The consumer keeps on trucking
Comments »$16 Trillion Was Not Enough
Insider Action Over the Last 30 Days
MFS Investment Mgt. Sells a 6.3% in LinkedIn
Bank of New York Mellon, BNY, Sued for Currency Trading Practices
Bank Profits May Fall More Than Expected
Fed: Banks should tie more employees’ pay to risk
ATTENTION Potheads, Young Kids, and Losers: Here are the 63 Friendly’s Restaurants Shutting Down
Friendly’s Goes Chapter 11
FLASH: REITS ARE GETTING POLEAXED
3 HT -7.67 REIT – Retail 620,080,000
5 RLJ -7.42 REIT – Hotel/Motel 1,420,000,000
8 LXP -5.86 REIT – Retail 1,020,000,000
9 FRT -5.44 REIT – Retail 5,230,000,000
10 AAT -5.35 REIT – Office 711,810,000
11 ACC -5.31 REIT – Residential 2,620,000,000
12 DCT -5.15 REIT – Industrial 1,050,000,000
13 BRE -5.09 REIT – Residential 3,230,000,000
15 KRC -5.03 REIT – Office 1,830,000,000
16 FPO -4.95 REIT – Diversified 647,740,000
17 PPS -4.94 REIT – Retail 1,810,000,000
18 ELS -4.93 REIT – Residential 2,460,000,000
19 OFC -4.89 REIT – Office 1,600,000,000
20 EXR -4.87 REIT – Industrial 1,800,000,000
21 EQR -4.84 REIT – Residential 15,480,000,000
22 CLP -4.80 REIT – Residential 1,580,000,000
23 UDR -4.79 REIT – Residential 4,800,000,000
24 SKT -4.68 REIT – Retail 2,220,000,000
25 HME -4.63 REIT – Residential 2,340,000,000
26 CPT -4.62 REIT – Residential 3,970,000,000
27 ESS -4.60 REIT – Residential 4,100,000,000
28 REG -4.53 REIT – Retail 3,130,000,000
29 AIV -4.51 REIT – Residential 2,680,000,000
30 MAA -4.39 REIT – Residential 2,200,000,000
31 PEB -4.38 REIT – Hotel/Motel 778,720,000
32 CUZ -4.36 REIT – Diversified 595,340,000
33 PDM -4.32 REIT – Office 2,800,000,000
34 CWH -4.32 REIT – Retail 2,050,000,000
35 SUI -4.30 REIT – Residential 779,880,000
36 AKR -4.29 Property Management 751,390,000
37 EQY -4.26 REIT – Retail 1,770,000,000
38 WRI -4.26 REIT – Retail 2,500,000,000
39 AVB -4.23 REIT – Residential 10,410,000,000
40 EPR -4.23 REIT – Retail 1,800,000,000
42 CLI -4.19 REIT – Office 2,290,000,000
43 EGP -4.15 REIT – Industrial 1,000,000,000
44 IRET -4.14 REIT – Retail 611,910,000
45 HIW -4.13 REIT – Retail 1,980,000,000
46 KIM -4.12 REIT – Retail 6,020,000,000
47 WRE -4.12 REIT – Retail 1,880,000,000
48 LRY -4.09 REIT – Office 3,310,000,000
49 DFT -4.03 Property Management 1,250,000,000
50 NNN -3.99 REIT – Diversified 2,310,000,000
A Look at Who Might Be on the Chapter 11 List
In light of worries over American Airlines and Eastman Kodak it is important tot your portfolio to keep an eye outt for certain companies….
