“When your instinct tells you that disaster,
Is approaching you faster and faster,
Then be like the bluebird and sing,
‘Tweet tweet, tra-la, tra-la, tra-la.’”
– Anything Goes
Cole Porter was right on the money yesterday. Even as US markets swooned, with Dow Industrials
(INDEXDJX:.DJI) dropping a disastrous triple digits, Twitter’s
mountain bluebird surged some 72.69% on its debut. (Which occurred at 10:51 a.m. Eastern as well, right on cue for its 11 o’clock number
.) Still, there were some skeptics on the short-messaging stock. “Twitter is an accessory to market froth
” said the president of Market Semiotics, Woody Dorsey, but frankly, he don’t know Jack
. “Twitter is my alter eagle” was slammed as one of the worst Tweets of all time
, but maybe its author was actually on to something. After all, amid an otherwise awful day for stock markets, American Eagle
(NYSE:AEO) soared 4.10% on a broker boost
. Also bucking a brutal tape was JC Penney
(NYSE:JCP), which jumped 5.88%. Penny stocks, alas, fared a lot less well
In terms of economic events that may move US markets this morning, the Reuters/University of Michigan preliminary consumer sentiment index for November is expected to improve from October’s final figure at 9:55 a.m. Eastern. Regarding specific stocks, Atlas Energy
(NYSE:CVC), Compagnie Financière Richemont
(VTX:CFR), Leap Wireless
(NASDAQ:LEAP), Lions Gate Entertainment
(NYSE:TEF), and Xinyuan Real Estate
(NYSE:XIN) are all due to announce earnings.
(OTCMKTS:AKZOY): JPMorgan moves the European pain and coating powerhouse to Overweight from Neutral.
(NYSE:ALK): Alaska Air is upgraded to Equal Weight from Underweight by Barclays. Over the past year, shares of Alaska Air are up a highly impressive 74.56%.
(NASDAQ:AMRN): Shares are now Buy from Neutral at Citigroup, whose target price is $2.50.
(NYSE:BR): BR gets boosted to Neutral from Underweight at JPMorgan.
Corporate Office Properties
(NYSE:OFC): Bank of America-Merrill Lynch lifts the stock to Buy from Neutral.
(NYSE:EMN): The equity is now Overweight from Neutral at JPMorgan.
Lloyds Banking Group
(NYSE:LYG): Investec increases the British financial firm to Buy from Hold.
(NYSE:BTU): Goldman Sachs, which recently turned more bullish on steel, today gives a Buy-from-Neutral upgrade to the coal company.
(NASDAQ:RJET): RJET gets raised to Overweight from Equal Weight at Evercore.
(NYSE:SMG): Scotts Miracle-Gro, whose CEO sees promise in the marijuana market
, gets an après-earnings upgrade at BMO Capital, where shares are now Market Perform from Underperform. Third quarter results at Scotts Miracle-Gro beat Street estimates.
(NYSE:SWI): SolarWinds is hoisted to Buy from Hold at Needham. In the past year, shares of SolarWinds have performed poorly, plunging some 36.48%.
(See also: New Stock Coverage: Is McDonald’s, Much Like the French, Fried?
and Stock Downgrades: Blockbuster Nights Are Over at Tremor Video
No positions in stocks mentioned.
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