Nat King Cole was right on the money with his
rhyming ode to the season
. Lazy? Wall Street slept-walked through one of the five lightest
volume days of 2013 yesterday, with everyone who was anyone being
at the beach. Hazy? An increasingly uncertain earnings and economic
outlook continued to keep investors on the sidelines and resulted
in another desultory day for the
(^DJI). And as for crazy, a
nonagenarian CEO who is already planning his 125th
) up 5.31% while his
) saw his stock tumble 3.67% as investors finally said
. Cole's fellow musician Ludwig van Beethoven may have been
decomposing since 1827 but his ticker symbol inspired a 9.27% surge
Steinway Musical Instruments
). His heirs at ABBA proved plenty profitable for one
memorabilia seller in Sweden
), which long ago met its
at the hands of
), ended up 10.45% after finally agreeing to face the music and
This morning in economics, June business inventories are expected
to show improvement from the prior month's pace at 10:00 a.m.
Eastern. On the quarterly earnings front, expect Brocade
(SEAS) to release results.
(BX): Stephen Schwarzman's limited partnership is assigned an
Outperform at RBC Capital Markets.
(DRII): Bank of America-Merrill Lynch has a new Neutral on the
lodging name but Cantor Fitzgerald (Buy with a $23 target price)
and JPMorgan (Overweight) are each more upbeat.
(DORM): The auto parts firm is picked up with a Buy at Bank of
(EOPN): Northland Capital has a new Outperform on the application
software outfit. Its price objective is $25.
(FNLPF): The silver powerhouse, which surged some 6% yesterday, is
currently adding on another 5% in today's overseas trading after
being begun with a Buy at UBS. Shares are "well positioned to
outperform," the broker wrote in a note.
Physicians Realty Trust
(DOC): DOC is a new Buy at Compass Point, whose price target is $13
on a stock it says should benefit from the Affordable Care Act.
(SALE): The digital coupon company, a stellar recent initial public
offering, is initiated with a Neutral at Goldman Sachs, an
Equal-Weight at Morgan Stanley, and a Sector Perform at RBC Capital
Markets. By contrast, Jefferies and Stifel both begin Buy-rated
research, the latter with a $38 target price amid its attractive
margins and ample free cash flow.
Rexford Industrial Realty
(REXR): FBR Capital has a fresh Outperform on the industrial real
estate investment trust, as its short-term leases are relatively
well positioned to weather a rising interest rate environment.
(SQBG): Shares are started with a Buy at Brean Capital.
(TYL): Evercore establishes coverage at Equal-Weight.
(XOMA): The small cap biotech is begun with an Overweight at Piper
Jaffray, sending it up sharply this morning.
Stock Upgrades: Xerox Corporation Looks to Replicate Its
Stock Downgrades: Analysts Can't Make Up Their Minds on
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Media, has a business relationship with BlackBerry.