ISM Index: Prior 51.6, Market Expects 52.1, Actual 50.8
Upgrades and Downgrades This Morning
Upgrades
C – Citigroup upgraded to Outperform from Neutral at Credit Suisse
CAE – CAE initiated with an Outperform at Scotia
AGP – Amerigroup upgraded to Neutral from Underperform at BofA/Merrill
SFY – Swift Energy initiated with a Buy at Brean Murray
KIOR – KiOR resumed with a Neutral from Buy at Citigroup
LEAP – Leap Wireless target raised to $18 at Hudson Square Research
PPS – Post Properties upgraded to Neutral from Underweight at JP Morgan
XYL – Xylem initiated with a Neutral at Robert W. Baird
Downgrades
PANL – Universal Display initiated with an Underweight at Piper Jaffray
BCS – Barclays PLC downgraded to Neutral from Buy at UBS
TEF – Telefonica S.A. downgraded to Hold from Buy at Deutsche Bank
HL – Hecla Mining downgraded to Market Perform from Outperform at BMO Capital
TRNX – Tornier downgraded to Neutral from Overweight at JP Morgan
NUVA – NuVasive downgraded to Mkt Perform at Rodman & Renshaw
OSIS – OSI Systems downgraded to In Line at Imperial Capital
AVP – Avon Products downgraded to Hold from Buy at Jefferies
ARMH – ARM Holdings initiated with a Hold at Canaccord Genuity
RYL – Ryland Group downgraded to Hold from Buy at Keybanc
LM – Legg Mason downgraded to Sell at Ticonderoga
VOLC – Volcano downgraded to Market Perform from Outperform at JMP Securities
CRK – Comstock downgraded to Hold at Stifel Nicolaus
SKT – Tanger Factory downgraded to Hold from Buy at Jefferies
ACN – Accenture downgraded to Equal Weight from Overweight at Barclays
CHH – Choice Hotels downgraded to Neutral from Buy at Nomura
BAP – Credicorp LTD downgraded to Underweight from Neutral at HSBC
NVDA – NVIDIA downgraded to Hold from Buy at Canaccord Genuity
CP – Canadian Pacific downgraded to Market Perform from Outperform at BMO Capital
HMY – Harmony Gold initiated with a Buy at Deutsche Bank
AU – Anglogold initiated with a Buy at Deutsche Bank
Comments »Gapping Up and Down This Morning
Gapping up
NBIX+3.8%, ALLT +2.8%, RDN +17.0%, NBIX +11.8%, BPI +4.1%, LEAP +11.2%, UAN +4%, WINN +8.4%,
CXDC +7.1%, ALL +2.9%,
Gapping down
The entire world if you must look…
BHP -3.7%, HBC -2.9%, SLV -2.8%, BBL -2.7%, HLF -1.9%, REDF -1.1%, GLD -1%, BCS -7.6%, ROG -7.3%,
SIFY -6.5%, DB -6.3%, FRO -6.3%, ALU -6.3%, RBS -6.2%, MT -5.9%, LYG -5.3%, AVB -5%, UBS -4.5%, RIO -4%,
BP -3.8%, EXEL -35.3%, BGC -14.4%, ING -13.2%, CS -10.3%,
Comments »In Play and On the Wires
No Big Deal…. European Markets Down 6%
China Manufacturing Falls to a Three Year Low
Greek Referendum Spoils Global Markets
Papandreou is Proposing a Referendum for Reforms; Markets Do Not Like It
As the Euro Tanks So Does U.S. Equities
As European markets closed we began to rebound, but then the Euro began to tank and U.S. equities reversed paring action and started to slide to new lows of the day.
DOW Off 233
S&P Off 26
NASDAQ off 44
Comments »Hedge Funds Need to Play Catch Up
SEC Dismisses State Street Executives Accused of Misleading Investors
There used to be a saying “don’t do the crime if you can’t handle the time.”
Comments »All Eyes on the Fed
Why Today Could Determine the Next Few Months of Trade
Can one day really have that type of power ? This article suggests today is a crucial tell tale day of trade.
Comments »Birinyi Firm: Stock Market Is Overbought, Avoid it for Now
Italian -German Bond Yields Go Parabolic
Upgrades and Downgrades This Morning
Upgrades
GSK – GlaxoSmithKline upgraded to Outperform from Neutral at Cowen
CRM – Salesforce.com downgraded to Equal Weight at Global Equity Research
OCR – Omnicare upgraded to Equal Weight from Underweight at Barclays
LAMR – Lamar Advertising upgraded to Outperform from Neutral at Wedbush
CYNO – Cynosure initiated with an Outperform at Leerink Swann
NBR – Nabors Industries upgraded to Buy at Dahlman Rose
JNPR – Juniper Networks upgraded to Outperform from Sector Perform at RBC Capital
AET – Aetna added to Conviction Buy list at Goldman
VOCS – Vocus initiated with a Outperform at Barrington Research
Downgrades
SAFM – Sanderson Farms downgraded to Equal Weight at boutique firm
CVX – Chevron downgraded to Neutral from Buy at BofA/Merrill
GXP – Great Plains Engy downgraded to Market Perform from Outperform at Wells Fargo
BRCM – Broadcom upgraded to Outperform from Market Perform at JMP Securities
FTE – France Telecom downgraded to Sell from Neutral at UBS
MT – Arcelor Mittal initiated with a Buy at UBS
GMLP – Golar LNG Partners coverage resumed with a Buy at Citigroup
HME – Home Properties downgraded to Sell from Neutral at UBS
PSA – Public Storage downgraded to Hold from Buy at ISI Group
CNI – Canadian Natl Rail downgraded to Hold at Stifel Nicolaus
HCN – Health Care REIT downgraded to Hold at Stifel Nicolaus
CPX – Complete Production Services downgraded to Hold from Buy at Canaccord Genuity
BWP – Boardwalk Pipeline downgraded to Mkt Perform at Morgan Keegan
ACI – Arch Coal downgraded to Underperform from Outperform at Credit Agricole
NWSA – News Corp initiated with a Neutral at UBS
ANN – AnnTaylor downgraded to Neutral from Buy at Suntrust
FOSL – Fossil downgraded to Hold at Brean Murray
CRI – Carter Holdings downgraded to Neutral from Buy at Sterne Agee
JBHT – JB Hunt Trans downgraded to Hold at Stifel Nicolaus
KR – Kroger initiated with a Neutral at JPMorgan
XRAY – Dentsply downgraded to Underperform from Buy at BofA/Merrill
WFN – Whole Foods initiated with Neutral at JPMorgan
SNDK – SanDisk downgraded to Neutral at Sterne Agee
NEM – Newmont Mining downgraded to Underperform from Sector Perform at CIBC
OXY – Occidental Petro target raised to $120 at Argus
SKT – Tanger Factory downgraded to Neutral from Outperform at Credit Suisse
FE – FirstEnergy initiated with a Neutral at UBS
Comments »Gapping Up and Down This Morning
Gapping up
CYOU +1.9%, HUM +1.0%, MNTA +18.5%, PCRX +22.8%, NBR +7.1%, IBKR +7.2%, CP +6.9%, BGS +2%, HRBN +4.7%,
MNTA +19.3%, CP +5.4% , BGS +2%,
Gapping down
DB -6%, FTE -3.1%, AA -2.3%, BP -2.2%,RBS -5.8%, E -3.2%, ASML -3.2%, BCS -3.2%, ING -5.7%, LYG -5%,
TS -5%, BHP -4.2%, UBS -3.9%,
