Stock Upgrades: Can I, Asks Apple? Yes Icahn!

By Justin Sharon  OCT 29, 2013 9:07 AM

Wall Street ratings agencies set the tone for today's stock market.

 


Where the mighty bull is concerned, lightening does indeed strike twice. Just ask that unfortunate Texas rodeo clown felled by two thunderclaps in quick succession. In a recurring theme, the S&P 500 Index (INDEXSP:.INX) rose to a second straight record on a day that saw some notable winners. Cigarette stock Lorillard (NYSE:LO) gained 1.92% to a lifetime high and, since anyone who still smokes knowingly signs up for a deal with the devil, an upgraded Bristol-Myers Squibb (NYSE:BMY) advanced exactly 6.66% on encouraging results for its lung-cancer drug. That Georgia man who just saved beer from a burning house might have been safer investing in Craft Brew Alliance (NASDAQ:BREW) instead. It jumped 2.75% — on the anniversary of Prohibition. The cover curse remains alive and well, with SolarCity (NASDAQ:SCTY) Chairman Elon Musk seeing that stock slump 1.81% even after a broker boost. And here’s hoping birthday boy Bill Gates, who turned 58, didn’t celebrate in his (Corbis) man cave, after its owner Iron Mountain (NYSE:IRM) imploded 1.81%.

This morning the Federal Open Market Committee starts its two-day policy meeting in Washington, DC, with an interest rate announcement expected tomorrow at 2:00 p.m. Eastern. In earnings action, Archer Daniels Midland (NYSE:ADM), BP plc (NYSE:BP), Buffalo Wild Wings (NASDAQ:BWLD), Deutsche Bank (NYSE:DB), Electronic Arts (NASDAQ:EA), Gilead Sciences (NASDAQ:GILD), LinkedIn (NASDAQ:LNKD), Nokia (NYSE:NOK), Pfizer (NYSE:PFE), 3D Systems (NYSE:DDD), UBS AG (NYSE:UBS), US Steel (NYSE:X), and Yelp Inc (NASDAQ:YELP) are all due to release results.
 
Advanced Energy Industries (NASDAQ:AEIS): AEIS is now Buy from Hold at Needham.
 
Apple Inc. (AAPL:AAPL): Carl Icahn’s pet project is raised to Outperform from Neutral at Robert W. Baird after its earnings announcement.
 
Arcos Dorados (NYSE:ARCO): The Argentine firm, which operates many McDonald’s (NYSE:MCD) in Latin America, is lifted to Overweight from Neutral at JPMorgan.
 
Green Dot (NYSE:GDOT): GDOT gets juiced to Overweight from Neutral at Piper Jaffray.
 
Iberdrola (OTCMKTS:IBDRY): Citigroup raises the Spanish energy outfit, up 1.05% yesterday, to Buy from Neutral.
 
Red Hat (NYSE:RHT): The software stock is raised to Buy from Outperform at Crédit Agricole
 
Yahoo (NASDAQ:YHOO): Shares get upgraded to Outperform from Perform by Sanford Bernstein.
 
Zogenix (NASDAQ:ZGNX): The drug manufacturer is moved to Buy from Hold at Stifel.

(See also: New Stock Coverage: Halloween Almost Here, Potbelly Serves Some Wicked 'Wichcraft and Stock Downgrades: Hope and Change? Changyou.com Ain’t Seeing It)
No positions in stocks mentioned.

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