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Stock Upgrades: Bank of America About to Bounce Back?

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

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MINYANVILLE ORIGINAL As markets cratered amid concerns over a $607 billion fiscal cliff, there was a good 4.34% gain in Time Warner (NYSE:TWX), whose Road Runner High Speed Online service long paid homage to Looney Tune Wile E. Coyote and his unerring ability to plunge off the precipice.

The reelection of President Obama, a big believer in bullets both magic and silver, sent firearms firm Smith & Wesson (SWHC) surging 9.62% on an otherwise dire day. And Mitt Romney, accused by the President of promoting outsourcing at their Denver debate, would take consolation of sorts in seeing call center company StarTek, Inc. (SRT) jump 22.00% to top the entire NYSE.

This morning in economics, analysts anticipate an increase in the University of Michigan's preliminary November consumer sentiment survey at 9:55 a.m. Eastern, and September wholesale inventories arrive at 10:00 a.m. On the earnings front, results are expected out of Adidas (ADDYY), Commerzbank (CRZBY), Deutsche Telekom (DTEGY), Duke Energy (DUK), FirstEnergy (FE), Kohl's Corp. (KSS), Nordstrom (JWN), Public Storage (PSA), Repsol (REPYY), Siemens (SI), and Walt Disney (DIS).

Adtran (ADTN): Shares are upgraded to Buy from Hold at Mizuho, which takes its price target up to $22 from $10. It sees a possibility of modest 2013 improvement amid demand stabilization and improving margins.

Bank of America (NYSE:BAC) Yesterday's worst Dow (^DJI) stock, down 7.14%, is today boosted to Buy from Hold at ISI Group.

Chiquita Brands (CQB): Shares are upgraded to Buy from Hold at Janney Montgomery Scott.

Clearwire (CLWR): RBC Capital Markets raises its recommendation to Sector Perform from Underperform.

Cummins (CMI): The stock gets moved Outperform from Market Perform by BMO Capital.

Electric Utilities: Con Edison (ED) is upgraded to Sector Perform from Underperform at RBC Capital, which takes Southern Company (SO) to Outperform from Sector Perform.

Exelon (EXC): EXC is now Neutral from Sell at UBS.

FirstMerit (FMER): Shares are upgraded to Neutral from Underperform at Robert W. Baird, which cites an improved valuation.

General Moly (GMO): Bank of America-Merrill Lynch moves the industrial mining outfit to Neutral from Sell.

InterMune (ITMN): Shares get upgraded to Buy from Hold at Canaccord Genuity.

Juniper Networks (JNPR): JNPR is upgraded to Buy from Hold at Cantor Fitzgerald, which cites accelerated expense reductions and improving carrier spending.

Kinross Gold (KGC): KGC gets upgraded to Buy from Hold at Canaccord Genuity.

Linear Technology (LLTC): UBS lifts LLTC to Buy from Neutral.

Lloyds Banking Group (LYG): The British financial firm is upgraded to Outperform from Market Perform by Sanford Bernstein.

MetroPCS (PCS): PCS is moved to Outperform from Perform at Macquarie.

Parker-Hannifin (PH): PH is upgraded to Outperform from Market Perform at BMO Capital.

Rosetta Resources (ROSE): Shares are upgraded to Buy from Hold at Citigroup.

Talisman Energy (TLM): TLM is upgraded to Buy from Hold at Canaccord Genuity.

Transocean (RIG): RIG is raised to Buy from Hold at Argus.
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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