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
(NYSE:EXPR), Fresh Market
(NYSE:GES), Joy Global
(NYSE:WSM), and Zale Corp
(NYSE:ZLC) are all due to release results.
(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.
(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.)
(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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