President Obama, having cut short his Hawaiian holiday, arrived back in Washington on the red eye, but Wall Street’s red ink shows no signs of abating. Stocks slumped for a fourth straight session amid ongoing fiscal cliff uncertainty even as it emerged that the House of Representatives would reconvene on Sunday evening. (A day that doesn’t exactly fill the financial community with warm and fuzzy memories
.) The Dow
(^DJI) was down 151 points at session lows but rebounded after Senator Scott Brown announced — a mite prematurely, as it turned out — on Facebook
(FB) that he had “Just learned that the Pres. Reached out to Senate GOP leadership with a proposal.” Markets subsequently bounced off what quickly became known as the “Brown bottom” at about 12:30 p.m. Eastern. The Massachusetts lawmaker originally intended to embed a photo in his post but Facebook, whose founding family has just been badly burned by their own errant Kodak (EKDKQ) moment
, soon put a stop to that idea. And rightfully so, for the last time the Brown bottom went before the cameras, it wasn’t pretty
Royal Bank of Scotland
(RBS) rose 3.22% on an otherwise down day, which should put an end to all those cheap Scotsman jokes once and for all. And besides, Andrew Carnegie — the richest person in all human history, adjusted for inflation — actually gave away almost all his income to charity, famously commenting, “He who dies rich thus dies disgraced.” Carnegie Mellon University is certainly poised to live large after being awarded $1.17 billion in a patent dispute with Marvell Technology
(MRVL), whose own shareholders are in absolutely no danger of shuffling off their mortal coil in the money. Not after the stock, disowned and unloved
, fell a further 3.51%.
In other analyst action Burger King
(BKW) bucked a bad tape to edge up 0.30% after Buckingham resumed research coverage
, although the Palace really ought to have a word with the King’s tax-dodging son Prince Charles
. Steinway Musical Instruments
(LVB) fell 4.53% to a fresh low, plunging further and faster than Laurel and Hardy’s runaway piano
. This is, as Shakira and her hubbie
have already informed the unwitting, Spain’s El Día de Los Santos Inocentes, its equivalent of April Fools’ Day. Alas the country’s financial crisis is no joke, and renewed concerns about its banking system have sent native son Bankia
(PINK:BNKXF) tumbling 23% in today’s European trading.
This morning in economics, December’s Chicago Purchasing Managers Index is expected to show an improvement at 9:45 a.m., and November pending home sales are out at 10:00 a.m.
BCD Semiconductor Manufacturing
(BCDS): The company, whose shares surged 86.18% yesterday on the announcement it is to be acquired by Diodes
(DIOD) for $151 million, is today taken to Hold from Buy at Stifel Nicolaus. The investment outfit views the deal as being beneficial for both companies.
(CEMP): Shares get a Strong Buy-from-Buy boost at WBB Securities, which sets a $12 target. Particular promise is seen in the company's Solithromycin, presently in Phase III.
(LEAP): LEAP is launched as a Long Term Buy at Janco Partners.
(NASDAQ:LSI): The stock, up 0.88% even in yesterday’s down market, is begun with a Buy at Wunderlich, which issues a price objective of $9. The tech firm stands to benefit “from overall increasing demand for storage and networking traffic,” in its view. Shares are up 2.7% this morning as a result.
(MRVL): Wunderlich has a new Hold and $9 target price on the semiconductor outfit, whose shares have tumbled 13% in the past two trading sessions. The brokerage prefers to remain on the sidelines due to “the uncertainty in the CFO (Chief Financial Officer) position and lack of visibility for a return to above-market growth,” it wrote in a note. The stock is nonetheless trading up ahead of this morning’s opening bell.
(RNN): The micro cap is resumed with an Outperform recommendation and $1.00 objective by Burrill Institutional Research, which believes its pipeline in oncology and CNS (Central Nervous System) disorders is undervalued. Its leading oncology product Archexin is perceived as being a best-in-class anti-sense drug that targets the Akt-1 gene.
Price Objective Change
(OMER): Burrill keeps its overall rating intact, but trims its target by $3 to $16 after the announcement that OMS103HP did not meet its primary endpoint in patients undergoing arthroscopic partial meniscectomy surgery. Shares are nosediving 9% in today’s pre-market trading.
No positions in stocks mentioned.
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