If yesterday’s trading action was an antidote to insomnia — S&P 500
(INDEXSP:.INX) shares edged up all of 2.34 points — compared to the panic that engulfed Wall Street exactly 84 years earlier on the original “Black Monday,”
boring was brilliant. An infinitesimal 0.13% increase was still enough to take the benchmark index to another lifetime high. They say “it’s an ill wind that blows nobody any good” but, with Britain buffeted by the St. Jude Storm
, St. Jude Medical
(NYSE:STJ) gained 0.63% to a historic peak. (Superstitious investors of a certain age will, however, take ominous note that this was England’s most inclement weather since an October 1987 hurricane
that spookily presaged another Black Monday
by a matter of hours.) In Spain, where they know all about taking Quixotic tilts at windmills
, wind power pioneer Iberdrola
(OTCMKTS:IBDRY) rose 1.05% on a broker boost
, and received an additional analyst upgrade this morning. Elsewhere, “neither snow, nor rain, nor heat, nor gloom of night, nor the winds of change” could keep a 73-year-old United Parcel Service
(NYSE:UPS) driver from going accident-free for over half a century
. Send that man some stock options, as his employer just increased 2.26% to a fresh best. The stork, if not the check, was in the mail for Apple Inc.
(NASDAQ:AAPL), where toddlers are an increasingly important revenue source
. Based on its iffy holiday sales outlook, however, the erstwhile tech titan may now have a great future behind it.
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
(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.
(NYSE:BBVA): Credit Suisse cuts the Spanish bank to Neutral from Outperform.
(NASDAQ:CYOU): The Beijing-based online gaming outfit, fresh from Monday’s 20.19% tumble, is moved to Hold from Buy at Brean Capital this morning.
Corporate Office Properties Trust
(NYSE:OFC): Stifel slashes the stock to Hold from Buy.
(NYSE:GG): The commodity company is now Neutral from Overweight at HSBC Securities.
(NYSE:KEY): KEY is slashed to Sell from Hold with a $6 price objective at Wunderlich, which worries about seasonality issues and an oversupply in the US.
(NYSE:KORS): The fashion firm, set to be added to the S&P 500 Index
(INDEXSP:.INX) this week, is taken to Market Perform from Outperform with Wells Fargo. Valuation issues — shares have surged 40.21% in the past year — are cited.
(NASDAQ:SANM): The electronics outfit is now Hold from Buy at Needham due to an uncertain earnings outlook.
Sunstone Hotel Investors
(NYSE:SHO): ISI Group gives the equity a Neutral-from-Buy downgrade.
(NYSE:UTL): Shares are reduced to Sector Perform from Outperform at RBC Capital.
(NASDAQ:VOLC): Canaccord Genuity gives the medical appliance and equipment outfit a Hold-from-Buy downgrade.
(NYSE:WPP): Troubled by “deflating earnings” at the packaging powerhouse, Deutsche Bank downgrades it to Hold from Buy.
(See also: New Stock Coverage: Halloween Almost Here, Potbelly Serves Some Wicked 'Wichcraft
and Stock Upgrades: Can I, Asks Apple? Yes Icahn!
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.