Trying for nine straight gains, the S&P 500
(^GSPC) decided — in the title of a TV show that initially aired 36 years ago — Eight Is Enough
. Indeed it was That '70s Show
in stocks, with inflation experiencing an unexpected uptick, and Coca-Cola
(KO) blaming the decade’s watchword economic "malaise" for a Dow
(^DJI)-worst 1.90% drop. What next? The return of Jimmy Carter’s killer rabbits
? Judging by a 2.57% tumble in Annies Inc
(BNNY), don’t bet against it.
(GS), which claims to do "God’s work," fell 1.69% but Hain Celestial
(HAIN) put in a Heavenly performance, advancing 3.27% to an all time best. And somewhere on his freshly appointed perch in Heaven sits ex-Merrill Lynch president Herb Allison
, a true Wall Street great. Looking at this morning’s 63% profit surge at Bank of America
(BAC), his former firm is in fine fettle.
Today Federal Reserve head Ben Bernanke begins his semiannual testimony on Capitol Hill at 10:00 Eastern. The Fed will also release its Beige Book, detailing regional economic conditions in a dozen districts, at 2:00 p.m. Hump Day of peak earnings week is here, with announcements expected out of Abbott Labs
(ABT), American Express
(AXP), Bank of America
(BAC), eBay Inc
(INTC), International Business Machines
(MAT), and Novartis
(NVS) among a multitude of others.
(ATHN): Shares get downgraded to Outperform from Perform at Raymond James.
(HOLX): The stock is now Neutral from Buy at Piper Jaffray.
(ININ): Shares are moved to Market Perform from Outperform at Raymond James.
Johnson & Johnson
(JNJ): The Dow
(^DJI) member is downgraded to Hold from Buy at Deutsche Bank, which is troubled by a steep valuation after shares hit the highest level in their history yesterday after announcing earnings.
(MCD): The fast food firm, a key Dow component, is now Neutral from Buy at Janney. The analyst says US same-store-sales projections are excessively optimistic, according to his proprietary survey. Shares are, accordingly, trading more than 1% lower as I write.
(MTL): HSBC Securities slashes the small cap stock to Underweight from Neutral at HSBC Securities. Its price objective, previously $5.60, is taken to $2.20.
Pan American Silver
(PAAS): The commodity company gets cut to Hold from Buy at Canaccord Genuity.
Scripps Networks Interactive
(SNI): Amid issues with Food Network ratings, Wunderlich cuts the company to Hold from Buy. Its price objective is $77.
(TWTW): Time Warner Telecom is taken to Hold from Buy at Deutsche Bank.
(UN): Credit Suisse cuts the consumer products giant to Underperform from Neutral, sending it tumbling more than 2% in today’s London trading.
(WNC): Shares are moved to Market Perform from Outperform at FBR Capital, which also trims its target by $5 to $10 amid an increasingly challenging industry outlook.
(See also: Stock Upgrades: Pier 1 Imports Inc Walks on Water
and New Stock Coverage: Going Gaga Over Gogo Inc
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.