It was indeed a fateful Friday the 13th for GNC Holdings
(NYSE:GNC), with the maker of vitamins, minerals, and herbal supplements ending the week with a 5.51% fall. The news that its Chief Financial Officer Michael M. Nuzzo was calling it quits spooked investors, and is a key reason for its rating reduction this morning. A precipitous plunge in comparable sales adds to analyst concerns.
Even as the father of communism was openly ridiculed in Eastern Europe
, Western-style capitalism endured a week to forget. Jump Street fared far better
than did Wall, with the Dow Average
(INDEXDJX:.DJI) and S&P 500
(INDEXSP:.INX) each ending down on increased geopolitical uncertainty. Supply concerns in Iraq saw oil surge 4.1% to a 2014 high, although a recently deceased proponent of inexhaustible petroleum did not live to see it
. Mohamed El-Erian took to the salmon-colored Financial Times
to say it is "Time to take some chips off the table
" but they better not be Intel's
(NASDAQ:INTC), after the Silicon Valley semiconductor stock surged 6% for its best week in three years on dual analyst upgrades
. Uber, another Bay Area icon, had London cabbies hyperventilating in the land of fish and chips
. Alas, even Paul the Octopus -- fresh from bringing traffic to a similar standstill in England's capital
-- couldn't have predicted that the national team's physiotherapist would dislocate his ankle celebrating a soccer goal
against Italy. The Brits say we Americans don't get irony, but I am pretty sure that qualifies.
Today's quarterly earnings announcements include Korn/Ferry International
(NYSE:KFY) and Layne Christensen
Now let's look at this morning's rating reductions, an eclectic bunch featuring an Irish medical-device maker and European aerospace outfit plus headline stock GNC Holdings.
(NYSE:COV): The medical-device maker gets moved to Market Perform from Outperform by William Blair. The stock, surging some 35.10% ahead of the open after being bought by Medtronic
(NYSE:MDT) for $42.9 billion, no longer trades on fundamentals.
: Robert W. Baird reduces its rating to Neutral from Outperform and establishes a price objective of $39.
Norwegian Cruise Line
(NASDAQ:NCLH): Shares are now Neutral from Buy at SunTrust.
(NYSE:RNR): JMP Securities trims its investment assessment to Perform from Outperform.
(NYSE:RIO): The World Cup appears to have put a hex on Brazil's commodity companies
. Today Rio Tinto gets taken to Hold from Buy at Investec.
(OTCMKTS:RYCEY): Société Générale slashes the aerospace outfit to Sell from Hold.
(NYSE:SFUN): SFUN is now Neutral from Overweight at JPMorgan.
New Stock Coverage: Is American Express a House of Cards?
Stock Upgrades: Medtronic, Minnesota Strong Since 1949, Now Says 'Kiss Me, I'm Irish'
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.