Most markets moved higher, although it was a mighty close run and stocks may still post their weekly loss of 2013. Yesterday’s photo finish certainly helped Shutterfly
(SFLY), which surged 20.27% to top the Nasdaq
(^IXIC). Clearly the digital camera never lies but when it makes the planet’s most beautiful person
look less than stellar
, it occasionally tells tall tales. Madison Square Garden
(MSG) racked up net profits, finishing up 2.36% at a fresh peak, after which its best known tenant promptly tanked
Also ending at a new summit after upbeat analyst comments
was Botox maker Allergan
(AGN), causing a strangely silent Silvio Berlusconi to turn the other cheek
This afternoon in economics, December consumer credit data is due at 3:00 p.m. Eastern. On the earnings front, Activision Blizzard
(CI), Credit Suisse
(HAS), Kohlberg Kravis Roberts
(LNKD), New York Times
(SNE), and Sprint Nextel
(S) are all expected to reveal results.
(AKAM): The tech stock is taken to Hold from Buy at Jefferies.
(DEO): The Guinness brewer gets downgraded to Sector Perform from Outperform at RBC Capital, which says cash flow is required to fund additional storage capacity and production.
Fox Chase Bancorp
(FXCB): Sandler O’Neill slashes the stock to Hold from Buy.
(GOOG): Shares, recently trading at historic highs, are now Neutral from Buy at Sterne Agee.
(IRG): Robert W. Baird reduces its rating to Neutral from Outperform, trimming its target price by $3 to $15 in the process. Issues include incremental risks related to increased operating complexity, and a less certain earnings environment in 2013.
Johnson & Johnson
(JNJ): The key Dow
(^DJI) component is lowered to Underperform from Neutral at Credit Suisse.
(PINK: LRLCY) Société Générale cuts the cosmetics company to Hold from Buy.
(NGG): NGG gets downgraded to Neutral from Overweight at HSBC Securities.
(OC): OC is cut to Hold from Buy at KeyBanc.
(SYK): Credit Suisse moves the medical device maker to Neutral from Outperform.
(TQNT): TQNT is taken to Hold from Buy at Needham, which notes that earnings are under pressure and catalysts appear limited.
(VIAB): Another day, another downgrade for the MTV owner, today moved to Neutral from Outperform with Wedbush, which predicts a potential lag in its advertising recovery. The price objective of $63 is intact.
(VMED): Deutsche Bank downgrades the stock, no longer trading on fundamentals following an acquisition offer, to Hold from Buy.
(V): Shares are moved to Market Perform from Outperform with Wells Fargo.
(PINK:VOLVY): The Swedish car company, famous for the perceived safety of its vehicles, gets cut to Hold from Buy at Deutsche Bank.
(See also: New Stock Coverage: AOL Not Dialing Up Dollars
and Stock Upgrades: Yahoo’s Recovery Picks Up Pace
No positions in stocks mentioned.
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