Stocks fell, for all the efforts of the man who fell to earth
. Don Draper would surely have joined equity analysts
in approving of a $35.1 billion mega-merger in his industry. Yet equities still slipped overall, and even Publicis
(PUBGY) and Omnicom
(OMC) were met with considerable skepticism as to that age-old Madison Avenue conundrum of how to mesh creatives and accounts, in this case with the Atlantic Ocean as an additional complication. The National Association of Realtors, whose accounting can be impressively creative
, helped keep a lid on markets by revealing June pending home sales surprisingly slipped 0.4%.
Vive la France was the order of the day, for in addition to the advertising deal announced in the City of Light, Caterpillar’s
(CAT) 1.17% advance topped all Dow
(^DJI) issues after buying back $1 billion worth of stock from pride-of-Paris Société Générale
(SCGLY). In addition, Elan
(ELN) — its very name given to us by the Gauls — gained 3.55% to a fresh 52-week peak after being bought, and Danone
(DANOY) rose 2.92% on its earnings. (Its Evian is, of course, naïve spelled backwards, and some of us think you’d be pretty gullible to spend such an exorbitant sum on bottled water.) Alas, if you’d like a hot dog to go with those freedom fries, you’re outta luck, for Nathan’s Famous
(NATH) franks fell 8.28% after Barron’s
said “the simple wiener doesn’t strike us as something that’s going to take the world by storm.” Ain’t that the truth
Today in economics, The Conference Board releases its July consumer confidence index at 10:00 a.m. Eastern. In Washington, DC, the Federal Open Market Committee starts its two-day policy meeting. And on the earnings front, Aetna
(AMGN), Banco Santander
(BCS), BP Plc
(BP), Deutsche Bank
(MRK), NYSE Euronext
(SYMC), Take Two Interactive
(TTWO), and UBS AG
(UBS) are all due to report results.
(AVD): The equity is a new Neutral at SunTrust.
(BLUE): BLU is begun with an Outperform at Cowen.
(CDNS): Shares are covered with a Sector Perform at Pacific Crest.
(MENT): Pacific Crest picks up the stock at Outperform.
(STML): Roth Capital starts the stock at a Buy.
Tumi Holdings Inc
(TUMI): The luggage company is launched with a lukewarm Hold at KeyBanc Capital.
(See also: Stock Upgrades: Bankrate Inc Is Rated Highly
and Stock Downgrades: Frowns All Around for Colgate-Palmolive Company
No positions in stocks mentioned.
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