Someone just spent $104.5 million on an Andy Warhol artwork called “Crash,”
but Wall Street shows little sign of doing the same. (Crashing, that is; spending like a drunken sailor is another matter entirely.) US stock markets advanced again, with both the Dow
(INDEXDJX:.DJI) and S&P 500 Index
(INDEXSP:.INX) each reaching records, as Senator Chuck Schumer told his fellow Brooklynite and current Fed Vice Chair Janet Yellen, “I think you’ll make a great chair,” in her appearance in the hot seat. Amid all this talk of chairs, Tyco International
(NYSE:TYC) advanced 2.37% to levels not seen since 2002, the year its Dennis the Menace Kozlowski made whoopee on his shareholders’ dime by blowing $445 on a pincushion
. Elsewhere Dunder Mifflin
and Houghton Mifflin
(NASDAQ:HMHC) both made paper profits, with a 180 degree broker boost
, sending Office Depot
(NYSE:ODP) up 4.46% even as the textbook publisher surged 32.17% on its first trading day. Across the Atlantic, London’s FTSE 100 Index
(INDEXFTSE:UKX) ended at a devilish 6,666 although some UK stocks still posted mighty impressive performances. Tabloid publisher Trinity Mirror
(OTCMKTS:TNMRY) jumped 10.45%, although where high-flying newspaper stocks are concerned, you can expect a correction. It just may take a century and a half
In terms of economic events that may move US markets this morning, September wholesale inventories are expected to ease off slightly from the pace seen in August at 10:00 a.m. Eastern. Regarding specific stocks, Maximus, Inc.
(NYSE:MMS) beat Street estimates when it reported quarterly results earlier this morning.
Allscripts Healthcare Solutions
(NASDAQ:MDRX): Leerink moves MDRX, which tumbled 2.27% even as markets reached fresh peaks on Thursday, to Outperform from Market Perform.
(NYSE:BLL): Saying that Ball Corporation “looks to be on much better footing than was the case earlier in the year,” Bank of America-Merrill Lynch lifts its stock to Buy from Neutral. Its amended price objective on Ball Corporation, a packaging powerhouse, is $56.
China Eastern Airlines
(NYSE:CEA): Jefferies juices its rating 180 degrees, to Buy from Underperform.
(NYSE:DANG): Beijing-based e-commerce company Dangdang gets hoisted to Overweight from Neutral at HSBC Securities. Over the past 12 months, stock in Dangdang has surged some 154.89%.
(NASDAQ:LGND): Ligand Pharmaceuticals, a generic drug-maker, is taken to Hold from Sell at Cantor Fitzgerald. Kyprolis, used to treat multiple myeloma, is one of Ligand Pharmaceuticals’ flagship products.
(NYSE:MSM): Raymond James raises its recommendation to Outperform from Market Perform.
(NYSE:PNR): Shares are boosted to Buy from Hold at KeyBanc Capital.
(NYSE:SAP): Barclays gives the German enterprise software giant an Overweight-from-Equal Weight upgrade.
(NASDAQ:TTEK): TTEK is taken to Buy from Neutral at Brean Capital, whose target price is $32 on a stock it says should benefit from both an improving end-market outlook and its attractive valuation.
(See also: New Stock Coverage: Ominous Echoes of ’87 at Aeropostale?
and Stock Downgrades: Kohl’s Takes Its Lumps)
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.