Wall Street’s silver spoon was abruptly snatched away by two Fed officials speaking in forked tongues. Mixed messages on continuing quantitative easing from Narayana Kocherlakota of Minneapolis and Dallas’ Richard Fisher befuddled markets and suggest that Yellen, big on communication,
will shortly accomplish much more by speaking softly. US stock markets ended broadly lower, with Dow Industrials
(INDEXDJX:.DJI) snapping a two-session win streak. This as China, which clearly has communication issues of its own, concluded its four-day Third Plenary session of the Communist Party Politburo with a communique — sorry, communiqué
— that made cryptic mention of "crossing the river by feeling stones
." (Uh, “huh?” Must’ve been lost in translation
(NYSE:FDX) was downgraded
by an equity analyst who said the stock “lacks significant near-term upside.” Dan Loeb immediately took care of that, with his love letter to its Mr. Smith
sending the stock up 1.59% amid much red ink elsewhere. Pandora
(NYSE:P), the radio stock, rose 4.01% to a historic high. Pandora
(OTCMKTS:PNDZY), the Danish jeweler, dropped 5.06% after announcing earnings. And opening a Pandora’s Box proved tragically deadly in England
In terms of economic events that may move US markets today, at 2:00 p.m. Eastern the Treasury’s October budget deficit is seen shrinking from September’s figure. Regarding specific stocks, earnings announcements are expected out of Ahold
(OTCMKTS:AHONY), Canadian Solar
(NASDAQ:CSIQ), Cisco Systems
(NASDAQ:XONE), GDF Suez
(OTCMKTS:GDFZY), Kinross Gold
(NASDAQ:NTES), and SeaWorld
(NASDAQ:AIRM): Shares are cut to Hold from Buy with WallachBeth, whose new price objective is $55. Valuation is a concern, the brokerage believes
(NASDAQ:AMED): The stock is slashed to Sell from Hold at Deutsche Bank, whose new target price is $8.
(NYSE:AON): UBS cuts the financial firm to Neutral from Buy at UBS.
(NYSE:MT): The steel stock gets downgraded to Underperform from Neutral by BNP Paribas.
Banco do Brasil
(OTCMKTS:BDORY): Shares are now Neutral from Overweight at JPMorgan.
(NYSE:DF): America’s largest dairy processor Dean Foods is now Neutral from Outperform at Credit Suisse. Yesterday, Dean Foods stock slumped 7.66%.
(NASDAQ:HIBB): Susquehanna slashes the stock to Neutral from Positive.
(NYSE:IPI): The fertilizer firm is now Negative from Neutral, again at Susquehanna.
(NYSE:NUE): Morgan Stanley cuts the commodity company to Equal-Weight from Overweight.
(NYSE:OMC): Adverting giant Omnicom gets downgraded to Hold from Buy at Pivotal Research. Over the past year, stock in Omnicom is up 48.85%.
(OTCMKTS:TSCDY): Shares are now Neutral from Overweight at HSBC Securities.
(OTCMKTS:VOLVY): Swedish car company Volvo sees its stock taken to Equal Weight from Overweight by Barclays. Volvo has been negatively impacted by plunging car use in its home European market, especially among the young.
(NASDAQ:WHF): BB&T Capital cuts the company to Hold from Buy.
(See also: New Stock Coverage: Bottom Line, Lululemon Is No Longer Flying by the Seat of Its Pants
and Stock Upgrades: US Steel Is a Steal
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.