A unwind of proprietary trades, ( trades open for more than 60 days,) and no foreign trading partners.
Comments »NETFLIX CEO’s “CHARLIE SHEEN MOMENT”
99 Cents Stores Goes Private for $1.6 Billion
Ticker NDN, going private for $22.
Comments »Upgrades and Downgrades This Morning
Upgrades
AAPL – Apple’s halo effect appears intact (for now) – Rodman & Renshaw
SAP – SAP AG initiated with Buy at Citigroup
FOSL – Fossil initiated with an Outperform at Cowen
MCD – McDonald’s initiated with a Buy at Credit Agricole
YUM – YUM Brands initiated with a Buy at Credit Agricole
EXPE – Expedia initiated with an Overweight at Evercore
ARO – Aeropostale upgraded to Buy from Hold at Jefferies
MT – Arcelor Mittal and Nucor upgraded to Buy at Dahlman Rose
GIS – General Mills upgraded to Buy from Neutral at Goldman; added to Conviction Buy List
SLG – SL Green Rlty upgraded to Buy from Neutral at UBS
ARMH – ARM Holdings upgraded to Buy from Sell at Citigroup
SYK – Stryker upgraded to Buy from Neutral at BofA/Merrill
PCLN – Priceline.com initiated with an Equal Weight at Evercore
TSN – Tyson Foods upgraded to Buy from Underperform at BofA/Merrill
NFLX – Netflix upgraded to Hold from Sell at Hudson Square Research
SLE – Sara Lee upgraded to Outperform from Market Perform at Wells Fargo
VLO – Valero Energy upgraded to Overweight from Equal Weight at Barclays
ERIC – LM Ericsson upgraded to Add from Neutral at WestLB
SFD – Smithfield Foods upgraded to Buy from Underperform at BofA/Merrill
ZOLL – ZOLL Medical upgraded to Buy from Neutral at Lazard
Downgrades
S – Sprint Nextel downgraded to Hold at Argus
WSH – Willis Group downgraded to Underperform from Neutral at Sterne Agee
SBUX – Starbucks initiated with an Underperform at Credit Agricole
UFS – Domtar downgraded to Hold from Buy at Deutsche Bank
STM – STMicroelectronics downgraded to Sell from Buy at Citigroup
VECO – Veeco Instruments downgraded to Neutral from Overweight at Piper Jaffray
COP – ConocoPhillips downgraded to Underperform from Neutral at Macquarie
WLT – Walter Energy initiated with a Hold at Stifel Nicolaus
WLL – Whiting Petroleum downgraded to Neutral from Outperform at Macquarie
MS – Ticonderoga lowers estimates on Morgan Stanley
MLNX – Mellanox Tech initiated with a Neutral at Lazard
SQNS – Sequans Communications downgraded to Sell at Chardan Capital Markets
IHG – Intercontinental Hotels Group downgraded to Underweight from Overweight at Barclays
LH – Laboratory Corp downgraded to Sector Perform from Outperform at RBC Capital
ASML – ASML Holding downgraded to Hold from Buy at ING Group
Comments »Gapping Up and Down This Morning
Gapping up
MAXY +3%, JKS +0.9%, GIS +1% , VLO +1.8%, ARO +3.1%, SYNA+2.2%, MG +3.3%, BBND +74.8%, HTZ +4.2%,
NTWK +4.7%, BEAM +1.4%, JKS +2.1%, UTHR +2%, JEC +3.6% , NTWK +4.7%,
Gapping down
SBH -4.3%, BBL -3.7%, RIO -2.7%, BHP -2.4%, E -2%, FCX -1.9%, ARMH -1.6%, BP -1.3%, BAC -1.3%, NVS -1.2%, SLV -1%,
Comments »In Play and On the Wires
FLASH: Shares of NFLX Just Went From Bad to Much Worse
+10 early, then gave it all back. Now it is outright plunging, down $7 or 6%.
Comments »Laugh of the Day: NFLX Completes Circle Jerk
The stock is now down, after surging at the open on news they are scrapping their idiotic “Qwickster” idea.
Refinery Stocks Soar
Buoyed by broad market rally and realization that crack spreads are wide for a reason, shares of refinery related companies are soaring.
