Default, dear Brutus, is not in our stars, but in ourselves.
-- Julius Caesar
, Act 1, Scene 2
I quote from memory
. It may in fact have been “Dassault
(OTCMKTS:DASTY), dear Brutus,” for that stock followed up Monday’s 10.53% mauling with a downgrade-related
4.31% tumble on Tuesday. And, with Caesars Entertainment
(CZR) having itself imploded 11.08%, perhaps I stand accused of further twisting the knife into a fine fellow long since stabbed in the back 23 times. But the blame game for our Washington woes does indeed begin by looking in the mirror; we elected these ignoramuses. Thus it was that the Dow
(INDEXDJX:.DJI) dropped by triple digits as politicians continued to dither. House Speaker John Boehner helpfully called the Senate proposal a “hand grenade” but even those warlike words failed to aid the underperforming defense sector, paced by a 13.81% plunge in FLIR Systems
Elsewhere JC Penney
(NYSE:JCP) lost another 8.89% amid bankruptcy rumors. All else having failed, it will now put its faith in Mickey Mouse
. (Hey, as we shall soon see with Whole Foods
(NASDAQ:WFM), long tails are not necessarily a reason to go short.) And Apple
(NASDAQ:AAPL) obviously has it in for fellow fruits. Not content with bludgeoning BlackBerry
(NASDAQ:BBRY), it now raids Burberry
Today in economics, the Fed will release its “beige book”, detailing economic conditions in a dozen districts, at 2:00 p.m. Eastern. Hump Day of the first full week for third quarter earnings announcements is upon us, with American Express
(NYSE:AXP), Bank of America
(NYSE:BAC), eBay Inc
(NASDAQ:EBAY), International Business Machines
(NYSE:IBM), and PepsiCo
(NYSE:PEP) among a multitude of big names due to report results.
(NYSE:AMT): Goldman Sachs starts the stock at a Buy.
Cliffs Natural Resources
(NYSE:CLF): The iron ore outfit, up 4.09% yesterday, is rated Market Perform with Wells Fargo.
(NASDAQ:GERN): GERN gets assigned a Buy rating at MLV & Co, whose target price is $6.50. Pending Phase II trial results for imetelstat regarding myelofibrosis offer promise, the broker believes. Shares are, accordingly, showing strength ahead of the open.
Grand Canyon Education
(NASDAQ:LOPE): Shares are begun with a Buy at Citigroup.
: Fairway Group
(NASDAQ:FWM), The Fresh Market
(NASDAQ:TFM), and Safeway
(NYSE:SWY), are all Outperforms at BMO Capital Markets.
Home Improvement Retailers
: SunTrust Robinson Humphrey starts Buys on both Home Depot
(NYSE:HD), a Dow
(INDEXDJX:.DJI) component, and its smaller rival Lowe’s
(NYSE:LFL): Shares are launched with an Outperform opinion and $20 price objective at Imperial Capital, which calls the company a turnaround play.
(NYSE:LUX): The stock is an Underperform at BNP Paribas.
(NASDAQ:NWBO): NWBO is a new Outperform at Oppenheimer, whose target price is $5.
Smith & Wesson
(NASDAQ:SWHC): Lake Street has a fresh Hold on the firearms firm.
: AK Steel
(NYSE:AKS) is an Underperform at Credit Suisse, which has a new Neutral on US Steel
(NYSE:NUE) and Steel Dynamics
(NASDAQ:STLD) are each assigned Outperform.
Whole Foods Market
(NASDAQ:WFM): More good news for the upscale foodie favorite, which yesterday hit the highest level in its history even as a stomach-turning story about an in-house mouse dropped in its lap
. Today it scores an upbeat Outperform initiation at BMO Capital.
(See also: Stock Upgrades: Alaska Air Comes in From the Cold
and Stock Downgrades: Now’s Not the Time to Be Overweight Vivus
No positions in stocks mentioned.
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