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Stock Upgrades: With Its 'London Whale' Beached, Tide Rises Again at JPMorgan


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

You know it's a dull day on Wall Street when Corn Flakes are the talk of the town. Kellogg (NYSE:K) surged 5.97% in its best session for almost half a decade even as the Dow (INDEXDJX:.DJI) dropped less than half a point amid listless trading, and S&P 500 (INDEXSP:.INX) shares snapped four straight increases. While stocks' recent serial winning streak came to a close, cereal had chins all a-wagging. For it seems that, if you don't want your kids to be brainwashed at the supermarket, you better make sure they don't dare make eye contact with Cap'n Crunch. (This will also, in later life, provide the added benefit of preventing them from being fired by Pimco. (And, one would hope, forestall your offspring from ever investing in FireEye (NASDAQ:FEYE), which yesterday tumbled 10.78%.) Facebook (NASDAQ:FB) fell 5.15% and has now skidded 17% just since mid-March. Much more of this and Mark Zuckerberg -- uniquely among American CEOs -- can soon be said to earn every penny of that paycheck. Monsanto (NYSE:MON) rode a broker boost to buck a bad day. The world's largest seed company surged 2.29%, so maybe President Obama was on the money when he gave the Pope that gift last week. Such a strong showing was sadly atypical in a session that saw economists yet again botch their expectations for both jobless claims and the services sector, once more proving overly optimistic. Maybe we should instead turn to soothsaysers. Then again, maybe not. For a psychic to the stars, fresh from gazing at her crystal balls, now predicts what the market will endure in April is not merely a crash but "even worse -- we've not had this since the American Revolution." There might be only a small chance that the medium's large-scale warning is right, but we have been here before, and it decidedly did not end well. Her Jazz Age equivalent Evangeline Adams said this in advance of Black Monday: "In 1928 and 1929. . . it behooves everyone to be extremely cautious in investment and money matters, and be prepared for this threatening configuration of planets."
It is quite a quiet Friday for corporate earnings announcements, but CarMax (NYSE:KMX) releases results.
Anadarko Petroleum (NYSE:APC): Shares get upgraded to Overweight from Underweight at JPMorgan, which takes its target to $129 from $84.
ANN Inc. (NYSE:ANN): ANN is increased to Outperform from Neutral at Macquarie.
Dynegy (NYSE:DYN): Shares are now Neutral from Sell at UBS, whose price objective increases to $25 from $18.
Emerge Energy Services (NYSE:EMES): The stock is raised to Outperform from Neutral at Robert W. Baird.
Fiat (OTCMKTS:FIATY): Shares in the Italian automaker, owner of Chrysler, are trading up about 1.5% in Europe today after a Buy-from-Neutral increase at UBS.
Finish Line (NASDAQ:FINL): FINL is moved to Overweight from Equal Weight at Morgan Stanley.
GameStop (NYSE:GME): Shares are up 1.94% this morning after being moved to Buy from Neutral at Bank of America-Merrill.
JPMorgan Chase (NYSE:JPM): Shares in the Dow member, with the "London Whale" scandal an increasingly distant memory, get moved to Outperform from Neutral at Macquarie. The target is now $68, up from $62.
Pearson (NYSE:PSO): The Financial Times publisher is boosted to Buy from Hold at Jefferies.
Renault (OTCMKTS:RNSDF): UBS raises its rating on the French firm to Buy from Neutral, sending it up roughly 1.8% overseas this morning.
Scripps Networks Interactive (NYSE:SNI): Shares get upgraded to Buy from Hold at Wunderlich.
ServiceNow (NYSE:NOW): NOW is now Overweight from Equal Weight at Evercore.

Also see:

New Stock Coverage: Barracuda Networks Swims With the Sharks

Stock Downgrades: Hasbro Rides 'My Little Pony' Off Into the Sunset
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