Wall Street clearly felt confident enough that a record run of
20 straight winning Tuesdays would continue that it summoned the
prime member of the PIIGS to officially
. Fate, unwisely tempted, didn't need to be asked twice, and stocks
duly slumped. (Although the land of legendary explorers Magellan
and Vasco da Gama could hardly be blamed for the market having
suddenly lost its way. Not when pride of Lisbon
) surged some 7.30% in its single strongest showing for three
The real cause of the malaise in equities were comments from Fed
official Esther George, who
cancelled her planned speech due to illness
but still managed to make investors sick by suggesting that
quantitative easing may soon end.
While the sky was falling,
) - shortly to
drop your pepperoni pie by airborne drones
- rose 0.77% to the highest level in its history. Elsewhere, paint
) slipped on
cautious analyst comments
. No comment from the IRS, which was otherwise engaged in paying 17
grand for a
watercolor of Michael Jordan
Today in economics, April factory orders and the Institute for
Supply Management's May services index are each out at 10:00
Eastern. At 2:00 p.m. the Federal Reserve releases its June beige
book, detailing regional financial conditions in a dozen districts.
On the corporate front, expect quarterly earnings announcements
Jos. A Bank Clothiers
American International Group
(AIG): Nomura has a new Neutral on the insurance outfit.
(ADNC): The semiconductor stock is assigned a Hold at The Benchmark
Company, which notes that shares have almost tripled since
September amid impressive inroads into non-
(AAPL) end markets.
(AXLL): Bank of America-Merrill Lynch launches Buy-rated research
on the chemical company.
Bank of Ireland
(IRE): HSBC Securities starts the equity at an Underweight.
(ELLI): ELLI is established with an Outperform at FBR Capital,
whose target is $35.
(FSLR): Saying that the company has not won enough fresh contracts
to justify earnings projections, Maxim starts Sell-rated research.
Its price objective is $42.
(HAE): William Blair has an Outperform on HAE.
): Janney Capital covers the tech company at a Buy.
(MAIN): Shares are begun at a Buy and $35 target price with
Wunderlich, which notes it manages more than $1.1 billion.
Northern Tier Energy
(NTI): Citigroup has a new Buy on NTI.
(WDAY): FBR Capital has a fresh Market Perform assessment and $64
price objective on the stock. Catalysts including international
expansion opportunities are balanced out by a relatively rich
present valuation, the broker believes.
Stock Upgrades: Oil's Well With ConocoPhillips
Stock Downgrades: Callaway Golf, All Green of Late,
Heading for Rough Day