Mick Jagger — no dummy about financial matters, having attended the London School of Economics – was on to something when he waxed lyrical about Ruby Tuesday
. It has been the single best day of the year in stocks and proved so again, helping to turn the market around impressively after Monday’s steep tumble.
(GWW), which makes nails
, surged 7.17% to top the S&P 500
(^GSPC) and Coca-Cola
(KO), which removes rust from nails
, climbed 5.69% to top the Dow
(^DJI). Deckers Outdoor
(DECK) jumped 3.4%, it being one of the stocks that Scott London of KPMG allegedly insider traded. A photo of him pocketing $5,000
has gone viral, and shows a True Value store over his shoulder. The dearly departed Pat Summerall, a spokesman for the hardware store
, will be watching him like a hawk.
Today in economics, the Fed releases its beige book detailing regional economic conditions in a dozen districts at 2:00 p.m. Eastern. On the earnings front, Hump Day of a peak reporting week sees announcements out of Abbott Labs
(ABT), American Express
(AXP), Bank of America
(BAC), eBay Inc.
(EBAY), and Mattel
(PINK:AHEXY) HSBC Securities slashes the staffing solutions stock to Neutral from Overweight.
(PINK:BASFY): The German chemical giant is now Neutral from Buy at Nomura.
(PINK:CTTAY): BNP Paribas reduces its rating to Neutral from Buy.
(DWA): Two views on the movie studio, upgraded yesterday but this morning moved to Negative from Neutral at Susquehanna.
Essex Property Trust
(ESS): Raymond James reduces its recommendation on the residential Real Estate Investment Trust to Outperform from Strong Buy.
: Macquarie gives Neutral-from-Outperform cuts to both Caterpillar
(NYSE:CAT), a key Dow
(^DJI) component, and competitor Deere
Intercontinental Hotels Group
(IHG): The accommodation outfit is taken to Equal Weight from Overweight by Barclays.
(ITC): Deutsche Bank downgrades the firm to Hold from Buy.
(MTB): Keefe Bruyette cuts the company to Market Perform from Outperform.
(MERC): MERC is moved to Hold from Buy at TD Securities.
Penn National Gaming
(PENN): Susquehanna slashes the stock to Neutral from Positive.
(POM): Shares are now Underperform from Neutral at Credit Suisse.
(GWW): Yesterday’s top S&P 500
(^GSPC) stock is today taken to Neutral from Buy at Longbow.
(See also: New Stock Coverage: Lululemon Stock Is Sheer Bliss
and Stock Upgrades: Merrill Says Marissa Mayer’s Yahoo Honeymoon Isn’t Over
No positions in stocks mentioned.
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