Monthly Archives: November 2011
Top Ten European Unsecured Bank Debt Issue
The Pound Trades Lower Against the Euro Despite a Better Economy Than the EU Zone
Burlington Northern Being Investigated for Safety Practices
The Federal Railroad Administration opened an investigation on Burlington after a report of a unlocked car of sulfuric acid was unguarded. Passengers were not informed and were allowed to board the train without a warning notice.
Comments »Economic Advisers Warn ECB Bond Buying is Convoluted and Risks Long Term Stability
Volcker Calls Volcker Rule Too Complicated
Macy’s Reports Better Net Profits; Company Guides higher
Fannie May Losses Widen; Company Asks for $7.8 Billion to Cover Shortfall
Toyota Recalls 550k Vehicles For Steering Problems
“Toyota recalled about 550,000 vehicles worldwide to replace the crankshaft pulley on the V6 engine, Amiko Tomita, a spokeswoman for the automaker said by phone today. About 80 percent of the vehicles are in the U.S., she said.
“If this condition is not corrected, the belt for the power steering pump may become detached from the pulley and the driver may notice a sudden increase in steering effort,” Toyota said in a statement.”
Comments »Flash: French Yields Are Widening Too
Now hitting 3.2%, record levels versus Germany.
Comments »Upgrades and Downgrades This Morning
Upgrades
DOV – Dover initiated with a Hold at Stifel Nicolaus
RBN – Robbins & Myers initiated with a Buy at Stifel Nicolaus
HRB – H & R Block upgraded to Outperform at Oppenheimer
MCK – McKesson added to Conviction Buy list at Goldman
PH – Parker-Hannifin initiated with a Buy at Stifel Nicolaus
RAD – Rite Aid upgraded to Outperform from Neutral at Credit Suisse
AMLN – Amylin Pharma upgraded to Outperform from Market Perform at BMO Capital
QSII – Quality Systems upgraded to Buy at Stifel Nicolaus
Downgrades
NVDA – NVIDIA downgraded to Market Perform from Outperform at JMP Securities
PRU – Prudential downgraded to Equal Weight from Overweight at Morgan Stanley
ABC – AmerisourceBergen removed from Conviction Buy list at Goldman
SCHW – Charles Schwab downgraded to Hold from Buy at ISI Group
WAG – Walgreens downgraded to Neutral from Outperform at Credit Suisse
IL – IntraLinks Holdings downgraded to Hold at Stifel Nicolaus
DWA – Dreamworks Animation downgraded to Sell from Neutral at Janney Montgomery Scott
BIG – Big Lots initiated with a Hold at Keybanc
SYKE – Sykes Enterprises downgraded to Hold at Stifel Nicolaus
SGS – Stream Global Services downgraded to In Line from Outperform at Imperial Capital
RBCN – Rubicon Tech downgraded to Neutral from Buy at UBS
PFG – Principal Fincl downgraded to Underweight from Equal Weight at Morgan Stanley
ADSK – Autodesk downgraded to Neutral from Buy at BofA/Merrill
SMG – Scotts Miracle-Gro downgraded to Neutral from Buy at Suntrust
ROVI – Rovi downgraded to Underperform from Outperform at Credit Agricole
N – NetSuite initiated with an Outperform at Wells Fargo
SWI – SolarWinds upgraded to Buy at Needham
ANF – Abercrombie & Fitch downgraded to Neutral from Buy at Suntrust
CFX – Colfax initiated with a Hold at Stifel Nicolaus
DLB – Dolby Labs downgraded to Neutral from Overweight at Piper Jaffray
ALSK – Alaska Comms downgraded to Underperform from Neutral at BofA/Merrill
HIG – Hartford Financial upgraded to Overweight from Equal Weight at Morgan Stanley
POWL – Powell Inds downgraded to Hold at Stifel Nicolaus
MRX – Medicis downgraded to Market Perform from Outperform at Wells Fargo
Comments »Gapping Up and Down This Morning
Gapping Up
SODA +9.6%, KITD +19.5%, PANL +8%, EZPW +7.3%, ORCC +5.1%, ASTM +4.2%, SLXP +3.9%, DF +2.2%,
SVA +7.2%, YHOO +2.7%, SGI +2.7%, SVM +1.4%, CLNE +1.2%, YONG +3.2%, CRIS +1.1%,
Gapping Down
PAA -2.9%, VALE -2.5%, ALLT -2.3%, ATVI -2.1%, ROVI -21.1%, ENER -18%, NILE -17%, POWL -16.5%,
STEC -14.5%, SYNM -11.8%, ING -11.7%, WTW -9%, VLNC -8.5%, MKTG -8.5%, MT -8.4%,
ADBE -5.3%, BHP -5.1%, LYG -4.8%, RIO -4.6%, CS -4.4%, CNK -4.2%, BBL -3.9%,
DB -8%, HBC -7.5%, SINA -6.8%, BCS -6.2%, UBS -5.9%, RBCN -5.6%, ACTS -5.5%, DIOD -5.3%,
Comments »In Play and On the Wires
The Italian Iceberg is Not Alone; Spreads are Widening in Spain and France
Italian Bond Yields Pare Some Gains; 10 Year Yield @ 7.32%
HSBC Revenues Fall Over Bad Loans in the U.S.
GM Prfoits Fall 15% in Q3
Mortgage Applications Rise on Refinancing Activity
DOW Technical Analysis Suggests 12.6k by January
Hard to believe given all the news; but until this morning U.S. equities had a great resilience to negativity. All be it on low upside volume.
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