With the Dow
(^DJI) having gained for 20 straight Tuesdays, investors may have been tempted to prematurely phone it in. (Especially on a day AT&T Inc.
(T) jumped 1.71% to pace a torrid telecom tape.) But as the celebrated author of Tuesdays With Morrie
once learned to his considerable cost, filing a story ahead of time can result in acute embarrassment for an author
Thus it was that, just as the day had started to appear infallible, the glorious run of Tuesdays With Mr. Market
came to an abrupt end. Energy stocks posted the poorest performance, in tandem with Wall Street finally running out of that precious commodity. But energy drink maker Monster Beverage
(MNST) had no such problems, jumping 10.45% to top the entire S&P 500 Index
(^GSPC). Pandora Media
(P) turned an ever deeper shade of crimson, falling 5.45%, after its CFO’s attempts to brush off Apple
(AAPL) competition were seen as, well, a red Herring
(SMG), whose head prefers to turn the air blue
, had further reason to curse his luck after that stock dropped 1.36%. A new study showed vegetarians live longer than meat-eaters,
but USA Today
(GCI) — fresh from putting a cattle on its front cover
— likely thinks that is bull. Shares rose 1.28% in extended trading after an analyst unleashed its animal spirits
Today in economics, April factory orders and the Institute for Supply Management’s May services index are each out at 10:00 Eastern. At 2:00 p.m. the Federal Reserve releases its June beige book, detailing regional financial conditions in a dozen districts.
On the corporate front, expect quarterly earnings announcements from Ascena Retail
(BF-B), Coldwater Creek
(CWTR), Francesca’s Holdings
(FRAN), FuelCell Energy
(FCEL), Harvest Natural
(HNR), Hovnanian Enterprises
(HOV), Jos. A Bank Clothiers
(JOSB), Layne Christensen
(LAYN), and VeriFone
(APA): The energy name is now Buy from Hold hoist at Deutsche Bank.
(AUXL): Leerink Swann lifts the stock to Outperform from Market Perform.
(BHI): Jefferies juices the oil services outfit to Buy from Hold.
Bed Bath & Beyond
(BBBY): The retailer is raised to Buy from Neutral at Nomura.
(CTXS): Goldman Sachs gives the stock a boost to Buy from Neutral.
(NYSE:COP): Barclays increases the oil giant to Overweight from Equal Weight.
(FRX): The stock is lifted to Buy from Hold with a $46 objective at Argus, which anticipates revenue growth of roughly 8% for the firm’s principal product Namenda.
(JOEZ): Shares are now Buy from Neutral at B. Riley & Co, which says sales comparisons are poised to become progressively easier.
Kayne Anderson Energy
(KED): KED is now Neutral from Underperform at Bank of America-Merrill Lynch.
(CRM): Shares get upgraded to Conviction Buy from Buy at Goldman, sending them 2.86% higher as I write.
(TKR): TKR is taken to Buy from Hold at Jefferies.
(See also: New Stock Coverage: Jump Into Jive Software
and Stock Downgrades: Callaway Golf, All Green of Late, Heading for Rough Day
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.