Stocks fell, for all the efforts of
the man who fell to earth
. Don Draper would surely have joined
in approving of a $35.1 billion mega-merger in his industry. Yet
equities still slipped overall, and even
) were met with considerable skepticism as to that age-old Madison
Avenue conundrum of how to mesh creatives and accounts, in this
case with the Atlantic Ocean as an additional complication. The
National Association of Realtors, whose
accounting can be impressively creative
, helped keep a lid on markets by revealing June pending home sales
surprisingly slipped 0.4%.
Vive la France was the order of the day, for in addition to the
advertising deal announced in the City of Light,
) 1.17% advance topped all
(^DJI) issues after buying back $1 billion worth of stock from
). In addition,
) - its very name given to us by the Gauls - gained 3.55% to a
fresh 52-week peak after being bought, and
(DANOY) rose 2.92% on its earnings. (Its Evian is, of course,
naÃ¯ve spelled backwards, and some of us think you'd be pretty
gullible to spend such an exorbitant sum on bottled water.) Alas,
if you'd like a hot dog to go with those freedom fries, you're
outta luck, for
(NATH) franks fell 8.28% after
said "the simple wiener doesn't strike us as something that's going
to take the world by storm."
Ain't that the truth
Today in economics, The Conference Board releases its July consumer
confidence index at 10:00 a.m. Eastern. In Washington, DC, the
Federal Open Market Committee starts its two-day policy meeting.
And on the earnings front,
Take Two Interactive
(UBS) are all due to report results.
(AVD): The equity is a new Neutral at SunTrust.
(BLUE): BLU is begun with an Outperform at Cowen.
(CDNS): Shares are covered with a Sector Perform at Pacific Crest.
(MENT): Pacific Crest picks up the stock at Outperform.
(STML): Roth Capital starts the stock at a Buy.
Tumi Holdings Inc
(TUMI): The luggage company is launched with a lukewarm Hold at
Stock Upgrades: Bankrate Inc Is Rated Highly
Stock Downgrades: Frowns All Around for Colgate-Palmolive