Upgrades

MWDV – MeadWestvaco upgraded to Market Perform from Underperform at BMO Capital

MS – Morgan Stanley upgraded to Buy from Hold at Collins Stewart

ALLT – Allot Comms initiated with a Buy at BofA/Merrill

MAC – Macerich upgraded to Buy from Neutral at Goldman

WMT – Wal-Mart upgraded to Overweight from Neutral at JP Morgan

DB – Deutsche Bank upgraded to Overweight from Neutral at HSBC

ARRS – Arris target raised to $13 at Kaufman Bros

VECO – Veeco Instruments upgraded to Buy from Hold at ThinkEquity

HAYN – Haynes Intl upgraded to Overweight from Neutral at JP Morgan

NTAP – NetApp upgraded to Outperform from Sector Perform at FBN Securities

HIBB- Hibbett Sporting upgraded to Buy from Neutral at Sterne Agee

CLI – Mack-Cali Realty upgraded to Buy from Neutral at Goldman

KW – Kennedy Wilson initiated with a Buy at BofA/Merrill

RGLD – Royal Gold downgraded to Sector Perform from Outperform at RBC Capital

BYI – Bally Technologies upgraded to Buy from Hold at Deutsche Bank

SBH – Sally Beauty initiated with a Neutral at BofA/Merrill

HOS – Hornbeck Offshore initiated with an Outperform at Wells Fargo

REGN – Regeneron Pharms upgraded to Neutral from Underperform at BofA/Merrill

WDC – Western Digital upgraded to Overweight from Equal Weight at Barclays

HSY – Hershey Foods upgraded to Buy at Ticonderoga

IFF – Intl Flavors upgraded to Overweight from Neutral at JP Morgan

RBS – Royal Bank of Scotland upgraded to Buy at WestLB

SXCI – SXC Health Solutions upgraded to Outperform from Neutral at Cowen

FIRE – Sourcefire target raised to $39 at Stifel Nicolaus

AMAG – AMAG Pharma resumed with an Equal Weight at Morgan Stanley

NFX – Newfield Expl upgraded to Neutral from Underperform at BofA/Merrill

FLR – Fluor upgraded to Buy from Hold at BB&T

AMNB – Am Natl Bankshares initiated with a Market Perform at Keefe Bruyette

FES – Forbes Energy Services initiated with a Buy at Canaccord Genuity

Downgrades

POT – Ticonderoga cuts estimates

GGP – Gen Growth Prop downgraded to Neutral from Buy at Goldman

TX – Ternium S.A. downgraded to Neutral from Buy at Goldman

TGT – Target downgraded to Neutral from Overweight at JP Morgan

SPG – Simon Properties downgraded to Neutral from Buy at Goldman

VNO – Vornado Rlty Trust downgraded to Sell from Neutral at Goldman

VTR – Ventas downgraded to Sell from Neutral at Goldman

UGP – Ultrapar Participacoes initiated with a Buy at BofA/Merrill

RIMM – Research In Motion downgraded to Underperform from Market Perform at JMP Securities

WAG – Walgreens downgraded to Underweight from Overweight at Morgan Stanley

HCN – Health Care REIT downgraded to Sell from Neutral at Goldman

DEST – Destination Maternity downgraded to In Line from Outperform at Imperial Capital Research

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Gapping up

GEDU +98.9%,  BSDM +5.7%, INHX +25.8%, VRTX +6.8%, GPRE +3%,  REGN +6%, REGN +6.4%,

FSIN +1.3%, YGE +2.3%

Gapping down

BP -2.1%, CIM -1.5%, LVLT -1.4%, GLD -1%, TS -4.7%, MT -4.2%, RCL -4.1%, BBL -3.9%, BHP -3.5%,

LYG -7%, RIO -5.9%, FRO -5%, BCS -4.9%, DB -4.9%, HBC -3.2%, UBS -3.2%, SDRL -3.2%, SLV -3.2%,

BAC -3.1%, TOT -2.7%, C -2.6%,

Comments »

In Play 

 

On the Wires 

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Transatlantic is expected to fetch up to $60 per share…

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GILD to buy VRUS

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[youtube://http://www.youtube.com/watch?v=r6E8H3C1CrU 450 300] [youtube://http://www.youtube.com/watch?v=iRbtdvtke3w&feature=related 450 300]

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NOVI, Mich. (AP) — A program to make loan money more available to Michigan-based businesses is getting a boost from Fifth Third Bank, Gov. Rick Snyder announced Friday.

Snyder and an official with Cincinnati-based Fifth Third Bank say the bank has the capacity to make new loans totaling $2.5 billion to Michigan businesses in 2012. Word of the additional money was part of an update to the state’s Pure Michigan Business Connect program and brings the multi-year loan program’s capacity from $3 billion to $8 billion.

“It’s about Michigan’s comeback — it’s about job-creation,” Snyder said of the program, which launched about six months ago and involves about 700 state companies and organizations. He said program’s basic premise is “asking Michigan businesses to do business with one another.”

