Who'd have thought stocks would score a standing ovation on the day our Fed chair talked to empty chairs
and the suddenly single head of France endured such an awkward seating arrangement
? The Dow
(INDEXDJX:.DJI), now up for four straight sessions, advanced by triple digits following market-friendly testimony from Janet Yellen. At a joint press conference with our aforementioned Gallic cousin, President Obama said no nation is free from US spying at a time of war and, really, by assigning impenetrable passwords like "123456,"
the Chinese make it all too easy. Some shares somehow contrived to fall even on a spectacular session in equities. Advertising giant Omnicom Group
(NYSE:OMC) gapped down 1.58%, and tobacco titan Reynolds American
(NYSE:RAI) - whose infamous ad informing us, "She's gone to Capri and she's not coming back
" was unintentionally ironic for such a death-inducing product - dropped 1.52%. Milk processor Dean Foods
(NYSE:DF), downgraded today, slumped 7.37% even as a new scientific study suggested Tom Robbins was right in calling his 1976 novel Even Cowgirls Get the Blues
Today in economics, the Treasury releases its January budget report at 2:00 p.m. Eastern. In earnings action, expect announcements out of Applied Materials
(NASDAQ:AMAT), Cisco Systems
(NYSE:TOT), and Zillow
(NASDAQ:AMZN): In the early days of the Internet, the joke was that this company should instead be called Amazon.org. (Dot org being the domain name originally created for non-profits.) Like all the best humor, it's funny because it's all too true. Revenue isn't a problem, but actually making a profit has consistently eluded the online giant. Today, shares are trading lower after getting taken to Neutral from Buy at UBS, which also reduces its price objective to $375 from $450. Slowing sales growth and possible Amazon Prime issues are each cited. Please see here
for more on Amazon.
(NASDAQ:ARII): Longbow lowers the stock to Neutral from Buy.
: As alluded to earlier, the slumping stock gets downgraded to Hold from Buy at Stifel amid limited visibility and ongoing earning risk.
(OTCMKTS:EADSY): UBS cuts the European aerospace and defense name to Neutral from Buy.
Green Mountain Coffee Roasters
(NASDAQ:GMCR): Following a phenomenal recent run, the stock gets lowered to Neutral from Buy at Longbow. Shares, having surged to a historic high on Tuesday, are now tumbling some 2.00% as a result.
(NYSE:HUN): Shares are taken to Neutral from Buy at Citigroup, which also trims its target price by $2 to $27.
(NASDAQ:INTU): Evercore takes the TurboTax titan to Underweight from Equal Weight.
(NASDAQ:JIVE): The stock is moved to Equal Weight from Overweight at Morgan Stanley.
(NASDAQ:RLOC): Over at the other half of the House of Morgan, JPMorgan reduces its rating to Neutral from Overweight.
(NASDAQ:RGLD): Saying that its stock is appropriately valued, MLV & Co. cuts the commodity company to Hold from Buy.
(NYSE:SDRL): Wells Fargo slashes SDRL to Underperform from Market Perform.
New Stock Coverage: Regeneron Is Off to the Races
Stock Upgrades: TripAdvisor Is Going Places
No positions in stocks mentioned.
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