Stock Upgrades: Meet Stifel Financial in St. Louis

By Justin Sharon  AUG 28, 2013 9:25 AM

Wall Street ratings agencies set the tone for today's stock market.

 


Equities have thus far been on a record run in 2013 but, as any student of stock market history can tell you, after the bubble always comes the Baath. The Dow (INDEXDJX:.DJI), now down in eight of the past 10 sessions, tumbled to a two-month low amid an increasingly scary situation in Syria. Commodities were a clear beneficiary, with bullion now officially in a bull market from its June swoon after adding on another 2%. (They will find this all a bit bizarre in the great bazaar of Damascus, where gold has been sold for some 5,000 years.) With such an ancient history, the Middle East has always taken the long-term view. As they say in Afghanistan, “The West has all the watches, but we have all the time.” Maybe, but Movado (NYSE:MOV) did just jump 10.50% to an all-time peak. Elsewhere Abercrombie & Fitch (NYSE:ANF) fell a further 4.76%, closely followed by a 4.56% plunge in Chloraseptic and Luden’s cough drops parent Prestige Brands (NYSE:PBH). For the contentious CEO of the clothing company, the corpulent lassie — if not yet singing — is clearly starting to clear her throat.

Today in economics, analysts expect an increase in July pending home sales at 10:00 a.m. Eastern. In earnings action, Accor (OTCMKTS:ACRFF), Brown-Forman (NYSE:BF.B), Express (NYSE:EXPR), Fresh Market (NASDA:TFM),  Guess (NYSE:GES), Joy Global (NYSE:JOY), Williams-Sonoma (NYSE:WSM), and Zale Corp (NYSE:ZLC) are all due to release results.
 
Delhaize Group (NYSE:DEG): Citigroup boosts the Belgium-based grocer to Buy from Neutral, sending its stock up ahead of the opening bell.
 
Old National Bancorp (NASDAQ:ONB): Shares are moved to Outperform from Market Perform at FIG Partners.
 
Statoil (NYSE:STO): The Norwegian energy giant, whose shares are sharply higher ahead of the open, is now Buy from Neutral at Bank of America-Merrill Lynch. Shares are surging some 3% as a result of the broker boost.
 
Stifel Financial Corp. (NYSE:SF): Raymond James raises the regional financial firm from Judy Garland’s favorite city of St. Louis, Missouri to Outperform from Market Perform.
 
Tortoise Energy Infrastructure Corp. (NYSE:TYG): Stifel takes TYG to Buy from Hold with a $47 price objective, which says it trades at an attractive 94.4% to Adjusted NAV (Net Asset Value.)
 
USG Corporation (NYSE:USG): Longbow lifts the building materials outfit to Buy from Neutral.

(See also: New Stock Coverage: Can Gym Giant Nautilus Keep You Fiscally Fit? and Stock Downgrades: Don’t Buy Taser International, Bro!)
No positions in stocks mentioned.

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