Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

New Stock Coverage: Bank of New York Mellon Addressed for Success?


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

This week Bank of New York Mellon (NYSE:BK), the financial firm founded in 1784, sold its One Wall Street headquarters for $585 million. The most famous address in all of finance was built between 1929 and 1931 -- my, how the world of money changed utterly in the two years of construction. Its shares have returned investors a solid 16.63% over the past 12 months.
Cold Warriors awoken from a Rip Van Winkle time warp would have been startled to see the leaders of Red China and Communist Russia toasting on a multibillion-dollar deal on the front page of the Wall Street Journal. Clearly money, unlike Mr. Winkle, never sleeps, even if Dow Industrials (INDEXDJX:.DJI) advanced only slightly in tired trading. President Putin took time off from his Beijing celebrations to take umbrage at Price Charles having comparing him to Hitler, but in 1939 his predecessor was only too happy to temporarily jump into bed with that fellow dictator in the ultimate sham marriage of convenienceHewlett-Packard (NYSE:HPQ), founded the same year, tumbled 2.28% after it became apparent Meg Whitman's five-year plan is about as successful as Mr. Stalin's version. Breakfast at Tiffany's (NYSE:TIF), while never cheap, is proving far less expensive than either the endless "free" lunch provided by Janet Yellen's Fed or the exorbitant Le Bernardin dinners of Ben Bernanke. This, after the bling king rose to another record only 24 hours after advancing 9.15%.
Today in economics, an uptick is expected in April new home sales at 10:00 a.m. EDT. On the earnings front, Foot Locker (NYSE:FL) and Hibbett Sporting Goods (NASDAQ:HIBB) each released earlier this morning. On Monday, US markets are closed for Memorial Day.
Now let's look at this morning's new stock coverage, an eclectic bunch that features energy and biotech equities plus headline stock Bank of New York Mellon.

Bank of New York Mellon: Deutsche Bank has a Hold on today's headline analyst initiation. Its price objective is $34.
Energy StocksGasLog (NYSE:GLOG) is a Hold at Stifel, which launches limited partnership Dynagas LNG Partners (NASDAQ:DLNG) at a Buy.
FinancialsNorthern Trust (NASDAQ:NTRS) and State Street (NYSE:STT) are each new Holds at Deutsche Bank.
CMS Energy (NYSE:CMS): Robert W. Baird resumes Outperform-rated research and a $35 target price amid the company's above-average return on equity.
DragonWave (NASDAQ:DRWI): Shares are a new Neutral at H.C. Wainwright.
Durata Therapeutics (NASDAQ:DRTX): The stock gets begun with a Buy ($21 target) at MLV & Co, which expects approval for its antibiotic Dalvance to treat Gram-positive bacteria.

Also see:
Stock Upgrades: L Brands Is Too Good to be Kept a Victoria's Secret

Stock Downgrades: Aeropostale Investors Are About to Lose Their Shirts, 1987 Style
< Previous
  • 1
Next >
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.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Featured Videos