The Mother of all Market Rallies resumed just in time for Father’s Day and, with apologies to Papa Hemingway, by the end of trading no one much cared For Whom The Bell Tolls
. All that mattered was that the closing gong concluded the second best day of the year for stocks, as equities snapped out of their recent slump in some style.
History’s oldest man Jiroemon Kimura, who passed away earlier this week at the age of 116, once told reporters that he spent two hours per day reading newspapers. What a pity, then, that he didn’t live to see the New York Times
(NYT) surge 6.02% as an ink-stained sector long left for dead surged on merger activity.
(KRFT), maker of Singles, jumped 4.75% and a big cheese media mogul, scratching the 14-year itch
, finds himself suddenly single again. United States Steel
(X) rose 5.52% just in time for today’s box office opening of Man of Steel
. A Superman comic once saved a family from foreclosure
and, based on a 2% increase in the national foreclosure rate for May, he may soon be called into action once more.
Today in economics, June’s Thomson Reuters/University of Michigan consumer sentiment index will be released at 9:55 a.m. EDT
. (Or 9:54:58, if you are among the favored few to get it two seconds early
.) On the corporate front, American Superconductor
(AMSC), Magnum Hunter
(MHR) and Smithfield Foods
(SFD) report results.
CME Group Inc.
(CME): Shares get increased to Buy from Neutral at ISI Group.
Computer Sciences Corporation
(CSC): The stock is upgraded to Buy from Hold by BNP Paribas.
Consolidated Edison, Inc.
(ED): Citigroup boosts the Big Apple-based electric utility substantially, to Buy from Underweight.
(ENOC): Shares are now Overweight from Neutral at JPMorgan.
(GME): Saying that investors are underestimating the company’s earnings and cash flow potential, Oppenheimer increases its investment opinion to Outperform from Perform. Its price objective, previously $27, is taken to $50.
(GOOG): The Internet search giant gets added to Evercore’s Conviction Buy list.
(GRPN): The daily deals website is surging approximately 8% as I write after getting a Buy-from-Hold hoist at Deutsche Bank. The German bank believes that, in an ideal scenario, the stock can double.
Hormel Foods Corporation
(HRL): KeyBanc Capital Markets moves the maker of Spam to Buy from Hold.
Myriad Genetics, Inc.
(MYGN): The stock is increased to Outperform from Perform at JMP Securities.
Renault SA Regie Nat
(RNSDF): Shares in the French car company, which owns Citroën, are up more than 2% in today’s European trading after being added to the Focus List at Citigroup.
Royal Dutch Shell plc
(RDS-B): The oil outfit gets upgraded to Outperform from Sector Perform at RBC Capital.
(SBNY): BMO Capital Markets moves SBNY to Outperform from Market Perform.
(SCTY): Credit Suisse raises the alternative energy name to Outperform from Neutral.
(See also: New Stock Coverage: Anheuser-Busch InBev NV Gets the Party Started
and Stock Downgrades: E I Du Pont De Nemours and Co Loses That Teflon Touch
No positions in stocks mentioned.
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