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Stock Downgrades: Lumber Liquidators Magic Carpet Ride Ends With Trading Floor Thud
Wall Street ratings agencies set the tone for today's stock market.
Justin Sharon    

Investors in Lumber Liquidators (NYSE:LL) are hitting the roof, as there appears to be no floor to how low the hardwood-flooring firm will fall. Its stock, fresh from yesterday's 8.06% implosion, is tumbling another 20.49% even as we speak. This, after the company pre-announced awful Q2 earnings that included a shocking 7.1% slide in its same-store sales.
 
October is hands down the single scariest stock market month of all, encompassing all manner of Dow (INDEXDJX:.DJI) horror shows from 1929 to 1987, but yesterday equities advanced after the Fed indicated it will finally end its bond-buying binge by Halloween. Whether investors will be quite so sanguine come the fall is highly debatable. Indeed, having second guessed itself just since the closing bell, Wall Street is now set to freak out in only about 10 minutes, but yesterday stocks snapped a two-session slump on the news. Markets were boosted by a ninth straight plunge in petroleum prices, with the S&P 500 (INDEXSP:.INX) ending at 1972 after our oil output was predicted to exceed its record reached in 1972. 1972 saw the release of Good Times, the fifth album of funk super group Kool & the Gang, but Wednesday was the worst of times for the Container Store (NYSE:TCS), with its stock imploding 8.39% and swiftly going for a song after the CEO unwisely blamed soulful '70s music for its troubles. Deviled-eggs maker Career Education (NASDAQ:CECO), operator of Le Cordon Bleu culinary schools, posted a divine showing in surging 5.17%, even as a chef saw God in an eggplant. Argentina, aiming to win a first World Cup since its "Hand of God" triumph in 1986 -- a trophy eventually claimed by overcoming then West Germany in the final -- set up a rematch. It did so by beating Holland, just as it had in the 1978 final. 1978 was indeed an eternity ago. That year a couple of beatniks by the name of Ben and Jerry founded an ice cream empire. They have long since sold out for big bucks to Unilever (NYSE:UN) of the Netherlands, whose Wednesday woe was made even more miserable by a rating reduction.
 
Today in economics, May wholesale inventories are forecast to slip from the prior month's pace at 10:00 a.m. EDT. On the earnings front, expect announcements by Barracuda Networks (NYSE:CUDA), Family Dollar (NYSE:FDO), and PriceSmart (NASDAQ:PSMT).

Now let's look at this morning's rating reductions, an eclectic bunch that features both a blue chip and flailing French airline, plus headline stock Lumber Liquidators.

Air France-KLM (OTCMKTS:AFLYY): Shares, slumping of late, get cut to Hold from Buy at Cantor Fitzgerald.
 
Lumber Liquidators: Today's headline downgrade is lowered by both Credit Suisse (Neutral from Outperform, target price taken to $65 from $100) and Jefferies (Hold from Buy, price objective slashed to $57 from $115).
 
T. Rowe Price (NASDAQ:TROW): Evercore reduces its investment assessment to Equal Weight from Overweight.
 
UnitedHealth (NYSE:UNH): The Dow member is moved to Hold from Buy at Jefferies.
 
Waddell & Reed (NSYE:WDR): Citigroup downgrades its fellow financial firm to Neutral from Buy.
 
Also see:

New Stock Coverage: CIT Group Gets the $87,000 Rug Pulled Out From Under It

Stock Upgrades: Even Investors With a Tin Ear Hear Alcoa Making Money Talk
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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.
Stock Downgrades: Lumber Liquidators Magic Carpet Ride Ends With Trading Floor Thud
Wall Street ratings agencies set the tone for today's stock market.
Justin Sharon    

Investors in Lumber Liquidators (NYSE:LL) are hitting the roof, as there appears to be no floor to how low the hardwood-flooring firm will fall. Its stock, fresh from yesterday's 8.06% implosion, is tumbling another 20.49% even as we speak. This, after the company pre-announced awful Q2 earnings that included a shocking 7.1% slide in its same-store sales.
 
October is hands down the single scariest stock market month of all, encompassing all manner of Dow (INDEXDJX:.DJI) horror shows from 1929 to 1987, but yesterday equities advanced after the Fed indicated it will finally end its bond-buying binge by Halloween. Whether investors will be quite so sanguine come the fall is highly debatable. Indeed, having second guessed itself just since the closing bell, Wall Street is now set to freak out in only about 10 minutes, but yesterday stocks snapped a two-session slump on the news. Markets were boosted by a ninth straight plunge in petroleum prices, with the S&P 500 (INDEXSP:.INX) ending at 1972 after our oil output was predicted to exceed its record reached in 1972. 1972 saw the release of Good Times, the fifth album of funk super group Kool & the Gang, but Wednesday was the worst of times for the Container Store (NYSE:TCS), with its stock imploding 8.39% and swiftly going for a song after the CEO unwisely blamed soulful '70s music for its troubles. Deviled-eggs maker Career Education (NASDAQ:CECO), operator of Le Cordon Bleu culinary schools, posted a divine showing in surging 5.17%, even as a chef saw God in an eggplant. Argentina, aiming to win a first World Cup since its "Hand of God" triumph in 1986 -- a trophy eventually claimed by overcoming then West Germany in the final -- set up a rematch. It did so by beating Holland, just as it had in the 1978 final. 1978 was indeed an eternity ago. That year a couple of beatniks by the name of Ben and Jerry founded an ice cream empire. They have long since sold out for big bucks to Unilever (NYSE:UN) of the Netherlands, whose Wednesday woe was made even more miserable by a rating reduction.
 
