As Andy Petite -- who won his first World Series ring the last (latest?) time that there was a government shutdown in 1996 -- said goodbye
, Mr. Market’s problems are suddenly anything but petite. The S&P 500 Index
(INDEXSP:.INX) has now slumped in six of its past seven sessions, a streak that looks set to continue this morning. With 1979 in the news again on account of Iran
, a quote from Margaret Thatcher on November 12 of that year rang uncomfortably true for one plunging retailer She sagely said, “Pennies don’t fall from heaven; they have to be earned here on earth,
” and the grande dame of capitalism clearly hadn’t lost her Midas touch even in the week her ashes were interred
(NYSE:JCP), which imploded 30.2%, had a week from hell and just incurred another rating reduction. The Betty Ford clinic is merging
and Henry Ford’s
(NYSE:F) car company appears similarly addicted to the malarkey that Mulally, a man in his 69th year
, might be joining strong Microsoft
(NASDAQ:MSFT). And speaking of ’69, the iconic Volkswagen
(OTCMKTS:VLKAY) bus that drove untold thousands of hippies to a farm in upstate New York in August of that year, finally reached the end of the line
. This as Facebook’s
(NASDAQ:FB) Sheryl Sandberg, who arrived on the scene 10 days after Woodstock — when some stragglers were still finding their way home like a rolling stone — surged 7.90%.
Today in economics, analysts expect an uptick in September’s Purchasing Managers’ Index at 9:45 a.m Eastern. On the corporate front, Cal-Maine Foods
(NASDAQ:CALM), Diamond Foods
(NASDAQ:PAYX), and Park Electrochemical
(NYSE:PKE) are all due to release quarterly results.
(NASDAQ:ACHN): The biotech, falling 54% this morning, is taken to Neutral from Outperform by Robert W. Baird. The target price also gets slashed, by $8 to $4.
(NASDAQ:ARIA): BMO Capital cuts the company to Market Perform from Outperform. Its price objective, previously $37, is now $21.
(NASDAQ:CHRW): The logistics company is lowered to Underperform from Sector Perform at RBC Capital.
(NYSE:IP): Bank of America-Merrill Lynch lowers its rating to Neutral from Buy, sending shares down this morning.
(NYSE:JCP): No relief for the troubled retailer, now Hold from Buy at Maxim.
(NYSE:JCI): Morgan Stanley gives the stock an unusual 180 degree downgrade (Underweight from Overweight), and takes its target to $40 from $45.
Panera Bread Co
(NASDAQ:PNRA): The fast food firm formerly known as Au Bon Pain is taken to Equal-Weight from Overweight at Morgan Stanley, whose concerns include slowing same-store sales.
(NASDAQ:RP): Credit Suisse cuts the application software company to Underperform from Neutral.
Royal Bank of Scotland
(NYSE:RBS): Shares are reduced to Add from Buy at Numis.
(NYSE:SYT): The agricultural chemicals company is now Neutral from Buy at Citigroup.
(NYSE:WWAV): The firm, whose brands include International Delight and Land O’Lakes, gets moved to Underperform from Market Perform by BMO Capital.
(See also: Stock Upgrades: Buy Smucker Ahead of Washington Logjam
and New Stock Coverage: Go the Extra Miley With CryusOne.
No positions in stocks mentioned.
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