Santa seemed to lose his way
a little in Monday’s shortened session, which traditionally marks the start of Wall Street’s “Santa Claus rally.” But on this occasion, we saw stocks fall for a third session in four. Perhaps his compass was overly dependent on Garmin
(GRMN), which gaped down 1.0%, or worse still, one of those infernal Apple
(AAPL) map apps.
Shares endured their worst pre-Christmas trading day since 2006, thus making a mockery of what has historically been the single best month of the year in the markets. Bah humbug — “History is bunk,
” as Henry Ford
(F) famously said and, after his car company jumped 4.55% to top the entire S&P 500 Index
(^GSPC), he can certainly afford to be skeptical.
Other good gainers on an otherwise down day included aircraft outfit Fly Leasing
(FLY), which rose 1.94% after upbeat comments
(C), which once got into awfully hot water hosting the Money Honey on its own private jet
. Similarly bullish analyst chatter sent Yahoo
(YHOO) surging 1.55%, which was music to the ears of its classically trained ballerina CEO Marissa Mayer, especially as it coincided with an NYSE visit by a ballet troupe
. On the same hallowed halls, as is tradition, traders sang the iconic 1905 song “Wait ‘Till the Sun Shines, Nellie,
” but a fat lot of good that did First Solar
(FSLR), which slumped 2.13%.
Adopting the twin colors of the season, Greenbrier
(GBX) was a sea of red, tumbling another 3.10%. And beleaguered Herbalife
(HLF) fell a further 4.44% even after its CEO — who has clearly studied his Bill And Ted
— called Bill (Ackman’s) pyramid-scheme allegation “bogus.”
Today at 10:00 a.m. Eastern, analysts expect a decrease in December’s Richmond Federal Reserve survey of regional manufacturing activity.
(AEGR): Shares are up ahead of this morning’s opening bell after Leerink Swann took its price target up by $5, to $30. JPMorgan is also reiterating its Overweight rating on the name after its Juxtapid product was approved.
(CAB): Shares are reiterated as a top pick at Northland Securities.
(CALD): Northland is bullish on the stock this morning, saying its channel checks are positive and indicate healthy customer demand, with purchases skewing more towards broader product suites. Its Outperform recommendation and $8 price objective is reiterated.
(NASDAQ:JDSU): Piper Jaffray increases its price objective on the fiber optic outfit to $16 from $12 and reaffirms its recommendation of Overweight. The broker says the optical sector will see improved demand trends in 2013.
(MOS): Goldman Sachs says fundamentals at the fertilizer firm are approaching a trough.
Southcross Energy Partners
(SXE): The limited partnership is launched at an Outperform with Wells Fargo.
(NYSE:YUM): The owner of KFC, Pizza Hut, and Taco Bell, up 1.77% in Monday’s down market, is mentioned positively at Bank of America-Merrill Lynch. A buying opportunity is seen in the wake of last week’s steep slide in the share price.
No positions in stocks mentioned.
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