Stocks started September with gains, although these were pared as the session wore on as a looming line in the sand
made for anything but a day at the beach. Still, the Dow
(INDEXDJX:.DJI) did start what has historically been a scary month in the green, with equities inspired by the Elop
and Elon show. This as a rejuvenated Nokia
(NYSE:NOK) jumped 31.28% to top the NYSE and Mr. Musk saw his Tesla Motors
(NASDAQ:TSLA) hit an all-time high to take its 12-month increase to 492.36%.
Among standout stocks, Mr. Coffee owner Jarden Corp.
(JAH) gained 10.43%. The company will forever be associated with an iconic New York Yankee
. Yet the caffeinated nectar of the gods was equally good to a Met
, with David Einhorn’s long-shorted Green Mountain Coffee Roasters
(NASDAQ:GMCR) gapping down 1.33% on a ratings reduction
Today in economic data, the Federal Reserve’s beige book detailing regional financial conditions in a dozen districts is released at 2:00 p.m. Eastern. On the quarterly earnings front, Ciena Corporation
(NASDAQ:CIEN), Dollar General
(NYSE:DG), FuelCell Energy
(NASDAQ:FCEL), Navistar International
(NYSE:NAV), and SAIC, Inc.
(NYSE:SAI) are all due to report results.
(OTCMKTS:AKZOY): Macquarie moves the paints and coatings company to Neutral from Outperform.
(NYSE:AMP): Barclays cuts the company to Equal-Weight from Overweight.
(NYSE:BEAM): The spirits maker gets downgraded to Hold from Buy at Argus amid valuation issues.
(NASDAQ:CNQR): The technical software stock is taken to Hold from Buy with Wunderlich, whose price objective is $96. Consensus earnings estimates which forecast 40% pro forma EPS (earnings per share) growth are seen as overly optimistic.
Hospitals/Long-Term Care: Kindred Healthcare
(NYSE:KND) and Select Medical
(NYSE:SEM) are each cut to Underperform from Market Perform with Wells Fargo.
(NASDAQ:MSFT): Morgan Stanley moves the stock, yesterday’s poorest Dow
(INDEXDJX:.DJI) performer, to Equal-Weight from Overweight. Its $7.2 billion deal with Nokia Corporation
(NYSE:NOK) increases expenditure and execution risks, the analyst wrote in a note. Shares are trading lower this morning as a result.
(NYSE:NOK): The telecom name is now Hold from Buy at Argus after yesterday’s 31.28% jump. (Note that shares separately scored two upgrades today.)
(NASDAQ:RYAAY): The budget British airline, tumbling about 12% today after issuing a full-year profit warning, is now Neutral from Buy at UBS.
(NASDAQ:VVUS): Lazard slashes the drug stock to Sell from Neutral.
(See also: Stock Upgrades: World Wrestling Entertainment Is Boxing Clever
and New Stock Coverage: Bill Still to Come Due for J.C. Penney
No positions in stocks mentioned.
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