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Market Update

Upgrades and Downgrades This Morning

Upgrades

DRI – Darden Restaurants resumed with a Buy at Goldman

PKT – Procera Networks initiated with a Outperform at Northland Securities

FFIV – F5 Networks target raised to $92 at Stifel Nicolaus

PFCB – PF Chang’s resumed with a Neutral at Goldman

EAT – Brinker resumed with a Neutral at Goldman

BMI – Badger Meter upgraded to Outperform from Market Perform at Northland Securities

BNCN – BNC Bancorp initiated with a Market Perform at Raymond James

TBNK – Territorial Bancorp initiated with an Outperform at Raymond James

DIN – DineEquity resumed with a Neutral at Goldman

NRG – NRG Energy initiated with a Buy at ISI Group

IACI – InterActiveCorp upgraded to Buy from Neutral at Goldman

WFC – Wells Fargo initiated with a Buy at BofA/Merrill

PCLN – Priceline.com initiated with a Buy at Jefferies

AGCO – AGCO Corp initiated with a Neutral at Citigroup

XRX – Xerox downgraded to Underweight from Neutral at JP Morgan

STX – Seagate Tech downgraded to Neutral from Overweight at JP Morgan

VHS – Vanguard Health Systems initiated with a Buy at CRT Capital

FRC – First Republic Bank initiated with a Buy at Cantor Fitzgerald

HUM – Humana upgraded to Outperform at Oppenheimer

HS –  upgraded to Outperform at Oppenheimer

USB – U.S. Bancorp reinstated with a Buy at BofA/Merrill

PNC – PNC reinstated with a Buy at BofA/Merrill

CPN – Calpine initiated with a Buy at ISI Group

MO – BofA/Merrill reinstates coverage of the tobacco sector

Downgrades

ERIC – LM Ericsson downgraded to Sell at Danske

RAX – Rackspace downgraded to Hold at The Benchmark Company

NFLX – Netflix target lowered to $185 at Oppenheimer

NSC – Norfolk Southern downgraded to Hold from Buy at Deutsche Bank

FCX – estimates  cut below consensus at Dahlman Rose ahead of earnings

ALGN – Align Tech initiated with a Neutral at Credit Suisse

QLGC – QLogic downgraded to Underweight from Neutral at JP Morgan

INTC – Intel ests and target lowered to $26 at Sterne Agee

KDN – Kaydon downgraded to Hold from Buy at BB&T

PCX – Patriot Coal downgraded to Sell from Neutral at Goldman

NDN – 99 Cents Only downgraded to Underperform from Mkt Perform at Raymond James

LXK – Lexmark downgraded to Underweight from Neutral at JP Morgan

PWER – Power-One downgraded to Market Perform from Outperform at Northland Securities

EXFO – EXFO downgraded to Hold from Buy at TD Securities

BRCD – Brocade downgraded to Underweight from Neutral at JP Morgan

CAKE – Cheesecake Factory resumed with a Sell at Goldman

NOK – Nokia downgraded to Sell at WestLB

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Gapping Up and Down This Morning

