After two sessions of nonstop gorging, the stock market’s mid-afternoon blood sugar plunge arrived with a vengeance yesterday. Markets were still in positive territory as of 2:00 p.m. Eastern, at which point the Federal Reserve’s December meeting minutes took the punch bowl away and equities eventually ended lower. As winter temperatures plunged to such an extent that even West Texas was snowbound
(^IXIC) — never one to miss out on a party — joined in the frozen fun
. Hot Topic
(HOTT), up 11.11% to a fresh 52-week peak, was a happy antidote to all the ice. Elsewhere, Internet inventor Al Gore pocketed $100 million from another Al, Jazeera
. A perfect day, then, for the arch environmentalist, who simultaneously saw Yingli Green Energy
(YGE) surge 16.19%. (Even if, alas, his carbon carping is only so much hot air
(RIG) advanced 6.40% after a $1.4 billion settlement from its fiasco in the Gulf of Mexico, where tar still accumulates at our feet several years on
. Family Dollar
(FDO), from the Tar Heel State of North Carolina, fared far worse, tumbling 12.96% to a 10-month low in posting the S&P 500‘s
(^GSPC) poorest performance.
Today in 10:00 a.m. economics, December data for factory orders and the Institute for Supply Management’s non-manufacturing index each are expected to slip slightly from the prior month’s pace. In earnings action, Finish Line
(FINL) and Mosaic
(MOS) both reported results earlier this morning.
(ABBV): Bank of America-Merrill Lynch launches Buy rated research on the drug manufacturer.
(AVNR): The stock is picked up with an Overweight at Piper Jaffray, which sets it a price objective of $6.
: Robert W. Baird has a new Neutral on Cubist Pharmaceuticals
(CBST) ($46 objective), and establishes Outperforms on Achillion Pharmaceuticals
(ACHN) ($17), Gilead Sciences
(GILD) ($86), and InterMune
(EW): The equity is launched with a Market Perform at JMP Securities.
FactSet Research Systems
(FDS): Goldman Sachs has a fresh Sell, and $79 price target, on FDS.
(HUM): Barclays has an Overweight on the health plan provider.
Natl Oilwell Varco
(NOV): NOV is a new Outperform at Macquarie.
Palo Alto Networks
(PANW): The tech name, a relatively recent IPO, is picked up with a Buy opinion and $65 target at Topeka.
(NYSE:SN): Shares are begun with a Buy at C.K. Cooper, whose target is $25. Catalysts include its oil weighted, Eagle Ford focused development program.
(WHF): Barclays begins Overweight rated research on the business development outfit.
(See also: Stock Upgrades: No More Tears for Johnson & Johnson
and Stock Downgrades: First Solar’s Moment in the Sun Already Over?
No positions in stocks mentioned.
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