The S&P 500 Index
(^GSPC) set its second fresh five-year high of the week, despite its cumulative advance over the period amounting to a mere 4/100′s of 1%. (No wonder that the percent sign was just anointed symbol of the year
, for it packs a punch even in infinitesimal increments.)
The market may have traded Sideways, so to speak
, but wine giant Constellation Brands
(STZ) jumped 6.15% on a bullish Buy initiation
. Ironic, as yesterday was the anniversary of Prohibition’s introduction
, but to paraphrase Dorothy Parker, the stock’s surge was an excellent example of the “wrath of grapes.”
In a similar vein, Southwest Airlines
(LUV), famously founded on a cocktail napkin, added 1.81% to fresh a 52-week peak, and JetBlue Airways
(JBLU), home of a beer-swilling ex-employee
, rose 3.87. Bubble Wrap
owner Sealed Air
(SEE) advanced 1.70% on a ratings increase
although, as any investment veteran can tell you, after the bubble invariably comes the bath. Calgon
(CCC) — a 2.90% tumbler — take me away
Today in economics, the Philadelphia Fed Index for January is expected to cool off from the previous month’s pace at 10:00 a.m. Eastern. The cavalcade of quarterly earnings announcements continues, with American Express
(AXP), ASML Holding
(ASML), BB&T Corporation
(BBT), Bank of America
(BLK), Capital One Financial
(C), Fifth Third Bancorp
(FITB), and Intel
(INTC) all due to release results.
(ADTN): Shares are now Neutral from Sell at Citigroup.
Alon USA Partners
(ALDW): Credit Suisse increases ALDW to Outperform from Perform.
(NYSE:CBS): The media empire, famous for its eye logo, is increased to Outperform from Neutral with Wedbush. A sale of its international Outdoor operations in Europe and Asia amid a REIT (REAL Estate Investment Trust) conversion is viewed positively. The price target, previously $36, is now $50 and shares are surging 8.07% ahead of the open.
(DCI): Bank of America-Merrill Lynch boosts the industrial outfit to Buy from Neutral.
(EXC): The nuclear power play is higher ahead of the open after being moved to Overweight from Equal-Weight at Morgan Stanley.
(JNPR): JPMorgan juices its recommendation on the tech stock to Overweight from Neutral.
(PINK:MDIUY): The company controlled by Silvio Berlusconi gets a 180 degree (Outperform from Underperform) upgrade at Credit Suisse.
(MDT): Credit Suisse moves the medical device maker to Outperform from Neutral.
(PKI): The stock gets a Buy-from-Outperform boost at Crédit Agricole.
(RTP): Shares are now Buy from Neutral at Citi.
(PINK:SBMRY): The brewing behemoth whose brands include Carling, Grolsch, and Pilsner Urquell is moved to Outperform from Neutral at Macquarie.
(TGH): Bank of America-Merrill takes TGH to Buy from Neutral.
(See also: Stock Downgrades: Boeing About to Crash
and New Stock Coverage: Which Fertilizer Stocks Pass the Smell Test?
No positions in stocks mentioned.
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