Wall Street’s old saw “Sell in May and go away” cut no ice with investors this year, perhaps not surprising since tool titan Stanley Black & Decker
(SWK) was just taken down a notch
. Dow Industrials
(^DJI) advanced a lucky 21 points and are poised to round out a surprisingly strong month.
Some stocks did buck a broadly higher tape, however. Alcoa
(AA) was the worst performing blue chip, dropping 1.05% after Moody’s
(MCO) — which rated Enron investment grade
until essentially the bitter end — cut the company to junk. Pig processor Smithfield Foods
(SFD) gave back 1.83% as an analyst, on the birthday of Porky Pig
, decided “That’s all folks!
“, opting to cut the shares
after the prior session’s 28.42% surge.
(FB) — whose CEO could always work in a hog abattoir
if this social networking thing doesn’t take off — rose an impressive 5.27% on a ratings increase
This morning in economics, analysts expect improvements in the May Chicago Purchasing Managers’ index at 9:45 a.m. Eastern and this month’s University of Michigan consumer sentiment survey at 9:55 a.m. On the corporate front, Genesco
(GCO) and Graham Corporation
(GHM) are the pick of a quiet day for earnings announcements.
(AON): The insurance outfit is cut to Market Perform from Outperform at Keefe Bruyette due to valuation issues.
Canadian Imperial Bank of Commerce
(CM): Bank of America-Merrill Lynch lowers the financial firm to Neutral from Buy.
Charles River Laboratories
(CRL): The stock gets lowered to Underperform from Market Perform at Raymond James.
(MLNX): Shares are taken to Neutral from Buy at UBS.
(MYGN): Jefferies cuts the company to Hold from Buy.
(PNRA): Lazard lowers the stock, which traded at an all-time high yesterday, to Neutral from Buy.
(NYSE:SMG): A plump Price:Earnings multiple sees BMO Capital reduce its rating to Underperform from Market Perform.
(See also: New Stock Coverage: Tiffany Boosted by the Bling Ring
and Stock Upgrades: There’s No Place Like HomeAway
No positions in stocks mentioned.
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