An adaptation of Washington Irving’s Sleepy Hollow
just premiered to boffo business
but it is another of the author’s somnambulant creations — namely Rip Van Winkle — that most comes to mind as Mister Market awakes as if Lehman never happened. (For good measure, the top S&P 500 Index (INDEXSP:.INX) stock over the past five years
(NASDAQ:REGN), based in the headless horseman headquarters of Tarrytown.) That a man who brought Merrill Lynch to its knees during the financial crisis is now on the board of Alcoa Inc.
(NYSE:AA) — yesterday’s best-performing Dow
(INDEXDJX:.DJI) component, incidentally — indicates just how little accountability came with the Great Recession.
Among equities on the move, Apple Inc.
(NASDAQ:AAPL) snapped a brutal slide to advance 1.16% and Abercrombie & Fitch
(NYSE:ANF), involved in a contentious campaign to take over London’s old Apple Corps building made famous by The Beatles
, rose 2.92%. The hoity-toity types it encountered there are known in England as “chinless wonders
” but yesterday it was double chins
that proved profitable for Kythera Biopharmaceuticals
(NASDAQ:KYTH), which jumped 25.11% to top the Nasdaq
Today the Federal Open Market Committee concludes its two-day policy setting meeting in Washington, DC, with an interest rate announcement expected at 2:00 p.m. Eastern. Ben Bernanke is due to host a press conference at 2:30 p.m. In corporate earnings action, Cracker Barrel
(NYSE:FDX), General Mills
(NYSE:GIS), Manchester United
(NYSE:MANU), and Oracle
(NYSE:ORCL) are all slated to release results.
(NYSE:BDX): Piper Jaffray moves the medical instruments equity to Overweight from Neutral.
(NYSE:CL): The consumer products powerhouse is boosted to Overweight from Equal Weight by Barclays.
(NYSE:ED): Goldman Sachs juices the New York electric utility name to Neutral from Sell.
(NYSE:HCA): HCA is hoisted to Buy from Neutral at Mizuho, which also increases its price objective by $9 to $51 on account of potential benefits from health care reform.
(NYSE:IPG): The advertising giant gets upgraded to Hold from Underperform at Jefferies.
(NYSE:NOK): Didn’t we just do this, not once
? Another week, another upgrade for the surging Finnish telecom titan, today trading higher in Europe after getting taken to Outperform from Neutral at Credit Suisse.
Oil States International
(NYSE:OIS): BMO Capital Markets increases the energy outfit to Market Perform from Underperform.
(NYSE:TLYS): The teen apparel outfit is now Overweight from Neutral at Piper Jaffray.
(NYSE:VIPS): Deutsche Bank boosts the discount and variety store operator to Buy from Hold.
(NYSE:WFT): The oil services stock is upgraded to Outperform from Market Perform with Wells Fargo.
(NYSE:WHR): Shares are added to the US 1 List of favored equities at Bank of America-Merrill Lynch.
(See also: New Stock Coverage: Sprint Stuck in the Starting Blocks
and Stock Downgrades: Procter & Gamble Is All Out of Luvs
No positions in stocks mentioned.
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