Stocks sank, with the Dow
(^DJI) snapping a six-week winning streak, as Ben Bernanke’s good ship QE
joined the Love Boat
on a list of ocean liners heading for the scrapheap. Telecoms tumbled 2.08% in posting the poorest performance of all 10 industries, despite the best efforts AOL Inc.’s
(AOL) Tim Armstrong, who fired someone via the phone
. This as two similarly-dismissed employees of a big bank may now be looking at prison time
, although at least any penitentiary calls will now cost considerably less
. Elsewhere analysts at Barclays
(BCS) may want to phone a friend for a lifeline. Its perennially top-notch research team
endured a torrid week, downgrading Fossil
(FOSL) one day before it surged an S&P 500
(^GSPC)-best 17.81% and cutting Tesla
(TSLA) hours before it hit the highest level in company history. (In each case, they may not be wrong, only early. Time alone, as it always does, will tell.)
Today in economics, the Treasury releases its July budget at 2:00 p.m. Eastern. On the quarterly earnings front, Ceragon Networks
(CRNT), Sysco Corporation
(SYY), Icahn Enterprises
(IEP), and WuXi PharmaTech
(WX) are all expected to announce results.
(A): Oppenheimer establishes the stock at Perform.
Alliance Data Systems
(ADS): The stock gets begun with a Buy at Goldman Sachs.
: Goldman resumes Polo Ralph Lauren
(RL) at a Neutral and begins Buy-rated research on PVH Corp.
(PVH), the former Phillips-Van Heusen.
(CX): BNP Paribas begins covering the Mexican cement stock at an Outperform.
(NYLD): Deutsche Bank has a Hold on the stock.
(OMED): OMED is assigned an Overweight at Piper Jaffray.
(PMFG): Needham has a Hold on the diversified machinery name, as solid demand prospects are balanced out by a relatively rich valuation.
(TMHC): Shares are started at Outperform by JMP Securities.
Tiffany & Co.
(TIF): Goldman Sachs starts the bling king at a lukewarm Neutral.
(UCP): The property manager is picked up with a Buy at Citigroup.
(WWAV): Shares are covered at Outperform by Credit Suisse.
(See also: Stock Upgrades: There’s Dollars In Krispy Kreme Doughnuts
and Stock Downgrades: Royal Dutch Shell plc Is All at Sea
No positions in stocks mentioned.
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