Corned beef killed the bull. Dow Industrials
(^DJI), on a record run and having gained every single Friday all year, finished the week with a loss after the NYSE, in its infinite wisdom, called upon the Irish to conclude proceedings
. Murphy’s Law — and his eponymous native ale
— duly did the rest.
You certainly can’t blame dearly departed Julius for an Ides of March implosion, not when CaesarStone
(CSTE) rose 5.28% and Caesars Entertainment
(CZR) put in another strong showing to end the week with an 18.88% surge. Equities had earlier enjoyed their best spell since 1996, when Alan Greenspan said a blue chip index then at 6,437.10 was “irrationally exuberant”; in his estimation it is now “significantly undervalued
” at 14,514.11. Truth be told, the intervening years have not been especially kind to the reputation of the Fed head, nor have they done much
for his fawning biographer
A flashy debut at venerable Radio City Music Hall failed to excite investors in Samsung Electronics
(SSNLF), which tumbled 2.6%. Pandora
(P) Internet radio, however, confirmed you can indeed teach old dog new tricks, advancing another 20.2% to continue its strong recent run.
The deteriorating situation in Cyprus is attracting the market’s attention today, although there is no top-tier US economic data due and it’s also quite quiet on the corporate earnings front. TravelCenters of America
(TA), which released its results earlier this morning, is the pick of quarterly announcements.
Boise Cascade Company
(NYSE:BCC): Shares in the building materials behemoth are only a new Neutral at Goldman Sachs and JP Morgan, while Deutsche Bank (Hold), and Wells Fargo (Market Perform) are equally unenthusiastic. DA Davidson (Underperform and $28 target price) is even less optimistic. By contrast, Bank of America-Merrill Lynch picks it up at a Buy.
Charles River Laboratories
(CRL): Bank of America-Merrill has new Neutral rated research on the biotech.
(CVD): The medical laboratory outfit is launched with a Buy and $81 price objective at Bank of America-Merrill, which sees substantial EPS (Earnings Per Share) growth as of next year.
(GNRC): Bank of America-Merrill Lynch assigns a Buy on the diversified machinery firm.
(PVH): Barclays begins Overweight rated coverage on the apparel outfit, formerly known as Phillips-Van Heusen.
(RGLD): BB&T Capital resumes a Buy on RGLD.
(See also: Stock Upgrades: Otis Owner United Technologies Finds Love in an Elevator
and Stock Downgrades: Titanic Troubles Ahead at Carnival Corporation
No positions in stocks mentioned.
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