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VIDEOUpgrades and Downgrades: Oracle Looks to Profit
By
Justin Sharon
Sep 07, 2010 8:40 am
Wall Street ratings agencies set the tone for today's stock market.
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Elsewhere the Financial Crisis Inquiry Commission compelled Ben Bernanke to testify why the Fed was caught with its tail between its legs during the Lehman meltdown and all that came after. (Another Fed performed a bit better when finding himself in a similar situation.) The panel answers to Phil Angelides, who as a onetime California State Treasurer knows all about economic prudence. Payless ShoeSource parent Collective Brands (PSS) slid 9.08% after under performing during a difficult second quarter for footwear which even saw Lady Gaga carried out feet first. And the 75th annual Louisiana Shrimp and Petroleum Festival got more attention than ever this year, for some reason. It’s all quiet on the economics front but today’s earnings announcements are expected to include Casey’s General Stores (CASY), NCI Building Systems (NCS), and Phillips-Van Heusen (PVH).
Initiations
Envestnet (ENV): The stock is resumed at Outperform by RBC Capital.
Green Dot (GDOT): GDOT gets initiated with an Overweight by both JP Morgan and Piper Jaffray.
Chesapeake Midstream Partners (CHKM): The stock is assigned a new Neutral at Goldman Sachs.
Occidental Petroleum (OXY): Susquehanna starts Occidental Petroleum with a Positive. For related content, see Oil Prices Buffeted in Narrow Range but End Week Little Changed.
Software Stocks: CA Inc (CA) is begun with a Hold at Citigroup, which also begins Buy rated coverage on BMC Software (BMC).
Molycorp (MCP): MCP is a fresh Overweight at JP Morgan.
Analytic Stocks: Thermo Fisher (TMO) is picked up at Hold by Auriga U.S.A., while Waters (WAT) gets a Buy.
Upgrades
Oracle (ORCL): ORCL is added to the Conviction Buy List at Goldman.
Nokia Corp (NOK): The stock is up before the bell on a 180 degree (Overweight from Underweight) upgrade at Morgan Stanley, which notes that the average selling price of their handsets could grow next year for the first time since 2000. For related content, see Why Android Will Be the Windows of Tablets.
Siemens (SI): Staying overseas, Siemens is now Buy from Neutral at UBS.
Veolia Environnement (VE): VE gets a Buy-from-Sell boost at Citigroup.
Acorda Therapeutics (ACOR): Brokerage Robert Baird raises its rating on Acorda Therapeutics to Outperform from Neutral with a $40 price target, citing a new survey showing continued strong uptake and measurable improvement on the reimbursement front.
Alliant Energy (LNT): Macquarie moves Alliant Energy to Outperform from Neutral.
Canadian Imperial Bank of Commerce (CM): The stock gets raised to Outperform from Sector Perform at RBC Capital.
NetLogic (NETL): NetLogic is now Buy from Hold with a $35 price objective at The Benchmark Company.
Pioneer Natural Resources (PXD): PXD gets lifted to Outperform from Market perform with an $85 target at FBR Capital.
Downgrades
Campbell Soup (CPB): The stock is downgraded to Neutral from Buy at Janney Montgomery Scott. Also read Campbell Soup Cools Off.
France Telecom (FTE): Barclays Capital downgrades France Telecom to Underweight from Equal-Weight. Concerns include the company potentially paying a steep price to enter new African markets.
Telefonica (TEF): Barclays also takes Telefonica to Equal-Weight from Overweight due to valuation after recent share price strength.
REITs: Keefe Bruyette cuts REITs AvalonBay (AVB), Simon Property (SPG), and Vornado (VNO), all now Market Perform from Outperform.
Commvault Systems (CVLT): CVLT is lowered to Market Perform from Outperform at Morgan Keegan.
Goodrich (GR): GR gets downgraded to Neutral from Buy at Goldman.
NiSource (NI): The stock is now Hold from Buy at KeyBanc Capital, again on valuation.
JinkoSolar Holding (JKS): JKS is now Hold from Buy at Auriga.
Live Nation (LYV) is now Hold from Buy at Stifel Nicolaus. Also read The 1.3 Billion Customers Live Nation Can't Reach.
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No positions in stocks mentioned.
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