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business newsUpgrades and Downgrades: Sirius XM Broadcasts Good News
By
Justin Sharon
Aug 05, 2010 8:30 am
Wall Street ratings agencies set the tone for today's stock market.
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News Corp (NWS) rose 2.57% after posting strong results but Mark Cuban, who controls HDNet, was a less content cable guy after losing out in a bidding war for the Texas Rangers. Barack Obama turned 49. That he is also turning grey prompted his press spokesman to suggest more frequent haircuts, which will be a boon for consumer spending should he opt for the $200 trims Christophe charged Bill Clinton back in 1993, deflation be damned. The President got the perfect gift as BP Plc’s (BP) oil spill looks like it is finally ready to sleep with the fishes. And news that women prefer men who wear red sent shares of Red Hat (RHT) surging 5.59%. Today’s expected earnings include Activision (ATVI), Beazer Homes (BZH), Consolidated Edison (ED), Deutsche Telekom (DT), Kraft Foods (KFT), Rio Tinto (RTP), Time Warner Cable (TWC), Unilever (UL), and Viacom (VIA).
Initiations
IntercontinentalExchange (ICE): JP Morgan assigns an Overweight on IntercontinentalExchange.
Range Resources (RRC): Citigroup resumes Range Resources with a Hold.
Kohlberg Kravis Roberts (KKR): The stock is covered with a Buy, also at Citi.
WuXi PharmaTech (WX): Oppenheimer initiates WuXi PharmaTech with an Outperform and assigns it an $18.50 price objective. The stock should benefit from global outsourcing continuing its shift to China. For more on the sector, see Will Dendreon Announce That Provenge Is a Flop?
Upgrades
Sirius XM Radio (SIRI): The satellite radio stock is raised to Buy from Hold with Wunderlich. The broker cites Sirius CEO Mel Karmazin suggesting a resolution could be reached with Howard Stern.
Magellan Midstream Partners LP (MMP): RBC Capital moves Magellan Midstream Partners LP to Outperform from Sector Perform.
First Industrial Realty (FR): Janney Montgomery juices First Industrial Realty to Buy from Neutral. Also see Real Estate: 10 Homes You Could Own for $375,000.
Regis Corp (RGS): The stock is raised to Buy from Hold at Soleil Securities.
Martin Marietta Materials (MLM): MLM is now Buy from Neutral at UBS.
Downgrades
Martin Marietta Materials (MLM): By contrast, Martin Marietta Materials gets lowered to Neutral from Buy at Goldman.
Jack In The Box (JACK): SunTrust takes Jack In The Box to Neutral from Buy.
PG&E Corp (PCG): PCG is cut to Sector Perform from Outperform at RBC Capital.
Muller Water (MWA): Brokerage Robert Baird reduces its Muller Water rating to Neutral from Outperform.
Rayonier (RYN): The stock is moved to Underweight from Neutral at JP Morgan.
Bancolombia S.A. (CIB): CIB also gets an Underweight-from-Neutral cut at JPMorgan.
Thomson Reuters (TRI): Deutsche Bank downgrades Thomson Reuters to Hold from Buy.
Hub Group (HUBG): The stock is downgraded to Neutral from Buy at UBS.
HCP, Inc. (HCP): UBS also lowers HCP, Inc. to Sell from Neutral.
National Retail Properties (NNN): The stock is now Neutral from Buy at Janney Montgomery.
TFS Financial (TFSL): Sterne Agee takes TFS Financial to Neutral from Buy.
No positions in stocks mentioned.
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