“Stocks are less expensive than average,” he tells Yahoo. “We have price-earnings multiples on a forward basis of 12 now, and the average is probably 16. But if we continue in this sluggish period of economic growth, then 12 may still be too high.”
Major bull markets generally don’t begin until the P-E ratio comes down to single digits, Mullaney says. ”
Comments »Upgrades
TRMB – Trimble Navigation initiated with a Buy at Janney Mongeromery Scott
CBL – CBL & Assoc upgraded to Buy at Stifel Nicolaus
EMR – Emerson upgraded to a but at Citigroup
HON – upgraded to Buy from Neutral at Citigroup
FITB – Fifth Third initiated with a Buy at UBS
KEY – KeyCorp initiated with a Buy at UBS
DX – Dynex Capital upgraded to Buy from Hold at Cantor Fitzgerald
RAX – Rackspace upgraded to Buy at Kaufman Bros
STJ – St. Jude Medical upgraded to Outperform from Neutral at Credit Suisse
IVC – Invesco initiated with an Overweight at Morgan Stanley
TMH – Team Health Holdings upgraded to Buy from Neutral at Citigroup
BEN – Franklin Resources initiated with an Overweight at Morgan Stanley
ATK – Alliant Tech downgraded to Neutral from Buy at Suntrust
KRC – Kilroy Realty upgraded to Buy at Stifel Nicolaus
YPF – YPF Soc. Anonima upgraded to Buy from Neutral at BofA/Merrill
QNST – QuinStreet downgraded to Neutral from Outperform at Credit Suisse
CMA – Comerica initiated with a Buy at UBS
XYL – Xylem initiated with an Outperform at Wedbush
ATK – Alliant Tech downgraded to Sector Perform from Outperform at RBC Capital
CYN – City National initiated with a Buy at UBS
KKR – KKR initiated with an Equal Weight at Morgan Stanley
Downgrades
SNY – Sanofi-Aventis downgraded to Sell from Hold at Collins Stewart
RIMM – Research In Motion downgraded to Equal Weight from Overweight at Barclays
VRTX – Vertex Pharm downgraded to Neutral at Robert W. Baird
EXPE – Expedia downgraded to Underweight from Equal Weight at Morgan Stanley
ALU – Alcatel-Lucent downgraded to Neutral from Buy at BofA/Merrill
CBE – Cooper Industries downgraded to Neutral from Buy at Citigroup
BPO – Brookfield Properties downgraded to Hold at Stifel Nicolaus
HPT – Hospitality Props downgraded to Neutral from Buy at Janney Montgomery Scott
ASEI – American Science & Engineering downgraded to Sell at The Benchmark Company
NVS – Novartis AG downgraded to Hold from Buy at Collins Stewart
ITW – Illinois Tool downgraded to Neutral from Buy at Citigroup
BKE – Buckle downgraded to Neutral from Positive at Susquehanna
PNG – PAA Natural Gas Storage downgraded to Equal Weight from Overweight at Barclays
FII – Fed Investors initiated with an Underweight at Morgan Stanley
PXD – Pioneer Natural Resources downgraded to Neutral from Positive at Susquehanna
AB – AllianceBernstein initiated with an Underweight at Morgan Stanley
OVTI – OmniVision downgraded to Neutral from Outperform at Wedbush
NKA – Niska Gas Storage downgraded to Underweight from Equal Weight at Barclays
WMS – WMS Industries downgraded to Underperform from Buy at Credit Agricole
Comments »Gapping up
ASML +2.1%, DB +1.5%, VSAT +1.4%, VIMC +19.6%, PKT +16.7%, TRAK +10.9%, RPRX +9.1%,
LYG +6%, FRO +3.9%, GTAT +3.8%, SIG +3.1%, PCLN +2.8%, RAX +2.4%, NAT +2.3%, HOLX +2.3%,
Gaping down
LGCY -5.2%, URBN -4.4%, DYN -3.7%, KW -3.7%, TRGT -50.3%, LXU -11.1%, HOS -6%, ETP -3.4%,
PXD -3.3%, AZN -3.3%, TGI -2.5%,
Comments »“Hong Kong’s economy, a barometer of global growth, probably sank into recession with a contraction in the third quarter, according to Daiwa Capital Markets Ltd. and Australia & New Zealand Banking Group Ltd.
Gross domestic product shrank 1.5 percent from the previous quarter, seasonally adjusted, said Kevin Lai, a Hong Kong-based economist at Daiwa. The report is due Nov. 11. Lai came closest in a Bloomberg News survey to predicting the 0.5 percent contraction in the second quarter.”
Comments »It is said we pared losses on talk of speeding up EU debt solutions, but it must be the work of the Turkey Gods. All in all today was a super big yawn.
Comments »They would like to make things safer by creating a floating net asset value and capital buffers.