Snyder said the Fifth Third Bank’s 2012 participation is the largest commitment by a financial institution to date. David Girodat, president of Fifth Third Bank Eastern Michigan, said it means an additional $5 billion in access to loans, including another $2.5 billion available for consumers.

The program is a public-private initiative involving the Michigan Economic Development Corp., state agencies and major Michigan companies and organizations. The announcement was made in the Detroit suburb of Novi at the Global Access Exporter Forum.

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DICK bove commentary

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Call of duty hits it out of the park

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Upgrades

ARUN – Aruba Networks upgraded to Buy from Neutral at Janney Montgomery Scott

MOS – Mosaic initiated with a Buy at Lazard

PERY – Perry Ellis downgraded to Neutral from Buy at Suntrust

SPRD – Spreadtrum Comms initiated with an Outperform at Credit Suisse

NLY –  Annaly Capital Mgmt downgraded to Market Perform from Outperform at Keefe Bruyett

SJM – J.M. Smucker added to Focus List at JP Morgan

RCL – initiated with a Buy at Jefferies

AGU –  initiated with a Buy at Lazard

PANL – Universal Display initiated with a Buy at Goldman

CF – initiated with a Buy at Lazard

CREE – Cree initiated with a Buy at Goldman

POT –  initiated with a Buy at Lazard

EQY – Equity One upgraded to Buy from Hold at ISI Group

ERF – Enerplus Res Fd Trust initiated with an Underweight at Barclays

MASI – Masimo initiated with an Underperform at BofA/Merrill

HPQ – Hewlett-Packard upgraded to Buy from Neutral at Sterne Agee

SNN – Smith & Nephew initiated with a Buy at Societe Generale

BC – Brunswick initiated with a Market Perform at BMO Capital

JCI – Johnson Controls initiated with an Outperform at Macquarie

AMR – AMR upgraded to Hold at Dahlman Rose

BCSI – Blue Coat upgraded to Neutral from Sell at Miller Tabak

MSCC – Microsemi initiated with a Buy at Cantor Fitzgerald

BTE – Baytex Energy Trust initiated with an Overweight at Barclays

DXCM – Dexcom upgraded to Buy from Hold at Capstone

BCSI –  Blue Coat upgraded to Neutral at Sterne Agee

FLS – Flowserve initiated with an Outperform at Wedbush

TSU – TIM Participacoes initiated with an Outperform at Bernstein

XEL – Xcel Energy upgraded to Outperform from Neutral at Macquarie

CNX – CONSOL Energy initiated with a Buy at CRT Capital

RATE – Bankrate target raised to $24 from $21 at Stifel Nicolaus

VIV – Vivo Participacoes initiated with a Market Perform at Bernstein

MRTN – Marten Transport upgraded to Buy at Stifel Nicolaus

BCSI – Blue Coat target raised to $28 from $25 at Stifel Nicolaus

PEGA – Pegasystems initiated with a Buy at The Benchmark Company

F – Ford Motor remains Ticonderoga’s top pick in the auto sector

CTAS – Cintas upgraded to Buy from Neutral at Citigroup

Downgrades

XCO – Exco Resources downgraded to Hold at Stifel Nicolaus

DRI – Darden Restaurants downgraded to Equal Weight from Overweight at Morgan Stanley

SFD – Smithfield Foods upgraded to Outperform from Neutral at Credit Suisse

TDG – Transdigm Group downgraded to Neutral from Buy at BofA/Merrill

VECO – Veeco Instruments initiated with Neutral at Goldman

IPI – Intrepid Potash initiated with a Neutral at Lazard

ESE – Esco Tech downgraded to Hold from Buy at BB&T

CHSI –  Catalyst Health Solutions initiated with a Hold at Stifel Nicolaus

GRPN – Groupon initiated with a Neutral at Wedbush

ANR – initiated with Fair Value at CRT Capital

MTOR – Meritor downgraded to Hold at KeyBanc Capital Mkts

RBCN – Rubicon Tech initiated with a Sell at Goldman

ICE – IntercontinentalExchange downgraded to Underperform from Outperform at Credit Agricole

CYN – City National downgraded to Underperform from Neutral at BofA/Merrill

MRVL – Marvell downgraded to Hold from Buy at Craig Hallum

Comments »

Gapping up 

BCSI +20.6%, NLST +11.6%, MHGC +5.9%,  PEIX +9.3%, ARUN +5.6%, MENT +3.4%, BA +2.1%, MHGC +5.9%,

MRVL +3.2%, UBS +2.6%, DB +2.4%, HPQ +1.1%, E +2.8%, SDRL +1.9%, TOT +1.5%,  QCOR +0.8%, BP +0.4%,

BCS +1.1%, SSRI +2.3%, SLW +2.3%, SLV +2%,  GPS +1.3%, ATW +3.2%, GDX +1.3%,  CYBX +2.1%, GLD +1.1%,

Gapping down

CRM -7.2%, DLB -0.7%, HNZ -0.7%, OZM -3.3%, DLB -0.7%, XCO -12.5%, HNZ -0.7% , LEN -1.4%,

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In Play

 

On the Wires

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Flat to slightly higher is their guidance

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Online review company Yelp files for $100 mil with GS as lead underwriter

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More job losses for the world’s economy

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“Jefferies Group Inc. (JEF) Chief Executive Officer Richard Handler said turmoil around the investment bank’s shares and publicly traded debt will ease as the fallout dissipates from the collapse of MF Global Holdings Ltd.

