Detroit’s fabled 8 Mile entered Chapter 9, yet stocks still scored a perfect 10. Shares hit fresh historic highs, helped by a 4.37% advance to a multi-year high in Morgan Stanley
(MS). Its 54-year old James Gorman has clearly aged far better than Barbie, another product of 1959. Fresh from sliding an S&P 500
(^GSPC)-worst 6% plus on Wednesday, Mattel
(MAT) wakes up to a ratings reduction this morning. Elsewhere, an unloved eBay Inc.
(EBAY) imploded 6.73% to post the Nasdaq-100′s
(INDEXNASDAQ:NDX) poorest performance. (Its stock has still not fallen as low as some of the company’s customers
, however.) The hoodie at the head of Facebook
(FB) endured a 1.76% fall, and over at Microsoft
(MSFT), Amy Hood has had better days
as her stock slides 7.53% before the bell.
No top-tier economic data due today, but the first full week of Q2 reporting season concludes with earnings expected out of Baker Hughes
(BHI), General Electric
(IR), Rockwell Collins
(VOD), and Whirlpool
Advanced Micro Devices
(AMD): Morgan Stanley moves the stock, falling more than 4% as I write, to Underweight from Equal Weight.
(ATHN): Shares are lowered to Neutral from Buy at Lazard.
(FCS): FBR Capital cuts the company to Perform from Outperform, trimming its target price by $2 to $14 amid plunging orders for personal computers.
(HBC): The financial firm is lower in today’s London trading after Investec reduced its rating to Hold from Buy.
(ISRG): The slumping owner of da Vinci robots is reduced to Underperform from Perform at JMP Securities.
(MAT): The beleaguered Barbie maker gets moved to Market Perform from Outperform by BMO Capital Markets.
(MSFT): The key Dow
(^DJI) component, slumping some 7.53% as we speak, is cut to Perform from Outperform at Raymond James. Last night’s earnings announcement revealed a $900 million write-down on its Surface tablet.
(MOS): The fertilizer firm is now Neutral from Buy at Susquehanna.
(OMC): RBC Capital cuts the advertising giant to Sector Perform from Outperform.
(PNRA): Raymond James reduces its rating to Underperform from Market Perform.
(REMYF): JP Morgan cuts the French cognac king to Underweight from Equal Weight.
Royal Bank of Scotland
(RBS): Shares are slashed to Hold from Buy at Investec.
(SAP): The German enterprise software giant gets downgraded to Neutral from Overweight at JPMorgan.
(SHFL): Shares, no longer trading on fundamentals after being bought, are now Hold from Buy at Brean Capital.
(STMP): A second downgrade
of the week for the stock, now Neutral from Buy at Roth Capital.
(SYK): The medical device maker is moved to Hold from Buy with Wunderlich, whose price objective is $71. Earnings per share fell short of consensus estimates.
(TSM): HSBC Securities takes the tech stock to Neutral from Overweight.
(TKPPY): Shares get downgraded to Hold from Buy at Deutsche Bank.
(See also: Stock Upgrades: Don’t Expect Netflix, Inc.’s House of Cards to Come Crashing Down Anytime Soon
and New Stock Coverage: Fast Money Flees Sprint Nextel Corporation
No positions in stocks mentioned.
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