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business newsUpgrades and Downgrades: Tupperware Can't Contain Its Excitement
By
Justin Sharon
Oct 08, 2010 8:40 am
Wall Street ratings agencies set the tone for today's stock market.
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A new study showed red ink is spreading even to white picket suburbia. Tom Hanks, who once starred in an ode to such areas, couldn’t be reached for comment. Meanwhile his fellow multimillionaire community college graduate Arnold Schwarzenegger was unable to prevent the world’s eighth largest economy entering its 100th day without a budget. Freddie Mac announced average 30-year fixed mortgage rates dropped to 4.27% for the week ending Oct. 7, their lowest level since records began being kept in 1971. That was when Nixon took the buck off the gold standard, so the dollar and bullion hogged all the headlines back then -- the more things change. It was also the year a lad from Liverpool wrote a record. John Lennon would have been 70 tomorrow, the same date in 2007 that the Dow topped out at 14,164.
Initiations
Coca-Cola (KO): KO is begun with a Buy at Goldman Sachs.
Yingli Green Energy (YGE): Government officials in China, still smarting over this morning’s Nobel Prize award, can at least find some solace in solar stock Yingli Green Energy being initiated with an Outperform rating and $17 target price at RBC Capital. Also read Asia Could Boost Solar ETFs.
Biotech Stocks: RBC Capital also resumes Outperforms on Illunina (ILMN), Waters Corp (WAT), and Life Technologies (LIFE) with respective price objectives of $59, $81 and $54. Also read Why There Are 25% Fewer Public Biotechs Than Three Years Ago.
Tsakos Energy (TNP): TNP is a new Outperform at FBR Capital, which sees both unrecognized current value and future upside from a recovery in the tanker markets, especially as regards petroleum.Ares Capital (ARCC): The stock is a fresh Buy at Janney Montgomery Scott.
Equity One (EQY): Wells Fargo has a Market Perform on Equity One.
Neurocrine Biosciences (NBIX): The stock is begun at Buy at Jefferies, which sets a $12 target.
Western Alliance (WAL): Sterne Agee starts small cap Western Alliance with a Neutral.
Hecla Mining (HL): JP Morgan has a new Neutral on Hecla Mining.
Upgrades
Procter & Gamble (PG): Key Dow component Procter & Gamble gets boosted to Outperform from Market Perform by BMO Capital.
Alcoa (AA): AA, also in the blue chip index, is upgraded to Overweight from Equal Weight by JP Morgan after its earnings report.
Tupperware (TUP): Goldman takes Tupperware to Buy from Neutral.
Oshkosh (OSK): Goldman also gives Oshkosh a Buy-from-Neutral upgrade.
Hartford (HIG): HIG is hoisted to Neutral from Sell with a $27 target price at Sterne Agee.
Interline Brands (IBI): Saying recent share price underperformance creates an advantageous entry point, brokerage Robert W. Baird raises its rating on Interline Brands and assigns a target of $24.Lukoil: The stock gets an Overweight-from-Neutral lift at JP Morgan.
BAE Systems (BAESY): HSBC increases BAE Systems to Overweight from Neutral at HSBC.
CA Inc (CA): RBC Capital raises its CA Inc recommendation to Outperform from Sector Perform with a $30 target.
BMC Software (BMC): The broker also gives BMC Software an Outperform-from-Sector Perform boost based on its belief that the enterprise systems management space is in the early innings of a secular up-tick.
Downgrades
Amazon.com (AMZN): Amazon is removed from the Conviction Buy List at Goldman.
PepsiCo (PEP): Goldman also pulls PepsiCo from its list of Conviction Buys following yesterday’s disappointing earnings forecast from the food and beverage firm. Also read Pepsi Loses Some Sizzle.
Credit Suisse (CS): CS is cut to Underweight from Equal Weight by Barclays Capital, which cites their capital shortfall and relatively rich valuation.
Vale S.A. (VALE): Staying abroad, Brazilian miner Vale S.A. is now Neutral from Buy partially due to increased political noise surrounding the stock.
Family Dollar (FDO): FDO is downgraded to Market Perform from Outperform with Wells Fargo.
Carmike Cinemas (CKEC): Macquarie moves Carmike Cinemas to Neutral from Outperform.
Owens-Illinois (OI): OI is now Neutral from Outperform at Credit Suisse.
Ameriprise (AMP): AMP is downgraded to Neutral from Buy with a $57 objective at Sterne Agee.Expedia (EXPE): Goldman gives Expedia a reduction to Neutral from Buy.
F5 Networks (FFIV): FFIV is now Sell from Neutral, also at Goldman.
Semiconductor Stocks: Deutsche Bank downgrades KLA-Tencor (KLAC), Lam Research (LRCX), and Novellus (NVLS), all to Sell from Hold.
Motorola (MOT): MOT gets moved to Hold from Buy at Citigroup. Keefe Bruyette cuts ING Group (ING) to Underperform from Market Perform.
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No positions in stocks mentioned.
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