Ominously, echoes of 1987 are suddenly everywhere in the stock market. Microsoft’s
(NASDAQ:MSFT) departing head bids us farewell amid the tunes of that year’s Dirty Dancing
. This as the New York Giants had their worst start to a season in 26 years
. At least Pandora
(NYSE:P), which surged some 7.78%, has reason to praise Radio Days
, Woody Allen’s ’87 paean to the golden age of wireless. When it was all over, the Dow
(INDEXDJX:.DJI) had dropped for second straight week, briefly dipping below 15,000. Microsoft, up 2%, actually fared better than most, especially with Kill Bill apparently all the rage
. William Ruprecht faced calls for his head
at Sotheby’s (NYSE:BID) and William Ackman endured another torrid time of it
. The hedge fund heavyweight was quoted as saying, "You need a thick skin to be in this business
." Or perhaps just a Potbelly
(NASDAQ:PBP), which jumped 119.79% in its first trading session.
Today in economics, August consumer credit is predicted to expand at 3:00 p.m. Eastern. In earnings action, expect Tower Group
(NASDAQ:TWGP) to release results.
(NYSE:AA): Amid softening aluminum pricing, Morgan Stanley moves the stock to Equal-Weight from Overweight. Its price objective, previously $10, is now $9.
(NASDAQ:CHRW): The transport stock gets taken to Underperform from Neutral at Macquarie.
(NYSE:DB): Canaccord Genuity gives its fellow financial firm a downgrade to Hold from Buy.
(NASDAQ:FB): Shares, which scored a bullish buy initiation elsewhere this morning, are also reduced to Outperform from Strong Buy at Raymond James on account of valuation issues.
(NYSE:EQT): Morgan Stanley moves the equity to Equal-Weight from Overweight.
(NYSE:EVR): The stock is now Neutral from Buy at Goldman Sachs.
(NYSE:HFC): HFC is slashed to In-line from Outperform at Imperial Capital, which also takes its target price to $41 amid a contraction in refining margins.
(NASDAQ:INFA): Shares are downgraded to Equal Weight from Overweight by Barclays.
International Business Machines
(NYSE:IBM): The key Dow component, which apparently now employs more people in India than it does here at home
, gets downgraded to Equal Weight from Overweight by Barclays. Its price objective, previously $215, is taken to $190.
(NASDAQ:QCOM): Bank of America-Merrill Lynch lowers the tech name to Neutral from Buy.
(NYSE:PGR): The insurance outfit is moved to Market Perform from Strong Buy at Raymond James.
(NASDAQ:SPLK): Crédit Agricole cuts the company to Underperform from Outperform.
(NASDAQ:GEVA): GEVA gets downgraded to Neutral from Outperform with Wedbush.
(NYSE:TOL): Luxury homebuilder TOL is trading lower today after being taken to Neutral from Buy at Goldman.
(See also: Stock Upgrades: Apple, Hain Celestial, and Signet Jewelers
and New Stock Coverage: Facebook, General Electric, and Garmin
No positions in stocks mentioned.
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