Comments »Upgrades and Downgrades This Morning
Upgrades
KMX – CarMax downgraded to Neutral from Outperform at Credit Suisse
WCN – Goldman Sachs resumes the Waste Services sector with a Neutral
YNDX – Yandex N.V. initiated with an Underperform at Credit Suisse
ROC – Rockwood Holdings upgraded to Overweight from Neutral at JP Morgan
SWN – Southwestern Energy initiated with an Overweight at boutique firm
ACOR – Acorda Therapeutics upgraded to Buy from Hold at Citigroup
APKT – Acme Packet upgraded to Outperform from Neutral at Wedbush
APOL – Apollo Group upgraded to Outperform from Neutral at Credit Suisse
RSG – Republic Services resumed with a Buy at Goldman
AGN – Allergan initiated with a Market Perform at JMP Securities
DIS – Walt Disney upgraded to Buy from Hold at Citigroup
VMW – VMware initiated with a Buy at Jefferies
RGC – Regal Entertainment upgraded to Neutral from Sell at Janney Montgomery Scott
CLH – Clean Harbors resumed with Neutral at Goldman
CBS – CBS upgraded to Buy from Hold at Citigroup
HPQ – Hewlett-Packard resumed with an Underweight at JP Morgan
Downgrades
GOOG – Google downgraded to Hold at Stifel Nicolaus
PAAS – Pan Am Silver downgraded to Underperform from Neutral at BofA/Merrill
AMD – Advanced Micro downgraded to Market Perform from Outperform at Bernstein
CTXS – Citrix Systems initiated with a Hold at Jefferies
CRM – Salesforce.com initiated with a Neutral at Ticonderoga
POL – PolyOne downgraded to Hold from Buy at Keybanc
LNKD – LinkedIn initiated with a Hold at Jefferies
DKS – Dick’s Sporting Goods downgraded to Neutral from Outperform at Credit Suisse
HD – Home Depot downgraded to Neutral from Buy at Goldman
NFLX – Netflix initiated with a Neutral at Sterne Agee
PKI – PerkinElmer downgraded to Hold from Buy at Deutsche Bank
KRA – Kraton Performance Polymers downgraded to Hold from Buy at Keybanc
Comments »Gapping Up and Down This Morning
Gapping up
MON +2.8%, ALU +5.5%, RIMM +2.2%, GPN +5.1%, YHOO +2.4%, AKAM +1.1%, NBIX +2.2%, DB +2%, RIO +1%,
COST +1%, MT +1.4%, NVAX +12.2%, AU +1.3%, DEJ +11.6%, TSPT +3.5%, BBL +1.3%, BCRX +10.7% RIO +1%,
NBIX +2.2%, CBS +0.8%, AKS +1.3%, ACOR +2.6%, DIS +1.1%,
Gapping down
APKT -14.5%, RVSN -5.9%, BCS -3.3%, FFIV -1.9%, TLM -3.1%, FFIV -2.9%, EBAY -2.9%, SAFM -2.7%, RVBD –
2.5%, YUM -1.5%, MS -3.0%, UBS -2.4%, RF -2.2%, IBN -1.4%, WFC -1.3%, STT -1.3%, BCS -0.7%, DANG –
1.3%, BIDU -1.1%, HD -1.4%, SINA -1.1%, TLM -3.8% , DKS -1.2%, EBAY -3%, YGE -2.4%, STD -3.8%,
Comments »In Play and On the Wires
Costco, $COST, 4th Quarterly Profits Rise; Company Seeks to Raise Membership Fees
Samsung Looks To Ban iPhone Sales in Europe
Challenger Jobs Report Show a 212% Increase in Job Cuts For America
FLASH: Acme Packet Destroyed on EPS Warning
-30%
Co issues downside Q3 guidance and Co also reaffirmed 2011 EPS of $1.14-1.18 vs. $1.13 Capital IQ Consensus Estimate; reaffirms revs of $315-320 mln vs. $325.2 mln consensus. Co said, “While we remain confident in our second half growth plans, our Q3 results were adversely impacted by a very large opportunity at one of the two largest service providers in North America. We now expect this opportunity to close in the first half of Q4 and we remain confident in our ability to execute on our full year business outlook. I continue to believe we are well positioned to leverage the broad, multi-year, secular growth drivers associated with the global transition from TDM to IP for real time communications like voice and video. The co was recently selected as the session border controller supplier for a major universal voice platform at this Tier-1 service provider in the United States. This platform is initially designed to support the existing customer’s “over-the-top” and wireline service offerings and will become a key infrastructure component to their Voice over Long Term Evolution offering. This platform is expected to become one of the largest such deployments in North America, supporting over 100 million subscribers. The initial deployment, which the co estimates will support ~5 mln subscribers, was expected to close in Q3 of 2011. However, during the final stage of Q3, the orders associated with this initial deployment were delayed to Q4. Accordingly, the co now expects this opportunity to close in the first half of Q4 of 2011.
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