Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Upgrades & Downgrades: Coca-Cola Poised for Nice Pop


Wall Street ratings agencies set the tone for today's stock market.

Super Mario and the supercommittee - with Spain lending a helping hand - sent stocks slumping to one-month lows. Dow industrials again dropped by triple-digits and the S&P 500 index breached a widely watched technical indicator of 1,225 as ongoing Italian-related anxiety and deficit dithering here at home continued to unnerve investors. Mr. Monti may have just taken possession of a bell from Silvio Berlusconi but, with America's own debt clock having struck $15 trillion this week, don't ask for whom the financial time-bomb ticks. It tolls for thee, not just Italy. Spanish 10-year bond yields hit their highest level since the euro's introduction, topping out at an ominous 6.975% as the two Mediterranean nations search in vain for The Seven Percent Solution. (Netflix (NFLX), which nosedived another 5.81%, could certainly use the business.) Unemployment in the Iberian country now stands at an astonishing 21.5% but at least this Sunday's election ensures that its president will no longer resemble the hapless Mr. Bean.

Occupy Wall Street failed in an attempt to disrupt the NYSE's 9:30 a.m. start, although the exchange did an excellent job of disrupting its own 4:00 p.m. finish, its traders' malfunctioning computers causing the close to be extended past its appointed hour. The expensively clad counter demonstrators who politely suggested to downtown beatniks that they instead "Occupy a Desk!" may have been on to something on a day ACCO Brands (ABD), maker of office supplies including Swingline and Day-Timer, surged 26.44% for its best single session showing since May 2009. Elsewhere the St. Louis Fed head warned of inflation, though presumably he was pleased to see shares of St. Louis based Viasystems (VIAS) inflate 21.96%. And Children's Place (PLCE) gained 15.13% in its strongest performance for three years, making some parents very rich even as a Census Bureau study said a shocking 21.6% of our children live in poverty. This morning in economics, October leading indicators are expected to edge up at 10:00 a.m. Eastern. Today's earnings include Ann Inc (ANN), Brady Corp (BRC), Cost Plus (CPWM), Hibbett Sports (HIBB), H.J. Heinz (HNZ), Kirkland's (KIRK), and Sirona Dental Systems (SIRO).


Soft drink stocks: Dow component Coca-Cola (KO) is covered with a Buy at Jefferies, which begins rival PepsiCo (PEP) at a Hold. The respective price objectives are $80 and $70.

Leisure-related stocks: Jefferies rolls out Buy recommendations on both Royal Caribbean Cruises (RCL) and Carnival Corp (CCL).

Coal stocks: Arch Coal (ACI), Alpha Natural Resources (ANR), and Peabody Energy (BTU) are all initiated with Fair Values at CRT Capital, which has a more bullish Buy on CONSOL Energy (CNX).

Fertilizer stocks: Intrepid Potash (IPI) is a new Neutral at Lazard, which begins Buy rated coverage on Agrium (AGU), Mosaic (MOS), CF Industries (CF), and Potash Corp (POT).

Tech stocks: Veeco Instruments (VECO) is a new Neutral at Goldman Sachs, which begins Buys on both Universal Display (PANL) and LED lighting outfit Cree Inc (CREE).

Groupon (GRPN): The recent IPO is now a Neutral with Wedbush. Also read Congratulations, Groupon, You've Silenced Your Critics -- For Now.

Flowserve (FLS): Wedbush assigns a fresh Outperform on FLS and establishes a $120 target price.

Pegasystems (PEGA): Benchmark Company picks up PEGA at a Buy and sets a $37 target. The broker believes a recent stock price pullback represents an ideal opportunity for purchasing shares of a company whose catalysts include a strong product line, robust deal pipeline, and new sales hires.


Hewlett-Packard (HPQ): The Dow member is upgraded to Buy from Neutral with a $34 target at Sterne Agee.

AMR Corp (AMR): Dahlman Rose raises the parent of American Airlines, whose shares have been badly battered of late, to Hold from Sell, sending the stock up ahead of the open. The broker notes that AMR continues to work towards a labor agreement with its pilots, which would provide support for the share price if achieved.

Sirius XM Radio (SIRI): Shares are lifted to Buy from Neutral at Lazard.

J.M. Smucker (SJM): The peanut butter maker is added to JPMorgan's Focus List.

Blue Coat Systems (BCSI): BCSI is now Neutral from Sell at Sterne Agee.

Cintas (CTAS): Shares get a Buy-from-Neutral boost at Citigroup.

Smithfield Foods (SFD): SFD is upgraded to Outperform from Neutral at Credit Suisse.

Equity One (EQY): ISI Group raises its recommendation on the REIT to Buy from Hold.

Xcel Energy (XEL): Macquarie moves XEL to Outperform from Neutral.


Darden Restaurants (DRI): The Olive Garden owner gets moved to Equal Weight from Overweight at Morgan Stanley. For related content, see The Top 10 Celebrity-Owned Restaurants.

Central European Distribution Corp (CEDC): Double trouble for the Garden State-based seller of Polish vodka, downgraded by both Credit Suisse (Underperform from Neutral) and Nomura (Reduce from Neutral).

Commerzbank AG (CRZBY): The German financial giant gets lowered to Sell from Neutral at UBS.

Glacier Bancorp (GBCI): GBCI gets a Neutral-from-Buy ratings reduction at Sterne Agee.

Annaly Capital Management (NLY): Keefe Bruyette cuts NLY to Market Perform from Outperform.

Lennar (LEN): Citi lowers the homebuilder to Neutral from Buy.

Perry Ellis (PERY): The clothing company gets cut to Neutral from Buy at Suntrust.

IntercontinentalExchange (ICE): Shares are slipping before the opening bell after being cut by an unusual 180 degrees, to Underperform from Outperform at Credit Agricole.

Transdigm Group (TGD): Bank of America-Merrill Lynch takes TGD to Neutral from Buy.


< Previous
  • 1
Next >
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.
Featured Videos