Maybe it was Elmore Leonard, who always did have a mischievous
sense of humor,
messing with us from beyond the grave
went nowhere until the
3:10 to Yuma
belatedly showed up. The tech-heavy index found itself frozen for
three hours and 11 minutes, although lost in the shuffle was
(^DJI) managing to avoid their first seven-session skid since
August of 2011.
) tumbled 2.40%, as the maker of everything from toothbrushes to
inter-oral cameras did nothing to redeem the awful reputation of
currently taking a fresh hit from
) jumped 3.10% but question marks fared less well as
) gapped down 4.13%. (Although the equivocal punctuation mark
helped rescue this headline
) shrugged off an iffy analyst initiation to surge some 6.25%.) And
) might want to start welcoming the fair sex after
Women's Wear Daily
inspired a 1.99% advance
in that stock.
This morning in economics, analysts expect to see a slight slippage
in July new home sales at 10:00 a.m. Eastern. On the earnings
Destination XL Group
(HIBB) are the pick of a quiet Friday for quarterly results.
Abercrombie & Fitch
(ANF): Fresh from yesterday's 17.67% slide, Robert W. Baird cuts
the clothing company to Neutral from Buy. Concerns include soft
sales and margins arising from an intensely competitive teen retail
promotional environment. The target price is taken to $42 from $59.
(ARO): Adolescent angst at the troubled teen retailer, today taken
to Underperform from Neutral by Bank of America-Merrill Lynch. The
stock is slumping 13.7% as I write this.
(ACI): After an analyst transition, Deutsche Bank downgrades the
commodity company to Hold from Buy.
Brookfield Asset Management
(BAM): The money manager is moved to Market Perform from Outperform
with Wells Fargo.
(DNDN): Noting that the company's debt will come due in 2016,
Deutsche Bank slashes the biotech to Sell from Hold. Shares are
subsequently sliding 6% in today's pre-market trading.
Dick's Sporting Goods
(DKS): The stock, among a number of retailers to have reported
disappointing results of late, is reduced to Perform from
Outperform at Oppenheimer. The price objective, previously $56,
goes to $44 amid recent sales softness and "acute product issues."
General Growth Properties
(GGP): BMO Capital Markets moves the retail Real Estate Investment
Trust to Market Perform from Outperform.
(GFI): Citigroup slashes the stock to Sell from Neutral.
David Sedaris would find it funny
but yesterday's depressing 4.13% fall in the denim-clad clothing
company today forces an analyst to cut the cord. Shares are now
Neutral from Overweight at Piper Jaffray. A "barrage" of bad news
among specialty retailers, many of whom receive identical ratings
reductions elsewhere this morning, is a key factor behind Piper's
more cautious stance.
(DATE): The "Match.com of China" is taken to Perform from
Outperform at Oppenheimer after Thursday's 2.93% tumble. The bank
does not envisage a sustained snap-back in margins and growth any
(P): The online radio company, sliding some 6% this morning after
announcing earnings, is moved to Hold from Buy at Stifel.
Subscriber revenue growth is seen as subsiding and this, combined
with a premium valuation following the stock's stellar recent run,
is behind the rating reset.
(SPLS): Credit Suisse adds to the office supply retailer's wretched
week with a Neutral-from-Outperform cut.
New Stock Coverage: BancorpSouth, Inc. About to Head
Stock Upgrades: Autodesk, Inc. Is Sitting Pretty