beverage
No positions in stocks mentioned.
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