Comments »-CALLS- OPTION EXP.DATE STRIKE PRC. VOLUME LAST S/PRC. NET CHANGE BAC 1/19/13 7.5000 9876 1.2900 dn 0.1100 AEM 1/19/13 65.0000 4000 2.8500 up 0.4300 CTXS 11/19/11 75.0000 3669 1.5800 dn 1.0200 YHOO 11/19/11 16.0000 2568 0.4400 up 0.0300 ACI 1/21/12 27.0000 2500 0.1500 up 0.0100 JPM 11/11/11 36.0000 2161 0.1100 dn 0.0400 LEN 11/19/11 18.0000 1773 0.4100 up 0.1100 CSCO 11/19/11 19.0000 1691 0.3000 up 0.0100 AAPL 2/18/12 500.0000 1638 2.6000 dn 0.0200 NPSP 12/17/11 6.0000 1551 0.5000 dn 0.0500 -PUTS- OPTION EXP.DATE STRIKE PRC. VOLUME LAST S/PRC. NET CHANGE BAC 12/17/11 5.0000 10024 0.1600 up 0.0000 GLD 6/16/12 110.0000 5010 0.9500 dn 0.1000 BAC 11/11/11 6.0000 2193 0.0800 up 0.0000 WM 11/19/11 31.0000 1549 0.8000 up 0.0500 AMGN 11/19/11 57.5000 1197 1.0000 dn 1.7500 GS 11/19/11 100.0000 1149 2.0000 dn 0.1000 BAC 1/21/12 5.0000 1006 0.2900 up 0.0000 ATVI 11/19/11 13.0000 1000 0.2000 up 0.0100 BAC 5/19/12 6.0000 953 1.0000 up 0.0400 BAC 1/21/12 6.0000 950 0.5800 up 0.0300 -VOLUME- CALLS PUTS TOTAL 444123 434473 878596Comments »
Markets traded higher shortly after a small gap down. Those gains were then pared as markets found no real direction after digesting the Euro zone mess.
Comments »Upgrades
AYI – Acuity Brands coverage assumed with a Buy at ThinkEquity
HD – Home Depot upgraded to Outperform from Sector Perform at RBC Capital
CVS – CVS Caremark upgraded to Outperform from Sector Perform at RBC Capital
TOLL – Toll Brothers upgraded to Buy from Neutral at Citigroup
GRPN – Groupon initiated with a Buy at The Benchmark Company
PIR – Pier 1 Imports initiated with an Outperform at Wells Fargo
PAY – VeriFone initiated with a Buy at Citigroup
IACI – InterActiveCorp resumed with a Hold at Needham
WES – Western Gas Partners upgraded to Outperform from Neutral at Credit Suisse
LL – Lumber Liquidators upgraded to Buy from Neutral at Goldman
HERO – Hercules Offshore resumed with a Hold at Dahlman Rose
MYL – Mylan Labs initiated with a Market Perform at Leerink Swann
FLR – Fluor upgraded to Buy from Neutral at Lazard
UDR – UDR upgraded to Buy from Neutral at Janney Montgomery Scott
Downgrades
K – Kellogg downgraded to Market Perform from Outperform at William Blair
NEE – NextEra Energy downgraded to Hold from Buy at Jefferies
CLF – Cliffs Natural Resources target lowered to $115 at FBR Capital
ADM – Archer-Daniels initiated with a Neutral at Ticonderoga
FLT – FleetCor initiated with a Neutral at Citigroup
DHI – DR Horton downgraded to Neutral from Buy at Citigroup
APH – Amphenol downgraded to Sell at Ticonderoga
GRPN – Groupon initiated with a Neutral at Susquehanna
WXS – Wright Express initiated with a Neutral at Citigroup
AGU – Agrium target lowered to $109 at Ticonderoga
IBI – Interline Brands downgraded to Market Perform from Outperform at William Blair
CLC – CLARCOR downgraded to Hold from Buy at BB&T
VE – Veolia Environnement downgraded to Underweight from Neutral at JP Morgan
ALU – Alcatel-Lucent downgraded to Sell from Reduce at WestLB
SEB – Spectra Energy LP downgraded to Mkt Perform at Morgan Keegan
SD – SandRidge Energy downgraded to Equal Weight at boutique firm
MED – Medifast downgraded to Hold from Buy at Canaccord Genuity
SNN – Smith & Nephew downgraded to Neutral from Outperform at Credit Suisse
VRTX – Vertex Pharm downgraded to Sector Perform from Outperform at RBC Capital
Comments »Gapping up
FRPT +33%, SYY +2.2%, CBRL +2.3%, CRNT +3.1%, ADPI +28.1%, YHOO +0.8%, AEM +3.1%, VRUS +16.1%,
AUY +2.1%,ALLT +1.5%, NGD +1.7%, GRPN +1.3%, INHX +8.9%, RBCN +0.8%,
Gapping down
SI -1.7%, YGE -1.6%, TOT -1.5%, UBS -0.8%, BWOW -18.1%, LYG -3.8%, SAP -2.6%BAC -2.3%,
BHP -2.2%, C -2.1%, DEO -2%, BP -1.9%,
Comments »
