Way back in 1972, when the Miami Dolphins we just got around to honoring yesterday
swept all before them, Clint Holmes had a novelty hit singing “My name is Michael, I’ve got a nickel.
" In our age of deflation, a humble Penney
(JCP) was more than enough for Michael Ullman, who saw his long-suffering stock surge 5.98%. Shares rose as the CEO said “The response to our back-to-school marketing messaging which we launched late in the period has been promising.” Well, bully for you
Wayward Tony Hayward was also no stranger to putting his foot in his mouth
while head of BP Plc
(BP). He is now temporarily in charge of Glencore Xstrata
(GLNCY) — down 1.88% on iffy earnings — after enduring a spell in Siberia
. Far from the madding crowd didn’t work nearly as well as Urban Outfitters
(URBN), with that upgraded stock
advancing an impressive 8.19%.
Today in economics, analysts expect an improvement in July existing home sales at 10:00 a.m. Eastern. At 2:00 p.m. the Federal Open Market Committee releases minutes to its July 30-31 policy meeting. On the earnings front, American Eagle Outfitters
(AEO), China Telecom
(HPQ), J.M. Smucker
(SJM), L Brands
(LOW), Madison Square Garden
(TGT), and Toll Brothers
(TOL) are all due to release results.
(CAT): Daiwa Securities downgrades the key Dow
(^DJI) component to Neutral from Outperform.
Chesapeake Energy Corporation
(CHK): The company, which ex-CEO Aubrey McClendon once famously called "the biggest frackers in the world
," is cut to Neutral from Positive at Susquehanna.
: More bad news for the sector, battered of late on Russian cartel concerns. Today HSBC Securities inflicts Neutral-from-Overweight ratings reductions on Agrium
(AGU), whose price objective goes to $95 from $117, and Mosaic
(MOS) ($33 from $66). The 180 degree damage done to Potash
(POT) (Underweight from Overweight and $22.50 from $48) is even more substantial.
(GDFZY): The giant French electricity firm gets downgraded to Neutral from Overweight at HSBC.
Greenhill & Co.
(GHL): JMP Securities moves the investment outfit to Market Perform from Outperform.
(HMY): UBS cuts the commodity company to Sell from Neutral, sending it lower this morning.
(SNY): Shares get downgraded to Market Perform from Outperform at Cowen.
(TUP): BMO Capital Markets takes TUP to Market Perform from Outperform.
(VELT): After yesterday’s 8.77% market-bucking increase, RBC Capital Markets reduces its rating on the business software stock to Underperform from Sector Perform. Shares are slumping some 30% as I write.
(See also: New Stock Coverage: Trulia Inc Is on Easy Street
and Stock Upgrades: Herbalife Ltd. Still Turning Bill Ackman’s Hair 50 Shades of Gray
No positions in stocks mentioned.
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