From political troubles in Italy, the land of the leaning tower, to Spain, whose similarly tilting Bankia
(PINK:BNKXF) just lost €19 billion, a widening wall of woe accumulates across the Atlantic. Yet still stocks continue to climb higher. This despite Congress dithering over $85 billion in automatic spending cuts while American’s income posts its biggest drop in two decades
In an age of austerity, maybe we could all learn a little something from the unexpected frugality of our sport stars. Spice Boy David Beckham now works for free,
after all, and this certainly hasn’t hurt spice stock McCormick & Company
(MKC), which finished at an historic best on Friday. Ugg endorser Tom Brady can also afford his pay cut
after Deckers Outdoor
(DECK) jumped $6.06 on the week. Elsewhere JC Penney
(JCP) is indeed continuing to offer investors an “Everyday low price” after plunging 16.97%.
Today’s corporate earnings announcements are due to include Arena Pharmaceuticals
(ARNA), Ascena Retail Group
(ASNA), Boyd Gaming
(BYD), Casella Waste
(CWST), HSBC Holdings
(RIG), and Veeco Instruments
(PINK:AAUKY): The commodity company, which owns 85% of diamond giant De Beers, is now Reduce from Neutral at Nomura.
(AON): Goldman Sachs gives the insurance outfit, recently trading at historic highs, a Neutral-from-Buy downgrade due to valuation. Its intact price objective is $62.
(ARCC): Shares are now Neutral from Buy at Bank of America-Merrill Lynch.
(NYSE:BMY): The pharmaceutical giant gets lowered to Neutral from Buy at Bank of America-Merrill Lynch.
(CNX): The coal company gets cut to Neutral from Buy at Goldman.
(EXLS): Shares are now Hold from Buy at Needham, which notes increased competition from big Information Technology services firms.
First PacTrust Bancorp
(BANC): Saying shares are currently range-bound, Robert W. Baird reduces its rating to Neutral from Outperform and trims its target price by $2 to $11.
(LHO): Goldman slashes the stock to Sell from Neutral.
(MU): MU is moved to Neutral from Buy at Lazard.
(RJET): Bank of America-Merrill reduces RJET to Underperform from Neutral.
(SO): Shares of the electric utility may indeed head south today after being taken to Neutral from Buy at Citigroup.
(See also: New Stock Coverage: Tiffany Still a Rough Diamond
and Stock Upgrades: Telecommuting Ban a Home Run for Yahoo?
No positions in stocks mentioned.
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