Today in economics, May wholesale inventories are forecast to slip from the prior month's pace at 10:00 a.m. EDT. On the earnings front, expect announcements by Barracuda Networks (NYSE:CUDA), Family Dollar (NYSE:FDO), and PriceSmart (NASDAQ:PSMT).

Now let's look at this morning's rating reductions, an eclectic bunch that features both a blue chip and flailing French airline, plus headline stock Lumber Liquidators.

Air France-KLM (OTCMKTS:AFLYY): Shares, slumping of late, get cut to Hold from Buy at Cantor Fitzgerald.
 
Lumber Liquidators: Today's headline downgrade is lowered by both Credit Suisse (Neutral from Outperform, target price taken to $65 from $100) and Jefferies (Hold from Buy, price objective slashed to $57 from $115).
 
T. Rowe Price (NASDAQ:TROW): Evercore reduces its investment assessment to Equal Weight from Overweight.
 
UnitedHealth (NYSE:UNH): The Dow member is moved to Hold from Buy at Jefferies.
 
Waddell & Reed (NSYE:WDR): Citigroup downgrades its fellow financial firm to Neutral from Buy.
 
Also see:

New Stock Coverage: CIT Group Gets the $87,000 Rug Pulled Out From Under It

Stock Upgrades: Even Investors With a Tin Ear Hear Alcoa Making Money Talk
< 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.
Daily Recap
Stock Downgrades: Lumber Liquidators Magic Carpet Ride Ends With Trading Floor Thud
Wall Street ratings agencies set the tone for today's stock market.
Justin Sharon    

Investors in Lumber Liquidators (NYSE:LL) are hitting the roof, as there appears to be no floor to how low the hardwood-flooring firm will fall. Its stock, fresh from yesterday's 8.06% implosion, is tumbling another 20.49% even as we speak. This, after the company pre-announced awful Q2 earnings that included a shocking 7.1% slide in its same-store sales.
 
October is hands down the single scariest stock market month of all, encompassing all manner of Dow (INDEXDJX:.DJI) horror shows from 1929 to 1987, but yesterday equities advanced after the Fed indicated it will finally end its bond-buying binge by Halloween. Whether investors will be quite so sanguine come the fall is highly debatable. Indeed, having second guessed itself just since the closing bell, Wall Street is now set to freak out in only about 10 minutes, but yesterday stocks snapped a two-session slump on the news. Markets were boosted by a ninth straight plunge in petroleum prices, with the S&P 500 (INDEXSP:.INX) ending at 1972 after our oil output was predicted to exceed its record reached in 1972. 1972 saw the release of Good Times, the fifth album of funk super group Kool & the Gang, but Wednesday was the worst of times for the Container Store (NYSE:TCS), with its stock imploding 8.39% and swiftly going for a song after the CEO unwisely blamed soulful '70s music for its troubles. Deviled-eggs maker Career Education (NASDAQ:CECO), operator of Le Cordon Bleu culinary schools, posted a divine showing in surging 5.17%, even as a chef saw God in an eggplant. Argentina, aiming to win a first World Cup since its "Hand of God" triumph in 1986 -- a trophy eventually claimed by overcoming then West Germany in the final -- set up a rematch. It did so by beating Holland, just as it had in the 1978 final. 1978 was indeed an eternity ago. That year a couple of beatniks by the name of Ben and Jerry founded an ice cream empire. They have long since sold out for big bucks to Unilever (NYSE:UN) of the Netherlands, whose Wednesday woe was made even more miserable by a rating reduction.
 
Today in economics, May wholesale inventories are forecast to slip from the prior month's pace at 10:00 a.m. EDT. On the earnings front, expect announcements by Barracuda Networks (NYSE:CUDA), Family Dollar (NYSE:FDO), and PriceSmart (NASDAQ:PSMT).

Now let's look at this morning's rating reductions, an eclectic bunch that features both a blue chip and flailing French airline, plus headline stock Lumber Liquidators.

Air France-KLM (OTCMKTS:AFLYY): Shares, slumping of late, get cut to Hold from Buy at Cantor Fitzgerald.
 
Lumber Liquidators: Today's headline downgrade is lowered by both Credit Suisse (Neutral from Outperform, target price taken to $65 from $100) and Jefferies (Hold from Buy, price objective slashed to $57 from $115).
 
T. Rowe Price (NASDAQ:TROW): Evercore reduces its investment assessment to Equal Weight from Overweight.
 
UnitedHealth (NYSE:UNH): The Dow member is moved to Hold from Buy at Jefferies.
 
Waddell & Reed (NSYE:WDR): Citigroup downgrades its fellow financial firm to Neutral from Buy.
 
Also see:

New Stock Coverage: CIT Group Gets the $87,000 Rug Pulled Out From Under It

Stock Upgrades: Even Investors With a Tin Ear Hear Alcoa Making Money Talk
< 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.
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