Contrarians will be concerned, but when one of Wall Street’s most noted bears turns bullish
, maybe stocks really are heading inexorably higher. (Given that David Rosenberg’s first day working in finance was Monday, October 19, 1987
, it is little wonder he has been wary for much of the past 26 years.) The S&P 500 Index
(INDEXSP:.INX) eked out a third successive record, helped by Hasbro
(NASDAQ:HAS) jumping 5.25% to hit a historic high. An impressive 29% increase, to $388.7 million, in girls’ toys propelled its earnings, and girl power was once gain evident as Israel picked a female to head its central bank for the first time
. Much like Janet Yellen, Karnit Flug was praised for her brains with nary a mention of her looks. This stands in stark contrast to male equivalents in England (likened to “George Clooney”
) and India (alternatively labeled a “sex symbol” and “rock star”
). Elsewhere TurboTax titan Intuit Inc.
(NASDAQ:INTU) gained 0.39% to a fresh all-time best and General Electric
(NYSE:GE), whose record of paying taxes is somewhat patchy
, gained 2.31% to top the Dow
(INDEXDJX:.DJI). And JC Penney
(NYSE:JCP) imploded another 8.29% after an analyst said shares could soon be worth only a dollar
. If its shareholders are feeling low, just remember that in Uruguay, a buck can get you high
Today in economics, August construction spending is expected to slip from the prior month’s pace at 10:00 a.m. Eastern. In earnings action, expect announcements out of Amgen
(NASDAQ:BRCM), Delta Air Lines
(NYSE:TRV), United Technologies
(NYSE:UTX), and India’s Wipro
(NASDAQ:AAOI): Roth Capital resumes Buy-rated research.
(NYSE:CLH): CLH is covered with a Buy at KeyBanc Capital.
(NASDAQ:ENZY): Canaccord Genuity has a Buy, and $24 price target, on the stock.
(NASDAQ:GLUU): GLUU, up about 10% last week, gets initiated with an Outperform at Cowen.
(NASDAQ:EXPE) is a new Neutral at Credit Suisse, which assigns Outperforms on Priceline.com
(NASDAQ:PCLN) and TripAdvisor
(NYSE:RNG): Shares are resumed at Overweight by JPMorgan.
: Drexel Hamilton has ho-hum Holds on both Broadcom
(NASDAQ:BRCM) and Xilinx
(NASDAQ:XLNX) but begins bullish Buys on Altera
(NASDAQ:ALTR), Analog Devices
(NASDAQ:ADI), Linear Technology
(NASDAQ:MU), and Qualcomm
(NASDAQ:TXN): They say, “Don’t mess with Texas,” but TI is messing with our minds. Today the stock — upgraded elsewhere this morning — scores an upbeat Buy initiation at Drexel Hamilton, this after its third quarter earnings beat Street estimates. Yet the stock is currently slumping about 3% in pre-market activity.
(NYSE:VMEM): Shares are assigned a new Neutral at Robert W. Baird, whose price objective is $8. Issues include macroeconomic uncertainty, especially as relates to the Federal government.
(See also: Stock Upgrades: Netflix Stock Going to Outer Spacey
and Stock Downgrades: Should Nokia Shareholders Jump Out of Windows?
No positions in stocks mentioned.
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