DK +9.4%
HFC +8.3%
WNR +7.1%
ALJ +7%
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Apple Gets 1 Million iPhone 4s Orders In a Single Day
Netflix, NFLX, Retracts Decision to Separate Units
Upgrades and Downgrades This Morning
Upgrades
SIVB – SVB Financial Group initiated with Market Perform at Fig Partners
MU – Micron upgraded to Buy from Hold at Citigroup
STJ – St. Jude Medical upgraded to Equal Weight at Morgan Stanley
NFLX – Netflix upgraded to Neutral from Sell at Janney
POT – Potash upgraded to Buy at Ticonderoga
BYI – Bally Technologies upgraded to Buy from Neutral at Janney
PER – SandRidge Permanian Trust upgraded to Strong Buy from Outperform at Raymond James
GBCI – Glacier Bancorp upgraded to Strong Buy from Outperform at Raymond James
ABB – ABB Ltd upgraded to Buy from Hold at Berenberg
PXD – Pioneer Natural Resources downgraded to Equal Weight from Overweight at Barclays
SGY – Stone Energy upgraded to Overweight from Equal Weight at Barclays
Downgrades
CPHD – Cepheid downgraded to Market Perform from Outperform at Raymond James
DGX – Quest Diagnostics downgraded to Market Perform from Outperform at Raymond James
HAS – Hasbro target lowered to $42 at Needham; still sees upside from current levels
CVE – Cenovus Energy downgraded to Equal Weight from Overweight at Barclays
MHS – Medco Health Solutions tgt cut to $55 from $70 at BMO
BMC – BMC Software target lowered to $50 at Collins Stewart
DIOD – Diodes target lowered to $22 at Collins Stewart
LOGI – Logitech Intl SA downgraded to Underperform from Neutral at BofA/Merrill
LUV – Southwest Air downgraded to Hold from Buy at Deutsche Bank
THS – TreeHouse Foods downgraded to Neutral from Buy at BofA/Merrill
SINA – SINA target lowered to $115 at Stifel Nicolaus
IGT – Intl Game Tech remains Sell rating at Goldman on industry and company specific concerns
S – Sprint Nextel downgraded to Outperform from Strong Buy at Raymond James
DANG – Dangdang initiated with an Underweight at Barclays
Comments »Gapping Up and Down This Morning
Gapping up
BBL +4.4%, SLV +3.9%, BCS +3.8%, BHP +3.8%, RIO +3.7%, MT +3.5%, RCL +2.8%, ING +2.7%, RF +4.4%,
DB +2.6%, BAC +2.5%, DB +2.4%, UBS +2.1%, GLD +1.8%, PAAS +1.5%, AAPL +1.3%, ING +2.7%, TCK +7.9%,
RIO +4.9%, GOLD +4.4%, MT +3.9%, BHP +3.8%, HMY +3.8%, SLV +3.3%, GLD +1.8%, PAAS +1.5%,
STO +4.2%, YHOO +3.9%, NFLX +4.5%TOT +4.1%, OMEX +14.1% , CJES +14.2%, SNY +3.3%, NVS +3.1%,
ARMH +4.3%, AMZN +1.4%, ABB +4.5%, NOK +4.1%, MU +4%, POT +2.9%,
Gapping down
NBG -8.3% , SPN -9%, INSM -19.4%, SNP -2.3%, S -2.1%, bear positions, hopes, and dreams
Comments »In Play and On the Wires
Banks Launch Internal Reviews to Prevent Rogue Trading
Major US banks are conducting massive examination of their compliance procedures that monitor trading activities in the aftermath of UBS’s rogue trading scandal in what compliance executives say is one of the largest bank-led examinations of internal compliance procedures, the FOX Business Network has learned.
The internal reviews, conducted by Bank of America (BAC: 5.90, -0.38, -6.05%), Citigroup (C: 24.63, -1.39, -5.34%) and JPMorgan (JPM: 30.70, -1.68, -5.19%), are being sparked at least in part by the expectation that federal and international securities regulators such as the US Securities and Exchange Commission, and Britain’s Financial Services Authority will soon conduct reviews of how well big banks monitor trading activities.
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