The Iranian scientist who says he has invented a time machine
in his spare time has clearly taken us back to the go-go Eighties. Indeed even Guess
(GES) – whose denim famously featured in Back to the Future
— jumped 3.14% yesterday as stocks relived Reagan-era ebullience to reach new records. Mrs. Thatcher is in the news but it is the words of a prior Conservative Prime Minister, Lord Palmerston, that presently echo most. “We have no eternal allies, and we have no perpetual enemies. Only Interests,” he said. Ain’t that the truth. Facebook
(FB) and General Motors
(GM) each gained big after both agreed to bury the hatchet, with the latter advertising again on the former after a frosty hiatus. (And this hard on the heels of Bill Ackman hailing the second coming of JC Penney’s
(JCP) Myron E. Ullman III, a mere 17 months after the billionaire squeezed him out.) Not all stocks shared in the irrational exuberance. Semiconductor outfit Intel
(INTC) slid 1.95% in a terrible tech tape. Some chips, it seems, are more irresistible than others
Today in economics, we get the University of Michigan’s first take on April consumer confidence at 9:55 a.m. Eastern, with business inventories for February following at 10:00 a.m. On the earnings front, JPMorgan
(JPM) and Wells Fargo
(WFC) are the first big banks to report results this morning.
(ABT): ABT is initiated with a Neutral at Credit Suisse.
(FL): FL is a fresh Overweight at Piper Jaffray.
(FINL): Shares are initiated with an Underweight at Piper Jaffray.
(KORS): Shares are covered at Underperform by Credit Agricole.
(OAK): The stock is initiated at Market Perform with Wells Fargo.
(NYSE:TTM): Say hello – and good buy -- to the Indian auto outfit. Shares are initiated with an Outperform and $31 target at Oppenheimer, which highlights good growth and new products.
(WM): Stifel starts the stock at a Hold.
(See also: Stock Upgrades: Rite Aid Is Right On
and Stock Downgrades: Callaway Golf Stripped of Green Jacket
No positions in stocks mentioned.
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