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: Fed's Top-Secret Videoconference Perking Up Polycom?

By

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

PrintPRINT
Call it The Great Gatsby curse. Yesterday marked the 89th anniversary of F. Scott Fitzgerald's classic novel. The author, who made an incredibly unlucky $13.13 over the course of his career, evidently returned to wreck unfortunate havoc on equities. Much like that iconic cover, investors were reduced to tears, with Nasdaq (INDEXNASDAQ:.IXIC) enduring its worst day in two-and-a-half years. (Accordingly, Kleenex maker Kimberly Clark (NYSE:KMB) -- whose hankies also arrived on the scene in the middle of the Roaring Twenties -- hit the highest level in its entire history.) In November 2011, the last time Nasdaq nosedived like this, Athens reached its nadir. Yesterday of all days, with timing worthy of a Greek tragedy, the country officially completed its comeback. "Greece Returns to Bond Markets With a Bang," said the Associated Press, evidently unaware that a bomb had just exploded at the national bank. With investors clamoring for the men in white coats, pharmacy stock Rite Aid (NYSE:RAD) advanced 8.44%. Alas, there was no halo effect for its competitor Walgreen (NYSE:WAG), with the owner of Duane Reade drugstores dropping 3.24%. The company just made an irate bag lady of a notorious Hollywood diva. (A good thing, too, for their plastic sacks are legendarily awesome.) Ms. Heigl, however, still strikes me as much more of a Louis Vuitton (OTCMKTS:LVMUY) kinda gal, and as such she will be pleased to know that the last name in luxury advanced an impressive 2.95% amid the mayhem.
 
Today in economics, April's preliminary University of Michigan consumer sentiment survey is seen as increasing slightly from the final figure for March at 9:55 a.m. EDT. In earnings action, big banks JPMorgan Chase (NYSE:JPM) and Wells Fargo (NYSE:WFC) each released results earlier this morning.
 
Ares Commercial Real Estate (NYSE:ACRE): Shares are assigned a Market Perform and $14 target price at FBR Capital.
 
Aruba Networks (NASDAQ:ARUN): SunTrust starts the tech name at a Buy. Its price objective is $25.
 
PNM Resources (NYSE:PNM): PNM gets established at an Outperform ($30 objective) by RBC Capital, which has high hopes for its earnings and increasing dividends.
 
Polycom (NASDAQ:PLCM): This week it emerged that the Fed conducted a furtive cloak-and-dagger videoconferencing confab on unemployment. Today, industry leader Polycom is picked up with a Neutral at SunTrust. The price target is $15.
 
Qualcomm (NASDAQ:QCOM): ISI Group gives the tech stock a Strong Buy rating.
 
RailroadsCSX Corp (NYSE:CSX) is assigned an upbeat Outperform at Macquarie but Kansas City Southern (NYSE:KSU) rates only Underperform.
 
Rambus (NASDAQ:RMBS): RMBS is resumed with a Buy at The Benchmark Company, whose price objective is $16.
 
Tech Stocks: SunTrust begins Buys on both Cisco Systems (NASDAQ:CSCO), a key Dow (INDEXDJX:.DJI) component, and Juniper Networks (NYSE:JNPR). Its respective objectives are $27 and $30.
 
Tekmira Pharmaceuticals (NASDAQ:TKMR): Shares are an Outperform ($30 target) at RBC Capital, which says its Ebola virus opportunities offer potential promise.
 
Zillow (NASDAQ:Z): Susquehanna starts the online real estate outfit at a Positive. Its target is $115.

Also see:

Stock Upgrades: Shutterfly Has a Kodak Moment

Stock Downgrades:
President Obama's Shopping Spree Can't Save The Gap
< 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.
PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE