Ominous omens abound: September has historically been the single worst month in the market, we just marked five years since the fall of Lehman Brothers, and last week’s trading concluded on Friday the 13th. Yet equities still climb inexorably upward. Nasdaq
(INDEXNASDAQ:.IXIC) was the poorest performing major index, yet it still advanced 1.70% to its highest level since the autumn of 2000. (In that antediluvian era, paper chads decided elections, but technology has thankfully taken us to a new age at the ballot box
.) Back then, Eliot Spitzer, whose comeback attempt ended last week, took an analyst to task for calling Internet Capital Group “a disaster
” in private even while urging the public to purchase. The company, which now answers to the name of ICG Group
(NASDAQ:ICGE), just jumped 12.99% so William Faulkner’s line — "The past is never dead. It’s not even past" — rings truer than ever. Especially at Wendy’s
(NASDAQ:WEN), which isn’t averse to exhuming its deceased founder in advertising campaigns
and surged some 9.44%.
(NASDAQ:ABFS): Deutsche Bank downgrades the company to Hold from Buy.
: ISI Group gives Neutral-from-Buy downgrades to Las Vegas Sands
(NYSE:LVS) and Wynn Resorts
(NASDAQ:CEDU): Piper Jaffray reduces its investment assessment to Neutral from Buy.
EZchip Semiconductor Ltd.
(NASDAQ:EZCH): Shares, which slumped late last week, are today taken to Perform from Outperform at Oppenheimer, which regards consensus earnings estimates as overly optimistic.
(NYSE:GSK) gets downgraded to Equal Weight from Overweight by Barclays, which cuts Novartis
(NYSE:NVS) to Underweight from Equal Weight.
(NYSE:GIMO): Raymond James reduces the networking name to Market Perform from Outperform.
(NYSE:HOV): The homebuilder is cut to Underperform from Sector Perform at FBN
(NASDAQ:MDAS): MDAS gets moved to Neutral from Buy at Lazard.
(NYSE:PLD): The industrial real estate investment trust is taken to Hold from Buy at Stifel.
(NYSE:TI): Citigroup slashes the stock to Sell from Neutral.
Under Armour Inc
(NYSE:UA): Shares are now Neutral from Positive at Susquehanna.
(See also: Stock Upgrades: Bristol-Myers Is Just What the Doctor Ordered
and New Stock Coverage: Argentina Cries for Arcos Dorados
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.