Gapping up

MT +5%, NOK +4%, ASML +3.7%, NSR +3.6%, BCS +3.5%, STO +3.4%, TTM +3.3%, NBG +3.2%, BHP +2.9%,

DB +2.7%, BBL +2.5%, CS +2.4%, SLV +2.2%, HBC +2.2%, UBS +2%, RIO +2%, TOT +2%, BAC +2%, GDX +1.9%,

GLD +1.3%, NVS +1.3%

Gapping down

CENX -6.1%, EXFO -4.7%, AA -3.5%, PANL -1.9%,  BRCD -4.5%,  VPRT -2.6% , WDR -1% ,  CFR -0.9% , FSLR -2.6%,

CHKM -5%, SURG -12.3%, PWER -9.9%,

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Large Cap Movers

No. Ticker % Change Market Cap
1 YNDX 15.90 6,970,000,000
2 ZNH 6.55 253,290,000,000
3 WDC 5.19 6,510,000,000
4 MOS 4.84 23,890,000,000
5 CTXS 4.59 10,920,000,000
6 CF 4.39 10,070,000,000
7 FOSL 4.10 5,480,000,000
8 RIMM 3.92 12,100,000,000
9 SINA 3.85 5,060,000,000
10 JNPR 3.76 10,490,000,000
11 ACH 3.65 6,370,000,000
12 DE 3.49 28,720,000,000
13 S 3.38 6,650,000,000
14 YZC 3.20 10,910,000,000
15 C 3.17 77,300,000,000
16 HSE.TO 3.14 20,030,000,000
17 SNE 3.05 19,070,000,000
18 DNR 3.04 5,120,000,000
19 VLO 2.95 12,040,000,000
20 BHI 2.86 22,730,000,000
21 GGB 2.83 13,270,000,000
22 EBR 2.82 12,470,000,000
23 WAT 2.77 6,930,000,000
24 LYB 2.75 15,460,000,000
25 AAPL 2.75 360,460,000,000
——————————————————
No. Ticker % Change Market Cap
1 WF -4.94 7,720,000,000
2 STM -4.48 6,510,000,000
3 PTR -3.74 220,800,000,000
4 INFY -3.68 30,760,000,000
5 DLR -3.50 5,800,000,000
6 JWN -3.43 10,770,000,000
7 NFLX -3.36 5,860,000,000
8 EQR -3.19 16,190,000,000
9 IVN -3.01 11,810,000,000
10 TI -3.01 23,070,000,000
11 SAN -2.82 13,660,000,000
12 ICE -2.79 9,250,000,000
13 CRH -2.78 12,790,000,000
14 AV -2.78 14,920,000,000
15 FSLR -2.74 5,160,000,000
16 KSS -2.71 13,940,000,000
17 ASML -2.65 15,730,000,000
18 WSH -2.64 6,280,000,000
19 LTD -2.56 12,600,000,000
20 VTR -2.54 14,720,000,000
21 HMY -2.54 5,430,000,000
22 GPS -2.45 9,150,000,000
23 HCN -2.45 8,550,000,000
24 PCG -2.43 17,250,000,000
25 CME -2.41 17,790,000,000

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TODAY’S EARLY WINNERS

No. Ticker % Change
1 BBND 74.41
2 CDTI 29.63
3 GMR 24.00
4 HAUP 20.91
5 MOTR 20.26
6 JVA 20.02
7 AUTH 18.98
8 YRCW 14.80
9 WH 13.73
10 KNXA 13.68
11 EDGR 13.33
12 FIO 12.71
13 CAGC.PK 12.07
14 JNY 11.87
15 URRE 11.85
16 DGLY 11.65
17 JKS 11.33
18 CNTF 11.29
19 EIPO 11.16
20 BSPM 10.67
21 GSAT 9.14
22 LEAP 9.04
23 JRJC 8.82
24 IPHI 8.74
25 KTOS 8.35
26 UTSI 8.00
27 PATK 7.78
28 SURG 7.72
29 STNG 7.54
30 DVAX 7.50
31 YNDX 7.37
32 YGE 7.35
33 XPO 7.35
34 REDF 7.32
35 ANW 7.30
36 ATV 7.30
37 SSYS 7.17
38 SIFY 7.10
39 NOAH 7.07
40 DANG 7.07
41 BALT 7.07
42 GLUU 6.99
43 CHRM 6.87
44 PESI 6.84
45 GNK 6.82
46 PANL 6.78
47 SYNA 6.69
48 VELT 6.67
49 CEA 6.66
50 PRGN 6.64

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LAUGH OF THE DAY: NFLX

Shares are down another $6. Boy that CEO is in hot hot water.

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PPT Trader’s Note

The market has changed; IMO

Recently, we were in a trading range where we went from over bought to oversold in just a few trading days.

As of the past few days, we see minor weakness after a big rally and a overbought number on the SPY goes from 3.63 to 3.08 with the markets selling off negligibly.  This has been a consistent characteristic of full on rally mode since 2008.

In other words we reach a near over bought number and then a small pullback entices new buyers to come in and changes The PPT reading to a not over bought number.

This is indicative of true buying within a rally as opposed to just short covering.

So be careful trying to short this market. It is likely we need an external shock or consistently horrible earnings to turn this scenario around.

I could be wrong, as this is an early, early observation, but this was a consistent behavior from the lows of 2009 to the highs of 2011.

It is also interesting to note how this behavior correlated with many calls over the past 10 trading days that we had reached the lows for the year.

GLT

[youtube:http://www.youtube.com/watch?v=WoAXW30mMAg 450 300]

 

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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

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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%,

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