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.

Stock Upgrades: May Has Gone Away, but TripAdvisor Still Going Places


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

TripAdvisor (NASDAQ:TRIP) enjoyed an outstanding May, with its stock jumping 20% on the month. A June swoon may yet follow, but today the online travel outfit scores a broker boost. Shares have been on a strong run ever since the company boosted earnings guidance, although momentum names are never for the faint of heart. Indeed the company is currently under investigation by Italian antitrust authorities amid accusations of fake reviews.
Poet Maya Angelou sadly left us last week but not before her "Still I Rise" proved itself an eerily fitting epitaph for the equity market. Both the Dow (INDEXDJX:.DJI) and S&P 500 (INDEXSP:.INX) rose inexorably to records in holiday-shortened trading as one of Wall Street's age-old rhymes ("Sell in May and go away") proved no match for another ("The trend is your friend"). This, as stocks have now advanced for four straight months. Notwithstanding that eye-watering Moscow divorce, 'From Russia with love' just about summed it up as the country's Micex Index (MCX:MICEXINDEXCF) advanced almost 10% on the month and a back-in-favor Tiffany (NYSE:TIF) jumped 14% to an all-time high. Equities gained despite a 1% contraction in first-quarter GDP, putting the "gross" in "gross domestic product." Gross himself must surely now regret his bet that the three-decade bond run was over, since 30-Year Treasuries (INDEXCBOE:TYX) have suddenly surged for five straight months. Fixed income expert Mr. Gross made his famously faulty prophesy on Twitter (NYSE:TWTR), but you should surely shoot the messenger, not the medium, as the micro-blogging stock rose 6.4% on a broker boost. Tony the Tiger's Kellogg (NYSE:K) finished Friday at a fresh best in an ebullient food industry, even as Lions Gate (NYSE:LGF) tumbled 10% after its Hunger Games franchise turned from feast to famine.
Today in economics, April construction spending and May's Institute for Supply Management manufacturing index are each out at 10:00 a.m. EDT. On the earnings front, Conn's Inc. (NASDAQ:CONN), Krispy Kreme (NYSE:KKD), and Quiksilver (NYSE:ZQK) all release quarterly results.
Now let's analyze this morning's upgrades, a group encompassing a high-profile commodity company as well as our aforementioned TripAdvisor.

Alcoa (NYSE:AA): Bank of America Merrill Lynch lifts its investment assessment to Neutral from Underperform.
Alliance Data Systems (NYSE:ADS): Shares are now Buy from Neutral at Nomura. Its price objective, previously $242, increases to $300.
Coach (NYSE:COH): Renaissance Capital raises its recommendation to Hold to Buy.
Consolidated Water (NASDAQ:CWCO): The stock gets a Buy-from-Hold hoist at Brean Capital, whose target price is $13. The broker says a recent share-price retrenchment represents a compelling buying opportunity.
Diamondback Energy (NASDAQ:FANG): SunTrust takes the equity to Buy from Neutral with an amended price objective of $89.
Magnum Hunter (NYSE:MHR): MHR gets moved to Buy from Hold at Stifel.
NorthWestern Corp (NYSE:NWE): NEW is now Buy from Hold at KeyBanc Capital.
Thomson Reuters (NYSE:TRI): TD Securities boosts its rating to Buy from Hold.
TripAdvisor: Today's headline upgrade is increased to Outperform from Sector Perform at Pacific Crest.
Vail Resorts (NYSE:MTN): Evercore upgrades the company to Overweight from Equal Weight.

Also see:

New Stock Coverage: Can 50 Cent Make Starz a Quick Buck?

Stock Downgrades: Zillow Is Sleepless in Seattle
< 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