Shipping stock Teekay Tankers
(NYSE:TNK) may indeed tank today after being taken to "Underperform" (Wall Street analyst-speak for "Sell") by Bank of America Merrill Lynch. Its analyst wrote in a note "We caution that tanker spot rates have softened in 2014...and the company has not yet announced a replacement for its CEO."
After hitting 1900 for the first time in its history yesterday, the S&P 500
(INDEXSP:.INX) did indeed Party Like It's 1999
. London's FTSE 100
(INDEXFTSE:UKX), having simultaneously surged to its highest since December 30, 1999, joined in the celebrations and Microsoft
(NASDAQ:MSFT) - which attained an all-time best back on that very day - jumped 1.84% to lead all Dow Industrials
Nothing Compares 2 U
was another song by the artist formerly known as Prince. Ain't that the truth; 2U Inc
(NASDAQ:TWOU) skyrocketed 23.96% to easily top all Nasdaq
(INDEXNASDAQ:.IXIC) issues. (Alas, Marissa Mayer's Purple Reign
may now be over at Yahoo
(NASDAQ:YHOO), which slipped another 0.15% having just endured its worst week since 2011.)
The company formerly known as Green Mountain Coffee Roasters
, meanwhile, is now named Keurig Green Mountain
(NASDAQ:GMCR) and advanced some 7.55%.
Elsewhere, Elizabeth Arden
(NASDAQ:RDEN) - who ill-advisedly changed her name from the wonderful Florence Nightingale Graham - tumbled 22.82% after releasing results.
There aren't any top-tier economic data due today, but quarterly earnings announcements include Agilent
(NYSE:A), Cisco Systems
(NYSE:M), Plug Power
(NASDAQ:SODA), and Sony
Now let's look at this morning's rating reductions, which includes a couple of commodity companies plus headline stock Teekay Tankers.
(NYSE:RDY): Troubled by "limited new launch visibility" amid other concerns, Morgan Stanley downgrades the Indian drug giant to Equal Weight from Overweight.
(NYSE:NMR): NMR gets cut to Neutral from Outperform at Credit Suisse.
(NYSE:NVO): The Danish diabetes powerhouse is now Neutral from Buy at UBS.
(NASDAQ:GOLD): JP Morgan reduces its rating to Neutral from Overweight.
(NYSE:SBGL): Shares are slashed to Neutral from Overweight, again at JP Morgan.
(NYSE:TNK): Bank of America Merrill Lynch lowers to today's headline equity to Underperform from Neutral. Its price objective, previously $5, falls to $3.50.
(NYSE:WAG): The stock is cut to Perform from Outperform at Cowen.
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