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VIDEOUpgrades and Downgrades: Two Views on Colgate
By
Justin Sharon
Jul 30, 2010 8:35 am
Wall Street ratings agencies set the tone for today's stock market.
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Burnt by “Fabulous Fab” unleashing his infamous double f-bomb onto their ether, Goldman Sachs (GS) vowed to clean up its email act. The unfortunate employee could of course have saved face, and his firm $550 million, by better disguising such self regard with the common abbreviation “WTF” which I understand is short for “Wonderful Tourre, Fabrice.” Elsewhere an investment voice America actually listened to fell silent as Joel Crager, narrator of those iconic 80’s E.F. Hutton ads, passed away. Economic indicators today include this months Chicago Purchasing Managers Index at 9:45AM, forecast to fall, followed by the final University of Michigan figure for July consumer confidence at 9:55AM. Another week in reporting season wraps up with Alcatel-Lucent (ALU), British Airways, Chevron (CVX), McKesson (MCK), Merck (MRK), Renault (RNL.F), Simon Property (SPG) and Total SA (TOT) all due to announce results.
Initiations
Tech and Media Stocks: Macquarie initiates China’s Sina Corp (SINA) and Focus Media (FMCN) with Outperforms on each.
AngloGold (AU): begun with a Hold at Citigroup. UBS has new Neutral rated coverage on Cardtronics (CATM). See also, "Gold, Gold Equities Putting in Major Lows."
Upgrades
Colgate-Palmolive (CL): raised to Buy from Neutral at Janney Montgomery Scott.
Dentsply (XRAY): Soleil Securities lifts Dentsply to Buy from Hold.
Turkcell (TKC): now Neutral from Sell at Goldman.
KLA-Tencor (KLAC): Citigroup takes KLA-Tencor to Hold from Sell.
Time Warner Cable (TWC): boosted to Buy from Hold, also at Citigroup.
Canadian Pacific (CP): BB&T Capital hoists Canadian Pacific to Buy from Hold with a price objective of $70.
Enbridge Energy (EEP): moved to to Outperform from Market Perform at Morgan Keegan.
Humana (HUM): BMO Capital upgrades Humana to Market Perform from Underperform.
Portugal Telecom (PT): taken to Market Perform from Underperform by Sanford Bernstein.
Dresser-Rand (DRC): dressed up in a Buy-from-Neutral upgrade at Global Hunter, which has a $48 price target.
Downgrades
Colgate-Palmolive (CL): cut to Neutral from Buy at Goldman, which also pulls the company from its Conviction Buy list.
DTE Energy (DTE): Citigroup downgrades DTE Energy to Hold from Buy.
Whiting Petroleum (WLL): now Neutral from Buy at Suntrust.
BJ’s Wholesale (BJ): Cowen cuts BJ’s Wholesale to Neutral from Outperform.
Mylan Labs (MYL): moved to Perform from Outpeform, which cites concerns over foreign pressure.
Halliburton (HAL): FBR Capital lowers its Halliburton rating to Market Perform from Outperform as the broker believes investor expectations are unrealistic.
Oceaneering International (OII): now Hold from Buy at Jefferies.
Kennametal (KMT): JP Morgan clips Kennametal to Neutral from Overweight.
MEMC Electronic (WFR): Citing a significant decline in its earnings stream, Wunderlich downgrades MEMC Electronic 180 degrees (Sell from Buy).
No positions in stocks mentioned.
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