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Upgrades & Downgrades: JPMorgan Goes Shopping at Macy's


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

Yesterday was a cakewalk compared with what occurred exactly 24 years earlier, but stocks still sold off amid ongoing mixed messages out of Europe and Apple Inc's (AAPL) worst single session showing since the end of 2008. The tech titan fell 5.59% on an unusual earnings miss but, with core consumer prices coming in at their slowest pace in three months, it can claim some credit for slaying inflation after all. Among other stocks in focus, Checkpoint Systems (CKP) tumbled 21.46% for the worst showing on the NYSE. At such low levels, the maker of anti-theft tags for retailers is itself now a steal, this as a new report it collaborated on revealed a significant increase in shoplifting, or "shrinkage" in industry parlance.

Anti TARP types relied on tarps for protection from the rain; Travelers Cos (TRV) can presumably afford to lend the occupiers an umbrella after its 5.59% surge topped the Dow. And diamond ring king Zale Corp (ZLC) jumped 12.42% on an analyst upgrade, which should please romantic sorts currently camping out downtown. We wish the newly engaged couple lots of luck, though they've got a ways to go to match a remarkable tale of matrimony in Iowa. Today in economics, analysts expect a slight slippage in September Leading Indicators at 10:00 a.m. Eastern. It's another hectic day for third quarter earnings with Akzo Nobel, AT&T (T), Boston Scientific Corp (BSX), Eli Lilly (LLY), Microsoft (MSFT), Nokia (NOK), and Southwest Airlines (LUV) all due to report results.


Retailers: J. C. Penney (JCP) and Macy's (M) are initiated with Overweights at JPMorgan, which has new Neutrals on Nordstrom (JWN) and Saks (SKS) and assigns an Underweight on Kohl's (KSS).

Monsanto (MON): The seed stock is a new Market Perform with Wells Fargo.

Continental Resources (CLR): CLR is a new Hold at Imperial Capital, which assigns it a price objective of $64.50. They would become more constructive on the shares on valuation at $52/share (7.1x 2012 EV/EBITDA) and aggressively constructive below $48/share.

Unit (UNT): The company get begun with a Buy at C.K. Cooper, which sets it a $75 target price.

FMC Corp (FMC): FMC is initiated with an Outperform at Wells Fargo.

GTX (GTXI): The stock gets initiated with a Buy at Jefferies, whose target price is $6.

Anadarko Petroleum (APC): The oil outfit is started with a Hold at Stifel Nicolaus due to its higher crude sensitivity. See also Crude Oil Analysis and How to Trade Oil Reports.


Freeport-McMoRan Copper & Gold Inc (FCX): FCX is upgraded an unusual 180 degrees, to Outperform from Underperform at Credit Agricole. For related content, see Should You Own Gold? Demystifying and Decoding the Yellow Metal.

Agrium (AGU): JPMorgan upgrades AGU to Overweight from Neutral.

Toyota Motor (TM): TM is taken to Overweight from Neutral at JPMorgan.

Fiserv (FISV): Shares get a Buy-from-Neutral boost at Goldman Sachs.

Paychex (PAYX): Staying in the sector, PAYX is upgraded to Neutral from Sell at Goldman. (YOKU): The stock is added to the Conviction Buy List at Goldman.

MEDNAX (MD): MD is moved to Buy from Hold at Deutsche Bank.

Comerica (CMA): CMA is upgraded to Outperform from Market Perform at Bernstein.

Home Properties (HME): The stock is added to the FBR Capital Top Picks List. Catalysts include solid "risk-off" characteristics and a strong forward cash flow growth.


China Internet stocks: (BIDU) and (CYOU) are both now Neutral from Buy at Goldman.

CSX Corp(CSX): The company is cut to Market Perform from Outperform at Wells Fargo.

Daimler AG: The German car giant is downgraded to Neutral from Overweight at HSBC Securities.

Nissan Motor: Nissan is now Neutral from Overweight at JPMorgan.

Celestica (CLS): CLS is downgraded to Neutral from Buy at Ticonderoga amid weakening consumer trends, slowing industrial demand and disappointing enterprise hardware demand on Celestica's business.

Sonoco Products (SON): SON is downgraded to Hold from Buy at Deutsche Bank.

Western Digital (WDC): Shares are now Buy from Strong Buy at Needham.

Forward Air (FWRD): FWRD is downgraded to Hold at Stifel Nicolaus due to valuation.

Franklin Resources (BEN): BEN is now Neutral from Buy at Nomura.

Equifax (EFX): The stock is now Sell from Neutral at Goldman.

Solera (SLH): Shares are downgraded to Sell from Neutral at Goldman.

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