From Lehman Brothers to the Jonas Brothers in five years is a funny kind of progress, but Nasdaq
(INDEXNASDAQ:.IXIC) yesterday learned the hard way
just how much can happen in 6 Minutes
. Equities brushed off yet another trading outage at the exchange and opted instead to spend 7 Minutes in Heaven, from where PennyMac Financial
(NYSE:PFSI) — up 3.55% — and JC Penney
(NYSE:JCP) — a 6.13% gainer — each descended in the ascendancy. The Nasdaq glitch specifically started with the symbol PC, adding insult to injury for the personal computer industry on a day an unloved Microsoft
(NASDAQ:MSFT) dropped a Dow
(INDEXDJX:.DJI)-worst 2.15%. The auto industry, also left for dead not long ago, came back to life in a big way with General Motors
(NYSE:GM) gaining 5.01%. Its headquarters are in Motown’s marvelously misnamed Renaissance Center but that unfortunate Detroit paramedic who recently suffered a heart attack while performing CPR
still seems a more apt metaphor for the town’s ailing economy.
This morning, consensus calls for a falloff in factory orders for July and August’s Institute for Supply Management non-manufacturing index, each out at 10:00 a.m. Eastern. On the quarterly earnings front, Conn’s
(NYSE:ZQK), Smith & Wesson
(NASDAQ:SWHC), and VeriFone
(NYSE:PAY) are all expected to release results.
(NYSE:ABB) The European industrial equipment stock is slashed to Equal-Weight from Overweight by Barclays.
First Majestic Silver
(NYSE:AG): BMO Capital cuts the commodity company to Market Perform from Outperform.
(NYSE:LMT): The aerospace and defense stock gets lowered to Sector Perform from Outperform at RBC Capital Markets.
(NYSE:NEM): NEM is now Equal-Weight from Overweight at Barclays.
(NASDAQ:OPEN): Morgan Stanley moves the Internet restaurant reservation outfit to Underweight from Equal-Weight.
(NYSE:PRA): The property and casualty insurance company is cut to Neutral from Buy at Suntrust Robinson Humphrey.
(NASDAQ:VIAB): B. Riley reduces its rating on the owner of Comedy Central, MTV, and Nickelodeon to Neutral from Buy. Valuation issues are cited, with the stock up 62.28% in the past year and now trading within 6.1% of the brokerage’s $85 price objective.
(NASDAQ:Z): The online real estate name is now Underweight from Equal-Weight at Morgan Stanley.
(See also: New Stock Coverage: Starbucks Easily Worth Eighty Bucks
and Stock Upgrades: Groupon Is Your Deal of the Day
No positions in stocks mentioned.
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