Goodbye Ruby Tuesday.
Who could hang a name on you?
When you change with every new day.
Still I'm gonna miss you.
-- The Rolling Stones
The Rolling Stones' lead singer knows all about finance, having
attended the fabled London School of Economics, and his
rings truer than ever this morning. Sometimes you never know what
you've got till it's gone.
So it is that the
(^DJI) remarkable run of 20 straight winning Tuesdays has come to
an end, amid increasing concerns we will soon see the last of QE.
(That other QE, the one who once knighted Sir Jagger and
also has a thing for rubies
, thankfully enjoyed a better day.) Indeed it will always be Mick's
market; we just invest in it.
"Get Off My Cloud
International Business Machines
) respectfully begs to differ,
buying a cloud-computing outfit for two billion
. And as for "
Start Me Up
) could use some of that 18-year-old magic after slumping 1.69%
yesterday and getting downgraded today.
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
(AYR): Shares are lowered to Underperform from Neutral by Bank of
(AMWD): Noting that the stock is currently priced for perfection,
Griffin Securities resets its rating to Hold from Buy with a price
objective of $35.
(AMBA): The stock is now Buy from Strong Buy with a new $20 price
target at Needham, primarily due to valuation issues.
): The stock, on an impressive run since late May, is lowered to
Neutral from Outperform with Wedbush. Shares are, accordingly, off
about 1.41% this morning.
(CVX): The oil company, a key
(^DJI) component, is moved to Equal Weight from Overweight by
(OTCMKTS:CRRFY): HSBC Securities slashes the French retail firm to
Underweight from Neutral.
(JOY): Shares are lower this morning after getting moved to Neutral
from Buy at Goldman Sachs, which is troubled by soft upcoming
demand in the after-market.
): The Dow member is moved to Hold from Buy at Deutsche Bank.
(OXY): Sterne Agee slashes the energy outfit to Neutral from Buy.
(OTCMKTS:AHONY): Shares of the Dutch grocery giant are tumbling
1.7% in today's European trading on the back of a
Neutral-from-Overweight rating reduction at JP Morgan.
: Goldman inflicts Sell-from-Neutral slashes on
(LCC): Shares are moved to Underperform from Neutral by Bank of
Zurich Insurance Group
(OTCMKTS:ZURVY): Shares get downgraded to Neutral from Buy at
New Stock Coverage: Jump Into Jive Software
Stock Upgrades: Oil's Well With ConocoPhillips