US stock markets slumped for a second straight week, with the
S&P 500 Index
(INDEXSP:.INX) each dropping an identical 1.65%, as the fabled
"Santa Claus rally" proved no match for a man with a white beard.
Ben Bernanke, who holds his final press conference as Fed head on
Wednesday, continued to spook stateside investors with taper talk.
The news was equally bad across the Atlantic, where London's
(INDEXFTSE:UKX) fell for a sixth successive week. (And this despite
influential English economic guru Ed Balls
, the man with the finest last name in finance, masquerading as
Father Christmas while voting on a banking bill.) With equities
having now slumped in seven of nine sessions, you could say "Wall
Street Lays An Egg," except
got there first in 1929
. Fast-forward 84 years, and
an exclusive from the same Hollywood mouthpiece
) was mulling a bid for
) sent the latter stock surging 9.1%. Tinseltown, however, hardly
cared, as it bid a tearful goodbye to twin giants Joan Fontaine and
Peter O'Toole. George Bush, whose short syntax was
) 25 years before Twitter ("
Not gonna do it. Wouldn't be prudent. At this
."), joined the pithy platform just in time to see it surge 31.26%,
as "1,000 points of light" warmed up to 140 characters aged 89. And
Wall Street was rocked by rumors of a bipartisan budget deal in DC.
It'll snow by the bonnie banks of the Nile
when that happens.
It's a relatively quiet day for quarterly earnings announcements
that may move US stock markets, but
) each release results.
): Brean Capital begins coverage at a Buy. Its price objective is
Cabot Oil & Gas
(COG): Shares are covered with an Outperform at BMO Capital
Markets, whose target price is $47.
(CACQ): The stock is a new Outperform ($13 target) at Credit
(CTAS): Stock in uniform provider Cintas is a new Neutral at Credit
Suisse, whose objective is $56.
(EVGN): Credit Suisse covers the company at Outperform, assigning a
$25 target. Future catalysts include impressive margin royalties
related to seed products.
(IPXL): Shares are resumed with a Buy at Goldman Sachs.
(MAN): Manpower stock is a new Outperform at Credit Suisse, whose
price objective is $95. Manpower is a provider of staffing and
(NVGS): Shipping stock Navigator Holdings is begun bullishly by
both Evercore (Overweight) and Jefferies (Buy with a $28 target).
However, Morgan Stanley (Equal Weight with a $22 target) advises
(PNR): Nomura picks up PNR at Neutral.
(PVH): UBS covers the clothing company, formerly known as
Phillips-Van Heusen, with a Buy.
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