“Black Friday” actually takes its name from a famous financial calamity
and, such has been the stock market’s inexorable ascent of late, a 10.92 point drop in the Dow
(INDEXDJX:.DJI) to end the week almost qualifies as another one. Still, even a late-session swoon proved powerless to prevent both it and the S&P 500 Index
(INDEXSP:.INX) from hitting historic highs in a holiday-shortened trading week. Stock markets boomed but not all asset classes fared as well as equities. Gold, down 5.5% on the month, endured its worst November since the late ’70s. Back then The Dukes of Hazzard
was big; last week Wal-Mart
(NYSE:WMT) learned about the hazards of Dukes
. He threw in the towel early — and a good thing, too
. On Tuesday, the tech-heavy Nasdaq
(INDEXNASDAQ:.IXIC) hit 4,000 for the first time since 2000. That day we learned of the sad passing of a 98-year-old employee of Goldman Sachs
(NYSE:GS), who sensibly sat out the market’s millennial madness by saying he “never understood tech.” Alfred Feld, who worked at the bank for eight decades, got himself hired as an office boy in 1933, no mean feat in a year that the nation’s unemployment rate topped out at 24.9%. He leaves behind a firm so flush with cash it can afford to pay Hillary Clinton, not exactly a free-market icon, $400,000 for six days work
In terms of economic events that may move US markets today, September and October construction spending, along with November’s Institute for Supply Management manufacturing index, are all released at 10:00 a.m. Eastern. Regarding specific stocks, expect earnings announcements out of Ascena Retail Group
(NASDAQ:ASNA), Cooper Tire & Rubber
(NYSE:CTB), Krispy Kreme Doughnuts
(NYSE:KKD), Shoe Carnival
(NASDAQ:SCVL), and Thor Industries
(NASDAQ:AMCX): The Mad Men
broadcaster gets boosted to Buy from Neutral at Guggenheim.
American Eagle Outfitters
(NYSE:AEO): Shares are now Buy from Neutral at Janney, whose price target is $20. Catalysts include inventories and gross margin.
(NYSE:CAB): Stifel hoists the stock to Buy from Hold.
(NASDAQ:GTLS): Shares are moved to Overweight from Equal-Weight at Morgan Stanley.
(NASDAQ:EBAY): eBay Inc., which rose 2.47% on Black Friday, is showing further strength ahead of today’s opening bell. This as SunTrust eBay Inc. takes stock to Buy from Neutral.
(NYSE:FI): Shares in the energy name, recently trading at three-year lows, are now Overweight from Equal-Weight at Morgan Stanley.
(NYSE:KNX): JP Morgan moves the stock to Overweight from Neutral.
(NASDAQ:LULU): Lululemon Athletica stock is added to the Best Ideas List at Janney Montgomery Scott, replacing the ousted Urban Outfitters
(NASDAQ:URBN). Its price objective on Lululemon Athletica, previously $79, increases by $11 after recent channel checks by the broker were positive.
(NYSE:MPC): MPC is moved to Buy from Hold at Deutsche Bank.
(NASDAQ:MNST): Monster Beverage is now Overweight from Neutral at JP Morgan. Monster Beverage stock is, accordingly, up sharply this morning.
(NYSE:PGR): The insurance outfit gets upgraded to Neutral from Sell at Goldman Sachs.
(NYSE:RKUS): RKUS is raised to Buy from Neutral, also at Goldman.
Simon Property Group
(NYSE:SPG): Morgan Stanley raises the REIT to Overweight from Equal-Weight.
(NASDAQ:VIAB): The MTV owner gets upgraded to Buy from Neutral at Guggenheim.
(NASDAQ:WBMD): Shares are now Neutral from Sell at Goldman.
(See also: Stock Downgrades: It's Time for Groupon to Face the Music
and New Stock Coverage: Analysts Talk Turkey With Twitter's Bluebird
No positions in stocks mentioned.
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