“It is not surprising that our bonds are under pressure after the assault on our company over the past two weeks,” Handler said yesterday in an e-mail. “Some bond investors sell first and ask questions later. We expect the market to return to normal pricing once we move beyond the ripple effect of the inaccuracies others have recently disseminated and once investors digest all the information” that Jefferies disclosed.”

Full article

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Google tries to catch up to AMZN and AAPL

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They will try to escape $1.4 billion in debt

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Upgrades

PM – Philip Morris International target raised to $80 from $75 at Stifel Nicolaus

PGR – Progressive initiated with an Outperform at Bernstein

SF – Stifel Financial initiated with an Outperform at Raymond James

ADSK – Autodesk upgraded to Buy at Argus

LULU -lululemon athletica upgraded to Buy at Stifel Nicolaus

ENB – Enbridge upgraded to Buy from Hold at Canaccord Genuity

CNC – Centene initiated with an Outperform at Raymond James

SARA – Saratoga Resources initiated with a Mkt Outperform at Rodman & Renshaw

SIMO – Silicon Motion target raised to $25 at Needham

GPRO – Gen-Probe initiated with a Buy at ThinkEquity

EV – Eaton Vance downgraded to Neutral from Buy at Sterne Agee

HOLI – HollySys upgraded to Overweight from Neutral at Piper Jaffray

XLS – Exelis initiated with a Neutral at JP Morgan

AMT – American Tower added to Conviction Buy List at Goldman

ENB – Enbridge upgraded to Buy from Hold at TD Newcrest

MU – Micron upgraded to Outperform at Oppenheimer

ROVI – Rovi initiated with an Outperform at JMP Securities

LFUS – Littelfuse initiated with a Hold at Stifel Nicolaus

TIVO – TiVo initiated with an Outperform at JMP Securities

Downgrades

AAPL – Apple ests cut at Oppenheimer to build in more cautious iPad ramp

DK – Delek US Holdings downgraded to Hold from Buy at Deutsche Bank

BK –  Bank of NY downgraded to Neutral from Buy at Suntrust

RCL – Royal Caribbean  initiated with Neutral at HSBC

CCL – Carnival initiated with Neutral at HSBC

IHG – Intercontinental Hotels Group initiated with Neutral at HSBC

NTAP – NetApp downgraded to Neutral at Collins Stewart

WNR – Western Refining downgraded to Hold from Buy at Deutsche Bank

ANF – Abercrombie & Fitch downgraded to Hold from Buy at ISI Group

MRVL – Marvell downgraded to Underperform from Market Perform at JMP Securities

TFM – The Fresh Market downgraded to Neutral from Overweight at Piper Jaffray

STT – State Street downgraded to Neutral from Buy at Suntrust

TD – Toronto-Dominion Bank downgraded to Market Perform from Outperform at Keefe Bruyette

KEM – KEMET initiated with a Hold at Stifel Nicolaus

CHK – Chesapeake Energy downgraded to Sell at Argus

GES – Guess? downgraded to Underperform from Neutral at BofA/Merrill

PGR – Progressive downgraded to Hold at Deutsche Bank

SBH – Sally Beauty downgraded to Equal Weight from Overweight at Barclays

ANSS – ANSYS initiated with a Neutral at Goldman

NXTM – Nxstage Medical initiated with Overweight at Piper Jaffray

PMTC – Parametric initiated with a Neutral at Goldman

UA – Under Armour  initiated with a Hold at Auriga

MPC – Marathon Petroleum removed from Best Ideas list at Morgan Stanley

COLM – Columbia Sportswear initiated with a Hold at Auriga

RMBS – Rambus downgraded to Neutral from Overweight at JPMorgan

Comments »

Gapping up 

MLNK +13.8%,  RMBS +5.2%, DNDN +2.3%,  LNKD +0.8%,QIHU +6.8%,  HOTT +7.4%, SLXP +6.2%, ZOLL +5.2%,

QIHU +4.7%, RMBS +4.1%, PLCE +9.4%, NTES +3.4%,  MGAM +4.6%, HFC +2.3%, NGG +1.9%, AZN +1%, HS +1%,

Gapping down

YOKU -14.1%,  PERY -17%, NTAP -7.2%, FRO -3.2%, SHLD -3.7%, AMAT -2.5%,  LTD -2.3% , MT -1.3%, EMC -1.2%,

PETM -0.7%, LYG -4.8%, BCS -1.5%, PEIX -5.8%, DGIT -5%, HBC -1.3%,  EV -2.3% , IRE -1.3%, STT -1.6%,WNR -1.3%,

SSRI -3.1%, HL -1.7%, SLV -1.6%, MT -1.3%, GDX -1.3%, BBL -1.2%, FCX -1.2%, RIO -1%, GLD -0.7%, BHP -0.5%,

 

 

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