Stocks slumped after a financial deal worked out in the wee hours of the morning received a tepid response from investors. But enough about our first budget in almost half a decade
. It was minuscule Cyprus that again dominated the day, taking markets down with it.
A new study showed the “insourcing” trend picking up momentum
, which will be news to outsourcer StarTek
(SRT), which surged 9.68% to finish at a fresh 52-week peak. Dell Inc.
(DELL) gained 2.62% after 66-year-old Stephen Schwarzman and 77-year-old Carl Icahn expressed an interest in its old school PCs, but Yahoo
(YHOO) demonstrated that the future ultimately belongs to 17-year-olds
And with red crabs on the march in Christmas Island
, Red Lobster owner Darden Restaurants
(DRI) rode an analyst upgrade
to rise 1.53%.
After a quiet couple of sessions the pace of economic data picks up with two releases due at 10:00 a.m. Eastern, namely February new home sales and consumer confidence for March. On the corporate front, Bank of China
(PINK:BACHY), Children’s Place
(PLCE), GOL Linhas Aéreas Inteligentes
(GOL), Mattress Firm Holding
(NEOG), and Turquoise Hill
(TRQ) are all due to report results.
(PINK:AAUKY): The commodity company, which owns an 85% stake in South African diamond giant De Beers, gets downgraded to Underperform from Sector Perform at RBC Capital.
(NASDAQ:AINV): Wells Fargo reduces its recommendation to Underperform from Market Perform, sending shares down 1.64% this morning.
(ASH): Longbow lowers the chemical name to Neutral from Buy.
Cabot Oil & Gas
(COG): The stock is taken to Hold from Buy at Stifel.
(GMAN): Shares, nose-diving 9.28% ahead of the open, are now Neutral from Overweight at Piper Jaffray. A troubling mix of merchandising problems and inventory issues were revealed in the company’s latest earnings release.
Kraton Performance Polymers
(KRA): Oppenheimer cuts the company to Perform from Outperform.
Magellan Health Services
(MGLN): Raymond James moves MGLN to Market Perform from Outperform.
(MWV): The paper and packaging powerhouse is now Neutral from Buy at UBS.
(PNNT): Shares are moved to Market Perform from Outperform with Wells Fargo.
(SWN): Stifel slashes the stock to Hold from Buy.
(TI): Shares are currently falling about 5% in today’s Milan trading on an Underperform-from-Neutral ratings reduction by Bank of America-Merrill Lynch and an Equal Weight from Overweight downgrade at Barclays.
Two Harbors Investment
(TWO): TWO is taken to Neutral from Buy with a fresh target price of $14.75 at Compass Point, which says multiple expansion opportunities appear limited in light of a full current valuation.
(See also: New Stock Coverage: Sibanye Gold Set to Glitter
and Stock Upgrades: Electronic Arts Isn’t Playing Around
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.