The Waldorf salad, invented in 1896
, had a decent day. If only the Dow Average
(INDEXDJX:.DJI), which arrived on the scene in the same year, could say the same. Hilton Worldwide
(NYSE:HLT), owner of the iconic New York hotel, enjoyed a 7.50% surge on its trading debut but the stock market’s salad days have recently received a serious dressing down. Naked short sales? Not quite, but L Brands
(NYSE:LB), owner of Victoria’s Secret lingerie, dropped despite receiving a research recommendation
. At a fashion show this week, its angels (presumably the ones that so distracted the sign language interpreter
at Mr. Mandela’s memorial service) paid homage to Paris
. Paris Hilton’s already bulging bank account hardly needs any more help, unless she invests in Lululemon
(NASDAQ:LULU), whose pants have allowed all and sundry to “see France
.” It imploded 11.65% yesterday and today gets cut at Credit Suisse.
There are no quarterly earnings announcements of note, but the Fed head inauspiciously turns 60 on this Friday the 13th
. Ahead of next week’s critical FOMC policy meeting, the market desperately needs his birthday party punch bowl
to remain overflowing for a wee while yet.
(NYSE:APC): (Hat tip to a fine oil film
for today’s title.) Shares, imploding some 11.86% as I write this article, get downgraded to Neutral from Buy at Citigroup. JPMorgan (Underweight from Neutral) and Global Hunter Securities (Neutral from Buy with its price target taken to $106 from $133) add to the agony. Morgan analysts wrote in a note that “lingering uncertainty will cause [Anadarko Petroleum] stock to underperform,” following a negative legal ruling involving its Kerr-McGee unit.
(OTCMKTS:AAUKY): Deutsche Bank cuts the company to Hold from Buy.
(NYSE:BP): On a decidedly difficult day for the oil patch, the British petroleum firm notorious for its Gulf of Mexico spill in 2010 gets slashed to Neutral from Buy at UBS.
(OTCMKTS:IBDRY): Concerned about under-appreciated political headwinds, Goldman Sachs slashes the Spanish energy giant to Sell from Neutral.
(NASDAQ:LULU): More bad news for Lululemon Athletica, whose slumping stock is now down 18.66%, even in the bull market of the past year. Shares are falling further as we speak after getting taken to Neutral from Outperform at Credit Suisse.
(NYSE:RH): Restoration Hardware stock, a relatively recent initial public offering, sees its rating reduced to Neutral from Overweight at Piper Jaffray.
(NYSE:UTX): The maker of Otis elevators, a Dow
(INDEXDJX:.DJI) member, could itself use a lift this morning. Shares are exhibiting weakness ahead of the opening bell after being moved to Market Perform from Outperform by William Blair.
(See also: New Stock Coverage: FireEye Is On a Tear
and Stock Upgrades: Amazon Isn’t Falling From the Sky Any Time Soon
No positions in stocks mentioned.
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