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Stock Upgrades: Best Buy a Better Buy After Yesterday's Mauling?


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

If you'll forgive the bathroom humor, on World Toilet Day stocks did indeed stall. In fact, JPMorgan (NYSE:JPM) - whose Jamie Dimon went to school in Queens, not far from Flushing - is suddenly $13 billion less flush. (No comment yet from his daughter Laura, who is something of an expert on what goes on in women's restrooms.) Still, the House of Morgan actually ended up on a day the Dow (INDEXDJX:.DJI), although lower, hardly went down the drain. Dorks showed unexpected emotion as Bill Gates fought back tears and Best Buy's (NYSE:BBY) Geek Squad cried a river as that stock slumped an S&P 500 (INDEXSP:.INX)-worst 10.97%. Elsewhere it paid to "talk to Chuck" as Charles Schwab (NYSE:SCHW) reached a multiyear peak and Chuck E. Cheese owner CEC Entertainment (NYSE:CEC) gained 1.12%. That fast-food firm, from Dallas County, was founded in 1980, a year the eyes of the world were fixated on gunshots in Dallas. Some 17 Novembers earlier, the Dallas 'Mourning' News had an entire country reaching for its Kleenex. Yesterday A.H. Belo (NYSE:AHC), publisher of the paper, plunged 3.84%. Vail Resorts (NYSE:MTN) rode a broker boost to gain 3.29%, finishing at its highest level since the Colorado company was established in 1997. That year, on Colorado ski slopes, the tragic Kennedy curse claimed another victim.

In terms of economic events that may move US markets today, at 10:00 a.m. Eastern we get both September business inventories and October existing home sales. At 2:00 p.m., minutes from the Federal Open Market Committee's October 30 meeting are released. Regarding specific stocks, ADT Corporation (NYSE:ADT), Deere (NYSE:DE), JC Penney (NYSE:JCP), JM Smucker (NYSE:SJM), L Brands (NYSE:LTD), Lowe's Companies (NYSE:LOW), and Staples (NASDAQ:SPLS) are all due to release quarterly results.

Best Buy (NYSE:BBY): Best Buy stock, which tumbled an S&P 500-worst 10.97% yesterday, is rebounding this morning after being boosted to Buy from Neutral at Citigroup. Catalysts for Best Buy, in the bank's estimation, include better sales and future stock buybacks.

Cabot Oil & Gas (NYSE:COG): Sanford Bernstein moves the energy outfit to Outperform from Perform, sending its stock up before the bell.

EasyJet (OTCMKTS:ESYJY): EasyJet, the budget European airline, is now Neutral from Underweight at HSBC Securities. Yesterday, EasyJet stock surged 7.1% after the company announced a special dividend.

Green Plains Renewable Energy (NASDAQ:GPRE): GPRE gets upgraded to Overweight from Neutral at Piper Jaffray.

Mobile TeleSystems (NYSE:MBT): Barclays moves MBT to Equal Weight from Underweight.

ONEOK Partners (NYSE:OKS): The limited partnership is lifted to Neutral from Sell at Goldman Sachs.

Pearson (NYSE:PSO): Financial Times publisher Pearson is now Buy from Neutral at Bank of America-Merrill Lynch. (NASDAQ:PCLN): Online travel outfit is added to the Conviction Buy list at Goldman Sachs, which cites mobile monetization and macroeconomic improvement in Europe. stock now trades at over $1,000.

Teva Pharmaceutical (NYSE:TEVA): Teva is taken to Positive from Neutral at Susquehanna. Its price objective, previously $43, increases to $50.

(See also: New Stock Coverage: Green Mountain Coffee Fits to a Tee and Stock Downgrades: Bidding Boeing Adieu, Farewell, Dubai)
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